JOVERN LTD

Company Registration Number:
15004252 (England and Wales)

Unaudited abridged accounts for the year ended 31 January 2025

Period of accounts

Start date: 01 January 2025

End date: 31 January 2025

JOVERN LTD

Contents of the Financial Statements

for the Period Ended 31 January 2025

Balance sheet
Notes

JOVERN LTD

Balance sheet

As at 31 January 2025


Notes

1 month to 31 January 2025

18 months to 31 December 2024


£

£
Fixed assets
Investments: 3 552,794 552,794
Total fixed assets: 552,794 552,794
Current assets
Debtors:   3,412
Cash at bank and in hand: 78 143
Total current assets: 3,490 143
Creditors: amounts falling due within one year: 4 (92,337) (87,853)
Net current assets (liabilities): (88,847) (87,710)
Total assets less current liabilities: 463,947 465,084
Creditors: amounts falling due after more than one year: 5 (462,697) (464,300)
Total net assets (liabilities): 1,250 784
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 1,248 782
Shareholders funds: 1,250 784

The notes form part of these financial statements

JOVERN LTD

Balance sheet statements

For the year ending 31 January 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 06 May 2025
and signed on behalf of the board by:

Name: Wei Vern Lee
Status: Director

The notes form part of these financial statements

JOVERN LTD

Notes to the Financial Statements

for the Period Ended 31 January 2025

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Other accounting policies

Investments Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

JOVERN LTD

Notes to the Financial Statements

for the Period Ended 31 January 2025

2. Employees

1 month to 31 January 2025 18 months to 31 December 2024
Average number of employees during the period 1 1

JOVERN LTD

Notes to the Financial Statements

for the Period Ended 31 January 2025

3. Fixed investments

The company owns 100% of the issued share capital of Wickham Market Medical Centre Ltd, a company incorporated in England and Wales. The subsidiary’s principal activity is the operation of a pharmacy. The investment in its subsidiary is stated at cost less any provision for impairment in value. Management have reviewed the carrying value of the investment and concluded that no impairment is required as the subsidiary continues to generate positive cash flows and profits.

JOVERN LTD

Notes to the Financial Statements

for the Period Ended 31 January 2025

4. Creditors: amounts falling due within one year note

The bank loan is secured by fixed and floating charges registered at Companies House over the assets of both the company and its subsidiary, Wickham Market Medical Centre Ltd.

JOVERN LTD

Notes to the Financial Statements

for the Period Ended 31 January 2025

5. Creditors: amounts falling due after more than one year note

The bank loan is secured by fixed and floating charges registered at Companies House over the assets of both the company and its subsidiary, Wickham Market Medical Centre Ltd.

JOVERN LTD

Notes to the Financial Statements

for the Period Ended 31 January 2025

6. Related party transactions

Name of the related party: Wickham Market Medical Centre Ltd
Relationship:
Wholly owned subsidiary
Description of the Transaction: During the period, the company charged Wickham Market Medical Centre Ltd £2,000 (2024:22,000) for management services. At the period-end, an amount of £3,412 was due from Wickham Market Medical Centre Ltd and is included in debtors, amounts owed by group undertakings.
£
Balance at 01 January 2025 0
Balance at 31 January 2025 3,412
Name of the related party:
Relationship:
Director
Description of the Transaction: During the period, the company continued to hold a loan facility secured against its investment in Wickham Market Medical Centre Ltd, a wholly owned subsidiary. The loan was originally drawn down in the amount of £337,500 to fund the acquisition of the subsidiary. Interest of £1,880 was paid during the period. The balance outstanding at the year-end was £325,020. The director advanced £154,829 to the company in the prior year to assist with the acquisition of Wickham Market Medical Centre Ltd, a wholly owned subsidiary. This amount remained outstanding at the year-end. The loan is unsecured, interest-free and repayable on demand. The outstanding balance is included within creditors falling due after more than one year. During the year, dividends of £37,274 each were declared in favour of the director and his spouse, who is also a shareholder. These dividends were not physically paid until after the period end and are included within creditors falling due within one year. The unpaid dividend of £37,274 due to the director increased the total amount owed to him at the year-end. These transactions were conducted on terms equivalent to those that would prevail in an arm’s length transaction.
£
Balance at 01 January 2025 154,829
Balance at 31 January 2025 192,103