Jeck Ltd |
Notes to the Accounts |
for the year ended 29 February 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of commercial and residential properties. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% Reducing Balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Fixed Assets |
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Investment properties |
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Plant and machinery |
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Total |
£ |
£ |
£ |
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Valuation |
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At 1 March 2023 |
2,537,871 |
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125,000 |
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2,662,871 |
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Additions |
109,387 |
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- |
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109,387 |
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Movement on revaluation reserve |
16,123 |
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- |
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16,123 |
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Disposals |
(134,510) |
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- |
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(134,510) |
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At 29 February 2024 |
2,528,871 |
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125,000 |
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2,653,871 |
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Depreciation |
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At 1 March 2023 |
- |
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44,922 |
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44,922 |
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Charge for the year |
- |
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20,019 |
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20,019 |
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At 29 February 2024 |
- |
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64,941 |
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64,941 |
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Net book value |
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At 29 February 2024 |
2,528,871 |
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60,059 |
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2,588,930 |
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At 28 February 2023 |
2,537,871 |
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80,078 |
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2,617,949 |
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4 |
Other Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
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Cost |
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At 1 March 2023 |
522 |
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4,375,000 |
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4,375,522 |
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Additions |
- |
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541,147 |
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541,147 |
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Disposals |
(100) |
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(4,375,000) |
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(4,375,100) |
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At 29 February 2024 |
422 |
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541,147 |
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541,569 |
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The company holds 100% of the shares of the following subsidiaries: CCL Services (NI) Limited CCL Contracts Limited (Republic of Ireland) CCL Energy Limited CCL Marine Limited Glebe Capital Limited Turmore Limited was sold in August 2023. |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
740 |
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33,139 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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2,927,920 |
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1,147,358 |
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Commercial Loans |
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1,314,541 |
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996,874 |
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Other debtors |
4,341,424 |
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- |
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8,584,625 |
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2,177,371 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
4,914 |
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2,606 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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3,112,637 |
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- |
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Taxation and social security costs |
1,901 |
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27,864 |
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Other creditors |
289,786 |
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578,036 |
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3,409,238 |
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608,506 |
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7 |
Revaluation reserve |
2024 |
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2023 |
£ |
£ |
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At 1 March 2023 |
917,827 |
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916,944 |
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Gain on revaluation of investment properties |
16,123 |
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883 |
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At 29 February 2024 |
933,950 |
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917,827 |
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8 |
Events after the reporting date |
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There have been no events occurring since the balance sheet date which would necessitate a revision of the above figures. |
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9 |
Capital commitments |
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There were no capital commitments at the year end. |
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10 |
Contingent liabilities |
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As far as the director is aware there were no contingent liabilities at the year end. |
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11 |
Related party transactions |
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Transactions have occurred between the company and it's subsidiary companies. All such transactions are at arms length. Jeck Ltd received dividends from its subsidiary companies as set out below: |
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2024 |
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2023 |
£ |
£ |
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Dividends received from CCL Contracts Ltd |
- |
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2,100,000 |
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Dividends received from CCL Services (NI) Ltd |
- |
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- |
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2024 |
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2023 |
£ |
£ |
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Amount due from/(to) CCL Services (NI) Ltd |
2,898,205 |
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753,726 |
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Amount due from/(to) CCL Contracts Ltd |
(3,112,637) |
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- |
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Amount due from/(to) Turmore Ltd |
- |
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353,592 |
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Amount due from/(to) Glebe Capital Ltd |
29,715 |
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40,040 |
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There were no transactions with directors outside the normal course of business. |
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12 |
Controlling party |
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The ultimate controlling party has been identified as Cathal Boylan, the managing director. |
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13 |
Other information |
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Jeck Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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Glebe House |
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Unit 7 Carnbane Business Park |
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Newry |
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Co. Down |
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BT34 6QH |