REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
Jaynic Properties Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
Jaynic Properties Limited |
Jaynic Properties Limited (Registered number: 02779265) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Jaynic Properties Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
Jaynic Properties Limited (Registered number: 02779265) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 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 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Jaynic Properties Limited (Registered number: 02779265) |
Balance Sheet - continued |
30 June 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Jaynic Properties Limited (Registered number: 02779265) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Jaynic Properties Limited is a |
The company is part of a group. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Significant judgements and estimates |
No significant judgements or estimates 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 Company 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. |
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 |
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 company's 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 liabilities, including loans, are measured initially and subsequently at fair value, net of transaction costs. |
Jaynic Properties Limited (Registered number: 02779265) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries |
Investments in subsidiaries are valued at cost, less impairment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Jaynic Properties Limited (Registered number: 02779265) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fixed asset investments comprise 70% of the issued share capital of Jaynic (East Anglia) Ltd, a company incorporated in England and wales. |
Jaynic Properties Limited (Registered number: 02779265) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Additions |
Revaluations | (2,637,000 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2017 | 288,287 |
Valuation in 2021 | 2,614,424 |
Valuation in 2022 | (125,636 | ) |
Valuation in 2024 | (2,637,000 | ) |
Cost | 6,059,925 |
6,200,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 6,059,925 | 6,046,213 |
The investment properties were professionally valued on an open market basis as follows: |
Valued by: | Date of valuation: |
Savills (UK) Limited | 16 October 2024 |
Berrys | 4 October 2024 |
Carter Jonas | 31 October 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by related parties | 547,876 | 397,068 |
Other debtors |
Jaynic Properties Limited (Registered number: 02779265) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loan | 3,069,120 | 3,060,819 |
The other loan is from West Suffolk Council and is secured by a fixed charge over land at the Haverhill Research Park, Haverhill, Suffolk. |
The company's bank, Handelsbanken have a debenture over the company's assets dated 2 September 2016. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
During the year, the company recharged certain overhead costs of £812,500 (2023: £812,500) to Jaynic (East Anglia) Limited (its subsidiary). |
Dividends of £7,882,687 (2023: £nil) were received from the subsidiary during the year. |
At the balance sheet date there was no balances outstanding between the company and its subsidiary. |
Jaynic Properties Limited (Registered number: 02779265) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
13. | ULTIMATE CONTROLLING PARTY |
The company's immediate and ultimate parent company is Jaynic Developments Limited, a company incorporated in England and Wales, whose registered office is The Epicentre, Enterprise Way, Withersfield, Haverhill, CB9 7LR. |
The company's ultimate controlling party is Mr and Mrs N Rumsey. |