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Registered number: 11341832









AJCL Global Holdings Limited









Financial statements

Information for filing with the registrar

For the Year Ended 30 June 2024

 
AJCL Global Holdings Limited
Registered number: 11341832

Statement of financial position
As at 30 June 2024

As restated
2024
2023
Note
$
$

Fixed assets
  

Tangible assets
 5 
323
431

Investments
 6 
278
278

  
601
709

Current assets
  

Debtors: amounts falling due within one year
 7 
24,454
593,416

Current asset investments
 8 
3,789,084
1,339,797

Cash at bank and in hand
 9 
29,392
778,173

  
3,842,930
2,711,386

Creditors: amounts falling due within one year
 10 
(3,034,273)
(2,206,592)

Net current assets
  
 
 
808,657
 
 
504,794

Total assets less current liabilities
  
809,258
505,503

  

Net assets
  
809,258
505,503


Capital and reserves
  

Called up share capital 
  
138
138

Profit and loss account
  
809,120
505,365

  
809,258
505,503


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2024.


Omer Adil Jaffer
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

1.


General information

AJCL Global Holdings Ltd is a company, limited by shares, registered in England & Wales. The company's
registered number and registered office can be found on the company information page.
The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Employees




The average monthly number of employees, including directors, during the year was 0 (2023 - 1).

Page 5

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

5.


Tangible fixed assets





Office equipment

$



Cost or valuation


At 1 July 2023
1,360



At 30 June 2024

1,360



Depreciation


At 1 July 2023
929


Charge for the year on owned assets
108



At 30 June 2024

1,037



Net book value



At 30 June 2024
323



At 30 June 2023
431


6.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 July 2023
278



At 30 June 2024
278




Page 6

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

7.


Debtors

2024
2023
$
$


Trade debtors
6,453
228,845

Amounts owed by group undertakings
13,698
360,484

Other debtors
4,303
4,087

24,454
593,416



8.


Current asset investments

2024
2023
$
$

Listed investments
3,789,084
1,289,799

Unlisted investments
-
49,998

3,789,084
1,339,797


Listed invested are stated at market value at closing rate on 30 June 2024. 


9.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
29,392
778,173

Less: bank overdrafts
(455,376)
-

(425,984)
778,173


Page 7

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

10.


Creditors: Amounts falling due within one year

2024
2023
$
$

Bank overdrafts
455,376
-

Trade creditors
288,300
4,175

Amounts owed to group undertakings
2,117,097
2,000,000

Corporation tax
12,195
124

Other taxation and social security
62,076
84,217

Other creditors
5,668
6,012

Accruals and deferred income
93,561
112,064

3,034,273
2,206,592


Details of security provided
First legal charge over the property at Flat 2, 22 Buckingham Gate, London SW1E 6LB to secured the debt.
A 2nd charge (third party charge) over the property Basement Flat, 33 Hyde Park Square, London, W2 2NW (property already charged to the Bank against term loan facility to Omer Adil Jaffer & Neeshay Rabbani) to Secure the debt.
Overdraft facility is availed in US dollars, the overdraft facility carry interest rate at 2.5% plus 3 months SOFR.
Amounts owed to group undertakings
Amount owed to group undertakings is an unsecured loan from the parent company and subsidiary company which is interest free and repayable on demand. 

2024
2023
$
$

Other taxation and social security

VAT control
62,076
84,217

62,076
84,217



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to $0 (2023:$1,113).
Contributions totaling nil (2023: nill) were payable to the fund at balance sheet date.

Page 8

 
AJCL Global Holdings Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 June 2024

12.


Contingent liabilities

The Company has bank guarantee facility with HBL Bank UK and the amount of exposure at year end was $37,412 (2023: $37,412).





13.


Security and charges

The Company has provided fixed and floating charges and also contains negative pledge on all of its assets in favour of HBL Bank Ltd as per charge created on 28 January 2019. 


14.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102, not to disclose details of any transactions or balances between the group that have been eliminated on consolidation. The ultimate parent Company prepares group accounts. Copy of group accounts are available from parent Company's registered office address at First floor, 113-A Sindhi Muslim Cooperative Housing Society, Shahrah-e- Faisal, Karachi, Pakistan.


15.


Controlling party

The ultimate parent Company is AJCL (PVT) Limited a company registered in Pakistan. Copy of consolidated accounts are available from its registered office at First floor, 113-A Sindhi Muslim Co-operative Housing Society, Shahrah-e-Faisal, Karachi, Pakistan. The ultimate controlling party is Omer Adil Jaffer.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 2 December 2024 by Janak Raj Pokhrel (Senior statutory auditor) on behalf of Mantax Lynton.

 
Page 9