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REGISTERED NUMBER: 02141850















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

JOMARO (U.K.) LIMITED

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Statement of Changes in Equity 5

Notes to the Financial Statements 6


JOMARO (U.K.) LIMITED

Company Information
for the year ended 30 June 2024







DIRECTORS: J. K. Pittalis
M.R. Pittalis
R.R. Pittalis





SECRETARY: R.R. Pittalis





REGISTERED OFFICE: 1st Floor, Global House
299 - 303 Ballards Lane
London
N12 8NP





REGISTERED NUMBER: 02141850





ACCOUNTANTS: Grant Thornton UK LLP
17th Floor
103 Colmore Row
Birmingham
B3 3AG

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Jomaro (U.K.) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have compiled the accompanying financial statements of Jomaro (U.K) Limited (the 'company') based on the information you have provided. These financial statements comprise the Statement of Financial Position of Jomaro (U.K) Limited as at 30 June 2024, the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised) 'Compilation Engagements'.

We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com.

These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 16 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of the company and state those matters that we have agreed to state to the company's directors, as a body, in this report in accordance with our engagement letter dated 16 December 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body, for our work, or for this report.






Grant Thornton UK LLP
17th Floor
103 Colmore Row
Birmingham
B3 3AG


24 March 2025

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Statement of Financial Position
30 June 2024

30/6/24 30/6/23
Notes £    £   
FIXED ASSETS
Tangible assets 4 572,955 756,684
Investments 5 14,630,182 13,450,946
Investment property 6 29,375,973 27,659,988
44,579,110 41,867,618

CURRENT ASSETS
Debtors: amounts falling due within one
year

7

12,946,408

15,093,459
Debtors: amounts falling due after more
than one year

7

389,246

-
Cash at bank 1,212,228 1,052,348
14,547,882 16,145,807
CREDITORS
Amounts falling due within one year 8 (1,794,634 ) (3,153,912 )
NET CURRENT ASSETS 12,753,248 12,991,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,332,358

54,859,513

CREDITORS
Amounts falling due after more than one
year

9

(16,257,129

)

(14,465,873

)

PROVISIONS FOR LIABILITIES 10 (1,751,358 ) (1,614,979 )
NET ASSETS 39,323,871 38,778,661

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Statement of Financial Position - continued
30 June 2024

30/6/24 30/6/23
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 11 3,650,000 3,650,000
Fair value reserve 12 9,212,156 9,712,906
Other reserves 12 11,334,041 10,513,956
Retained earnings 12 15,127,674 14,901,799
SHAREHOLDERS' FUNDS 39,323,871 38,778,661

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





J. K. Pittalis - Director


JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Statement of Changes in Equity
for the year ended 30 June 2024

Called up Fair
share Retained value Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 July 2022 3,650,000 14,516,670 8,080,101 10,513,956 36,760,727

Changes in equity
Dividends - (120,000 ) - - (120,000 )
Total comprehensive income - 505,129 1,632,805 - 2,137,934
Balance at 30 June 2023 3,650,000 14,901,799 9,712,906 10,513,956 38,778,661

Changes in equity
Dividends - (220,000 ) - - (220,000 )
Total comprehensive income - 445,875 (500,750 ) 820,085 765,210
Balance at 30 June 2024 3,650,000 15,127,674 9,212,156 11,334,041 39,323,871

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Jomaro (U.K.) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Jomaro (U.K.) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern
The directors have assessed the company’s ability to operate as a going concern for the 12 months from the date of signing the financial statements.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As part of their review, the directors have considered the likely impact of factors such as the current macroeconomic events. Accordingly, the company has continued to adopt the going concern basis of accounting in the preparation of these financial statements.

Turnover
Turnover comprises revenue recognised by the company in respect of rents received and services supplied during the year, exclusive of Value Added Tax. Rents are recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 50 years
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Dividend income
Dividend income is recognised when the right to receive payment is established.

Interest and similar income and expense
For all financial instruments that are measured at amortized cost, or fair value through other comprehensive income, interest income or expense is recorded at the effective interest rate, which is the rate that exactly discounts the estimated future cash receipts or payments through the expected life of the financial instrument or a shorter period, where appropriate, to net carrying amount of the financial asset or financial liability.

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in the group subsidiaries are shown at fair value based on the net asset value of each company.

Unlisted investments
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Where market value cannot be reliably determined, such investments are stated at cost less provision for impairment.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in Statement of Comprehensive income in the period in which they arise.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Cash and cash equivalent
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.

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.

Certain loan creditors in the company are classed as due in more than one year. This is despite the entity not having an unconditional right, at the date of the Statement of Financial Position, to defer settlement of the creditor for at least 12 months after the reporting date, as a result of a covenant breach at the year end. This is not in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 198,736 1,243,148 39,463 1,481,347
Additions - 13,540 - 13,540
At 30 June 2024 198,736 1,256,688 39,463 1,494,887
DEPRECIATION
At 1 July 2023 7,949 696,982 19,732 724,663
Charge for year 3,975 183,429 9,865 197,269
At 30 June 2024 11,924 880,411 29,597 921,932
NET BOOK VALUE
At 30 June 2024 186,812 376,277 9,866 572,955
At 30 June 2023 190,787 546,166 19,731 756,684


5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 12,878,533 572,413 13,450,946
Additions - 316,529 316,529
Revaluations 820,085 42,622 862,707
At 30 June 2024 13,698,618 931,564 14,630,182
NET BOOK VALUE
At 30 June 2024 13,698,618 931,564 14,630,182
At 30 June 2023 12,878,533 572,413 13,450,946

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 June 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2011 8,077,192 - 8,077,192
Valuation in 2012 (1,612,295 ) - (1,612,295 )
Valuation in 2016 575,190 - 575,190
Valuation in 2020 2,918,390 - 2,918,390
Valuation in 2022 555,473 - 555,473
Valuation in 2024 820,085 42,622 862,707
Cost 2,364,583 888,942 3,253,525
13,698,618 931,564 14,630,182

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 27,659,988
Additions 2,039,235
Revaluations (323,250 )
At 30 June 2024 29,375,973
NET BOOK VALUE
At 30 June 2024 29,375,973
At 30 June 2023 27,659,988

The fair value of a significant portion of the company's investment property portfolio was determined as at January 2024 by independent valuers, Copping Joyce, Chartered Surveyors, and as at August 2024 by Friend & Falcke Chartered Surveyors, who the group's bankers appointed. One commercial property was additionally valued as at October 2023 by Lambert Smith Hampton, also on the instructions of the group's bankers, in accordance with the Royal Institution of Chartered Surveyors, Valuation Guidance - RICS Red Book - Global.

The property valuations were based on the market value derived primarily using comparable recent market transactions in an arm's length transaction, on the basis of market rents and using appropriate valuation techniques, taking into account the prevailing tenancies and lease renewals at current market. The directors consider these valuations to represent the fair value of the investment properties at 30 June 2024.

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

6. INVESTMENT PROPERTY - continued

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2011 8,560,712
Valuation in 2012 (2,140,000 )
Valuation in 2013 (1,801,546 )
Valuation in 2015 (482,500 )
Valuation in 2017 3,627,500
Valuation in 2019 734,221
Valuation in 2020 678,000
Valuation in 2023 2,008,499
Valuation in 2024 (323,250 )
Cost 18,514,337
29,375,973

7. DEBTORS
30/6/24 30/6/23
£    £   
Amounts falling due within one year:
Trade debtors 250,618 190,387
Amounts owed by group undertakings 525,401 514,918
Amounts owed by participating interests 6,370,551 8,660,123
Other debtors 5,743,522 5,674,114
VAT 6,083 -
Prepayments and accrued income 50,233 53,917
12,946,408 15,093,459

Amounts falling due after more than one year:
Other debtors 389,246 -

Aggregate amounts 13,335,654 15,093,459

Amounts due by group undertakings are interest free, unsecured and repayable on demand.

Interest is charged at the market rate on £4.6m from participating interests, included in the amount for debtors.

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans and overdrafts 261,135 270,485
Amounts owed to group undertakings 590,251 371,726
Amounts owed to participating interests 34,532 -
Corporation tax 18,051 29,980
VAT - 61,518
Other creditors 391,575 2,083,127
Credit cards 1,452 6,785
Accruals and deferred income 497,638 330,291
1,794,634 3,153,912

Amounts due to group undertakings and participating interests are interest free, unsecured and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Bank loans 16,257,129 14,465,873

10. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax
Accelerated capital allowances 101,878 142,999
Deferred tax on fair value
uplift of investment property 1,649,480 1,471,980
1,751,358 1,614,979

Deferred
tax
£   
Balance at 1 July 2023 1,614,979
Provided during year 136,379
Balance at 30 June 2024 1,751,358

Deferred tax on uplift of fair value investment property has been provided for at a rate of 25%.

JOMARO (U.K.) LIMITED (REGISTERED NUMBER: 02141850)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
100,000 Ordinary shares with voting
rights £1 100,000 100,000
3,550,000 Ordinary shares without voting
rights £1 3,550,000 3,550,000
3,650,000 3,650,000

All shares rank pari passu, other than voting rights.

12. RESERVES

Fair value reserves relate to revaluation on investment property.

Other reserves relate to revaluation on investment in subsidiaries.

13. RELATED PARTY DISCLOSURES

During the year, the Company had transactions with the subsidiary entities. At year end the following balances are outstanding. These balances bear no interest and are repayable on demand.

2024 2023
£ £
Mercury Properties Limited 249,185 251,957
Qlodge Limited 276,216 262,961
Bishops Corner (Finance) Limited (166,558 ) (27,355 )
Grandbrigg Properties Limited (423,693 ) (344,371 )
JDN Developments (32,470 ) 331,960



14. BANK GUARANTEE

The bank holds an unlimited, multilateral guarantee from the subsidiary Grandbrigg Properties Limited.

15. 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. Contributions totalling £1,036 (2023 - £1,039) were payable to the fund at the reporting date and are included in creditors.