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Registered number: 01756315 JALITE PUBLIC LIMITED COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
JALITE PUBLIC LIMITED COMPANY
COMPANY INFORMATION
Directors | J Creak
| N Creak
| C Julien (resigned 31 December 2024)
Company secretary | N J Creak
Registered number | 01756315
Registered office | Wins House Bentalls
| Pipps Hill Industrial Estate
| Basildon
| Essex
| SS14 3BS
Independent auditors | Venthams
| Chartered Accountants & Statutory Auditor
| Millhouse
| 32 - 38 East Street
| Rochford
| Essex
| SS4 1DB
JALITE PUBLIC LIMITED COMPANY
CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 10
Statement of comprehensive income | 11
Balance sheet | 12
Statement of changes in equity | 13
Statement of cash flows | 14
Analysis of net debt | 15
Notes to the financial statements | 16 - 31
JALITE PUBLIC LIMITED COMPANY
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present the strategic report for the year ended 31 December 2024.
Business review
The JALITE Group remains the leading Brand in the world market for photoluminescent “See in the Dark” safety sign and escape path, safety way guidance marking products. Through technical capability and reputation, JALITE has established itself as an authoritative leading supplier to the world safety communications market with a solid reputation for quality designed safety signs. Our focus in 2024 has been to stabilise the business with regards to material supply and cash flow and minimise debts accrued over the 2023-2024 period arising from disputes with former Director and Landlord yet still. Despite being a tough year of trading the company has managed to reduce its raw material cost which has, and will continue to improve gross profit margins and have concentrated on updating suppliers that can offer competitive prices for the same materials whilst also getting ahead with many items being paid on a proforma basis to ensure that we can adequately forecast cash flow for repaying debts. We have concentrated on maintaining the customers that we have and formalising the relationships to understand where we need to nurture business relationships or replace with new business where relationships and business has failed in some categories. We feel that we have managed to set up a solid foundation from which to grow upon in the coming year. The board of Directors wishes once again to give thanks and appreciation for the contribution made by dedicated employees to the performance of the company in these difficult times. Page 1
JALITE PUBLIC LIMITED COMPANY
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
The directors' review the Company's financial risk profile and agree appropriate policies for managing its financial risks. The directors are currently negotiating a new lease to remain within existing premises, but are also assessing other options. We have managed to stabilise spending and cash flow whilst reducing debt and continuously laying out the foundation for the coming year. We are still feeling some strain from the repercussions of the material shortages from 2023 but we have managed to diversify our supply to ensure that this does not happen again. Jalite has faced various challenges following the pandemic and in order of risks, they can be listed as following: Price risk: In our industry, price has always been key. Jalite is positioned as a high end solution provider, providing our clients with value added support and excellent product. We see further competition from competitors providing lower quality products. We have been able to improve our margins through local production and more efficient logistic. Credit risk: Our customers and suppliers have all reviewed their credit policies and we still see further stress on payment from our customers. Liquidity risk: We have managed to generate additional liquidity through proforma payments to suppliers and proforma payments from our customers over certain values so as to not stress our cash flow. Cashflow risk: Cashflow has been difficult in 2024. Our production had experienced still some delays in material manufacture but we have managed to be able to stabilise a bit further from the previous year material and subsequent cash flow for raw materials and we foresee yet a further stabilisation of this in the coming year. But 2025 should still be challenging to reduce debts and still maintain growth. The directors are still confident that there are still opportunities for growth particularly for escape path markings in tall buildings, hospitals care homes and risk properties. The strengthened Board has been working well to revitalise the company’s business strategy and plans. New local management is now in place and through support of an outsourced HR firm, we will strengthen our management and development of our UK based workforce.
Financial key performance indicators
The Directors follow performance of the business and use established financial and productivity metrics for key progress indicators that are based on growth and quality of the distributor/reseller network worldwide. More detailed analysis of product line productivity and profitability are being developed. 2024 2023 Turnover - UK 647,773 715,234 Turnover - Other 78,929 70,545 Gross profit 366,377 222,253
Other key performance indicators
The company is developing a new set of performance indicators focussed on customers. Loyalty, quality, activity, margin growth and number per sector and geography. This will help with business analysis and decision making about effectiveness of actions taken. Our customer base will be reviewed periodically for market coverage and capability. Page 2
JALITE PUBLIC LIMITED COMPANY
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Company
The Directors of the company have significantly increased focus on the global strategy for the parent and subsidiaries. The Directors identified that there was poor communication and understanding of the integral nature of the group’s entities and the roles each part played. We have consolidated management of US and Asia businesses in the UK for the moment. The company is well equipped in this way to secure future raw materials and stay ahead technologically for performance products. Marketing capability has been improved and product lines strengthened. The directors and the team have focused on improving our digital strategy such as using various social media channels to improve our visibility and generate leads, but also building a platform to drive our e-commerce business. Growth has become a global goal for all entities to ensure growing cash generation and rewards for all the companies’ stakeholders. When making decisions, each director ensures that they act in a way they consider is in good faith and would most likely promote the business success for the benefit of its members, and in doing so have regard (among other matters) to: The likely consequences of any decision in the long term: Our focus following COVID was to ensure survival of the company and to strengthen foundations for future growth. The interests of the company’s employees: Throughout our history, our decisions have always been aimed towards achieving the best result for all our stakeholders, especially ensuring a sustainable, enjoyable and thriving environment for our employees. The need to foster the company’s business relationships with suppliers, customers and others: Our growth as a company depends on our relations with our suppliers in order to provide the level of excellence demanded by our customers and ensuring the best safety related products for all. The impact of the company’s operations on the community and the environment: Sustainability is at the core of our concerns, we wish to further reduce our impact through innovation. The desirability of the company maintaining a reputation for high standards of business conduct: Our implication with the various standards committees highlights our commitment to define, develop and respect the highest standards in terms of process and quality. The need to act fairly as between members of the company: We continue to ensure an inclusive and safe environment for all our employees. Our collaboration with Park City will allow us to bring this to an even higher level. This report was approved by the board and signed on its behalf.
N Creak Director
Date: 18 February 2026
Page 3
JALITE PUBLIC LIMITED COMPANY
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the directors' report and the 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are 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; ∙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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £83,218 (2023 -loss £464,336). No dividends were proposed during the year.
Directors
The directors who served during the year were:
J Creak
N Creak
C Julien (resigned 31 December 2024)
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director 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. Page 4
JALITE PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Auditors
The auditors, Venthams, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N Creak Director
Date: 18 February 2026
Page 5
JALITE PUBLIC LIMITED COMPANY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JALITE PUBLIC LIMITED COMPANY
Qualified opinion
We have audited the financial statements of JALITE PUBLIC LIMITED COMPANY (the 'Company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the analysis of net debt, the balance sheet, the statement of cash flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 qualified opinion
We have been unable to adequately verify the stock values as at 31 December 2024. This was due to changes in the cost prices following a change in the company's main supplier of raw material not being recorded and correctly controlled within the stock control system. Therefore, we are not able to determine if the closing stock figure of £130,576 is materially correct. In the prior year, we were unable to obtain sufficient appropriate audit evidence of the stock values totalling £147,266. Consequently we were unable to determine whether any adjustments to this amount was necessary. Our audit opinion on the financial statements for the year ended 31 December 2023 was modified accordingly. Our opinion on the current year's financial statemetns is also modified because of the possible effect of this matter on the comparability of the current year's figures and the corresponding figures. 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. Page 6
JALITE PUBLIC LIMITED COMPANY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JALITE PUBLIC LIMITED COMPANY (CONTINUED)
Material uncertainty related to going concern
We draw attention to note 2.3 in the financial statements, which indiacte that the company incurred a net loss during the year and that its liabilities exceeds its assets. These events and conditions set out in note 2.3, indicate that a material uncertainty exists that may cast significant dount in the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included, discussing with management their plans to navigate their current trading situation the company finds itself in, as well as reviewing cashflow forecasts, post year end management accounts and amaounts owed to tax authorities.
Other information
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.
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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements. Page 7
JALITE PUBLIC LIMITED COMPANY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JALITE PUBLIC LIMITED COMPANY (CONTINUED)
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 strategic report or the directors' 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 4, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 8
JALITE PUBLIC LIMITED COMPANY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JALITE PUBLIC LIMITED COMPANY (CONTINUED)
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: Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). 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 9
JALITE PUBLIC LIMITED COMPANY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JALITE PUBLIC LIMITED COMPANY (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. Trevor McCarthy (Senior statutory auditor) for and on behalf of Venthams Chartered Accountants Statutory Auditor Millhouse 32 - 38 East Street Rochford Essex SS4 1DB Date: 18 February 2026 Page 10
JALITE PUBLIC LIMITED COMPANY
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 726,702 | 785,779
Cost of sales |  | (360,326) | (563,526)
Gross profit |  | 366,376 | 222,253
Distribution costs |  | (95,656) | (159,654)
Administrative expenses |  | (338,430) | (515,872)
Operating loss | 5 | (67,710) | (453,273)
Amounts written off investments |  | - | (3,249)
Interest payable and similar expenses | 8 | (15,508) | (8,402)
Loss before tax |  | (83,218) | (464,924)
Tax on loss | 9 | - | 588
Loss for the financial year |  | (83,218) | (464,336)
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | (83,218) | (464,336)
Page 11
JALITE PUBLIC LIMITED COMPANY REGISTERED NUMBER:01756315
BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 3,286 |  | 5,135
Tangible assets | 11 |  | 4,628 |  | 5,480
Investments | 12 |  | 10,000 |  | 10,000
|  |  | 17,914 |  | 20,615
Current assets |  |  |  |  |
Stocks | 13 | 130,576 |  | 147,226 |
Debtors: amounts falling due within one year | 14 | 328,151 |  | 215,950 |
Cash at bank and in hand | 15 | 105,566 |  | 46,105 |
|  | 564,293 |  | 409,281 |
Creditors: amounts falling due within one year | 16 | (974,539) |  | (729,010) |
Net current liabilities |  |  | (410,246) |  | (319,729)
Total assets less current liabilities |  |  | (392,332) |  | (299,114)
Creditors: amounts falling due after more than one year | 17 |  | (7,500) |  | (17,500)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (325) |  | (325) |
|  |  | (325) |  | (325)
Net liabilities |  |  | (400,157) |  | (316,939)
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,030,000 |  | 1,030,000
Profit and loss account | 21 |  | (1,430,157) |  | (1,346,939)
|  |  | (400,157) |  | (316,939)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N Creak
Director
Date: 18 February 2026
Page 12
JALITE PUBLIC LIMITED COMPANY
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 1,030,000 | 452,338 | (1,334,941) | 147,397
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (464,336) | (464,336)
Surplus on revaluation of freehold property | - | - | 452,338 | 452,338
Transfer to/from profit and loss account | - | (452,338) | - | (452,338)
At 1 January 2024 | 1,030,000 | - | (1,346,939) | (316,939)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (83,218) | (83,218)
At 31 December 2024 | 1,030,000 | - | (1,430,157) | (400,157)
Page 13
JALITE PUBLIC LIMITED COMPANY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (83,218) | (464,336)
Adjustments for: |  |
Amortisation of intangible assets | 1,849 | 1,845
Depreciation of tangible assets | 1,915 | 3,919
Impairments of fixed assets | - | 3,249
Loss on disposal of tangible assets | 1,195 | -
Interest paid | 15,508 | 8,402
Interest received | (101) | -
Taxation charge | - | (588)
Decrease in stocks | 16,655 | 92,447
Decrease in debtors | 36,143 | 24,342
(Increase) in amounts owed by groups | (148,344) | (96,113)
Increase in creditors | 245,569 | 95,772
(Decrease)/increase in amounts owed to groups | (45) | 23,840
Increase/(decrease) in provisions | - | (259,869)
Net cash generated from operating activities | 87,126 | (567,090)
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (1,886)
Purchase of tangible fixed assets | (2,258) | -
Sale of tangible fixed assets | - | 625,000
Interest received | 101 | -
Net cash from investing activities | (2,157) | 623,114
Cash flows from financing activities |  |
Repayment of loans | (10,000) | (10,000)
Interest paid | (15,508) | (8,402)
Net cash used in financing activities | (25,508) | (18,402)
Net increase in cash and cash equivalents | 59,461 | 37,622
Cash and cash equivalents at beginning of year | 46,105 | 8,483
Cash and cash equivalents at the end of year | 105,566 | 46,105
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 105,566 | 46,105
Page 14
JALITE PUBLIC LIMITED COMPANY
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | At 31 December 2024
| £ | £ | £
Cash at bank and in hand | 46,105 | 59,461 | 105,566
Debt due after 1 year | (17,500) | 10,000 | (7,500)
Debt due within 1 year | (10,000) | - | (10,000)
| 18,605 | 69,461 | 88,066
Page 15
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Jalite Public Limited Company is a public company limited by shares, incorporated in England and Wales. The registered office is Wins House Bentalls, Pipps Hill Industrial Estate, Basildon, Essex, SS14 3BS. The principal activity of the company is the design, manufacture and distribution of safety signs and emergency risk reduction products worldwide. The company continues to build strength as a leader in the market for photoluminescent safety signs, escape route lighting and safety way guidance systems as its prime focus. 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 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have no plans to wind the company up and in their opinion the company is still a going concern despite the net liability position and net loss for the year. The Directors have already taken steps to improve profitability, these include: sourcing material from new suppliers, reducing admin expense costs and focusing on marketing to increase sales, the excess cash from these exercises will then be used to reduce the company's liabilities. Page 16
JALITE PUBLIC LIMITED COMPANY
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.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 17
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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.
| 2.11 | 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. Page 18
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20% & 33% straight line
|  |  |  | Fixtures and fittings | - | 20% 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.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | 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.
| 2.15 | 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. In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.16 | 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. Page 19
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | 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.
| 2.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include 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 Company'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. Page 20
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies 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. Page 21
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sale of goods | 726,702 | 785,779
|  | 726,702 | 785,779
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 647,773 | 715,234
| Rest of Europe | 78,929 | 70,527
| Rest of the world | - | 18
|  | 726,702 | 785,779
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 8,164 | (1,639)
6. | Auditors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 10,500 | 9,500
Page 22
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 336,205 | 416,870
| Social security costs | 21,705 | 31,451
| Cost of defined contribution scheme | 5,221 | 6,396
|  | 363,131 | 454,717
| Compensation paid to key management personnel (KMP) other than the directors totalled £44,472 (2023: £58,674). There was no remuneration paid to directors in 2024 or 2023.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Production | 8 | 9
|  | Administrative | 7 | 8
|  | Directors | 3 | 3
|  |  | 18 | 20
8. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 573 | 823
| Loans from group undertakings | - | 5,472
| Other interest payable | 14,935 | 2,107
|  | 15,508 | 8,402
Page 23
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Deferred tax |  |
| Origination and reversal of timing differences | - | (588)
| Tax on loss | - | (588)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 19% (2023 -19%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (83,218) | (464,924)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 -19%) | (15,811) | (88,336)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 3,054 | (45,837)
| Capital allowances for year in excess of depreciation | 157 | (157)
| Short term timing difference leading to an increase (decrease) in taxation | - | (588)
| Intangible asset allowance | (351) | (329)
| Capital gains | - | 57,733
| Unrelieved tax losses carried forward | 12,951 | 76,926
| Total tax charge for the year | - | (588)
| Factors that may affect future tax charges
The Company has tax losses of £1,161,734 (2023: £1,093,570) available to carry forward and utilised against future profits. Page 24
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Intangible assets
|  | Patents
|  | £
| Cost |
| At 1 January 2024 | 33,426
| At 31 December 2024 | 33,426
| Amortisation |
| At 1 January 2024 | 28,291
| Charge for the year on owned assets | 1,849
| At 31 December 2024 | 30,140
| Net book value |
| At 31 December 2024 | 3,286
| At 31 December 2023 | 5,135
Page 25
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 94,014 | 3,437 | 97,451
| Additions | 2,258 | - | 2,258
| Disposals | (51,867) | (1,103) | (52,970)
| At 31 December 2024 | 44,405 | 2,334 | 46,739
| Depreciation |  |  |
| At 1 January 2024 | 88,779 | 3,192 | 91,971
| Charge for the year on owned assets | 1,775 | 140 | 1,915
| Disposals | (50,676) | (1,099) | (51,775)
| At 31 December 2024 | 39,878 | 2,233 | 42,111
| Net book value |  |  |
| At 31 December 2024 | 4,527 | 101 | 4,628
| At 31 December 2023 | 5,235 | 245 | 5,480
Page 26
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 10,000
| At 31 December 2024 | 10,000
| Net book value |
| At 31 December 2024 | 10,000
| At 31 December 2023 | 10,000
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Jalite Asia Limited | Hong Kong - | Ordinary shares - | 99% -
| Jalite Inc | USA - | Ordinary shares - | 99% -
| Jalite Petro Services Limited | UK - | Ordinary Shares - | 99.99% -
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Jalite Asia Limited | - | -
| Jalite Inc | - | -
| Jalite Petro Services Limited | 10,000 | -
| Jalite Asia Limited and Jalite Inc ceased trading in the 2022 and therefore the investment in both companies have been fully impaired to reflect this.
Page 27
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Raw materials and consumables | 18,560 | 29,655
| Finished goods and goods for resale | 112,016 | 117,571
|  | 130,576 | 147,226
14. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 64,347 | 96,468
| Amounts owed by group undertakings | 244,457 | 96,113
| Other debtors | 500 | 250
| Prepayments and accrued income | 18,847 | 23,119
|  | 328,151 | 215,950
15. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 105,566 | 46,105
|  | 105,566 | 46,105
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 10,000 | 10,000
| Trade creditors | 118,332 | 103,130
| Amounts owed to group undertakings | 378,895 | 378,940
| Taxation and social security | 208,878 | 120,417
| Other creditors | 1,968 | 2,102
| Accruals and deferred income | 256,466 | 114,421
|  | 974,539 | 729,010
Page 28
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 7,500 | 17,500
|  | 7,500 | 17,500
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 10,000 | 10,000
| Amounts falling due 1-2 years |  |
| Bank loans | 7,500 | 10,000
| Amounts falling due 2-5 years |  |
| Bank loans | - | 7,500
|  | 17,500 | 27,500
Page 29
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| Movements in the year |  |
| At beginning of year | (325) | (913)
| Charged to the profit or loss | - | 588
| At end of year | (325) | (325)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 325 | 325
|  | 325 | 325
20. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,030,000 (2023 -1,030,000) Ordinary shares shares of £1.00 each | 1,030,000 | 1,030,000
21. | Reserves
Profit and loss account All reserves in respect of profit and loss are distributable reserves.
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable to the company to the fund and amounted to £5,221 (2023: £6,396). Contributions totalling £951 (2023: £1,088) were owed by the fund at the balance sheet date and are included in creditors. Page 30
JALITE PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 60,862 | 3,312
| Later than 1 year and not later than 5 years | - | 862
|  | 60,862 | 4,174
24. | Related party transactions
| At the balance sheet date, included within creditors, is an amount due to East Kirby Holdings S.A. of £368,895 (2023: £368,940). East Kirby Holdings S.A., a company incorporated in Switzerland, is the controlling party of Jalite Public Limited Company. Included within debtors is an amount owed by Solutions Fire Safety Limited, a fellow subsidiary company incorporated in England and Wales and controlled by East Kirkby Holdings S.A., of £244,457 (2023: £288,108). Included within debtors is an amount owed by Means of Escape Publications Limited, a fellow subsidiary company incorporated in England and Wales and controlled by East Kirby Holdings S.A., of £11,031 (2023: £11,031). However, the Company has made a bad debt provision of £11,031, as it is considered there is uncertainty over the recoverability of this debt. Included within debtors is an amount owed by Jalite Asia Ltd, a wholly owned subsidiary undertaking incorporated in Hong Kong. At the year end the Company was owed £442,940 (2023: £442,940). However, the Company has made a bad debt provision of £442,940, as it is considered there is uncertainty over the recoverability of this debt. Included within debtors is an amount owed by Jalite Inc, a wholly owned subsidiary undertaking situated in the U.S.A. At the year end the Company was owed £246,793 (2023: £253,035) by Jalite Inc. However the Company has made a bad debt provision of £246,793, as it is considered there is uncertainty over the recoverability of the debt. Included within creditors is an amount due to Jalite Petro Services Limited, a wholly owned subsidiary undertaking of Jalite Public Limited Company, of £10,000 (2023: £10,000). In the opinion of the Directors, all of the above transactions were carried out on normal commercial terms.
25. | Controlling party
The ultimate parent company of the group is East Kirby Holdings SA, who hold 820,000 £1 ordinary shares in Jalite Public Limited Company. The remaining 210,000 £1 ordinary shares are held by Dougtech Holdings Inc. The ultimate controlling party is J Creak by virtue of her shareholding in East Kirkby Holding SA.
Page 31