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Registration number: 09493820

Jigsaw Living Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Jigsaw Living Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Jigsaw Living Limited

Company Information

Directors

B Webster

S Webster

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Jigsaw Living Limited

(Registration number: 09493820)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

11,500,000

10,255,098

Investments

5

100,350

100,350

 

11,600,350

10,355,448

Current assets

 

Debtors

6

2,107,743

1,553,806

Cash at bank and in hand

 

4,525

75,604

 

2,112,268

1,629,410

Creditors: Amounts falling due within one year

7

(2,948,096)

(3,335,258)

Net current liabilities

 

(835,828)

(1,705,848)

Total assets less current liabilities

 

10,764,522

8,649,600

Creditors: Amounts falling due after more than one year

7

(6,064,000)

(5,374,398)

Provisions for liabilities

(987,807)

(454,903)

Net assets

 

3,712,715

2,820,299

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

2,963,422

2,143,179

Retained earnings

749,291

677,118

Shareholders' funds

 

3,712,715

2,820,299

 

Jigsaw Living Limited

(Registration number: 09493820)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
B Webster
Director

 

Jigsaw Living Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

2

2,143,179

677,118

2,820,299

Profit for the year

-

-

72,173

72,173

Deferred tax movement on revaluation

-

820,243

-

820,243

Total comprehensive income

-

820,243

72,173

892,416

At 30 June 2024

2

2,963,422

749,291

3,712,715

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

2

2,143,179

584,373

2,727,554

Profit for the year

-

-

92,745

92,745

At 30 June 2023

2

2,143,179

677,118

2,820,299

 

Jigsaw Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 18 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occurred. This is stated after discounts and other sales taxes
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Investment property

The investment property is valued based on an assessment of the property and the market by the company directors. The directors are of the opinion that the current market value is the same as the original purchase price, and therefore no revaluation is necessary.

 

Jigsaw Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Jigsaw Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 July

10,255,098

Additions and improvements

336,939

Disposals

(445,184)

Fair value adjustments

1,353,147

At 30 June

11,500,000

5

Investments

2024
£

2023
£

Investments in subsidiaries

200

200

Investments in associates

100,150

100,150

100,350

100,350

 

Jigsaw Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Subsidiaries

£

Cost or valuation

At 1 July 2023

200

Provision

Carrying amount

At 30 June 2024

200

At 30 June 2023

200

Associates

£

Cost

At 1 July 2023

100,150

Provision

Carrying amount

At 30 June 2024

100,150

At 30 June 2023

100,150

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

TAC Investments Ltd

590 Green Lanes,
London,
N13 5RY

UK

Ordinary

100%

100%

6

Debtors

2024
£

2023
£

Trade debtors

5,510

1,773

Other debtors

2,102,233

1,552,033

2,107,743

1,553,806

 

Jigsaw Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

20,477

24,023

Accruals and deferred income

4,500

4,500

Directors loan account

2,737,119

2,996,735

Other creditors

186,000

310,000

2,948,096

3,335,258

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,064,000

5,374,398


The loans are secured by a fixed and floating charge over the properties of the company.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

Jigsaw Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,064,000

5,374,398

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £23,644 (2023 - £13,665).
This relates to car leasing costs.

11

Related party transactions

Summary of transactions with other related parties


Included under creditors less than one year is an amount of £2,737,119 (2023:£2,996,735) owed to the directors. Included in other creditors is a sum of
£186,000 (2022: £310,000) owed to United Guarding Services Limited, a company in which S R Webster, the director has a beneficial interest.

Included in other debtors is an amount of £1,088,313 (2023:£1,048,313) owed by Lincoln House Property Investments Limited, a company in which Jigsaw Living Limited has a beneficial interest. Also included in other debtors is an amount of £479,381 (2022: £479,381) owed by Silver Prop London Limited, a company in which Jigsaw Living Limited has a beneficial interest.
Included in other debtors is an amount of £344,900 (2023: £10,000) owed from Jigsaw Living Residential Ltd, a connected company.
Also included in other debtors is an amount of £174,900 owed from Karm Property Ltd, a connected company.