REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 June 2024 |
for |
JOMARO (U.K.) LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
17th Floor |
103 Colmore Row |
Birmingham |
B3 3AG |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
7 |
Debtors: amounts falling due after more than one year |
7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
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 |
Fair value reserve | 12 |
Other reserves | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 June 2024 |
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 |
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 |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 13,450,946 |
Additions | 316,529 |
Revaluations | 862,707 |
At 30 June 2024 | 14,630,182 |
NET BOOK VALUE |
At 30 June 2024 | 14,630,182 |
At 30 June 2023 | 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 |
Additions |
Revaluations | (323,250 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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 |
Amounts owed by group undertakings |
Amounts owed by participating interests | 6,370,551 | 8,660,123 |
Other debtors |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
Amounts owed to participating interests | 34,532 | - |
Corporation tax |
VAT | - | 61,518 |
Other creditors |
Credit cards | 1,452 | 6,785 |
Accruals and deferred income |
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 |
10. | PROVISIONS FOR LIABILITIES |
30/6/24 | 30/6/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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 |
Provided during year |
Balance at 30 June 2024 |
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: | £ | £ |
Ordinary shares with voting |
rights | £1 | 100,000 | 100,000 |
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. |