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Registered number:
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
COMPANY INFORMATION
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JURAN MIDCO LIMITED
CONTENTS
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JURAN MIDCO LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The directors present their strategic report for the period ended 30 September 2024.
Juran Midco Limited ('the Company') was incorporated in the year as part of the new group structure put in place for the acquisition of Pareto Facilities Management Limited ('Pareto'), the only trading subsidiary of the Company. The Company and its subsidiaries make up the Group ('the Group').
Pareto is a facilities services provider predominantly servicing high end commercial office space, museums and public attractions. Pareto delivers technical, mechanical and electrical facilities services and workspace solutions to its clients. Where it is beneficial to the client and the operation of the contract it will also provide a managed service for a range of other facilities services including front of house, cleaning, and security. These services are delivered through a combination of in-house resources and outsourced contractors. The business is based in the UK, however, it has operations in a few international locations, mostly European, where it services customers who already have operations in the UK.
The Group’s performance was strong in the financial year which is evidenced by the continued growth in Pareto's revenue of 8% year on year from £41.3m to £44.6m, with £37.1m post acquisition attributable to the Group. This growth was driven by the addition of several new contracts in the year as well as the expansion of existing customer contracts. The growth in revenue enabled the Group to continue to invest in human capital and this saw its staff numbers increase by 37% from 367 to 504 in Pareto. As well as securing new contracts in the year, the business continues to invest in strengthening and widening its management team to facilitate continued growth.
Acquisition of Sowga Limited
Following the year end, in November 2024 we announced the Group’s largest acquisition to date through the acquisition of Sowga Limited (“Sowga”), a specialist building and technical facilities management provider with revenues in excess of £20m. The acquisition strengthens the Group’s technical service delivery capabilities, broadens its client base, particularly within the commercial managed and tenanted office space within London and the Southeast and broadens the range of services it can self-deliver and offer to our customers. The acquisition was funded through debt from the Group’s existing banking arrangement which has provision for increased borrowing for acquisitions supported by acquired profits and cashflow of the acquired business.
Retention of key customers
There were several key customer retentions during the year but the most prestigious of these was the reward of the Zoological Society of London (“ZSL”) which extended our 8-year relationship with this customer. Pareto is responsible for all the mechanical and electrical engineering maintenance across ZSL’s two main sites, London Zoo and Whipsnade. Our winning approach saw the contract evolve to include an investment in an all-electric vehicle fleet, helping ZSL reduce its carbon emissions and contribute towards its own carbon neutral target by 2035, but also innovation across other carbon and energy saving initiatives.
Recognition and awards
Growth and Market position
During the period ended 30 September 2024, the Group consolidated its reputation as one of the fastest growing facilities management businesses, being recognised in the UK Fast Growth Index 2024.
Growth was also recognised in the Large Deal of the Year, Thames Valley Deal Awards 2024, which recognised the success of the Group is the completion of its sale from NVM
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JURAN MIDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
ESG and Innovation
Our focus on ESG continued to be central throughout the year evidenced by the IWFM Impact Award for Best SME- Led Innovation 2023, following Pareto’s journey to carbon neutrality, fleet electrification and ISO 14001 certification.
This was further recognised post the year end in November 2024 with Pareto achieving Planet Mark Business Certification marking its formal commitment to annual carbon reduction and commitment to Net Zero.
Social Value and Inclusivity
Participation in the annual IWFM Impact Awards saw Pareto successful in our founder Andrew Hulbert being awarded for an Outstanding Contribution Workplace and Facilities Management as well as the Sector Breakthrough for ED&I Social Impact Award which for the LoveWhatWeDo programme.
Additionally, we were successful at the WeAreTheCity Company of the Year 2024 which won in recognition of the Group’s leadership in gender diversity and efforts to advance women in FM.
Employee Engagement
As we have done in previous year, as part of our commitment to helping employees be happier, healthier, and perform higher at work, all employees were invited to participate in our employee engagement survey. This provides the Group with vital feedback on an anonymous basis as to how they are feeling across a number of measures. It helps set the agenda for the coming year as to further improvements we can make to their roles as well as measure the progress we have made since we started the engagement in 2022.
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JURAN MIDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The key business risks are set out below. Risks are carefully considered by the board and mitigated appropriately.
Market risk
The principal market risk for the Group continues to be the future of the office workspace and how customers use their space. Many customers are beginning to mandate a return-to-office approach which is changing the demands on their spaces compared to the previous few years. As ever, the Group is well positioned to support clients in this transition thanks to our agile model that allows us to quickly and effectively respond to client needs. Our agility, recognised as a competitive advantage during the pandemic, continues to enable us to gain market share amid further workplace disruptions.
Loss of customer risk
The Group’s main risks and uncertainties are customer related, such as loss of a key customer. This is mitigated by delivering high quality services, typically through multiple year service contracts.
Financial risk management
Credit risk
Credit risk is managed through appropriate credit checking of our customers and management of customer payments to ensure they are in line with contractual terms.
Liquidity risk
The Group seeks to manage risks to ensure sufficient liquidity is available to meet future needs and ensure loan repayments are made on time. The directors monitor cash flow regularly to identify at any potential short-term funding issues early. The Group has structured term borrowing in place as well as access to additional revolving credit facilities should they be needed to manage short-term working capital requirements.
Currency risk
The Group is exposed to foreign exchange risk in connection with its ongoing operating activities, which are transacted in British pounds and Euro’s. To help minimise foreign exchange risk, the Group operates bank accounts in these currencies.
One of the key indicators which is closely managed is the business cash position, which the Group has comfortably managed throughout the year. Other key indicators include revenue noted in the business review above, which has grown at 8%. Gross profit has also increased strongly post acquisition and has increased from £4.1m in Pareto to £4.6m after adding back exceptionals in the Group. This is in line with the revenue increase reflecting the effective delivery of services to maintain profitability on existing contracts, as well as the impact of new business won. As the business grows it has been necessary to invest ahead of the growth curve in overheads which results in a lower operating profit which has reduced to £2.1m in the Group after adding back exceptionals and amortisation, down from £2.5m in Pareto in the prior year.
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JURAN MIDCO LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The Group also monitors a range of other performance indicators across Health and Safety including safety conversations, near miss reporting and reportable incidents to ensure the Group can identify any trends in accidents which could be avoided through training and awareness.
Statistics on our employees, including leavers, joiners, gender and diversity, are also regularly monitored to support our commitment to a diverse and balanced workforce.
Operationally we continually monitor our delivery service and where we are maintaining assets which require statutory compliance that we have maintained these to the required standards and ensuring that any follow-up remedial actions are closed out timely.
The Board of Directors (the "Board") of the Group is fully aware of its duties under Section 172 of the Companies Act 2006 to act in a way that, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole.
In fulfilling this duty, the Board has taken into consideration, amongst other things, the following factors:
∙Long-term consequences: The Board ensures that decisions consider the potential long-term impacts on the Group's sustainability and growth, rather than prioritizing short-term gains at the expense of future prospects. This involves a careful assessment of risks and opportunities related to market trends, technological developments, and other factors shaping the industry landscape.
∙Interests of employees: The Board recognizes the crucial role of employees in the Group's success and strives to foster a positive and inclusive work environment.
∙Business relationships: The Board understands the importance of strong relationships with customers, suppliers and other stakeholders which foster trust and mutual benefit.
∙Impact on the community and environment: The Board is committed to operating responsibly and minimizing the negative impact the Group’s operations have.
∙Reputation for high standards of business conduct: The Board recognizes the value of maintaining a strong reputation and operates with integrity and ethical principles in all aspects of its business dealings.
∙Fairness between members: The Board ensures that decisions are made fairly and equitably between all members of the Group recognizing the importance of transparency and accountability.
∙The Board regularly reviews the Group’s performance against these factors and assess the effectiveness of its approach to stakeholder engagement and responsible business practices. The Board is confident that these measures contribute to the long-term success of the Group and benefit to its members as a whole.
This report was approved by the board on 30 September 2025 and signed on its behalf.
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JURAN MIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The directors present their report and the financial statements for the period ended 30 September 2024.
The loss for the period, after taxation, amounted to £7,686,222.
The directors do not recommend the payment of a dividend.
The directors who served during the period were:
The directors anticipate the business environment will remain competitive, however, the Group is in a good financial position and that the business risks are being well managed. We will continue to focus on maintaining the organic revenue growth through bidding and winning new contracts and while retaining our existing work. Following the change in ownership this is likely to be complemented with carefully considered acquisitions as the opportunity arises. These are likely to be in niche’s of our service offering that we either currently subcontract or do not currently offer and this will continue to enhance the service quality for our customers. Through this careful and considered approach the directors are confident of the continued profitable success of the business.
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JURAN MIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Assumptions and Methodology
The estimate is based on the certified emissions reported in the Planet Mark Certification Report for the previous year (1 October 2022 to 30 September 2023) for Pareto, and an assumption of a 10% increase in employee numbers starting from 468 employees at the beginning of the 2023-24 reporting period.
Emissions are assumed to scale linearly with employee headcount
Pareto started the year with 468 employees and experienced a steady 10% increase from April to October 2023. Using this trend, the average headcount for the full year is estimated at approximately 479.7 employees. Per-employee emissions for scope 1 and scope 2 were calculated based on the 2022-23 data and apllied to the average headcount for 2023-24.
We used the latest conversion factors provided by the UK Department for Business, Energy & Industrial Strategy (BEIS) to convert energy consumption from kWh to CO2e. The specific factors applied are as follows:
Electricity: 0.20705 kg CO2e/kWh
Natural Gas: 0.20264 kg CO2e/kWh Formula Used: CO2e Emissions = Energy Consumption (kWh) x Emissions Factor (kg CO2e/kWh).
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JURAN MIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Energy Efficiency Actions
In order to continue our progress to achieving Net Zero, we have adopted the following carbon reduction targets:
∙Move from head office premises to shared workspace locations thus reducing head office emissions further.
∙Reduce commuter car usage by introducing cycle to work scheme.
∙Invest in a three-acre forest of 1600 trees in the UK to begin the long-term investment in carbon storage.
∙Where applicable, transition client site based vehicles to electric.
∙Partnering with Planet Mark to become certified in 2024 beginning the transition to Net Zero.
Intensity Metrics
In this section, we present the intensity metrics used by the Group to evaluate the efficiency and sustainability of our energy use and greenhouse gas (GHG) emissions. These metrics are crucial for assessing our performance relative to our operational scale and for benchmarking against industry standards. Below, we outline the key intensity metrics calculated for this report.
Carbon Intensity: Carbon intensity measures the amount of CO2e emissions produced per employee. This metric helps us understand the carbon footprint of our economic activities. Carbon Intensity = 17,200 CO2e / 506 = 33.92 CO2e per employee.
On 28 November 2024, the Group acquired 100% of the issued share capital of Sowga Limited for initial consideration of £7,500,000 plus contingent consideration up to a maximum consideration of £12,760,000 plus any working capital adjustments. Management has not finalised the acquisition accounting at the date of signing. The acquisition was funded through debt from the Group’s existing banking arrangement.
In September 2025, Ordinary shares were issued for consideration of £6 million. The funds were used to repay £4m of bank borrowings and provide the Group with an additional £2m of working capital. The impact on the financial statements is an increase of equity of £6 million, reduction of bank borrowings of £4 million, and increase in cash and cash equivalents of £2 million. In addition, the Company obtained a loan of €950,000 from a fellow group company. This resulted in an increase in cash and cash equivalents and an increase in the amounts owed to group undertakings.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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JURAN MIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
This report was approved by the board on
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JURAN MIDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 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.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
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JURAN MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURAN MIDCO LIMITED
We have audited the financial statements of Juran Midco Limited (the 'Company') and its subsidiaries (the 'Group') for the period ended 30 September 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 Auditors' 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 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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JURAN MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURAN MIDCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 period 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 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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JURAN MIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURAN MIDCO 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 Auditors' 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.
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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditors' 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 Auditors' 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
Chartered Accountants and Statutory Auditor
201 Cumnor Hill
Oxfordshire
OX2 9PJ
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JURAN MIDCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
REGISTERED NUMBER: 15274778
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
The notes on pages 19 to 40 form part of these financial statements.
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JURAN MIDCO LIMITED
REGISTERED NUMBER: 15274778
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 40 form part of these financial statements.
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JURAN MIDCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Juran Midco Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on the basis of accounting policies applicable to a going concern.
The Group has generated an EBITDA before exceptionals of £2,179,883 during the period ended 30 September 2024, has net current liabilities as at 30 September 2024 of £4,509,903 and a net asset of £35,741,098. Forecasts have been prepared using what the directors consider to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of a period of least 12 months from the signing of the financial statements which show the Company to have sufficient liquidity to meet its financial obligations as they fall due. The Company is reliant on group borrowings not being called in for repayment for a period of at least 12 months from the signing of the financial statements unless the Company has sufficient resources to do so. The Group has bank borrowings subject to various covenants. Subsequent to the year end, the ultimate parent company invested £6 million of equity in the Group which was used to repay £4m of the bank borrowings and the facilities were amended. See note 28 for further details on subsequent events. The forecasts prepared show that Group will meet its financial covenants for at least 12 months from the signing of the financial statements. The Group has considered the expected financial performance, current financial position, existing financial resources and compliance with borrowing covenants for a period of at least 12 months from the date of signing of the financial statements which show the Group and Company to be a going concern. Based on the above, The Directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Goodwill useful economic life Management recognised goodwill for the consideration paid in excess of the fair value of net assets acquired under the purchase method. Management have estimated the useful economic life to be 10 years based on their customer retention. Principal Vs Agent Management has considerered each sales contract and whether it is exposed to the significant risks and rewards associated with the rendering of services. Management consider the Group to be acting as a principal in relation to all sales contracts. Cost accruals Management has considered costs incurred but not invoiced at the year end in relation to the rendering of services. Management make an estimate of the expected costs to be invoiced based on the profit margins achieved on contracts.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Analysis of turnover by country of destination:
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Page 34
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
The Bank loans are secured by way of fixed and floating charges over the assets of the Group.
The Bank loans are repayable over 5 years and incurs interest at a rate of between 8.7% and 9.2%. The other loan is with another group company and incur interest at 11% which is repayable in 2031.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
On 10 November 2023, 1 Ordinary share was issued at nominal value.
On 24 November 2023, 4,335,565,356 Ordinary shares were issued at nominal value. On 25 January 2024, 7,166,626 Ordinary shares were issued at nominal value.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
24.Business combinations (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £260,392. Contributions totalling £204,035 were payable to the fund at the balance sheet date and are included in creditors.
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JURAN MIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
In September 2025, Ordinary shares were issued for consideration of £6 million. The funds were used to repay £4m of bank borrowings and provide the Group with an additional £2m of working capital. The impact on the financial statements is an increase of equity of £6 million, reduction of bank borrowings of £4 million, and increase in cash and cash equivalents of £2 million. In addition, the Company obtained a loan of €950,000 from a fellow group company. This resulted in an increase in cash and cash equivalents and an increase in the amounts owed to group undertakings.
The parent company is Juran Topco Limited, company registered in Jersey. The registered office is Alter Domus (Jersey) Limited, 3rd Floor, 37 Esplanade, St Helier, Jersey, JE1 1AD
In the opinion of the directors, the ultimate controlling party is Pictet Private Equity Feeder Fund, SICAV-RAIF, incorporated in Luxembourg. The registered office is Avenue J.F. Kennedy 15a, Lucembourg, 1855, Luxembourg.
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