1.
General Information
Jain Global Holdings Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
13362716
. The registered office is 65 Delamere Road, Hayes, Middlesex, UB4 0NN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.4.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.5.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets acquired separately from a business are recognized at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is only charged when the software is bought into use and is recognised on a straight line basis over 4 years
2.6.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Freehold property is shown at cost less impairment. The directors conduct an impairment review each year
and any impairment is charged to the Income Statement in the year in which it is identified.
| Plant & Machinery |
|
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7.
Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss
2.8.
Investments
Fixed asset investments relate to investments by the parent company in its subsidiaries and are stated at cost, together with subsequent capital contributions, less provisions tor any impairment in value.
2.9.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.10.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11.
Financial Instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present
value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.12.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.13.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.14.
Provisions and Contingencies
Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.15.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.16.
Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company scheme are charged to profit or loss in the period to which they relate.
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other Services | 601,902 | 369,684 | |
| Wholesale of Clothing | 20,821,424 | 13,892,651 | |
| 21,423,326 | 14,262,335 | ||
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Rental income | - |
|
|
| Other operating income | - |
|
|
| - | 142,929 | ||
5.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Group
Average number of employees, including directors, during the year was: 37 (2023: 34)
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
10.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
11.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
|
|
|||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:6
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 2,556,057 | 1,058,535 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
( |
|
|||
| Expenses not deductible for tax purposes |
( |
|
|||
| Capital allowances |
|
( |
|||
| Double taxation relief |
|
( |
|||
| Changes in tax provisions due to legislation |
|
( |
|||
| Tax incentives |
|
( |
|||
| Group relief |
|
|
|||
| Total tax charge for the period | 639,238 | 252,120 | |||
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
12.
Intangible Assets
Group
Company
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 January 2024 |
|
||
| As at 31 December 2024 |
|
||
| Amortisation | |||
| As at 1 January 2024 |
|
||
| Provided during the period |
|
||
| As at 31 December 2024 |
|
||
| Net Book Value | |||
| As at 31 December 2024 |
|
||
| As at 1 January 2024 |
|
||
The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.
13.
Tangible Assets
Group
Company
| Land & Property | |||
|---|---|---|---|
| Freehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 1 January 2024 |
|
|
|
| Additions |
|
|
|
| As at 31 December 2024 |
|
|
|
| Depreciation | |||
| As at 1 January 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 January 2024 |
|
|
|
The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
14.
Investment Property
Group
Company
| 2024 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2024 |
|
| Fair value adjustments |
|
| As at 31 December 2024 |
|
The company had no investment property as at 31 December 2024 or 31 December 2023.
15.
Investments
Company
| Subsidiaries | |
|---|---|
| £ | |
| Cost | |
| As at 1 January 2024 |
|
| Additions |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Subsidiaries
Details of the company's subsidiaries as at 31 December 2024 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
65 Delamere Road, Hayes, UB4 ONN |
|
|
- |
|
|
65 Delamere Road, Hayes, UB4 ONN |
|
|
- |
|
|
65 Delamere Road, Hayes, UB4 ONN |
|
|
- |
|
|
65 Delamere Road, Hayes, UB4 ONN |
|
|
- |
|
|
65 Delamere Road, Hayes, UB4 ONN |
|
|
- |
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| Capital and Reserves | Profit/(loss) | |
|---|---|---|
| £ | £ | |
| Jain Group Holdings Ltd |
|
|
| Jain Estates Limited |
|
|
| Jain Group Berkshire Limited |
|
|
| Jainco (UK) Limited |
|
|
| Brands Edition Limited |
|
|
16.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Finished goods |
|
|
|
17.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Amounts owed by group undertakings | - | - | 3,881,263 | 3,886,363 | |||
| Other debtors | 3,183,928 | 2,992,032 | - | - | |||
|
|
|
|
|
||||
18.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Amounts owed to group undertakings | - | - |
|
|
|||
| Other creditors | 361,427 | 241,407 | 217,664 | 5,662 | |||
| Corporation tax |
|
|
|
|
|||
| Taxation and social security | 156,262 | 178,067 | 28,900 | 452 | |||
| Accruals and deferred income | 727,518 | 331,941 | 8,500 | - | |||
|
|
|
|
|
||||
19.
Creditors: Amounts Falling Due After More Than One Year
| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Bank loans |
|
|
||
| Other loans |
|
|
||
|
|
|
|||
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
20.
Loans
An analysis of the maturity of loans is given below:
| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Amounts falling due within one year or on demand: | ||||
| Bank loans |
|
|
||
| Group | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Amounts falling due between one and five years: | ||||
| Bank loans |
|
|
||
| Other loans |
|
|
||
|
|
|
|||
21.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 640,726 | 609,936 | |
22.
Provisions for Liabilities
| Group | |||
|---|---|---|---|
| Deferred Tax | Other Provisions | Total | |
| £ | £ | £ | |
| As at 1 January 2024 |
|
|
1,226,298 |
| Additions |
|
|
281,575 |
| Balance at 31 December 2024 |
|
|
1,507,873 |
24.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £77,938 (2023: £55,713).
At the balance sheet date contributions of £5,666 (2023: £3,248) were due to the fund and are included in creditors.
Jain Global Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
25.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
|
|
|
26.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year, the group entered into following transactions with related parties who are not members of the group:
Transactions during the year:
Sales made to related undertakings:
Jain Co US Inc. : £4,984,892
Ultimate Sports Brands Ltd : £1,275,685
Amounts outstanding
The following amounts are receivable from related undertakings:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Ultimate Sports Brands Ltd
|
1,038,657
|
129,426
|
|
|
Jain Co US Inc.
|
961,455
|
1,898,985
|
|
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|
|
||
|
2,000,112
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
2,028,411
|
The amounts outstanding are repayable on demand.
27.
Controlling Parties
There is no ultimate controlling party.