IRIS Accounts Production v25.1.0.734 00734142 Board of Directors 1.12.23 30.11.24 30.11.24 The principal activity of the company in the year under review was that of providing short term loans in the normal course of business. It also takes deposit from family and friends three times in a year. false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007341422023-11-30007341422024-11-30007341422023-12-012024-11-30007341422022-11-30007341422022-12-012023-11-30007341422023-11-3000734142ns15:EnglandWales2023-12-012024-11-3000734142ns14:PoundSterling2023-12-012024-11-3000734142ns10:Director12023-12-012024-11-3000734142ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3000734142ns10:SmallEntities2023-12-012024-11-3000734142ns10:AuditExemptWithAccountantsReport2023-12-012024-11-3000734142ns10:SmallCompaniesRegimeForDirectorsReport2023-12-012024-11-3000734142ns10:SmallCompaniesRegimeForAccounts2023-12-012024-11-3000734142ns10:FullAccounts2023-12-012024-11-3000734142ns10:OrdinaryShareClass12023-12-012024-11-3000734142ns10:Director22023-12-012024-11-3000734142ns10:Director32023-12-012024-11-3000734142ns10:RegisteredOffice2023-12-012024-11-3000734142ns5:CurrentFinancialInstruments2024-11-3000734142ns5:CurrentFinancialInstruments2023-11-3000734142ns5:Non-currentFinancialInstruments2024-11-3000734142ns5:Non-currentFinancialInstruments2023-11-3000734142ns5:ShareCapital2024-11-3000734142ns5:ShareCapital2023-11-3000734142ns5:CapitalRedemptionReserve2024-11-3000734142ns5:CapitalRedemptionReserve2023-11-3000734142ns5:RetainedEarningsAccumulatedLosses2024-11-3000734142ns5:RetainedEarningsAccumulatedLosses2023-11-3000734142ns5:ShareCapital2022-11-3000734142ns5:RetainedEarningsAccumulatedLosses2022-11-3000734142ns5:CapitalRedemptionReserve2022-11-3000734142ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3000734142ns5:CapitalRedemptionReserve2022-12-012023-11-3000734142ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3000734142ns5:CapitalRedemptionReserve2023-12-012024-11-3000734142ns5:OwnedAssets2023-12-012024-11-3000734142ns5:OwnedAssets2022-12-012023-11-3000734142ns5:PlantMachinery2023-11-3000734142ns5:PlantMachinery2023-12-012024-11-3000734142ns5:PlantMachinery2024-11-3000734142ns5:PlantMachinery2023-11-3000734142ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3000734142ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3000734142ns10:OrdinaryShareClass12024-11-3000734142ns5:RetainedEarningsAccumulatedLosses2023-11-3000734142ns5:CapitalRedemptionReserve2023-11-30
REGISTERED NUMBER: 00734142 (England and Wales)




















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

JABAC FINANCES LIMITED

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Report of the Directors 2

Income Statement 3

Statement of Financial Position 4

Statement of Changes in Equity 6

Notes to the Financial Statements 7


JABAC FINANCES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: H M Newman
C B Newman
P Newman





REGISTERED OFFICE: Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW





REGISTERED NUMBER: 00734142 (England and Wales)





ACCOUNTANTS: Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


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

REVIEW OF BUSINESS
The results for the year are set out in the Company's statement of comprehensive income. The Company's profit after tax for the year amounted to £141,916 (2023: £214,727).

The Directors constantly monitor the economic outlook, especially in light of the new UK Government and current world events in particular the recent change in the US Administration and it's impact on the UK economy.

As the current economic landscape is uncertain, the directors will continue to exercise prudent deployment of the funding resources available to them to manage the risk, while at the same time nurturing existing clients and assisting them with their repayment schedules. The directors continue to welcome new business from third parties, brokers, referrals and existing clients.

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

H M Newman
C B Newman
P Newman

FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise trade creditors/depositors.

The main purpose of these instruments is to provide finance for its day to day operation.

Due to the nature of the financial instruments there is little exposure to price risks. The trade creditors liquidity risks are managed by ensuring sufficient funds are available to meet the amounts due.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





H M Newman - Director


21 March 2025

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024 2023
Notes £    £   

TURNOVER 1,225,801 1,263,160

Cost of sales 691,047 639,688
GROSS PROFIT 534,754 623,472

Administrative expenses 335,434 301,225
199,320 322,247

Other operating income 8,298 1,560
OPERATING PROFIT 4 207,618 323,807

Interest receivable and similar income 5,471 -
213,089 323,807
Provision for loan losses 24,015 58,736
189,074 265,071

Interest payable and similar expenses 1,079 1,022
PROFIT BEFORE TAXATION 187,995 264,049

Tax on profit 46,079 49,322
PROFIT FOR THE FINANCIAL
YEAR

141,916

214,727

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 4,756 5,836

CURRENT ASSETS
Debtors 6 14,739,244 14,615,212
Cash at bank 2,069,784 893,923
16,809,028 15,509,135
CREDITORS
Amounts falling due within one year 7 12,160,304 10,993,385
NET CURRENT ASSETS 4,648,724 4,515,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,653,480

4,521,586

CREDITORS
Amounts falling due after more than one
year

8

(15,940

)

(25,780

)

PROVISIONS FOR LIABILITIES (792 ) (974 )
NET ASSETS 4,636,748 4,494,832

CAPITAL AND RESERVES
Called up share capital 9 375,000 375,000
Capital redemption reserve 10 125,000 125,000
Retained earnings 10 4,136,748 3,994,832
SHAREHOLDERS' FUNDS 4,636,748 4,494,832

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:





H M Newman - Director


JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 375,000 3,780,105 125,000 4,280,105

Changes in equity
Total comprehensive income - 214,727 - 214,727
Balance at 30 November 2023 375,000 3,994,832 125,000 4,494,832

Changes in equity
Total comprehensive income - 141,916 - 141,916
Balance at 30 November 2024 375,000 4,136,748 125,000 4,636,748

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

Jabac Finances 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Turnover
Interest income on 'trade receivables at amortised cost' are calculated using effective interest method which allocates interest, and loan origination fees, over the expected lives of the assets.

The effective interest method requires the company to estimate future cash flows, but it varies in some cases based on experiences of customer's behaviour, contractual terms of the financial instrument as well as expected lives of the trade receivables.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost evenly over its expected useful life, as follows:
Fixtures, fittings & equipment- 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and trade and other creditors.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised.
The impairment reversal is recognised in profit or loss.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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 statement of financial position date.


JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next twelve months from the date of signing the accounts. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 215,267 197,745
Social security costs 21,330 22,959
Other pension costs 8,035 987
244,632 221,691

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

Administration 4 4

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 2,291 2,874

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 54,798
Additions 1,211
At 30 November 2024 56,009
DEPRECIATION
At 1 December 2023 48,962
Charge for year 2,291
At 30 November 2024 51,253
NET BOOK VALUE
At 30 November 2024 4,756
At 30 November 2023 5,836

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,733,592 14,614,601
Other debtors 5,652 611
14,739,244 14,615,212

Customer accounts are stated net of provisions in the current and previous years.

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,119 9,870
Trade creditors 11,844,966 10,723,453
Taxation and social security 46,262 2,487
Other creditors 258,957 257,575
12,160,304 10,993,385

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 15,940 25,780

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
375,000 Ordinary 1 375,000 375,000

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2023 3,994,832 125,000 4,119,832
Profit for the year 141,916 141,916
At 30 November 2024 4,136,748 125,000 4,261,748

11. RELATED PARTY DISCLOSURES

Included in trade creditors at the year end is £1,111,976 (2023: £1,111,473) in respect of directors deposits and £120,317 (2023: £288,608) in respect of other related parties deposits held by the company in the normal course of business.

During the year £69,854 (2023: £75,464) interest was paid on directors' deposit and £10,969 (2023: £18,295) interest was paid on deposit of other related parties.

JABAC FINANCES LIMITED (REGISTERED NUMBER: 00734142)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


12. CONTROLLING PARTY

There is no controlling party for the current and previous year, but it is collectively controlled by the Newman Family.