| Jaguar Polymers Limited |
| Notes to the Accounts |
| for the year ended 31 August 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Motor Vehicles |
20% straight line |
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Plant and machinery |
15% reducing balance |
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Fixtures, fittings, tools and equipment |
15% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is qualified with the basis for the qualified opinion being as follows:
We were appointed as auditors of the company on 29 April 2025 and thus did not observe the counting of the physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 August 2024. Since opening inventories enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the statement of comprehensive income and the net cash flows from operating activities reported in the statement of cash flows. |
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Senior statutory auditor: |
Brian McCullagh |
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Firm: |
BMC Accountants Ltd |
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Date of audit report: |
29 January 2026 |
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| 3 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
23 |
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10 |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 September 2024 |
328,292 |
|
6,900 |
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335,192 |
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Additions |
538,890 |
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20,000 |
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558,890 |
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Disposals |
(44,472) |
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- |
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(44,472) |
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At 31 August 2025 |
822,710 |
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26,900 |
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849,610 |
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Depreciation |
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At 1 September 2024 |
82,145 |
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6,037 |
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88,182 |
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Charge for the year |
73,527 |
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2,280 |
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75,807 |
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On disposals |
(1,011) |
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- |
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(1,011) |
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At 31 August 2025 |
154,661 |
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8,317 |
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162,978 |
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Net book value |
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At 31 August 2025 |
668,049 |
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18,583 |
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686,632 |
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At 31 August 2024 |
246,147 |
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863 |
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247,010 |
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| 5 |
Debtors |
2025 |
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2024 |
| £ |
£ |
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Trade debtors |
106,833 |
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48,865 |
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Other debtors |
25,039 |
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5,422 |
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131,872 |
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54,287 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans and overdrafts |
7,909 |
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10,648 |
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Obligations under finance lease and hire purchase contracts |
81,301 |
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60,051 |
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Trade creditors |
252,169 |
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155,772 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,134,623 |
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435,847 |
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Taxation and social security costs |
8,649 |
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32,749 |
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Other creditors |
18,958 |
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13,532 |
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1,503,609 |
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708,599 |
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| 7 |
Creditors: amounts falling due after one year |
2025 |
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2024 |
| £ |
£ |
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Bank loans |
112,561 |
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150,452 |
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Obligations under finance lease and hire purchase contracts |
96,233 |
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38,700 |
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Other creditors |
25,838 |
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- |
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234,632 |
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189,152 |
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| 8 |
Loans |
2025 |
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2024 |
| £ |
£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
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161,812 |
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192,253 |
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Secured bank loans |
7,909 |
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18,098 |
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NI Growth Loan Fund Li General Partner Limited In its Capacity as General Partner for and on Behalf of NI Growth Loan Fund li LP hold a fixed charge over the assets of the company which is registered with Companies House. This contains a fixed and floating charge (floating charge covers all the property or undertaking of the company). Contains negative pledge. (Charge Code NI65 4238 0001).
There is also a charge registered with Companies House from Whiterock IFNI Debt GP Limited (Charge Code NI65 4238 0003 and Charge Code NI65 4238 0002). This contains a fixed and floating charge covering all the property or undertaking of the company. This contains a negative pledge.
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| 9 |
Related party transactions |
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Balances owing to and from related parties were as follows: |
2025 |
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2024 |
| £ |
£ |
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Included within creditors |
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Rekkur (NI) Ltd |
Loan |
584,623 |
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435,847 |
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Judra Limited |
Loan |
550,000 |
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- |
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1,134,623 |
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435,847 |
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The following entities have been identified as related parties on the basis of common ownership:
Rekkur (NI) Ltd
Loans to Related Parties
During the year, Jaguar Polymers Ltd received an additional £144,776 in interest-free loans from Rekkur (NI) Ltd, increasing the balance from £435,847 at 31 August 2024 to £580,623 at 31 August 2025. This balance is repayable on demand.
Transactions with Rekkur (NI) Ltd
During the year, there was additional investment funds received from Whiterock of £550,000 which were received into Rekkur (NI) ltd but actually related to the investment into Jaguar Polymers Ltd. There were then transfers to Jaguar Polymers Ltd from Rekkur (NI) Ltd of £335k which was a direct transfer to Jaguar Polymers Ltd. There was also a further charge to Jaguar Polymers Ltd from Rekkur (NI) Ltd for insurance, hire of assets, direct labour charge and production cost which totalled £359,776. Therefore, this resulted in a further loan being made to Jaguar Polymers Ltd from Rekkur (NI) Ltd during the year of £144,777. At 31 August 2025, an amount outstanding of £580,623 was outstanding. At 31st August 2024, there was an outstanding balance of £435,846. |
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Loan from Parent Company
Judra Ltd has been identified as the parent company as Judra Ltd owns 100% of the shareholding in Jaguar Polymers Ltd. Therefore, the two entities are related parties under FRS 102 section 33.
Amounts owed to the parent company
At the year-end, Jaguar Polymers Ltd owed £550,000 to its parent company, Judra Ltd, in respect of funding advanced.
The balance is unsecured, interest-free, and is repayable on demand.
No guarantees have been given or received in respect of this balance.
Transactions during the year consisted of funding provided by the parent company. No other related party transactions were undertaken. |
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| 10 |
Controlling party |
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The company is a 100% subsidiary of Judra Limited whose registered office is at 5 Drumbrughas Avenue, Lisnaskea, Enniskillen, United Kingdom, BT92 0QQ. |
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| 11 |
Other information |
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Jaguar Polymers Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is: |
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64 Nutfield Road |
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Lisnaskea |
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Enniskillen |
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BT92 0LD |