Company registration number 10183497 (England and Wales)
JSM INNOVATIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
JSM INNOVATIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
JSM INNOVATIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
4
194,553
-
0
Current assets
Trade and other receivables
5
92,693
-
0
Investments
6
500,000
2,392,579
Cash and cash equivalents
2,159,412
3,248,159
2,752,105
5,640,738
Current liabilities
7
(24,304)
(2,531,655)
Net current assets
2,727,801
3,109,083
Net assets
2,922,354
3,109,083
Equity
Called up share capital
8
50,100
50,100
Treasury shares
(2,414,002)
(2,414,002)
Retained earnings
5,286,256
5,472,985
Total equity
2,922,354
3,109,083

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 September 2025 and are signed on its behalf by:
J K Mandal
Director
Company registration number 10183497 (England and Wales)
JSM INNOVATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Share capital
Treasury shares
Retained earnings
Total
£
£
£
£
Balance at 1 June 2023
50,100
-
0
(14,603)
35,497
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
5,487,588
5,487,588
Own shares acquired
-
(2,414,002)
-
(2,414,002)
Balance at 31 May 2024
50,100
(2,414,002)
5,472,985
3,109,083
Year ended 31 May 2025:
Loss and total comprehensive income
-
-
(186,729)
(186,729)
Balance at 31 May 2025
50,100
(2,414,002)
5,286,256
2,922,354
JSM INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

JSM Innovations Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 trade and other receivables 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.

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.

JSM INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group entities, 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 paymen ts 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 payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The 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 income statement because it excludes items of income or expense that are taxable or deductible 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 the reporting 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.

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 income statement, 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.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

JSM INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
4
Fixed asset investments
2025
2024
£
£
Other investments other than loans
194,553
-
0
Movements in non-current investments
Investments
£
Cost or valuation
At 1 June 2024
-
Additions
194,553
At 31 May 2025
194,553
Carrying amount
At 31 May 2025
194,553
At 31 May 2024
-
5
Trade and other receivables
2025
2024
£
£
Amounts falling due within one year:
Corporation tax recoverable
54,229
-
0
Other receivables
38,464
-
0
92,693
-
0
JSM INNOVATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
6
Current asset investments
2025
2024
£
£
Short term deposits
500,000
2,392,579
7
Current liabilities
2025
2024
£
£
Amounts owed to group undertakings
-
0
2,401,992
Corporation tax
-
0
89,000
Other taxation and social security
-
0
12,010
Other payables
24,304
28,653
24,304
2,531,655
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,100
50,100
50,100
50,100
9
Disposal of business interests - Contingent asset

In the prior year, the company disposed of business interests, previously held as current asset investments. The financial impact of this transaction was recognised in the company's financial statements. This included recognition of the cash consideration received and the disposal of relevant assets. The sale includes terms and conditions that may lead to additional consideration being paid in the future. Fulfilment of these terms relies on future outcomes which are uncertain at the balance sheet date. Due to this, the potential for additional consideration receivable is deemed a contingent asset. Contingent assets are only transferred to receivables (with a reciprocal adjustment in other gains and losses) once the outcome and the consequent entitlement to receive cash is virtually certain.

On 23 June 2025, the first year earn-out was confirmed with consideration of £2,975,446 being due to the company.

10
Parent entity

The parent entity of JSM Innovations Limited is JSM Innovations LLP, a limited liability partnership incorporated in India. The registered office of JSM Innovations LLP is Office No. 423, 4th Floor, Shilp Epitome, Near Infostech, Behind-Rajpath Rangoli Rd, Ahmedabad, Gujurat 380054, India.

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