ACCOUNTS - Final Accounts preparation

Operating loss

The operating loss is stated after charging:

Registered number: 02448397

JADE REALTY LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

JADE REALTY LIMITED

CONTENTS

	Page
Company Information	1
Director's Report	2 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11 - 12
Notes to the Financial Statements	13 - 24

JADE REALTY LIMITED

COMPANY INFORMATION

Director	G C Peires


Company secretary	M L Smulovitch


Registered number	02448397


Registered office	Hallswelle House
	1 Hallswelle Road
	London
	NW11 0DH


Independent auditors	White Hart Associates (London) Limited
	Chartered Accountants and Statutory Auditors
	2nd Floor, Nucleus House
	2 Lower Mortlake Road
	Richmond
	TW9 2JA


Bankers	Barclays Bank PLC
	Edgeware Group 9
	Leicester
	Leicestershire
	LE87 2BB


Solicitors	PCB Lawyers LLP
	70 Baker Street
	London
	NW11 0DH

Page 1

JADE REALTY LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company'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 Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Director's Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the Company is that of a corporate services provider.

Results and dividends

The loss for the year, after taxation, amounted to £1,259,377 (2023 - loss £871,116).

The results for the Company are set out in detail in the Statement of comprehensive income. The director cannot propose the payment of a dividend for the year.

Director

The director who served during the year was:

G C Peires

Page 2

JADE REALTY LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

The director is fully aware of his duty to assess the Company’s going concern status and has attended to this with particular care in consideration of the current economic outlook. The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, CLC Holdings Limited, has confirmed its intention to continue to provide ongoing support to the company as required. Having considered the ability of CLC Holdings Limited to provide that support, based on the confirmation received, the director believes that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and accounts.

Principal risks and uncertainties

Liquidity risk

In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the Company uses group debt finance.

Credit risk

Credit risk is the risk that one party of a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimizing such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the Company's debtors are shown in note 8 to the financial statements.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

JADE REALTY LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 18 December 2025 and signed on its behalf.

G C Peires

Director

Page 4

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED

Opinion

We have audited the financial statements of Jade Realty Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The director is 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

Page 6

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the audit;

- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;

- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;

- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;

- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements.

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.

Page 7

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.

M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of

White Hart Associates (London) Limited

Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA

18 December 2025

Page 8

JADE REALTY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover		589,145	698,451
Gross profit		589,145	698,451
Administrative expenses		(1,849,184)	(1,570,182)
Operating loss	3	(1,260,039)	(871,731)
Tax on loss	5	662	615
Loss for the financial year		(1,259,377)	(871,116)

Other comprehensive income for the year
Total comprehensive income for the year		(1,259,377)	(871,116)

The notes on pages 13 to 24 form part of these financial statements.

Page 9

JADE REALTY LIMITED

REGISTERED NUMBER: 02448397

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	6		1,389		4,499
Investments	7		5,359		5,359
			6,748		9,858
Current assets
Debtors: amounts falling due within one year	8	606,360		898,410
Cash at bank and in hand	9	39,735		45,311
		646,095		943,721
Creditors: amounts falling due within one year	10	(4,173,050)		(3,213,747)
Net current liabilities			(3,526,955)		(2,270,026)
Total assets less current liabilities			(3,520,207)		(2,260,168)
Creditors: amounts falling due after more than one year	11		(622,000)		(622,000)
Provisions for liabilities
Deferred tax	12	(210)		(872)
			(210)		(872)
Net liabilities			(4,142,417)		(2,883,040)

Capital and reserves
Called up share capital	13	12,500	12,500
Profit and loss account		(4,154,917)	(2,895,540)
		(4,142,417)	(2,883,040)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2025.

G C Peires

Director

The notes on pages 13 to 24 form part of these financial statements.

Page 10

JADE REALTY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	12,500	(2,895,540)	(2,883,040)
Comprehensive income for the year
Loss for the year	-	(1,259,377)	(1,259,377)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(1,259,377)	(1,259,377)
Total transactions with owners	-	-	-
At 31 December 2024	12,500	(4,154,917)	(4,142,417)

The notes on pages 13 to 24 form part of these financial statements.

Page 11

JADE REALTY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	12,500	(2,024,424)	(2,011,924)
Comprehensive income for the year
Loss for the year	-	(871,116)	(871,116)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(871,116)	(871,116)
Total transactions with owners	-	-	-
At 31 December 2023	12,500	(2,895,540)	(2,883,040)

The notes on pages 13 to 24 form part of these financial statements.

Page 12

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Jade Realty Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is shown on page 1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Group Accounts

No group accounts have been prepared on the basis that the group is exempt on the grounds of being small.

2.3

Going concern

The director is fully aware of his duty to assess the Company’s going concern status and has attended to this with particular care in consideration of the current economic outlook. The Company is part of the wider IDILIQ Group of companies. The ultimate parent company, CLC Holdings Ltd, has confirmed its intention to continue to provide ongoing support to the Company as required. Having considered the ability of CLC Holdings Ltd to provide that support, based on the confirmation received, the director believes that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and accounts.

Page 13

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

Turnover represents amounts derived from the provision of goods and services, within the UK, which fall within the Company's ordinary activities after deduction of discounts and Value Added Tax. Revenue is recognised at the point of sale of goods or provision of services.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Computer equipment	-	33% straight line
				Plant and machinery	-	100% straight line

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.

Page 15

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 16

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loansand other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financingtransaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 17

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Exchange differences	(6,091)	31,543
	Other operating lease rentals	250,000	253,687

Wages and salaries	633,815	603,397
Social security costs	78,769	74,483
Cost of defined contribution scheme	10,473	12,200
	723,057	690,080

The average monthly number of employees, including directors, during the year was 9 (2023 - 13).



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	2,917	(615)
Adjustments in respect of prior periods	(3,579)	-
Total deferred tax	(662)	(615)


	Taxation on loss on ordinary activities	(662)	(615)

Page 18

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.Taxation (continued)

Loss on ordinary activities before tax

(1,260,039)

(871,731)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	(315,010)	(205,031)
Effects of:
Fixed asset differences	-	43
Expenses not deductible for tax purposes	-	609
Group relief surrendered/(claimed)	314,348	149,212
Deferred tax	-	(615)
Adjustments to tax charge in respect of previous periods - deferred tax	(3,579)	-
Movement in deferred tax not recognised	3,579	55,167
Total tax charge for the year	(662)	(615)

Page 19

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Tangible fixed assets

	Plant and machinery	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	12,000	9,932	21,932
At 31 December 2024	12,000	9,932	21,932
Depreciation
At 1 January 2024	12,000	5,433	17,433
Charge for the year on owned assets	-	3,110	3,110
At 31 December 2024	12,000	8,543	20,543
Net book value
At 31 December 2024	-	1,389	1,389
At 31 December 2023	-	4,499	4,499

7.	Investments

		Investment in subsidiary
		£
	Cost or valuation
	At 1 January 2024	5,359
	At 31 December 2024	5,359

Page 20

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	86,203	22,260
Amounts owed by related companies	450,825	794,006
Other debtors	42,730	58,538
Prepayments and accrued income	26,602	23,606
	606,360	898,410

Amounts owed by related companies are interest free and repayable on demand (see note 15).

9.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	39,735	45,311
	39,735	45,311

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	80,098	58,027
Amounts owed to group companies	3,315,969	2,954,537
Amounts owed to to related companies	658,184	112,968
Other taxation and social security	21,306	52,553
Other creditors	55,549	24,662
Accruals	41,944	11,000
	4,173,050	3,213,747

Amounts owed by group and related companies are interest free and repayable on demand (see note 15).

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans	622,000	622,000
	622,000	622,000

The loan above is from Geltron Investments Limited and is interest free and repayable on demand.

12.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(872)	(1,487)
Charged to profit or loss	662	615
At end of year	(210)	(872)

					2024	2023
					£	£

Fixed asset timing differences	(347)	(1,125)
Short term timing differences	137	253
	(210)	(872)

A potential deferred tax asset of £523,952 (2023 - £520,373) relating to losses has not been recognised as there is insufficient evidence that the asset will be recovered. The asset would only be recovered if there were sufficient profits of the same trade to utilise the losses.

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Share capital
		2024	2023
		£	£

Allotted, called up and partly paid

50,000 (2023 - 50,000) Ordinary shares of £1.00 each	12,500	12,500

	Not later than 1 year	-	8,291
		-	8,291

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Related party transactions

		Sales / (Operating and other cost) from related party	Sales / (Operating and other cost) from related party	Amounts owed (to)/by related party	Amounts owed (to)/by related party
		£ - 2024	£ - 2023	£- 2024	£ - 2023

Group Companies
CLC Holdings Ltd	-	-	(3,262,901)	(2,572,593)
Jade Properties Management, SL	-	-	(53,068)	(381,944)
Related Companies
Trenython Manor Leisure Ltd	-	-	(6,840)	-
Duchally House Leisure Ltd	-	-	(23,000)	145,000
Ambassador Ltd	(3,960)	(7,920)	(35,608)	(26,968)
HF Hotelbetriebs	-	-	-	14,465
CLC Resort Developments Ltd	-	-	(512,736)	(6,000)
Hustyns Leisure Ltd	-	-	(80,000)	(80,000)
CLC Resort Management Ltd	377,296	546,291	450,825	634,541

16.	Controlling party

The ultimate parent company is CLC Holdings Limited, a company incorporated in the Isle of Man. The immediate parent company is CLC Developments Limited, a company incorporated in the Isle of Man.

The registered office address of CLC Holdings Limited is 19-21 Circular Road, Douglas, IM1 1AF, Isle of Man.

The Company and the Group are under the control of Cavendish Trustees Limited, which is deemed to be the ultimate controlling party.

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