Registration number:
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JTMM Investments Limited
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Brebners
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JTMM Investments Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
JTMM Investments Limited
Company Information
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Directors |
M Barney J Van Leeuwen |
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Registered office |
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Auditor |
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JTMM Investments Limited
Strategic Report for the period from 1 April 2023 to 30 June 2024
The directors present their strategic report for the period from 1 April 2023 to 30 June 2024.
Principal activity
The principal activity of the company is that of an investment holding company.
The company's trading subsidiaries are GEM Green Energy Services Limited (GEM GES) and GEM Environmental Building Services Limited (GEM EBS).
The principal activity of GEM EBS is as a provider of building services and maintenance. The principal activity of GEM GES is the provision of environmental consulting services.
For all the period under review GEM EBS has continued building on its core skills to become a pioneer provider of Eco services, through a range of associated proprietary technologies in the form of its agility, smart and heat metering software and firmware products.
These enable customers to meet the increasingly stringent regulations surrounding the ever-growing pressure to achieve a national net-zero carbon footprint. High demand for these products is driven by statute, underwritten by local authority contracts, and guaranteed by legislation.
Across the period, the group has therefore continued its financial support investing in the ongoing development of the GEM GES Eco business. During the period £0.9m (2023 - £0.8m) has been invested in continuing to build a team, in infrastructure and in providing advocacy for government and clients in the district heating sector ahead of the introduction of the new Energy Act for which the Group has identified significant customer solutions through its agility and smart offerings.
Executive Chairman's Statement and Business Review
As Executive Chairman I am pleased to provide an update on the group’s progress with its development plans for all of its services, against the backdrop of the most challenging environment post COVID, and the substantial inflationary pressure reported in the 2023 annual report.
This report covers the fifteen-month period from 1 April 2023 to 30 June 2024.
Key highlights for the period
• Successful deployment of Smart IOT solution into local authority dwellings enabling customers to measure energy consumption, light levels, ventilation, and mould risks, with this roll-out continuing post period end.
• Growing projects pipeline with the final quarter run rate £2.4m versus £1.5m in prior quarters, a trend which continues into 24/25.
• Further consultancy service agreements added in the final quarter with two more local authorities (Royal Borough of Kensington & Chelsea and LB of Lambeth) engaging the group to identify and propose solutions to meet their requirements under the Energy Act.
• Continued use of the innovative agility software by Southern Housing, Islington Council and Westminster City Council. Due to this software’s agnostic approach to measuring and monitoring heat networks and communal heating it is regarded as an extremely competitive solution to clients.
• Positive EBITDA in Quarter 4, stalled in May 2024, but the positive trend continued into the post period end quarters.
By building on these key achievements the directors believe that the group is well placed to exploit future opportunities as and when they arise.
JTMM Investments Limited
Strategic Report for the period from 1 April 2023 to 30 June 2024
Fair review of the business
Results across the group in the period as follows:
• Revenues of £27.2m, an 19.8% increase on the previous period.
• Cash at bank of £65k.
•141 employees and a diverse ethnic and gender mix with a 23%/77% female/male split.
•100 customer facing employees providing engineering, consultancy, or software services.
•Social value activities including but not limited to: 12 active apprentices recruited via channels such as the Construction Youth Trust, schools and colleges within the local authorities that the group is engaged with; volunteering hours and monetary donations towards summer days out for the elderly, disabled children and vulnerable groups within the local communities that the group service and maintain for, and donations to local food banks, local authority run charities and community needs such as household suppliers or communal maintenance.
•Whilst turnover increased 19.8%, and gross profit margin was up to 25.7% (24.3% - 2023) expenses increased resulting resulting in a negative EBITDA* of £(3.2)m (2023 - £(2.1)m) for the period.
*EBITDA is defined as earnings before interest, tax, depreciation, and amortisation.
Inflation peaked just before this period began and has been falling since, but the legacy of high inflation both on costs and wages has continued throughout the period. As the group has multiple long-term local government and social housing contracts inflation impacted GEM EBS’s financial performance as it had to complete some fixed price, low margin business with these higher costs from which customers were protected.
Revenues from the group’s traditional servicing and maintenance business increased to £18.9m (2023 - £15.8m), despite the period including 6 weeks where trading was significantly reduced.
Project revenue increased to £8m (2023 - £6.9m). During the period a significant project pipeline was developed as evidenced by the final quarter project revenues averaging £0.8m per month versus £0.5m per month across the preceding quarters.
The group has been loss making since the COVID period, and those losses have inevitably impacted cash flows directly and resulting in more spot purchasing at higher material prices. Pressure on cash-flow was further stretched by the growth in project revenues which required further working capital. In May 2024 the shareholder procured and invested £2.3m of funding, which was used to settle HMRC debt. Furthermore, during this period of around six weeks, the core servicing and maintenance business was unable to trade at normal levels. It is estimated that around £0.6m of revenues were delayed into 2024/25, whilst scope to defer costs was extremely limited, hence an exceptional loss in the final quarter which temporarily delayed the recovery that had been built up in the previous quarter as inflation eased.
As reported last year, the group has established sector leading technology solutions for customers to meet their requirements under the Energy Act, due to become law in early 2025. Substantial management time and investment into GEM GES has been spent on this project, and around the period end the first customer contracts were under discussions and have, post period end, been signed and rolled out.
A restructuring of the Group has seen the intellectual property rights for agility and smart service offerings transferred out of GEM EBS for risk mitigation purposes and GEM EBS will pay a licence fee from the revenues it generates from offerings which have commenced post period end. GEM EBS has a perpetual exclusive licence for the smart and agility software in the social housing district heating market nationwide.
JTMM Investments Limited
Strategic Report for the period from 1 April 2023 to 30 June 2024
Assessment of Risks to the company
• Inflation - The group's focus is on inflation within the supply chain and workforce, and customers’ budget constraints, all of which must be balanced against residents’ own cost of living pressures. The wider world conflicts and uncertainties will continue to drive inflation and fuel poverty pressures. This inevitably affects our people, our purchasing power, our clients, end-users, and the resultant annual pricing reviews with our clients.
That said, from a client perspective, given the legislative, environmental, and Health & Safety agenda within government, the solutions that the group can offer provide considerable leverage for the group in terms of clients’ needs to ensure the solutions that the group offers are made a priority.
• Credit - both in the context of credit insurers’ appetite to the wider construction sector, and with the historic losses within the group, access to credit via supply chain credit limits in particular presents a challenge, especially in the light of the group's growth trajectory and so need for further working capital.
The return to profitability, increasing order book for project work, which generates a higher gross profit margin, and roll-out of recurring revenue technology is and will improve access to credit over time.
Corporate Governance
GEM EBS has achieved, and is continually improving on, its ISO Certification and is progressing toward Tier 1 & 2 ESG requirements, which cover activities such as Leadership & Purpose, Board Composition, Director Responsibilities, Opportunity and Risk, Remuneration, Health, and Well-being & Safety.
As of 30 June 2024, GEM EBS hold the accreditations listed herewith: BESA; ISO -9001, 14001 and 45001; CHAS; Construction Online - Silver and Bronze; Constructionline; Social Value; Gas Safe; FORS - Bronze; IGEM EBS; LRQA; NAPIT, NICEIC and Sage Contractor.
The group reviews its key policies and terms of reference on an annual basis and makes relevant changes to maintain best practices and support ever changing legislation, which has seen the continuation of separate Remuneration, Audit, ESG and Health, Well-being and Safety Committees to emphasise the importance of these within our growing company.
Board Composition
The board is advised by the the following contributors:
• Richard Clarke - Executive Chairman of GEM
• Keith Harris - Managing Director of GEM
• Mitchell Barney - Social Value and Brand
• Gurmail Sidhu - Legal Professional
• Peter Wall - SME Investor and Mentor
Board meetings
Board meetings are held monthly as a minimum.
At every board meeting, the directors review the operational effectiveness, governance, and financial aspects of the group comprehensively, with a particular focus on the overall strategy and KPIs.
Shareholder relations
The board meets with the ultimate shareholders on a regular basis, at a minimum monthly, to review progress towards the strategic goals set.
Research and development
The group continues to undertake research and development in order to improve and diversify its service offering.
JTMM Investments Limited
Strategic Report for the period from 1 April 2023 to 30 June 2024
Future prospects
Since the period end, the group has returned to positive EBITDA.
In addition to the ongoing Servicing & Repair revenues, GEM EBS has a substantial projects pipeline of £25.4m, either via committed purchase orders, projects commenced awaiting purchase order (£8.4m) or a proportion of works which have been priced and verbally agreed and awaiting purchase order.
A sizeable proportion of these projects revenues are to enable the infrastructure for, or the actual installation of smart and agility software, sensors and platforms. Once complete there are recurring revenues alongside the enabling and installation income, currently included in project revenues.
Given all the above the business has identified the need to raise substantial additional funds to provide sufficient working capital and secure better materials pricing. Subsequent to 30 June 2024 professional advisers have been appointed for this work. In tandem with this a new leadership team for the group’s finances has been put in place to control the growing business.
As we look forward to 2024/25, the group enjoys a positive outlook with a stable service and maintenance business, substantial and growing project works, and an exciting solution for many local authorities and other property owners with exposure to district heat networks which will ultimately generate technology recurring Revenues. Thus, the business is expected to grow quickly in the next 6-18 months.
Approved by the
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JTMM Investments Limited
Directors' Report for the Period from 1 April 2023 to 30 June 2024
The directors present their report and the for the period from 1 April 2023 to 30 June 2024.
Directors of the group
The directors who held office during the period were as follows:
Dividends
No interim dividends were paid in the period (2023: £Nil). No final dividend is proposed.
Disclosure of information in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, research and development and financial instruments.
Directors' liabilities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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Director
JTMM Investments Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
JTMM Investments Limited
Independent Auditor's Report to the Members of
JTMM Investments Limited
Opinion
We have audited the financial statements of JTMM Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 April 2023 to 30 June 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 the company's affairs as at 30 June 2024 and of the group's loss for the period 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
JTMM Investments Limited
Independent Auditor's Report to the Members of
JTMM Investments Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
JTMM Investments Limited
Independent Auditor's Report to the Members of
JTMM Investments Limited
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:
Based on our understanding of the Group and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation, regulatory requirements of the National Inspection Council for Electrical Installation Contracting and the Gas Safe Register and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the Group is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the group's financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
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For and on behalf of
130 Shaftesbury Avenue
London
W1D 5AR
JTMM Investments Limited
Consolidated Income Statement for the Period from 1 April 2023 to 30 June 2024
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Note |
15 months to 30 June |
Year ended 31 March |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
- |
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Operating loss |
( |
( |
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Other interest receivable and similar income |
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|
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Interest payable and similar expenses |
( |
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(170,077) |
41,852 |
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Loss before tax |
( |
( |
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Taxation |
- |
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Loss for the financial period |
( |
( |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
( |
( |
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Minority interests |
( |
( |
|
|
( |
( |
The group has no recognised gains or losses for the period other than the results above.
JTMM Investments Limited
Consolidated Statement of Financial Position as at 30 June 2024
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Note |
30 June |
31 March |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(4,694,078) |
(793,691) |
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Equity attributable to owners of the company |
(4,693,978) |
(793,591) |
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Minority interests |
(291,849) |
(73,757) |
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Shareholders' deficit |
(4,985,827) |
(867,348) |
Approved and authorised by the
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Director
Company registration number: 11870231
JTMM Investments Limited
Statement of Financial Position as at 30 June 2024
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Note |
30 June |
31 March |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
586,584 |
586,584 |
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Shareholders' funds |
586,684 |
586,684 |
The company made a loss after tax for the financial period of £Nil (2023: £Nil).
Approved and authorised by the
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Company registration number: 11870231
JTMM Investments Limited
Consolidated Statement of Changes in Equity for the Period from 1 April 2023 to 30 June 2024
Equity attributable to the parent company
|
Share capital |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
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At 1 April 2022 |
|
|
|
( |
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Loss for the period |
- |
( |
( |
( |
( |
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Total comprehensive income |
- |
( |
( |
( |
( |
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At 31 March 2023 |
|
( |
( |
( |
( |
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Share capital |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
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At 1 April 2023 |
|
( |
( |
( |
( |
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Loss for the period |
- |
( |
( |
( |
( |
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Total comprehensive income |
- |
( |
( |
( |
( |
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Increase in ownership interests in subsidiaries |
- |
- |
- |
( |
( |
|
Disposal of ownership interests in subsidiaries |
- |
- |
- |
|
|
|
At 30 June 2024 |
|
( |
( |
( |
( |
JTMM Investments Limited
Consolidated Statement of Cash Flows for the Period from 1 April 2023 to 30 June 2024
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Note |
15 months to 30 June |
Year ended 31 March |
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Cash flows from operating activities |
|||
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Loss for the period |
( |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Loss on disposal of tangible assets |
|
|
|
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Profit from disposals of investments |
( |
- |
|
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Finance income |
( |
( |
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Finance costs |
|
( |
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Income tax expense |
- |
( |
|
|
( |
( |
||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
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Decrease in trade and other debtors |
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Increase in trade and other creditors |
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Increase in deferred income, including government grants |
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- |
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Cash generated from operations |
|
( |
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Income taxes received |
|
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|
Net cash flow from operating activities |
|
( |
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
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Interest paid |
( |
|
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
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Cash and cash equivalents at 1 April |
|
|
|
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Cash and cash equivalents at 30 June |
64,869 |
227,927 |
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JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of an investment holding company, and of the group is that of the provision of building services and maintenance.
The principal place of business is:
1 Torriano Mews
London
NW5 2RZ
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The parent company satisfied the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:
(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Basis of consolidation
The consolidated financial statements include the results of the company and its subsidiary undertakings drawn up to 30 June each year. No profit or loss account has been prepared for the company as permitted by Section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Going concern
The group made a loss for the period ended 30 June 2024 and had net current liabilities of £4,993,467 and net liabilities of £4,895,827 at that date.
The group has an extensive pipeline of future works and the directors are confident that the group will return to profitability in the forthcoming year. The sector the group operates in also remains in high and growing demand.
The directors have produced cash flow forecasts based upon estimated levels of activity which demonstrate that the group has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.
The group's working capital requirements are primarily funded by supplier credit, medium term bank loans of £1,233,333 and a loan from the director of £1,424,757. The director has confirmed that he will continue to support the group and will not call for repayment until such a time as it has sufficient working capital.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are
based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
• Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
• Impairment of trade debtors
The group makes an estimate of the recoverable value of trade debtors and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
• Project stage of completion
Income and associated costs are recognised for profits based on their stage of completion at the period end. The group exercises judgement to determine an appropriate stage of completion for each project, which is reviewed regularly throughout the period by management.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax in the ordinary course of the group's activities.
Turnover from building services are recognised on the date the services are provided. Turnover in respect of maintenance contracts is recognised over the period to which they relate.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
25% straight line |
|
Furniture, fittings and equipment |
25% straight line |
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
20% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
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.
Debtors
Trade debtors are amounts due from customers for goods supplied or services rendered in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group 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.
Borrowings
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 income statement 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measures at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Turnover |
The analysis of the group's turnover for the period from continuing operations is as follows:
|
15 months to 30 June |
Year ended 31 March |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The group's activities arise solely in the UK.
|
Other operating income |
The analysis of the group's other operating income for the period is as follows:
|
15 months to 30 June |
Year ended 31 March |
|
|
Government grants |
- |
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the period is as follows:
|
15 months to 30 June |
Year ended 31 March |
|
|
Gain (loss) on disposal of property, plant and equipment |
( |
( |
|
Gain from disposals of subsidiaries |
|
- |
|
340,183 |
(30,706) |
|
Operating loss |
Arrived at after charging/(crediting)
|
15 months to 30 June |
Year ended 31 March |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - motor vehicles |
624,041 |
472,186 |
|
Loss on disposal of property, plant and equipment |
|
|
|
Bad debts |
5,000 |
427,768 |
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Other interest receivable and similar income |
|
15 months to 30 June |
Year ended 31 March |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
15 months to 30 June |
Year ended 31 March |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
- |
( |
|
|
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
15 months to 30 June |
Year ended 31 March |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expenses |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
|
15 months to 30 June |
Year ended 31 March |
|
|
Management |
|
|
|
Office administration and support |
|
|
|
Engineers |
|
|
|
|
|
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
|
15 months to 30 June |
Year ended 31 March |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
23,850 |
17,220 |
|
Auditor's remuneration |
|
15 months to 30 June |
Year ended 31 March |
|
|
Audit of these financial statements |
13,750 |
13,500 |
Fees payable to the auditor for other services:
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Audit of the financial statements of subsidiary undertakings |
60,250 |
47,500 |
|
Other non-audit services |
37,118 |
38,517 |
|
Corporation tax compliance |
9,500 |
7,750 |
|
106,868 |
93,767 |
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
15 months to 30 June |
Year ended 31 March |
|
|
Current taxation |
||
|
UK corporation tax adjustment to prior periods |
- |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
- |
( |
|
Tax receipt in the income statement |
- |
( |
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
15 months to 30 June |
Year ended 31 March |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
|
|
|
Movement in deferred tax |
- |
( |
|
Increase in tax from adjustment for prior periods |
- |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Total tax credit |
- |
( |
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2023 |
|
|
|
Acquisitions through business combinations |
|
|
|
At 30 June 2024 |
|
|
|
Amortisation |
||
|
At 1 April 2023 |
|
|
|
Amortisation charge |
|
|
|
At 30 June 2024 |
|
|
|
Carrying amount |
||
|
At 30 June 2024 |
|
|
|
At 31 March 2023 |
|
|
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2023 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
At 30 June 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2023 |
|
|
|
|
|
Charge for the period |
- |
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 June 2024 |
- |
|
|
|
|
At 31 March 2023 |
- |
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under hire purchase contracts:
|
30 June |
31 March |
|
|
Motor vehicles |
5,104 |
12,760 |
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Investments |
Company
|
30 June |
31 March |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2023 and 30 June 2024 |
|
|
Carrying amount |
|
|
At 30 June 2024 |
|
|
At 31 March 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
2024 |
2023 |
||||||
|
Subsidiary undertakings |
|||||||
|
|
130 Shaftesbury Avenue
|
|
|
|
|||
|
|
130 Shaftesbury Avenue
|
|
|
|
|||
|
|
130 Shaftesbury Avenue
|
|
|
|
|||
|
|
130 Shaftesbury Avenue
|
|
|
|
|||
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
|
130 Shaftesbury Avenue
|
|
|
|
|||
|
|
130 Shaftesbury Avenue
|
|
|
|
|||
* Indicates direct investment of the company
Socius Investments Limited
The principal activity of Socius Investments Limited is that of an investment holding company.
ECO Warm Limited
The principal activity of ECO Warm Limited is that of environmental consulting activities.
GEM Environmental Business Services Limited
The principal activity of GEM Environmental Building Services Limited is that of building services and
maintenance.
GEM Green Energy Services Limited
The principal activity of GEM Green Energy Services Limited is that of plumbing, heat and air-conditioning installation and environmental consulting.
All of the above subsidiaries are included in the consolidation.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Business combinations |
On 1 April 2023 Socius Investments Limited, acquired 100% of the issued share capital of GEM Green Energy Limited
GEM Green Energy Services Limited contributed turnover of £204,280 and losses of £718,716 to the group's results for the period from the date of acquisition to 30 June 2024.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Book value |
Fair value |
|
|
Assets and liabilities acquired |
||
|
Financial assets |
29,200 |
|
|
Financial liabilities |
(815,699) |
( |
|
Total identifiable assets |
(786,499) |
( |
|
Goodwill |
748,174 |
|
|
Non controlling interest |
39,325 |
39,325 |
|
(787,499) |
(787,499) |
|
|
Total consideration |
1,000 |
1,000 |
|
Satisfied by: |
||
|
Intra group loan |
1,000 |
|
|
|
||
|
Stocks |
|
Group |
Company |
|||
|
30 June |
31 March |
30 June |
31 March |
|
|
Stock |
|
|
- |
- |
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Debtors |
|
Group |
Company |
|||
|
30 June |
31 March |
30 June |
31 March |
|
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by group undertakings |
- |
- |
|
|
|
Other debtors |
|
|
- |
- |
|
Prepayments and accrued income |
|
|
- |
- |
|
Corporation tax asset |
- |
|
- |
- |
|
|
|
|
|
|
Trade debtors are stated after provisions for impairment of £203,000 (2023: £Nil)
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
30 June |
31 March |
30 June |
31 March |
|
|
Cash at bank |
|
|
- |
- |
|
Creditors |
|
Group |
Company |
||||
|
Note |
30 June |
31 March |
30 June |
31 March |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Loans and borrowings |
|
Group |
Company |
|||
|
30 June |
31 March |
30 June |
31 March |
|
|
Current loans and borrowings |
||||
|
Bank loan |
|
|
- |
- |
|
Hire purchase obligations |
- |
|
- |
- |
|
|
|
- |
- |
|
|
Group |
Company |
|||
|
30 June |
31 March |
30 June |
31 March |
|
|
Non-current loans and borrowings |
||||
|
Bank loan |
|
|
- |
- |
|
Hire purchase obligations |
- |
|
- |
- |
|
|
|
- |
- |
|
The bank loan is secured by a fixed and floating charge over the assets and undertakings of the group. Interest is payable at 3.99% per annum above the Bank of England base rate.
Liabilities under hire purchase agreements are secured on the assets concerned.
|
Share capital |
Allotted, called up and fully paid shares
|
30 June |
31 March |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
There are no restrictions on the payments of dividends or the repayment of capital.
|
Reserves |
The profit and loss account includes all current and prior retained earnings and accumulated losses.
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
|
Commitments, guarantees and contingencies |
Group
Operating leases
The total of future minimum lease payments not reflected in the statement of financial position is as follows:
|
30 June |
31 March |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
Company
The company has guaranteed the group's bank loan supported by a fixed and floating charge over the assets and undertakings of the company.
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Related party transactions |
Group
Key management personnel
Key management personnel includes all persons that have authority and responsibility for planning, directing and controlling the activities of the company.
Key management compensation
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30 June |
31 March |
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Salaries and other short term employee benefits |
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Summary of transactions with group undertakings
JTMM Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Summary of transactions with other related parties
Company
At 30 June 2024 an amount of £591,900 (2023: £591,900) was due from a group undertaking that is not wholly owned within the group.
Control
The ultimate controlling entity is M. Barney.
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Transactions with directors |
At 30 June 2024 an amount of £380,712 (2023: £370,319) was due from directors. Interest is payable to the group at 2.00% and 2.25% per annum amounting to £10,393 (2023: £7,236) and there are no set repayment terms. A provision for non-recoverability has been made against this amount.