Company No: 06937797 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	JCS Chevenix-Trench
	M de Normann
	A L de Normann

REGISTERED OFFICE	22 Chancery Lane
	London
	WC2A 1LS
	United Kingdom

COMPANY NUMBER

06937797 (England and Wales)

	Note	2024		2023
		£		£
Fixed assets
Investments	3	5,770,194		6,008,806
		5,770,194		6,008,806
Current assets
Debtors
- due within one year	4	899,928		711,865
- due after more than one year	4	7,384,691		3,014,317
Cash at bank and in hand		51,945		658,017
		8,336,564		4,384,199
Creditors: amounts falling due within one year	5	( 22,484)		( 23,497)
Net current assets		8,314,080		4,360,702
Total assets less current liabilities		14,084,274		10,369,508
Creditors: amounts falling due after more than one year	6	( 11,385,432)		( 12,677,701)
Net assets/(liabilities)		2,698,842		( 2,308,193)
Capital and reserves
Called-up share capital		2,667		2,667
Share premium account		34,304		34,304
Profit and loss account		2,661,871		( 2,345,164 )
Total shareholders' funds/(deficit)		2,698,842		( 2,308,193)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Jemm Capital Limited (registered number: 06937797) were approved and authorised for issue by the Board of Directors on 23 September 2025. They were signed on its behalf by:

A L de Normann Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jemm Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and the directors have agreed not to seek repayment of the balances owed for at least twelve months from the date of these accounts.

Group accounts exemption

Group accounts exemption s399
As the company is subject to the small companies regime, group accounts have not been prepared.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account

Turnover

Interest receivable on loans, short term deposits and cash at bank is recognised on an accruals basis.

Taxation

Current tax
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

The company has taken advantage of an exemption and has chosen to account for loans from a director at transaction price rather than at present value.

Fixed asset investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. The investments are assessed at each reporting date as to whether there are any indications that the investment may be impaired. Where there is an indication of impairment, an estimate of the recoverable amount of the investment is made. If the recoverable amount is less than its carrying amount, the carrying amount is reduced to its recoverable amount and that reduction is recognised as an impairment in profit or loss.

Investments in equity shares that are publicly traded are measured at fair value.

Investments in associated undertakings and joint ventures are carried at cost, less provision for impairment.

Trade and other debtors

Loans made to customers as part of the company's business of lending money are measured at the principal receivable on the loan end date, less provision for impairment. A provision for impairment of trade debtors is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities, or equity instruments.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	3		3

3. Fixed asset investments

	2024		2023
	£		£
Subsidiary undertakings	2,592		2,592
Participating interests	4,673,782		5,148,265
Other investments and loans	1,093,820		857,949
	5,770,194		6,008,806

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	2,592
At 31 December 2024	2,592
Carrying value at 31 December 2024	2,592
Carrying value at 31 December 2023	2,592

	Investments in associates		Investments in joint ventures		Other investments		Total
	£		£		£		£
Cost or valuation before impairment
At 01 January 2024	6,924,060		3,481,330		874,200		11,279,590
Additions	0		0		225,546		225,546
Disposals	( 474,483)		0		0		( 474,483)
Movement in fair value	0		0		10,325		10,325
At 31 December 2024	6,449,577		3,481,330		1,110,071		11,040,978
Provisions for impairment
At 01 January 2024	5,257,125		0		16,251		5,273,376
At 31 December 2024	5,257,125		0		16,251		5,273,376
Carrying value at 31 December 2024	1,192,452		3,481,330		1,093,820		5,767,602
Carrying value at 31 December 2023	1,666,935		3,481,330		857,949		6,006,214

Other investments are valued at market value, or when this cannot be reliably measured, at cost less impairment.

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Subsidiary undertakings - Jemm Mauritius 100% (2023 - 100%)

Joint ventures - Constantine Wind Energy Limited 50% (2023 - 50%)

Associates - African Century Real Estates Limited 40.25% (2023 - 40.25%)

Associates - African Century Limited 33.37% (2023 - 33.37%)

4. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	885,763		694,455
Other debtors	14,165		17,410
	899,928		711,865
Debtors: amounts falling due after more than one year
Trade debtors	7,384,691		3,014,317

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	119		120
Other taxation and social security	2,047		2,219
Other creditors	20,318		21,158
	22,484		23,497

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Other creditors	11,385,432		12,677,701

7. Related party transactions

J C S Chenevix-Trench (director). The director has provided loan finance to the company. The loans are interest free and repayable on demand. During the year additional loans were made to the company of £nil (2023 - £nil) and repayments were made to the director of £962,023 (2023 - £1,250,000). At the balance sheet date the amount due to J C S Chenevix-Trench was £11,385,432 (2023 - £12,677,701).