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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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JAANDA HOLDINGS LIMITED
COMPANY INFORMATION
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JAANDA HOLDINGS LIMITED
CONTENTS
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JAANDA HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The principal activity of the Group in the year under review was that of Mechanical and Electrical contractors, along with voice and data cabling installations.
Financial year ending 31 December 2024 was a successful year for the Group. Despite operational challenges like inflationary pressures and the need for stability, our cost levels have begun to balance out, creating a favourable environment that enabled us to deliver a successful outcome. Ongoing political disruption has meant that we continue to see extremely long timescales for decision-making to take place and a number of tenders taking a long time to be awarded, which has resulted in revenue remaining at a similar level to the previous period.
Our continued focus on process and procedure improvement across our delivery and estimating is now reflected within our profitability. Ongoing focus and alignment to our new improved working methods and technologies have resulted in gross profit increasing to £2,918,201, which is a 27.4% increase on the previous year. This increase in gross profit is a direct result of the improvements and refinements made previously to the business operations. Enquiry levels in the current year remained strong and consistent with previous years; however, as previously mentioned, decision-making timescales have increased considerably, and we spent considerable periods of the year waiting for works to be awarded. This resulted in several projects being awarded at the back end of the year and start of the new year, which had been tendered for throughout 2024. However, we can still see the effects of our revised estimating and tendering processes showing results with a strong win rate of 1:6 tenders being successful. This is slightly less than we achieved in 2023 at 1:4.3, however, with a number of projects being awarded in the first couple of months in 2025, we will expect to see our tender success rate improve again. The group secured its largest ever order at the beginning of 2025 worth £19.35m which will be delivered across the next three financial years. As a result, we start the year on a great platform. This new project is a direct result of our previous efforts and aligns exactly with our goals. Awarded directly by an NHS trust in London, we will operate as Main Contractor to deliver this expansive project. The outlook for 2025 is excellent. A lot of tender success at the start of 2025 has seen our forecasts show continued growth. Further to this, we will also continue to focus on our small works area of the business, which continues to exceed our growth projections and plans. We continue to refine and monitor our operations and working practices to keep the Group operating efficiently and productively. An ongoing plan to improve the Group's operations is now well established and underway, and continual investment is being made into training and technology to further improve the Group's operational efficiencies. The Group maintains its support of the local communities through charitable donations, sponsorships and supports the communities through local employment, particularly young people via apprenticeships. The Group's apprenticeship programme reaps great benefits and is a vital source of the Group’s recruitment policy, which will see further apprentices employed in 2025. In summary, it was a successful year for the Group where we saw a profitable return on the Group's operations and significant contract success to benefit us in 2025. The increase in gross profit and forecasted future revenue place us in a position whereby we will now begin to grow the overall business in line with our growth plans.
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JAANDA HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We fully expect our turnover and margin to continue in line with our projections and targets for 2025, with a very strong order book for the year already in place, having already secured various projects within key sectors for the business. Contracts secured for a major new generator project at a London Hospital worth £19.35m, multiple electrical and HVAC projects worth c£600k, multiple projects for a large retail client across their distribution warehouses worth c£700k and a further project for one our key clients in East Anglia worth £1.5m are a few of the recent project awards we have seen, which will be completed within 2025 and beyond.
The board of directors continues to monitor and manage the risks and uncertainties to the business and has identified the following:
i) UK Economy Ongoing uncertainty within the UK economy continues to create instability and uncertainty. Stubborn inflation rates and interest rates mean costs continue to increase, and investments into new projects are being delayed. ii) Increasing Staff Costs National insurance increases across the Group have added a considerable additional cost to our overhead and provide further difficulty in introducing new staff to the team. These additional costs cannot be simply absorbed within our operations and must be passed onto our clients, who in turn are also experiencing increased cost from this measure, making securing additional works more difficult. iii) UK Political Landscape Uncertainties Continued uncertainty around the government’s plans for the country means that many of our clients are unwilling to risk certain decisions on projects until such time as certainty is confirmed. This is causing significant delay and difficulty being awarded work from public sector clients. iv) Construction Industry Payment Practices Poor payment practices within the construction sector remain, and while we have changed our business to ensure we are protected and avoid working with such clients whenever possible, they still pose a significant risk. With main contractors manipulating payment dates and values, poor treatment of supply chain, and the ongoing issues with retentions in our industry, the sector is becoming extremely risky to operate within. Pressures on cash and managing relations with supply chain are increasingly difficult. Playfords has continued to manage risk and select carefully where we choose to tender and bid for work, considering the risks associated with engaging with certain main contractors. Further to this the Group uses financial instruments such as a debtors, creditors and payments on account in order to raise finance for the Company's operations. These instruments expose the Group to financial risks which are detailed below:
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JAANDA HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
i)Price risk
Wherever possible we look to pass on any increases in costs, when an increase can be seen, consideration to bulk buying at favourable prices is considered.
ii)Credit risk
The principal credit risk for the Group arises from its trade and other debtors, in particular reference to final retentions. To ensure this risk is managed effectively the directors set limits for customers based on payment history and have tight control on retentions. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt aging and collection history.
ii)Liquidity risk
The Group seeks to manage this risk by ensuring sufficient liquidity is available to meet its foreseeable needs.
iii)Cash flow risk
The Group's exposure to cash flow risk stems from the environment and industry in which it operates. Where appropriate, the Group leverages its customer and supplier relationships to manage this risk, while also considering the need for financing.
The Directors believe the Group’s financial key performance indicators are:
1.Turnover
2.Gross profit
3.Gross profit margin
4.Profit for the financial year
5.Net profit margin for the financial year (%)
As we target future growth, we have introduced the ability to deliver Heating, Ventilation and Air Conditioning (HVAC) works in-house, further strengthening our offering to our clients and growing our own operations to deliver these services. In its infancy, we expect this area of the business to establish itself over the next 12–18 months. With plans to recruit additional skilled labour resource and establish ourselves within the marketplace well underway, we have already delivered our first HVAC projects for existing clients.
In addition, at the start of 2025, Playfords introduced a new Customer Relationship Manager Tool (CRM) to provide greater management of our clients and opportunities as well as provide clear data allowing us to focus our business in the most beneficial areas and monitor and use data on our tendering and small works performance. This data will provide greater insight into future forecasting and planning and also allow us to make even better decisions when it comes to tender opportunities by using previous data to align our proposals to our clients and enhance our chances of success.
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JAANDA HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Following the introduction of our new CRM, we have also employed a new Business Development Manager to help to drive the business forward and build greater client and supply chain relationships, as well as manage and monitor the information from our CRM system to help focus the business on the right opportunities. In addition, our new Business Development Manager is working with the team to help get our HVAC operations running, building key supply chain relationships, and seeking new opportunities to allow us to open this market place for the business.
As the Group enters its 100th Year in 2025 the outlook is excellent. A lot of tender success at the start of 2025 has seen our forecasts show continued growth. Further to this, we will also continue to focus on our small works area of the business, which continues to exceed our growth projections and plans. We continue to refine and monitor our operations and working practices to keep Playfords operating efficiently and productively. An ongoing plan to improve Playfords operations is now well established and underway, and continual investment is being made into training and technology to further improve Playfords operational efficiencies.
This report was approved by the board and signed on its behalf.
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JAANDA HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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.
The profit for the year, after taxation, amounted to £548,370 (2023 - restated loss£239,946).
Particulars of dividends paid are detailed in note 13 to the financial statements.
The directors who served during the year were:
The Directors have chosen to include the following items in the Strategic report:
∙Financial instruments (included within the principal risk and uncertainties)
∙Future developments
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JAANDA HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Under section 487(2) of the Companies Act 2006, MHA will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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JAANDA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAANDA HOLDINGS LIMITED
We have audited the financial statements of Jaanda Holdings Limited (the 'Company') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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JAANDA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAANDA HOLDINGS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and 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 have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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JAANDA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAANDA HOLDINGS LIMITED (CONTINUED)
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 Group 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of staff to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
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JAANDA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAANDA HOLDINGS LIMITED (CONTINUED)
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.
For and on behalf of MHA, Statutory Auditor
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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JAANDA HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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JAANDA HOLDINGS LIMITED
REGISTERED NUMBER: 11606359
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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JAANDA HOLDINGS LIMITED
REGISTERED NUMBER: 11606359
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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JAANDA HOLDINGS LIMITED
REGISTERED NUMBER: 11606359
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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