Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
|
|
|
| Investment property | 5 |
|
|
|
| 16,776,446 | 16,764,153 | |||
| Current assets | ||||
| Debtors | 6 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 342,601 | 580,314 | |||
| Creditors: amounts falling due within one year | 7 | (
|
(
|
|
| Net current liabilities | (1,079,934) | (224,351) | ||
| Total assets less current liabilities | 15,696,512 | 16,539,802 | ||
| Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
| Net (liabilities)/assets | (
|
|
||
| Capital and reserves | ||||
| Called-up share capital | 9 |
|
|
|
| Capital contribution reserve |
|
|
||
| Profit and loss account | (
|
|
||
| Total shareholder's (deficit)/funds | (
|
|
Directors' responsibilities:
The financial statements of J.B.S.L Holdings Ltd. (registered number:
|
G Schwartz
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
J.B.S.L Holdings Ltd. (the Company) 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 First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
The Company only enters into basic financial instruments and 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, and loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
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 the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The company has adopted FRS 102 for the year ended 31 December 2024 and has restated the comparative year amounts.
Reconciliation of equity
| Note | 01.01.2023 | 31.12.2023 | ||
| £ | £ | |||
| Capital and reserves (as previously stated) | 377,063 | 672,783 | ||
| Capital contribution | i | 1,019,550 | 1,809,455 | |
| Capital and reserves (as restated) | 1,396,613 | 2,482,238 |
Reconciliation of profit or loss
| Note | 31.12.2023 | |||
| £ | ||||
| Profit for the year (as previously stated) | 295,720 | |||
| Unwinding of interest on loans | i | (329,450) | ||
| Loss for the year (as restated) | (33,730) |
Notes to the reconciliations
| (i) | Transition to FRS102 |
| The company has interest free loans from its parent company that have been restated at their present value as a result of the transition to FRS102. | |
| (ii) | Investment properties |
| Investment properties held by the company were accounted for at cost less depreciation under FRS105. The directors consider the value of properties at 31 December 2022 and 31 December 2023 to match the net book value per the published financial statements. Therefore there are no changes to reserves in respect of investment properties as a result of the transition to FRS102. |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
|
|
| Computer equipment | Total | ||
| £ | £ | ||
| Cost/Valuation | |||
| At 01 January 2024 |
|
|
|
| At 31 December 2024 |
|
|
|
| Accumulated depreciation | |||
| At 01 January 2024 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 December 2024 |
|
|
|
| Net book value | |||
| At 31 December 2024 | 1,446 | 1,446 | |
| At 31 December 2023 | 1,864 | 1,864 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
|
| Additions | 2,764,039 |
| Fair value movement | (2,751,328) |
| As at 31 December 2024 |
|
Valuation
Investment properties are stated at fair value in accordance with FRS 102 Section 1A. The fair value has been determined by the directors at the balance sheet date, based on market evidence and recent transactions for similar properties. The directors have considered relevant factors including location, condition, rental yields, and comparable market data. No external valuation was obtained.
The directors believes the valuation reflects a true and fair view of the property’s market value at the reporting date.
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to parent undertakings |
|
|
|
| Corporation tax |
|
|
|
| Other taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Amounts owed to parent undertakings |
|
|
|
|
|
|
One loan of £7,925,000 has interest of the Bank of England base rate + 3.99%, is repayable over the period to 5 August 2033, and is secured over the investment properties of the company.
One loan of £1,265,000 has interest of the Bank of England base rate + 3.99%, is repayable over the period to 21 June 2031, and is secured by way of a fixed and floating charge over the company's assets.
At the reporting date, the outstanding loan amounts totaled £7,667,473 and £1,212,596 respectively.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured / repayable by instalments) |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| As at the balance sheet date, loans outstanding to the directors are as follows: | 347,572 | 16,621 |
The loans are interest free, unsecured and repayable on demand.
Parent Company:
|
|
| 29 Dayan Moshe, Ra'anana, 4358029, Israel |