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REGISTERED NUMBER: 11185786 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

Jaynic Developments Ltd

Jaynic Developments Ltd (Registered number: 11185786)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Jaynic Developments Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: N S Rumsey
Mrs J E Rumsey





REGISTERED OFFICE: The EpiCentre
Enterprise Way
Withersfield
Haverhill
CB9 7LR





REGISTERED NUMBER: 11185786 (England and Wales)





AUDITORS: Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

Jaynic Developments Ltd (Registered number: 11185786)

Group Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The detailed results and financial position of the Group are as set out in the financial statements below.

The main focus of the group continues to be land promotion and development in Suffolk and East Anglia. Despite a slowing market, we have managed to progress several projects. Highlights during this financial year include:

(a) Winning a £37m fitting out contract for The Range once practical completion of the main warehouse was given at Gateway 14;

(b) Selling 7.7 acres to Greene King at a market setting price per acre for them to pursue development of a new brewery adjacent to and linking with the warehouse they lease from Jaynic at Suffolk Park;

(c) Pre-selling a 44,000 sq ft warehouse to Bauder at Gateway 14;

(d) Exchanging contracts to sell 6 acres to Assan Panel, subject to planning, for a 86,565 sq ft manufacturing unit at Gateway 14;

(e) Entering a new promotion agreement on 85 acres of potential employment land in Suffolk.

The Group receives rental income from properties held in Bury St Edmunds, Haverhill, Braintree and Oxfordshire. The aspiration is to add to the group's rental income by occasionally holding newly created investments and identifying and opportunistically acquiring existing commercial property investments.

PRINCIPAL RISKS AND UNCERTAINTIES
As last year, the directors consider continuing cost increases, static property yields, stubborn interest rates and reducing occupier demand in the commercial property market to be among risks to the group. However, based on the results of this financial year, the directors consider the group is well placed to deal with such uncertainties.

FUTURE BUSINESS
The group has continued to trade relatively well into the next financial year with new development and land promotion projects.

ON BEHALF OF THE BOARD:





N S Rumsey - Director


26 March 2025

Jaynic Developments Ltd (Registered number: 11185786)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of property investment, property development and providing property development related project management support.

DIVIDENDS
An interim dividend of £4,101.86 per share was paid on 30 June 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 434,797 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

N S Rumsey
Mrs J E Rumsey

DONATIONS
During the year, the group made donations to local charities of £8,100.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Jaynic Developments Ltd (Registered number: 11185786)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N S Rumsey - Director


26 March 2025

Report of the Independent Auditors to the Members of
Jaynic Developments Ltd

Opinion
We have audited the financial statements of Jaynic Developments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Jaynic Developments Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Jaynic Developments Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Review of the control environment
- Meeting key personal responsible for specific functions relating to laws and regulations
- Review of legal fees incurred
- Agreeing the financial statement disclosures to underlying supporting documentation
- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion and misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Jaynic Developments Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrea Kaley (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

26 March 2025

Jaynic Developments Ltd (Registered number: 11185786)

Consolidated
Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 21,240,311 16,276,565

Cost of sales 5,753,892 8,439,014
GROSS PROFIT 15,486,419 7,837,551

Administrative expenses 2,602,690 2,867,575
12,883,729 4,969,976

Other operating income 1,433,141 1,015,525
OPERATING PROFIT 5 14,316,870 5,985,501

Related party balances
written off 7 (819,156 ) 3,909,977
13,497,714 9,895,478

Interest receivable and similar income 245,484 84,513
13,743,198 9,979,991
Gain/loss on revaluation of assets (2,472,636 ) 9,581,869
11,270,562 19,561,860

Interest payable and similar expenses 8 905,673 1,363,135
PROFIT BEFORE TAXATION 10,364,889 18,198,725

Tax on profit 9 3,387,433 3,439,587
PROFIT FOR THE FINANCIAL YEAR 6,977,456 14,759,138
Profit attributable to:
Owners of the parent 3,574,247 14,613,698
Non-controlling interests 3,403,209 145,440
6,977,456 14,759,138

Jaynic Developments Ltd (Registered number: 11185786)

Consolidated
Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 6,977,456 14,759,138


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

6,977,456

14,759,138

Total comprehensive income attributable to:
Owners of the parent 3,574,248 14,613,698
Non-controlling interests 3,403,208 145,440
6,977,456 14,759,138

Jaynic Developments Ltd (Registered number: 11185786)

Consolidated Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 1,391,968 1,571,577
Tangible assets 13 4,116 9,830
Investments 14 - -
Investment property 15 30,600,000 33,261,632
31,996,084 34,843,039

CURRENT ASSETS
Stocks 16 17,919,260 17,643,258
Debtors 17 2,571,936 2,440,554
Cash at bank 9,180,874 5,279,392
29,672,070 25,363,204
CREDITORS
Amounts falling due within one year 18 11,437,458 4,871,506
NET CURRENT ASSETS 18,234,612 20,491,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

50,230,696

55,334,737

CREDITORS
Amounts falling due after more than one year 19 (10,350,000 ) (18,317,519 )

PROVISIONS FOR LIABILITIES 22 (2,775,000 ) (3,075,885 )
NET ASSETS 37,105,696 33,941,333

Jaynic Developments Ltd (Registered number: 11185786)

Consolidated Balance Sheet - continued
30 June 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 23 106 106
Share premium 24 2,499,994 2,499,994
Fair value reserve 24 5,064,740 6,941,869
Retained earnings 24 29,370,594 24,354,015
SHAREHOLDERS' FUNDS 36,935,434 33,795,984

NON-CONTROLLING INTERESTS 170,262 145,349
TOTAL EQUITY 37,105,696 33,941,333


The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





N S Rumsey - Director


Jaynic Developments Ltd (Registered number: 11185786)

Company Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 1,500,003 1,500,003
Investment property 15 - -
1,500,003 1,500,003

CURRENT ASSETS
Debtors 17 100 100

CREDITORS
Amounts falling due within one year 18 6,000 6,000
NET CURRENT LIABILITIES (5,900 ) (5,900 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,494,103

1,494,103

CAPITAL AND RESERVES
Called up share capital 23 106 106
Share premium 24 2,499,994 2,499,994
Retained earnings 24 (1,005,997 ) (1,005,997 )
SHAREHOLDERS' FUNDS 1,494,103 1,494,103

Company's profit for the financial year 434,797 122,122

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





N S Rumsey - Director


Jaynic Developments Ltd (Registered number: 11185786)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2022 106 16,799,912 2,499,994

Changes in equity
Dividends - (117,726 ) -
Total comprehensive income - 7,671,829 -
Balance at 30 June 2023 106 24,354,015 2,499,994

Changes in equity
Dividends - (434,797 ) -
Total comprehensive income - 5,451,376 -
Balance at 30 June 2024 106 29,370,594 2,499,994
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 July 2022 - 19,300,012 (91 ) 19,299,921

Changes in equity
Dividends - (117,726 ) - (117,726 )
Total comprehensive income 6,941,869 14,613,698 145,440 14,759,138
Balance at 30 June 2023 6,941,869 33,795,984 145,349 33,941,333

Changes in equity
Dividends - (434,797 ) (3,378,294 ) (3,813,091 )
Total comprehensive income (1,877,129 ) 3,574,247 3,403,208 6,977,455
Balance at 30 June 2024 5,064,740 36,935,434 170,263 37,105,697

Jaynic Developments Ltd (Registered number: 11185786)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2022 106 (1,010,393 ) 2,499,994 1,489,707

Changes in equity
Dividends - (117,726 ) - (117,726 )
Total comprehensive income - 122,122 - 122,122
Balance at 30 June 2023 106 (1,005,997 ) 2,499,994 1,494,103

Changes in equity
Dividends - (434,797 ) - (434,797 )
Total comprehensive income - 434,797 - 434,797
Balance at 30 June 2024 106 (1,005,997 ) 2,499,994 1,494,103

Jaynic Developments Ltd (Registered number: 11185786)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 15,075,698 7,934,211
Interest paid (905,673 ) (1,363,135 )
Tax paid (2,251,499 ) (129,160 )
Net cash from operating activities 11,918,526 6,441,916

Cash flows from investing activities
Purchase of tangible fixed assets (330 ) (7,053 )
Purchase of investment property (252,015 ) (2,672,272 )
Sale of investment property 441,011 -
Interest received 245,484 84,513
Net cash from investing activities 434,150 (2,594,812 )

Cash flows from financing activities
New loans in year 10,364,000 6,584,568
Loan repayments in year (14,851,295 ) (4,672,334 )
Movement on related party loans (150,808 ) (1,821,889 )
Amount withdrawn by directors - (2,118 )
Equity dividends paid (434,797 ) (117,726 )
Dividends paid to minority interests (3,378,294 ) -
Net cash from financing activities (8,451,194 ) (29,499 )

Increase in cash and cash equivalents 3,901,482 3,817,605
Cash and cash equivalents at beginning of
year

2

5,279,392

1,461,787

Cash and cash equivalents at end of year 2 9,180,874 5,279,392

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 10,364,889 18,198,725
Depreciation charges 183,769 186,174
Loss on disposal of fixed assets 1,884 -
Loss/(gain) on revaluation of fixed assets 2,472,636 (9,581,869 )
Finance costs 905,673 1,363,135
Finance income (245,484 ) (84,513 )
13,683,367 10,081,652
(Increase)/decrease in stocks (276,002 ) 412,531
Decrease/(increase) in trade and other debtors 515,941 (311,101 )
Increase/(decrease) in trade and other creditors 1,152,392 (2,248,871 )
Cash generated from operations 15,075,698 7,934,211

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 9,180,874 5,279,392
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 5,279,392 1,461,787


Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 5,279,392 3,901,482 9,180,874
5,279,392 3,901,482 9,180,874
Debt
Debts falling due within 1 year (4,000,000 ) (3,480,225 ) (7,480,225 )
Debts falling due after 1 year (18,317,519 ) 7,967,519 (10,350,000 )
(22,317,519 ) 4,487,294 (17,830,225 )
Total (17,038,127 ) 8,388,776 (8,649,351 )

Jaynic Developments Ltd (Registered number: 11185786)

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

1. STATUTORY INFORMATION

Jaynic Developments Ltd 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 General Information page.

The company is part of a group.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
As permitted by exemptions available for qualifying entities under FRS102, the cash flow statement of the parent company is not presented as part of these financial statements, as it is included within the consolidated cash flow of the group in these financial statements

Basis of consolidation
The group financial statements consolidate the financial statements of Jaynic Developments Limited and all its subsidiary undertakings for the year ended 30 June 2024. The comparatives are for the year ended 30 June 2023.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
No significant judgements or estimations have been applied in the preparation of the financial statements.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Goodwill arising on the acquisition of an entity is initially recognised at cost and is subsequently measured at cost less accumulated amortisation and any accumulated impairment losses

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:

Plant and machinery etc - 33% straight line

Investment property
The investment properties are included at fair value. Gains and losses are recognised in the income statement and subsequently transferred to the fair value reserve. Deferred tax is provided on any gains at the rate expected to apply when the properties are sold.

Work in progress
Work in progress comprises land and infrastructure costs incurred on the group's development at Suffolk Park, Bury St Edmunds and other development projects.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including debtors, creditors and bank balances. Basic short term financial assets are measured at the transaction price, less any impairment and basic short term financial liabilities are measured at the transaction price.

Other financial assets are also measured at the transaction price, less any impairment, since the difference between this basis and the amortised cost basis is not material. Other financial liabilities, including loans, are measured initially and subsequently at fair value, net of transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiaries are valued at cost, less impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Property sales 19,871,428 15,492,546
Management development fees 1,368,883 784,019
21,240,311 16,276,565

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 21,240,311 16,276,565
21,240,311 16,276,565

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,151,009 1,654,243
Social security costs 150,961 226,530
Other pension costs 183,519 231,253
1,485,489 2,112,026

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Administrative 8 7
10 9

The average number of employees of the parent company during the year was as follows:
2024 2023

Directors 2 2

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 9,096 2,274
Directors' pension contributions to money purchase schemes 160,000 210,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 4,160 6,565
Loss on disposal of fixed assets 1,884 -
Goodwill amortisation 179,609 179,609

6. AUDITORS' REMUNERATION

2024 2023
£ £
Company
Fees payable to the company's auditors for the audit of the financial statements 3,000 -
Auditors' remuneration for non audit work 4,980 -
Group
Fees payable to the company's auditors for the audit of the financial statements 28,000 -
Auditors' remuneration for non audit work 43,430 -


7. EXCEPTIONAL ITEMS
2024 2023
£    £   
Related party balances
written off (819,156 ) 3,909,977

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,840 2,489
Bank loan interest 882,649 1,333,647
Other interest 21,184 26,999
905,673 1,363,135

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 3,781,343 795,840
Prior year adjustment (93,025 ) 3,747
Total current tax 3,688,318 799,587

Deferred tax (300,885 ) 2,640,000
Tax on profit 3,387,433 3,439,587

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 10,364,889 18,198,725
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

2,591,222

4,549,681

Effects of:
Expenses not deductible for tax purposes 854,639 64,278
Income not taxable for tax purposes - (3,372,961 )
Capital allowances in excess of depreciation (64,288 ) (238,817 )
Utilisation of tax losses - (31,450 )
Adjustments to tax charge in respect of previous periods (93,025 ) 3,747
Losses carried forward 399,770 -

Deferred tax (300,885 ) 2,640,000
Adjust provision for FY 2022 charged at 19% - (174,891 )
Total tax charge 3,387,433 3,439,587

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

During the year, the company paid dividends to its shareholders of £434,797 (2023: £117,726).

The company's subsidiary, Jaynic (East Anglia) Limited paid dividends of £3,378,294 to its minority shareholders during the year (2023: £nil).

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 1,796,088
AMORTISATION
At 1 July 2023 224,511
Amortisation for year 179,609
At 30 June 2024 404,120
NET BOOK VALUE
At 30 June 2024 1,391,968
At 30 June 2023 1,571,577

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

13. TANGIBLE FIXED ASSETS

Group
Computer
equipment
£   
COST
At 1 July 2023 13,675
Additions 330
Disposals (6,882 )
At 30 June 2024 7,123
DEPRECIATION
At 1 July 2023 3,845
Charge for year 4,160
Eliminated on disposal (4,998 )
At 30 June 2024 3,007
NET BOOK VALUE
At 30 June 2024 4,116
At 30 June 2023 9,830

14. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 1,500,003
NET BOOK VALUE
At 30 June 2024 1,500,003
At 30 June 2023 1,500,003

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Jaynic Properties Limited
Registered office: The EpiCentre, Enterprise Way, Withersfield, Haverhill, CB9 7LR
Nature of business: Property investment and management services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 11,961,418 10,057,981
Profit for the year 2,338,234 8,522,868

Jaynic Suffolk Park Logistics Limited
Registered office: The EpiCentre, Enterprise Way, Withersfield, Haverhill, CB9 7LR
Nature of business: Development management services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 15,749,937 14,522,074
Profit/(loss) for the year 1,227,863 (1,388,060 )

JSPL (SP160) Limited
Registered office: The EpiCentre, Enterprise Way, Withersfield, Haverhill, CB9 7LR
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 8,281,085 7,311,276
Profit for the year 129,626 9,494,747

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

14. FIXED ASSET INVESTMENTS - continued

Jaynic (East Anglia) Limited
Registered office: The EpiCentre, Enterprise Way, Withersfield, Haverhill, CB9 7LR
Nature of business: Property development
%
Class of shares: holding
Ordinary 70.00
2024 2023
£    £   
Aggregate capital and reserves 567,543 484,495
Profit for the year 11,344,029 484,798


All the above subsidiaries are included in the consolidated financial statements. The company has direct investments in Jaynic Properties Limited and Jaynic Suffolk Park Logistics Limited, all other investments are indirectly owned.

15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2023 33,261,632
Additions 252,015
Disposals (441,011 )
Revaluations (2,472,636 )
At 30 June 2024 30,600,000
NET BOOK VALUE
At 30 June 2024 30,600,000
At 30 June 2023 33,261,632

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

15. INVESTMENT PROPERTY - continued

Group

Fair value at 30 June 2024 is represented by:
£

Valuation in 2017 288,287
Valuation in 2021 1,350,000
Valuation in 2022 1,138,788
Valuation in 2023 9,581,870
Valuation in 2024 (2,472,636 )
Cost 20,713,691
30,600,000

If the investment properties had not been revalued they would have been included at the following historical cost:
2024 2023
£ £

Cost 20,713,691 20,902,687

The investment properties were professionally valued on an open market basis as follows:

Valued by: Date of valuation:

Savills (UK) Limited 16th October 2024
Berrys 18th October 2024
Carter Jonas 31st October 2024
Jackson-Stops 8th October 2024

16. STOCKS

Group
2024 2023
£    £   
Work-in-progress 17,919,260 17,643,258

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

17. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 459,902 918,988 - -
Amounts owed by related parties 684,723 533,915 - -
Other debtors 173,963 182,014 - -
Tax 496,515 - - -
VAT - 63,072 - -
Called up share capital not paid 130 130 100 100
1,815,233 1,698,119 100 100

Amounts falling due after more than one year:
Other debtors 756,703 742,435 - -

Aggregate amounts 2,571,936 2,440,554 100 100

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Other loans (see note 20) 7,480,225 4,000,000 - -
Trade creditors 34,926 13,163 - -
Tax 2,453,843 520,509 - -
Social security and other taxes 39,094 45,829 - -
VAT 985,135 - - -
Other creditors 144,690 134,770 6,000 6,000
Accruals and deferred income 299,545 157,235 - -
11,437,458 4,871,506 6,000 6,000

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 20) 10,350,000 -
Other loans (see note 20) - 18,317,519
10,350,000 18,317,519

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

20. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 7,480,225 4,000,000
Amounts falling due between one and two years:
Other loans - 1-2 years - 18,317,519
Amounts falling due between two and five years:
Bank loans - 2-5 years 10,350,000 -

Other loans is made up of £3,069,120 from West Suffolk Council and £4,411,105 from Property Recycling Group PLC.

The loan from West Suffolk Council carries an interest rate of 6.5%, which accrues and is paid six monthly. The loan is due for repayment in 2025.

The loan from Property Recycling Group PLC carries an interest rate of 3% above Bank of England Base Rate, which accrues and is paid quarterly. The loan was repaid in August 2024.

The bank loan of £10,350,000 from Handelsbanken PLC carries an interest rate of 2.29% above Bank of England Base Rate, which accrues and is paid quarterly. The loan is due for repayment in full on 15 August 2028.

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 10,350,000 -
Other loans 7,480,225 22,317,519
17,830,225 22,317,519

As noted above, other loans comprises loans from West Suffolk Council and Property Recycling Group PLC.

The loan from West Suffolk Council is secured by a fixed charge over land at the Haverhill Research Park, Haverhill, Suffolk.

The loan from Property Recycling Group PLC is secured by a legal charge over the freehold property at Shepherd's Grove, Stanton. As noted above, the loan was repaid in August 2024 and the charge satisfied.

The company's bank, Handelsbanken has a debenture dated 15th August 2023 over the assets of JSPL (SP160) Limited and a debenture dated 2 September 2016 over the assets of Jaynic Properties Limited.

22. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 2,775,000 3,075,885

Group
Deferred
tax
£   
Balance at 1 July 2023 3,075,885
Credit to Income Statement during year (300,885 )
Balance at 30 June 2024 2,775,000

The entire deferred tax liability relates to tax on the gain on revaluation of investment properties.

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
106 Ordinary £1 106 106

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

23. CALLED UP SHARE CAPITAL - continued

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

24. RESERVES

Group
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 24,354,015 2,499,994 6,941,869 33,795,878
Profit for the year 3,574,247 3,574,247
Dividends (434,797 ) (434,797 )
Revaluation 1,877,129 - (1,877,129 ) -
At 30 June 2024 29,370,594 2,499,994 5,064,740 36,935,328

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 (1,005,997 ) 2,499,994 1,493,997
Profit for the year 434,797 434,797
Dividends (434,797 ) (434,797 )
At 30 June 2024 (1,005,997 ) 2,499,994 1,493,997


25. RELATED PARTY DISCLOSURES

During the year, total dividends of £434,797 were paid to the directors .

Entities over which the entity has control, joint control or significant influence

The following related party transactions occurred between Jaynic (East Anglia) Limited (a 70% owned subsidiary) and other members of the group during the year:

2024 2023
£ £
Recharged overhead costs 812,500 812,500
Profit share on development sale (4,318,641 ) -
Dividends received 7,882,687 -

At the balance sheet date there was no balance owing to other members of the group from Jaynic (East Anglia) Limited (2023: £600,000).

Jaynic Developments Ltd (Registered number: 11185786)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

Other related parties

The following transactions occurred with other related parties during the year:

2024 2023
£ £
Jaynic Suffolk Park Limited
Management charges received 600,000 -
Recharged costs 175,651 -
Jaynic Investments LLP
Purchase of land plot - (873,568 )


At the balance sheet date the following balances were owing from other related parties:

2024 2023
£ £
Jaynic Investments LLP 684,303 533,915
JRU Limited 420 -

These amounts are included in debtors, and are unsecured, interest free and repayable on demand.

26. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Mr and Mrs N Rumsey.