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REGISTERED NUMBER: 03176598 (England)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2024

for

JAC Holdings Limited

JAC Holdings Limited (Registered number: 03176598)






Contents of the Consolidated Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


JAC Holdings Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: A Grapin
Sir N M Carrington
S A N Tomlinson
J D Dixon
R McBain





SECRETARY: Ms S J Pratt





REGISTERED OFFICE: Parklife House
133 Deodar Road
London
SW15 2NU





REGISTERED NUMBER: 03176598 (England)





AUDITORS: BKL Audit LLP
Chartered Accountants and Statutory Auditor
5 Fleet Place
London
EC4M 7RD

JAC Holdings Limited (Registered number: 03176598)

Group Strategic Report
for the Year Ended 31 May 2024

The Directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The year under review was the group and company's third full year of employee ownership.

Turnover (excluding amounts recharged to clients in respect of merchandise procured / sold) increased year on year by 23.8% from £20.6m to £25.5m, and operating profit increased year on year by 56% from £2.96m to £4.61m. New business enquiries and conversion of those enquiries both during and subsequent to the year end continue at an encouraging level.

As in previous years, the directors would like to thank all the loyal, dedicated and highly skilled employees for their efforts during the year. These results are a testament to their talent and achievements. The company will continue its longstanding and successful strategy of investment in new technology and recruitment of the most talented designers and technical experts.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal business risks during the period under review were the geo-political instabilities around the globe and the environment for business within the UK.

The more inherent risks facing the group and company remain as follows:

- The business operates within the luxury sector which is reliant on discretionary spend. Accordingly, whimsical changes can adversely influence trading performance.
- The business trades with a relatively limited number of high net-worth clients, based in geo-political regions of varying degrees of stability.
- The business is reliant on attracting and retaining the best design team possible to meet and ultimately exceed the expectations of its clients.
- The business is operationally geared as a relatively high proportion of its cost base is fixed. Accordingly, percentage fluctuations in revenue can cause a more material percentage fluctuation in operating profitability.

FINANCIAL RISK
The group and company seeks to manage liquidity, credit, and cash flow risk primarily through seeking payment in advance of undertaking work. The Directors review and agree policies for managing this risk. The policies have remained unchanged from previous periods.

MATTERS OF STRATEGIC IMPORTANCE
The directors have established that managing the principal risks and financial risks identified above is the key to minimising any threat to the continued financial wellbeing and stability of the group and company.

The directors seek to minimise financial risk through the maintenance of a system of internal controls, sourcing products from the most appropriate suppliers and maintaining close relationships with customers. The directors are responsible for the group and company's system of internal control and for evaluating its effectiveness. Such a system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. Key elements of the group and company's system of internal controls include a risk register, a comprehensive annual budgeting process, monthly management accounts and meetings to discuss and review those accounts, and the production of project and other ad hoc reports for the directors and senior management.


JAC Holdings Limited (Registered number: 03176598)

Group Strategic Report
for the Year Ended 31 May 2024

KEY PERFORMANCE INDICATORS
The group and company monitors a number of key performance indicators. These encompass (inter alia):

- Level of reliance on key customers or projects - the business seeks to avoid being overly reliant on either a specific customer or a specific project, and actively monitors its exposure in this regard. During the year ended 31 May 2024, key customer dependence increased slightly, and largest project revenue increased to 16% (FY23: 10%). Revenue of more than £10k emanated from 65 projects in the year ended 31 May 2024 (2023: 87).
- Spread of business by design sector - during the financial year, the revenue generated by the larger studio remained broadly steady at 54% (2023: 52%) of the company's total revenue.
- Future pipeline - based on the level of confirmed projects, indications are that the financial year ended 31 May 2025 will see another strong trading year for the company.
- Financial ratios governing revenue and profit per employee - both of these statistics improved year on year.
- Sustainability - the company continues to work on a sustainability charter internally referred to as "Life Worth Living". Internal metrics are used to gauge progress across a broad range of targets.

The statutory turnover reflects both fee income and amounts recharged to clients in respect of merchandise procured / sold. Where applicable, the KPIs are measured with reference to design fees and royalty and licencing income, as disclosed in note 3.

FUTURE DEVELOPMENTS
No changes to business activity are proposed.

ON BEHALF OF THE BOARD:





A Grapin - Director


29 May 2025

JAC Holdings Limited (Registered number: 03176598)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of yacht, aircraft, architecture and interior design. The principal activity of the Company continued to be that of a holding company.

DIVIDENDS
A dividend of £2,737,941was paid in the year ended 31 May 2024. (2023 £2,738,756).

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

Aino-Leena Grapin
Jim David Dixon
Simon Alexander Tomlinson
Sir Nigel Martyn Carrington

Following the sale of the company to Winch Trustee Ltd, none of the Directors hold shares in the company.

Each of Aino-Leena Grapin, Jim Dixon and Simon Tomlinson holds options to subscribe for 14,778 A Ordinary shares in the company, subject to certain criteria being satisfied. On 13 December 2022 Sir Nigel Carrington was issued options over 1,806 A ordinary shares and Jamie Mitchell was issued options over 1,150 A ordinary shares.

Directors and officers liability insurance is in place for all directors.

R McBain was appointed as a director after 31 May 2024 but prior to the date of this report. J M Mitchell ceased to be a director after 31 May 2024 but prior to the date of this report.

DONATIONS
In the year under review the group made charitable donations of £97,361 (2023 - £97,300).

EMPLOYEE INVOLVEMENT AND DISABLED PERSONS
The group's policy is to consult and discuss with employees regarding matters likely to affect employees' interests.

The group will employ disabled persons when they appear to be suitable for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise.

GOING CONCERN
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. After reviewing the group and company's forecasts and projections, the Directors have an expectation that the group and company has adequate resources to continue trading for the foreseeable future, and at least a period of twelve months from the date of signing the accounts.


JAC Holdings Limited (Registered number: 03176598)

Report of the Directors
for the Year Ended 31 May 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
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.

AUDITORS
BKL Audit LLP were appointed as auditors during the year and have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:





A Grapin - Director


29 May 2025

Report of the Independent Auditors to the Members of
JAC Holdings Limited

Opinion
We have audited the financial statements of JAC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the consolidated income statement, consolidated other comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cashflows and notes to the financial statements, including 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 31 May 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the group strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
JAC Holdings Limited


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 their environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or directors' report.

We have nothing to report in respect of the following matters in relation to which 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; or

Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit detecting irregularities, including fraud
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to the failure to comply with tax regulations, health and safety regulations, anti-bribery and anti-corruption laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the auditors included:

- Discussions with the directors, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Identifying and testing manual journal entries, in particular any journal entries posted with unclear rationale. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business;
- Assessing managements' significant judgements and estimates in particular to those relating to the revenue recognition; and
- Reviewing legal correspondence and other supporting documentation including board meeting minutes.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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
JAC Holdings Limited


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.




Katherine Rose (Senior Statutory Auditor)
for and on behalf of BKL Audit LLP
Chartered Accountants and Statutory Auditor
5 Fleet Place
London
EC4M 7RD

29 May 2025

JAC Holdings Limited (Registered number: 03176598)

Consolidated Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
as restated
Notes £    £   

TURNOVER 3 36,296,033 38,236,243

Cost of sales 12,343,281 17,607,905
GROSS PROFIT 23,952,752 20,628,338

Administrative expenses 19,345,035 17,670,936
OPERATING PROFIT 5 4,607,717 2,957,402

Interest receivable and similar income 446,854 50,844
5,054,571 3,008,246

Interest payable and similar expenses 6 1,799 92,070
PROFIT BEFORE TAXATION 5,052,772 2,916,176

Tax on profit 7 430,075 388,057
PROFIT FOR THE FINANCIAL YEAR 4,622,697 2,528,119
Profit attributable to:
Owners of the parent 4,622,697 2,528,119

JAC Holdings Limited (Registered number: 03176598)

Consolidated Other Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
as restated
Notes £    £   

PROFIT FOR THE YEAR 4,622,697 2,528,119


OTHER COMPREHENSIVE INCOME
Share option charge 330,569 334,439
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

330,569

334,439
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,953,266

2,862,558

Total comprehensive income attributable to:
Owners of the parent 4,953,266 2,862,558

JAC Holdings Limited (Registered number: 03176598)

Consolidated Statement of Financial Position
31 May 2024

31.5.24 31.5.23
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 2,690,590 927,557
Investments 11 - -
2,690,590 927,557

CURRENT ASSETS
Stocks 12 84,825 86,037
Debtors 13 9,383,986 7,730,141
Investments 14 12,321,925 -
Cash at bank and in hand 7,162,158 7,561,394
28,952,894 15,377,572
CREDITORS
Amounts falling due within one year 15 30,844,828 18,237,256
NET CURRENT LIABILITIES (1,891,934 ) (2,859,684 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

798,656

(1,932,127

)

PROVISIONS FOR LIABILITIES 17 640,912 125,454
NET ASSETS/(LIABILITIES) 157,744 (2,057,581 )

CAPITAL AND RESERVES
Called up share capital 18 230 230
Share premium 19 1,282,463 1,282,463
Other reserves 19 869,185 538,616
Retained earnings 19 (1,994,134 ) (3,878,890 )
SHAREHOLDERS' FUNDS 157,744 (2,057,581 )

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





A Grapin - Director


JAC Holdings Limited (Registered number: 03176598)

Company Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 50,100,000 46,400,000
50,100,000 46,400,000

CURRENT ASSETS
Cash at bank 1,000 1,000

CREDITORS
Amounts falling due within one year 15 7,300,919 8,562,979
NET CURRENT LIABILITIES (7,299,919 ) (8,561,979 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,800,081

37,838,021

CAPITAL AND RESERVES
Called up share capital 18 230 230
Share premium 1,282,463 1,282,463
Other reserves 869,185 538,616
Retained earnings 40,648,203 36,016,712
SHAREHOLDERS' FUNDS 42,800,081 37,838,021

Company's profit/(loss) for the financial year 7,369,432 (434,439 )

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 29 May 2025 and were signed on its behalf by:





A Grapin - Director


JAC Holdings Limited (Registered number: 03176598)

Consolidated Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 June 2022 230 (3,668,253 ) 1,282,463 204,177 (2,181,383 )

Changes in equity
Dividends - (2,738,756 ) - - (2,738,756 )
Total comprehensive income - 2,528,119 - 334,439 2,862,558
Balance at 31 May 2023 230 (3,878,890 ) 1,282,463 538,616 (2,057,581 )

Changes in equity
Dividends - (2,737,941 ) - - (2,737,941 )
Total comprehensive income - 4,622,697 - 330,569 4,953,266
Balance at 31 May 2024 230 (1,994,134 ) 1,282,463 869,185 157,744

JAC Holdings Limited (Registered number: 03176598)

Company Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Share Other Total
capital earnings premium reserves equity
£    £    £    £    £   
Balance at 1 June 2022 230 39,189,907 1,282,463 204,177 40,676,777

Changes in equity
Dividends - (2,738,756 ) - - (2,738,756 )
Total comprehensive income - (434,439 ) - 334,439 (100,000 )
Balance at 31 May 2023 230 36,016,712 1,282,463 538,616 37,838,021

Changes in equity
Dividends - (2,737,941 ) - - (2,737,941 )
Total comprehensive income - 7,369,432 - 330,569 7,700,001
Balance at 31 May 2024 230 40,648,203 1,282,463 869,185 42,800,081

JAC Holdings Limited (Registered number: 03176598)

Consolidated Statement of Cash Flows
for the Year Ended 31 May 2024

31.5.24 31.5.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 14,967,624 5,010,568
Interest paid (1,799 ) (92,070 )
Tax paid (1,043,255 ) -
Tax refunded 1,814,849 55,245
Net cash from operating activities 15,737,419 4,973,743

Cash flows from investing activities
Purchase of tangible fixed assets (1,524,268 ) (253,918 )
Sale of tangible fixed assets 625 1,667
Interest received 446,854 50,844
Purchase of investment (12,321,925 ) -
Net cash from investing activities (13,398,714 ) (201,407 )

Cash flows from financing activities
Loan repayments in year - (1,878,250 )
Equity dividends paid (2,737,941 ) (2,738,756 )
Net cash from financing activities (2,737,941 ) (4,617,006 )

(Decrease)/increase in cash and cash equivalents (399,236 ) 155,330
Cash and cash equivalents at beginning of
year

2

7,561,394

7,406,064

Cash and cash equivalents at end of year 2 7,162,158 7,561,394

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 May 2024

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

31.5.24 31.5.23
as restated
£    £   
Profit before taxation 5,052,772 2,916,176
Depreciation charges 354,898 386,613
Profit on disposal of fixed assets (625 ) (708 )
Share option charge 330,569 -
Finance costs 1,799 92,070
Finance income (446,854 ) (50,844 )
5,292,559 3,343,307
Decrease in stocks 1,212 27,618
(Increase)/decrease in trade and other debtors (2,895,056 ) 347,024
Increase in trade and other creditors 12,568,909 1,292,619
Cash generated from operations 14,967,624 5,010,568

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 7,162,158 7,561,394
Year ended 31 May 2023
31.5.23 1.6.22
as restated
£    £   
Cash and cash equivalents 7,561,394 7,406,064


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 7,561,394 (399,236 ) 7,162,158
7,561,394 (399,236 ) 7,162,158

Liquid resources
Current asset investments - 12,321,925 12,321,925
- 12,321,925 12,321,925
Total 7,561,394 11,922,689 19,484,083

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

JAC Holdings Limited is a private company, limited by shares , registered in England. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, and under the historical cost convention.

Monetary amounts in the financial statements are rounded to the nearest £ except where otherwise stated.

Reduced disclosures
In accordance with FRS 102, as the Group prepares consolidated financial statements in which the Company is included, the Company has taken advantage of the exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares
- Section 7 'Statement of Cash Flows' - Presentation of a Statement of Cash Flow and related notes and disclosures in respect of the company.
- Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.
- Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangement.

Basis of consolidation
The group financial statements consolidate those of the company and all of its subsidiary undertakings drawn up to 31 May 2024.

Financial presentation and currency
The financial statements are presented in Sterling which is also the functional currency of the company.

Investment in subsidiary undertakings
Investment in subsidiary companies are valued at Directors' valuation.

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Revenue recognition

Contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. There are elements of judgement and uncertainty within this calculation.


Share based payments

The value of future share based payments is estimated using a fair value / discount based methodology. There are elements of judgement and uncertainty within this calculation.

Carrying value of investment

The investment in the principal subsidiary is carried at valuation. The valuation is predicated on a number of assumptions. There are inherent elements of judgement and uncertainty within this valuation.

Dilapidation provision

Management estimates the dilapidation provision as the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Management also considers the allocation of such provision, specifically what element is deemed to be capital in nature.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and/or services in the ordinary nature of the business. Turnover is shown net of Value Added Tax for goods sold and services provided to external customers. Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty.

Turnover also includes amounts recharged to clients in respect of merchandise procured and sold which has an equal and opposite transaction within cost of sales. This is accounted for under a bill and hold arrangement.

All turnover is derived from the principal activity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost and over the term of the lease
Fixtures and fittings - 25% on cost
Computer equipment - 20% and 33% on cost

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Goods held under a "bill and hold" arrangement are excluded from stock.

Current asset investments
Current asset investments constitute certificates of deposit, redeemable without penalty at one business day's notice. Investments are recognised at amortised cost and include accrued interest to date.

Client bank deposits
Cash deposits held specifically on behalf of clients are not recognised as an asset or liability in the balance sheet. These deposits are held specifically for the procurement of goods, and are held on the client's behalf in separate, ringfenced, individually designated, bank accounts.

Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation.

Dilapidation

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. The proportion of the provision relating to dismantling, removing or restoring the premises is capitalised and recognised in leasehold land and buildings. These assets are depreciated over the term of the lease.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. All translation differences are taken to profit and loss except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on a going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. After reviewing the group and company's forecasts and projections, the Directors have an expectation that the group and company has adequate resources to continue trading for the foreseeable future, and at least a period of twelve months from the date of signing the accounts

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.

The group receives Research and Development ("R&D") tax relief for small and medium sized enterprises ("SME's"), a significant government tax incentive to promote private sector investment in innovation. The expenditure credit is calculated by allowing the group an additional taxable deduction as a percentage of qualifying R&D expenditure. The percentage decreased from 130% to 86% from 1 April 2023. The group recognises the taxable credit in the year in which the qualifying expenditure occurred and is offset against the group's corporation tax liability. The Directors consider it appropriate to accrue this credit on this basis given the group's historical success when submitting R&D returns and management's ability to accurately estimate the qualifying expenditure at the reporting date.

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial assets
Trade, group and other debtors

Trade, group and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments 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 Group after deducting all of its liabilities.

Share based payments

The company has granted share options ("share-based payments") to certain employees, exercisable via a put option. The scheme is a cash settled scheme.

Put options that have not yet vested or been exercised are measured at fair value at the date of grant. The fair value at that date is expensed on a straight-line basis over the vesting period based on the estimate of shares that will eventually vest. The required reserve is remeasured at each year end and any movement in fair value is charged to the profit and loss account for the period.

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Trade, group and other creditors

Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

De-recognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all of the risks and reward of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligations specified in the contract is discharged, cancelled or expires.

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

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:

31.5.24 31.5.23
as restated
£    £   
Design fee income 25,146,251 19,902,918
Sale of goods procured 10,771,015 17,607,905
Royalty income 378,767 725,420
36,296,033 38,236,243

Turnover includes revenue relating to the sale of goods procured on behalf of clients. These figures have been calculated for the year ended 31 May 2024 under a bill and hold arrangement as prescribed by the FRS 102 framework. This allows an entity to recognise the sale of goods held before they are delivered to a customer subject to a number of conditions being met. Figures for the year ended 31 May 2023 have been restated. There is an equal and opposite impact on cost of sales, meaning that there is no impact on gross profit, profit after tax or net assets. The restated figures are as follows:



2023 (as
previously
reported)


2023 (revised)


Change
£ £ £
Turnover 6,383,531 17,607,905 11,224,374
Cost of sales 6,383,531 17,607,905 11,234,374
Gross profit nil nil nil



4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
as restated
£    £   
Wages and salaries 12,054,258 10,848,270
Social security costs 1,312,665 1,225,365
Other pension costs 243,910 224,647
13,610,833 12,298,282

The average number of employees during the year was as follows:
31.5.24 31.5.23
as restated

Management 5 5
Design 121 117
Administration 34 32
160 154

The average number of employees by undertakings that were proportionately consolidated during the year was 160 (2023 - 154 ) .

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees employed by the company during the year was nil (2023 - nil).

31.5.24 31.5.23
as restated
£    £   
Directors' remuneration 1,311,115 1,108,738
Directors' pension contributions to money purchase schemes 23,248 21,966

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
31.5.24 31.5.23
as restated
£    £   
Emoluments etc 402,862 339,943
Pension contributions to money purchase schemes 7,972 7,532

Included within the wages and salaries charge is a share based option charge of £330,569. (2023- £334,439)

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
as restated
£    £   
Other operating leases 830,121 517,772
Depreciation - owned assets 354,898 386,613
Profit on disposal of fixed assets (625 ) (708 )
Auditors' remuneration 47,500 47,500
Foreign exchange loss/(gains) 79,115 30,657
Share option charge 330,569 334,439


The 2023 operating profit has been restated as below following the reclassification of certain professional fees.



2023 (as
previously
reported)


2023 (revised)


Change
£ £ £
Operating profit 3,026,189 2,957,402 (68,787)



The share option charge consists of £330,569 (2023; £334,439) in relation to share options awarded to employees.

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
as restated
£    £   
Bank interest 26 -
Bank loan interest - 92,070
Other interest paid 1,773 -
1,799 92,070

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
as restated
£    £   
Current tax:
UK corporation tax 460,302 204,440
Overseas corporation tax 9,315 -
Total current tax 469,617 204,440

Deferred tax (39,542 ) 183,617
Tax on profit 430,075 388,057

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

31.5.24 31.5.23
as restated
£    £   
Profit before tax 5,052,772 2,916,176
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.003 %)

1,263,193

583,323

Effects of:
Expenses not deductible for tax purposes 102,748 87,509
Capital allowances in excess of depreciation (148,298 ) -
Depreciation in excess of capital allowances - 11,256
Other timing differences (6,919 ) 2,842
Research and development tax credits (512,011 ) (338,732 )
credit fees netted off against
Losses brought forward and utilised (229,096 ) (141,758 )
Deferred tax (credit)/charge (39,542 ) 183,617
Total tax charge 430,075 388,057

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

31.5.24
Gross Tax Net
£    £    £   
Share option charge 330,569 - 330,569

The prior year tax charge has been restated as below following the resubmission of the 2023 Corporation Tax return.




2023 (as
previously
reported)


2023 (revised)


Change
£ £ £
Corporation tax 107,711 388,057 280,346

8. 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.

The parent company's profit for the financial year was £7,369,432 (2023- loss of £434,439).

9. DIVIDENDS
31.5.24 31.5.23
as restated
£    £   
Ordinary shares of £0.001 each
Interim 2,737,941 2,738,756

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023 620,385 619,215 2,311,975 3,551,575
Additions 1,936,833 44,023 137,075 2,117,931
Disposals - - (2,382 ) (2,382 )
At 31 May 2024 2,557,218 663,238 2,446,668 5,667,124
DEPRECIATION
At 1 June 2023 391,786 575,141 1,657,091 2,624,018
Charge for year 82,588 25,847 246,463 354,898
Eliminated on disposal - - (2,382 ) (2,382 )
At 31 May 2024 474,374 600,988 1,901,172 2,976,534
NET BOOK VALUE
At 31 May 2024 2,082,844 62,250 545,496 2,690,590
At 31 May 2023 228,599 44,074 654,884 927,557

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 June 2023 46,400,000
Additions 330,569
Revaluations 3,369,431
At 31 May 2024 50,100,000
NET BOOK VALUE
At 31 May 2024 50,100,000
At 31 May 2023 46,400,000


The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Winch Design limited
Registered office: Parklife House, 133 Deodar Road, London, SW15 2NU
Nature of business: Yacht, aircraft and interior design
%
Class of shares: holding
Ordinary 100.00

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

11. FIXED ASSET INVESTMENTS - continued

Company

Winch Air Limited
Registered office: Parklife House, 133 Deodar Road, London, SW15 2NU
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

Winch International Limited
Registered office: Parklife House, 133 Deodar Road, London, SW15 2NU
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

Winch Projects Limited
Registered office: Parklife House, 133 Deodar Road, London, SW15 2NU
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

Winch Yachts Limited
Registered office: Parklife House, 133 Deodar Road, London, SW15 2NU
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

Andrew Winch Designs Limited
Registered office: The Old Fire Station, 123 Mortlake High Street, London, SW14 8SN
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00

Winch Interiors Limited
Registered office: Parklife House, 133 Deodar Road, London, SW15 2NU
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00


Winch Design Europe BV is a company whose registered office is in the Netherlands. The company's main activity is that of yacht design. The company is a 100% subsidiary of Winch Design Limited.

12. STOCKS

Group
31.5.24 31.5.23
as restate
£    £   
Stocks 84,825 86,037

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.5.24 31.5.23
as restate
£    £   
Trade debtors 6,096,144 3,695,033
Other debtors 615,342 114,414
Corporation tax 569,106 1,810,317
VAT 434,034 774,785
Prepayments and accrued income 1,669,360 1,335,592
9,383,986 7,730,141

In the prior year certain debit and credit balances were netted off against each other. The more correct treatment is for the debit and credit balances to be grossed up without netting off. This change has been reflected and adjusted in the 2023 accounts with no impact on net assets. The restated figures are as follows:



2023 (as
previously
reported)


2023 (revised)


Change
£ £ £
Other debtors 212,358 114,414 (97,944)
VAT - 774,785 774,785
Prepayments and accrued income 767,477 1,335,592 568,115

14. CURRENT ASSET INVESTMENTS

Group
31.5.24 31.5.23
as restate
£    £   
Unlisted investments 12,321,925 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
as restated
£    £    £    £   
Trade creditors 1,651,677 1,139,349 - -
Amounts owed to group undertakings - - 7,300,603 8,562,663
Tax 8,874 - - -
Social security and other taxes - 272,715 - -
VAT 297,982 1,268,624 - -
Other creditors 86,486 316 316 316
Accruals and deferred income 28,799,809 15,556,252 - -
30,844,828 18,237,256 7,300,919 8,562,979

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

In the prior year certain debit and credit balances were netted off against each other. The more correct treatment is for the debit and credit balances to be grossed up without netting off. This change has been reflected and adjusted in the 2023 accounts with no impact on net assets. The restated figures are as follows:




2023 (as
previously
reported)


2023 (revised)


Change
£ £ £
VAT 591,783 1,268,624 676,841
Accruals and deferred income 14,639,004 15,556,252 917,248

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.5.24 31.5.23
as restated
£    £   
Within one year 655,763 290,948
Between one and five years 4,792,380 3,975,893
In more than five years 5,088,452 5,926,528
10,536,595 10,193,369

The prior year figure for commitments of more than five years has been changed as below in light of an option to terminate in favour of the group and company.




2023 (as
previously
reported)


2023 (revised)


Change
£ £ £
Minimum lease payments falling due after five years 11,541,133 5,926,528 (5,614,605)

17. PROVISIONS FOR LIABILITIES

Group
31.5.24 31.5.23
as restate
£    £   
Deferred tax 85,912 125,454

Other provisions 555,000 -

Aggregate amounts 640,912 125,454

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 June 2023 125,454 -
Credit to Income Statement during year (39,542 ) -
Dilapidation provision - 640,000
Balance at 31 May 2024 85,912 640,000

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
229,875 Ordinary £0.00 1 230 230

19. RESERVES

Group
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 1 June 2023 (3,878,890 ) 1,282,463 538,616 (2,057,811 )
Profit for the year 4,622,697 4,622,697
Dividends (2,737,941 ) (2,737,941 )
Charge in year - - 330,569 330,569
At 31 May 2024 (1,994,134 ) 1,282,463 869,185 157,514

Retained earnings represent accumulated profit for the year and prior periods.

Share premium represents consideration received for share issues above their nominal value net of transaction costs.

Following a change in accounting policy, amounts provided regarding share based payments are being shown as other reserves rather than a creditor. The 31 May 2023 balances of £538,616 (for both group and company) have accordingly been restated so as to be included in "other reserves".

20. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Winch Trustee Limited (company number 13418038), which is incorporated in England and Wales.

21. CAPITAL COMMITMENTS

As at 31 May 2024 the group had capital commitments of £585,730 (2023 - £nil) relating to office fit out costs.

22. RELATED PARTY DISCLOSURES

The group and company operated in part from premises owned by members of the Winch family which it occupied under the terms of a lease drawn up on a normal commercial basis. The rent payable in respect of the premises to the Winch family in the year ended 31st May 2024 totalled £96,000 (2023 - £96,000).

JAC Holdings Limited (Registered number: 03176598)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

23. SHARE-BASED PAYMENT TRANSACTIONS - EMI OPTION PLAN

EMI options and NTA options over 8,377 and 89,981 A Ordinary shares were granted on 13 December 2022 and 13 October 2021 respectively. Under the plan, share options over growth shares were granted at £0.001 per share against an HMRC approved valuation of the shares of £28.26 at 13 December 2022 and £31.43 per share at 13 October 2021. The employees are entitled to exercise the share options once there is a vesting event. Options are forfeited if the employee leaves the Group before they become entitled to exercise the share options.

During the year ended 31 May 2024 no share options were exercised and 5,091 share options lapsed. As at 31 May 2024 share options over 93,267 shares remained in issue.