Company registration number 04086685 (England and Wales)
JJ FOOD SERVICE HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JJ FOOD SERVICE HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
JJ FOOD SERVICE HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
51,302,605
32,428,582
Investment property
6
16,700,000
15,600,000
Investments
7
31,866
31,866
68,034,471
48,060,448
Current assets
Trade and other receivables falling due after more than one year
8
300,000
-
0
Trade and other receivables falling due within one year
8
6,417,896
8,409,061
Cash and cash equivalents
119,054
195,394
6,836,950
8,604,455
Current liabilities
9
(4,409,000)
(2,219,287)
Net current assets
2,427,950
6,385,168
Total assets less current liabilities
70,462,421
54,445,616
Provisions for liabilities
Deferred tax liability
10
3,578,425
2,635,304
(3,578,425)
(2,635,304)
Net assets
66,883,996
51,810,312
Equity
Called up share capital
11
2,000
2,000
Retained earnings
12
66,881,996
51,808,312
Total equity
66,883,996
51,810,312

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr. M. H. Kiamil
Director
Company registration number 04086685 (England and Wales)
JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

JJ Food Service Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 7 Solar Way, Innova Park, Enfield, Middlesex, EN3 7XY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include include investment properties at fair value. The principal accounting policies adopted are set out below.

JJ Food Service Holdings Limited Limited is a wholly owned subsidiary of JJ Food Holding Co Limited and the results of JJ Food Service Holdings Limited are included in the consolidated financial statements of JJ Food Holding Co Limited. These are available from 7 Solar Way, Innova Park, Enfield, Middlesex, EN3 7XY.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements therefore present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of rents receivable. Rental income is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives such as an initial rent free-period are therefore recognised on the same straight line basis.

 

Dividends receivable are recognised as investment income once they are receivable.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
Nil
Buildings
2% straight line
Plant and machinery
15% reducing balance
JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

The company has taken advantage of the option in paragraph 16.4A of FRS 102 to recognise investment properties that have been rented to another group entity as property, plant and equipment and apply the cost model in accordance with Section 17.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including other payable and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis with reference to previous professional valuations, revised to reflect recent transactions involving comparable properties.

 

JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees

There were no persons employed by the company during the period.

4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
808,768
1,199,705
Deferred tax
Origination and reversal of timing differences
943,121
623,041
Total tax charge
1,751,889
1,822,746
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
38,012,118
4,759,570
42,771,688
Additions
16,037,742
3,611,022
19,648,764
At 31 March 2024
54,049,860
8,370,592
62,420,452
Depreciation and impairment
At 1 April 2023
6,640,451
3,702,655
10,343,106
Depreciation charged in the year
564,688
210,053
774,741
At 31 March 2024
7,205,139
3,912,708
11,117,847
Carrying amount
At 31 March 2024
46,844,721
4,457,884
51,302,605
At 31 March 2023
31,371,667
1,056,915
32,428,582
6
Investment property
2024
£
Fair value
At 1 April 2023
15,600,000
Revaluations
1,100,000
At 31 March 2024
16,700,000
JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Investment property
(Continued)
- 6 -

The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis with reference to previous professional valuations, revised to reflect recent transactions involving comparable properties.

7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
31,866
31,866
8
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
249,326
135,120
Corporation tax recoverable
744,023
362,379
Amounts owed by group undertakings
-
0
1,538,250
Other receivables
5,424,547
6,373,312
6,417,896
8,409,061
2024
2023
Amounts falling due after more than one year:
£
£
Other receivables
300,000
-
0
Total debtors
6,717,896
8,409,061
9
Current liabilities
2024
2023
£
£
Amounts owed to group undertakings
2,230,030
218,505
Taxation and social security
337,005
327,207
Other payables
1,841,965
1,673,575
4,409,000
2,219,287
JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
933,168
265,046
Revaluations
2,645,257
2,370,258
3,578,425
2,635,304
2024
Movements in the year:
£
Liability at 1 April 2023
2,635,304
Charge to profit or loss
943,121
Liability at 31 March 2024
3,578,425

The deferred tax liability is calculated using the corporation tax rate of 25%.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000
2,000
2,000
2,000
12
Retained earnings

At the year end, the company's retained earnings included non-distributable reserves of £9,182,296 (2023: £8,357,296).

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stephen Simou FCA
Statutory Auditor:
TC Group
Date of audit report:
26 September 2024
JJ FOOD SERVICE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
14
Financial commitments, guarantees and contingent liabilities

The company has granted fixed charges over certain of its freehold properties as security against amounts owed by the parent company, JJ Food Holding Co Limited. At the year end, the amount owed was £6,750,000 (2023: £6,750,000).

15
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of property, plant and equipment
20,008
-
16
Events after the reporting date

Subsequent to the year end, the company acquired 100% control of Gatelands Supplies Limited and Premier East Limited. These companies will be absorbed into the JJ Food Service Limited operations and add to the customer base and range of Asian products available to its existing customers.

17
Related party transactions

The company has taken advantage of the exemption in FRS 102 paragraph 33.1A whereby it has not disclosed transactions with any wholly owned fellow group companies.

18
Directors' transactions

At the year end, the company was owed £3,780,115 (2023: £4,644,509) by a director. This amount is interest free, unsecured and repayable on demand.

19
Parent and ultimate controlling party

The company's ultimate parent company is JJ Food Holding Co Limited ("JJ Holding Co"), a company incorporated in England and Wales. JJ Holding Co has the same registered office as the company.

 

The largest and smallest group of undertakings for which the group accounts have been drawn up is that headed by JJ Holding Co, and copies of those group accounts are available from its registered office.

 

The ultimate controlling party of the group is Mr. M. H. Kiamil by virtue of his shareholding.

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