ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

JALTEK HOLDINGS LIMITED - Company Information

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Registered number: 09321445










JALTEK HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021
 
JALTEK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
John Steven Pittom 
Anmol Kumar Sood 
Pravin Kumar Sood 




Company secretary
Anmol Kumar Sood



Registered number
09321445



Registered office
Unit 13
Dencora Way

Sundon Business Park

Luton

Bedfordshire

LU3 3HP




Independent auditor
MHA MacIntyre Hudson
Chartered Accountants & Statutory Auditor

Moorgate House

201 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ




 
JALTEK HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 33

 
JALTEK HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Principal activities, strategy and review of the year and future developments
 
The Group’s principal activity is to provide contract electronic manufacturing to a wide range of customers from varying sectors including defense, civil aviation and medical. The services offered cover a full turnkey solution.
The Group’s strategy is to strengthen and increase customer relationships by offering a wider range of synergistic service offerings, closely controlled by the quality, processes and systems that the Group has been founded on.
The Group saw a reduction in top line revenue with turnover for the 2021 financial year being £10.2 million (2020: £12.8 million). This reflects global supply chain problems which has led to a much slower ability to convert orders into sales.
This year the business has continued to focus its attention on delivering high quality, flexible manufacturing solutions to our clients.
A side effect of the overall revenue strategy described above has been the reduction in the gross profit margin from 20.5% to 17.6%.
In terms of overheads, standard costs have risen to 16.0% of turnover (2020: 11.8%). 
We plan to continue to develop the synergies realised through our relationships with Jaltek Systems Limited and Jaltek Design Services and expect this to deliver high quality new client relationships that in turn should crystalise additional revenues in 2022 and beyond.

Principal risks and uncertainties
 
The continuation of service to our customers is the most important aspect of our service delivery, closely followed by physical security of the site and customer areas and equipment. The status of these areas is measured continuously, 24 hours of every day, and performance reported monthly to the board.
The Group has an ongoing program of investment in these areas to ensure customer services remain at the highest expected levels. The Company is also encouraging its customers to monitor and review all aspects of our services to ensure they adhere to or exceed standards they would expect.
The forex risk taken on when purchasing and subsequently supplying components, is mitigated by virtue of buying the majority of components in GBP from UK suppliers. The business has systems are in place to monitor actual performance against what is expected. Liquidity and cash flow risks are mitigated through trading cashflows. The directors do not consider price or credit risk to be significant with adequate controls in place.

Financial key performance indicators
 
The board manages the Group's business by reference to a range of key performance indicators. The principal indicators include margin, sales and customer satisfaction, which in 2021, all produced satisfactory returns against targets set.

Page 1
 
JALTEK HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


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





................................................
Pravin Kumar Sood
Director

Date: 29 December 2022

Page 2
 
JALTEK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The Directors present their report and the financial statements for the year ended 31 December 2021.

Principal activity

The principal activity of the Group is the manufacture, design and development support of electronic measuring, testing etc equipment, to a wide range of clients from varying sectors including defence, civil aviation and medical.

Results and dividends

The profit for the year, after taxation, amounted to £42,557 (2020 - loss £2,427,433).

Directors

The Directors who served during the year were:

John Steven Pittom 
Anmol Kumar Sood 
Pravin Kumar Sood 

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

Future developments have been included within the Strategic Report.

Page 3
 
JALTEK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

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





................................................
Pravin Kumar Sood
Director

Date: 29 December 2022

Page 4
 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Jaltek Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company 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 Group's and of the parent Company's affairs as at 31 December 2021 and of the Group's profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Directors' 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 Group's or the parent 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 Directors with respect to going concern are described in the relevant sections of this report.


Page 5
 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's 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 Group 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 Group Strategic Report and the Directors' Report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6
 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS LIMITED (CONTINUED)


Auditor's 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 Auditor's 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 Group 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:

•Enquiry of management, those charged with governance around actual and potential litigation and claims;
•Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and
regulations;
•Performing audit work over the risk of management override of controls, including testing of journal entries and
other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the
normal course of business and reviewing accounting estimates for bias;
•Reviewing minutes of meetings of those charged with governance;
•Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


Page 7
 
JALTEK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JALTEK HOLDINGS 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 Auditor's 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.





Andrew Moyser ACA FCCA (Senior Statutory Auditor)
for and on behalf of
MHA MacIntyre Hudson
Chartered Accountants
Statutory Auditor
Milton Keynes

30 December 2022
Page 8
 
JALTEK HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
10,193,405
12,821,003

Cost of sales
  
(8,394,836)
(10,197,768)

Gross profit
  
1,798,569
2,623,235

Administrative expenses
  
(1,632,591)
(1,517,379)

Exceptional items
 12 
-
(3,289,159)

Other operating income
 5 
43,426
34,877

Operating profit/(loss)
  
209,404
(2,148,426)

Interest receivable and similar income
  
1
46

Interest payable and similar expenses
 10 
(123,981)
(137,112)

Profit/(loss) before taxation
  
85,424
(2,285,492)

Tax on profit/(loss)
 11 
(42,867)
(141,941)

Profit/(loss) for the financial year
  
42,557
(2,427,433)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
42,557
(2,427,433)

  
42,557
(2,427,433)

There were no recognised gains and losses for 2021 or 2020 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 17 to 33 form part of these financial statements.

Page 9
 
JALTEK HOLDINGS LIMITED
REGISTERED NUMBER: 09321445

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,372,101
1,440,052

Current assets
  

Stocks
 16 
2,020,909
1,078,079

Debtors: amounts falling due within one year
 17 
2,921,001
2,990,071

Cash at bank and in hand
 18 
267,484
69,147

  
5,209,394
4,137,297

Creditors: amounts falling due within one year
 19 
(6,740,829)
(5,660,955)

Net current liabilities
  
 
 
(1,531,435)
 
 
(1,523,658)

Total assets less current liabilities
  
(159,334)
(83,606)

Creditors: amounts falling due after more than one year
 20 
(202,859)
(385,144)

Provisions for liabilities
  

Deferred tax
 22 
(300,000)
(236,000)

Net liabilities
  
(662,193)
(704,750)


Capital and reserves
  

Called up share capital 
 23 
100
100

Share premium account
  
3,609,068
3,609,068

Merger reserve
  
(3,234,168)
(3,234,168)

Profit and loss account
  
(1,037,193)
(1,079,750)

  
(662,193)
(704,750)


Page 10
 
JALTEK HOLDINGS LIMITED
REGISTERED NUMBER: 09321445
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Pravin Kumar Sood
Director

Date: 29 December 2022

The notes on pages 17 to 33 form part of these financial statements.

Page 11
 
JALTEK HOLDINGS LIMITED
REGISTERED NUMBER: 09321445

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 15 
3,781,168
3,781,168

Current assets
  

Debtors
 17 
241,852
156,193

Creditors: amounts falling due within one year
 19 
(9,530,899)
(9,445,240)

Net current liabilities
  
 
 
(9,289,047)
 
 
(9,289,047)

  

  

Net liabilities
  
(5,507,879)
(5,507,879)


Capital and reserves
  

Called up share capital 
 23 
100
100

Share premium account
  
3,609,068
3,609,068

Profit and loss account brought forward
  
(9,117,047)
(5,827,888)

Profit/(loss) for the year
  
-
(3,289,159)

Profit and loss account carried forward
  
(9,117,047)
(9,117,047)

  
(5,507,879)
(5,507,879)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Pravin Kumar Sood
Director

Date: 29 December 2022

The notes on pages 17 to 33 form part of these financial statements.

Page 12
 
JALTEK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2020
100
3,609,068
(3,234,168)
1,347,683
1,722,683


Comprehensive income for the year

Loss for the year
-
-
-
(2,427,433)
(2,427,433)



At 1 January 2021
100
3,609,068
(3,234,168)
(1,079,750)
(704,750)


Comprehensive income for the year

Profit for the year
-
-
-
42,557
42,557


At 31 December 2021
100
3,609,068
(3,234,168)
(1,037,193)
(662,193)


The notes on pages 17 to 33 form part of these financial statements.

Page 13
 
JALTEK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2020
100
3,609,068
(5,827,888)
(2,218,720)


Comprehensive income for the year

Loss for the year
-
-
(3,289,159)
(3,289,159)



At 1 January 2021
100
3,609,068
(9,117,047)
(5,507,879)

Profit for the year
-
-
-
-


At 31 December 2021
100
3,609,068
(9,117,047)
(5,507,879)


The notes on pages 17 to 33 form part of these financial statements.

Page 14
 
JALTEK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
42,557
(2,427,433)

Adjustments for:

Depreciation of tangible assets
288,241
238,624

Interest paid
123,981
137,112

Interest received
(1)
(46)

Taxation charge
(21,133)
141,941

(Increase) in stocks
(942,830)
(48,973)

(Increase)/decrease in debtors
(409,299)
3,016,404

Increase in creditors
322,649
301,036

Corporation tax received
3,633
64,113

Net cash generated from operating activities

(592,202)
1,422,778


Cash flows from investing activities

Purchase of tangible fixed assets
(220,290)
(733,209)

Interest received
1
46

Net cash from investing activities

(220,289)
(733,163)

Cash flows from financing activities

Asset based finance from IGF
1,164,421
(758,115)

Repayment of/new finance leases
(29,612)
66,734

Interest paid
(123,981)
(137,112)

Net cash used in financing activities
1,010,828
(828,493)

Net increase/(decrease) in cash and cash equivalents
198,337
(138,878)

Cash and cash equivalents at beginning of year
69,147
208,025

Cash and cash equivalents at the end of year
267,484
69,147


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
267,484
69,147

267,484
69,147


The notes on pages 17 to 33 form part of these financial statements.

Page 15
 
JALTEK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021




At 1 January 2021
Cash flows
At 31 December 2021
£

£

£

Cash at bank and in hand

69,147

198,337

267,484

Debt due within 1 year

(3,003,048)

19,791

(2,983,257)

Finance leases

(540,470)

29,612

(510,858)


(3,474,371)
247,740
(3,226,631)

The notes on pages 17 to 33 form part of these financial statements.

Page 16
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Jaltek Holdings Limited is a company limited by shares registered in England. 
The registered office and principal place of business is Unit 13, Sundon Business Park, Dencora Way, Sundon Park, Luton, Bedfordshire, LU3 3HP.
The Company's functional and presentational currency is GBP and the financial statements are presented in round pounds.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2019.

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Page 17
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has not had a significant impact on the Goup’s operations. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group 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 Group 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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

Page 18
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group 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 and the Group operate and generate 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
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 19
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

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 reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance

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.

Investments in unlisted Group 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 Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less 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 Consolidated 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 Group's cash management.

Page 20
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
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.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Group 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 loans and 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 financing transaction, 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 Consolidated Statement of Comprehensive Income 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 Consolidated Statement of Comprehensive Income.

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
Page 21
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.18
Financial instruments (continued)

difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgments, 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 revision and future periods where the revision affects both current and future periods.
Critical estimates and assumptions
The following estimates and assumptions have had the most significant effect on amounts recognised in the financial statements.
Stocks
Judgments are made when considering if items within stock require a provision for diminution in value. Management base their assessments on the age of stocks and demand for products. Management believe that after applying the provision the value is a reasonable expectation of what could be obtained in the normal course of trade.
These judgments are reviewed regularly to reflect the changing environment.
Bad debt provisions
A full line by line review of trade and other receivables is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be ucollectable.
Useful economic lives of tangible fixed assets
The useful economic lives used by the Group in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2021 was £1,371,099 after a depreciation charge in the year of £288,241.

Page 22
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Turnover

The whole of the turnover is attributable to the main trading activity.

Analysis of turnover by country of destination:

2021
2020
£
£

United Kingdom
9,376,113
12,528,857

Rest of Europe
803,257
277,637

Rest of the world
14,035
14,509

10,193,405
12,821,003



5.


Other operating income

2021
2020
£
£

Foreign exchange difference - gain
43,426
34,877



6.


Auditor's remuneration

2021
2020
£
£


Fees payable to the Group's auditor for the audit of the Group's annual financial statements
27,810
27,000


Fees payable to the Group's auditor in respect of:


Taxation services
4,635
4,500

All other services
3,090
3,000

Page 23
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Wages and salaries
2,845,952
2,951,192
-
-

Social security costs
278,513
246,181
-
-

Cost of defined contribution scheme
98,878
79,706
-
-

3,223,343
3,277,079
-
-


The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2021
        2020
        2021
        2020
            No.
            No.
            No.
            No.









Administration
11
11
3
3



IT
3
3
-
-



Logistics
12
12
-
-



Production
45
44
-
-



Production Engineering
9
8
-
-



Sales
6
6
-
-



Design Services
5
4
-
-

91
88
3
3

Page 24
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Directors' remuneration

2021
2020
£
£

Directors' emoluments
161,095
158,503

Company contributions to defined contribution pension schemes
47,114
118,214

208,209
276,717


During the year retirement benefits were accruing to 3 Directors (2020 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £135,904 (2020 - £101,811).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £112,000 (2020 - £4,131).


9.


Interest receivable

2021
2020
£
£


Bank interest receivable
1
46

1
46


10.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
21,846
34,031

Other loan interest payable
102,135
103,081

123,981
137,112

Page 25
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
11,300
97,800

Adjustments in respect of previous periods
(32,433)
(72,551)

Total current tax
(21,133)
25,249

Deferred tax


Origination and reversal of timing differences
64,000
116,692


Taxation on profit on ordinary activities
42,867
141,941

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2020 - lower than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit/(loss) on ordinary activities before tax
85,424
(2,285,492)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
16,231
(434,243)

Effects of:


Expenses not deductible for tax purposes
(23,879)
650,314

Depreciation for year in excess of capital allowances
7,075
-

Adjustments to tax charge in respect of prior periods
(32,433)
(72,551)

Increase or decrease in pension fund prepayment
-
(1,579)

Tax rate changes for deferred tax
75,873
-

Total tax charge for the year
42,867
141,941


Factors that may affect future tax charges

The rate of corporation tax has been increased to 25% with effect from 1 April 2023.

Page 26
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Exceptional items

2021
2020
£
£


Related party loan written off
-
3,289,159

During the prior year, management carried out a detailed review of business activities and took the view that some provisions relating to Hidalgo Limited were required in order to clean down the balance sheet.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £ (2020 - loss £3,289,159).


14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2021
3,412,003
18,800
898,491
4,329,294


Additions
42,857
-
177,433
220,290



At 31 December 2021

3,454,860
18,800
1,075,924
4,549,584



Depreciation


At 1 January 2021
2,282,313
18,800
588,129
2,889,242


Charge for the year on owned assets
95,911
-
78,152
174,063


Charge for the year on financed assets
114,178
-
-
114,178



At 31 December 2021

2,492,402
18,800
666,281
3,177,483



Net book value



At 31 December 2021
962,458
-
409,643
1,372,101



At 31 December 2020
1,129,690
-
310,362
1,440,052

Page 27
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Plant and machinery
549,670
670,846


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
3,781,168



At 31 December 2021
3,781,168





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Jaltek Design Services Limited
Ordinary
100%
Jaltek Systems Limited
Ordinary
100%

The registered office of both of the above subsidiaries is Unit 13, Dencora Way, Sundon Business Park, Luton, Bedfordshire, LU3 3HP.

Page 28
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2021 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)
£
£

Jaltek Design Services Limited
351,598
159,895

Jaltek Systems Limited
8,275,257
(117,338)


16.


Stocks

Group
Group
2021
2020
£
£

Raw materials and consumables
957,308
594,689

Work in progress (goods to be sold)
1,063,601
483,390

2,020,909
1,078,079


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 29
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

17.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Trade debtors
2,629,261
2,619,015
-
-

Amounts owed by group undertakings
-
-
241,852
156,193

Other debtors
81,791
229,829
-
-

Prepayments and accrued income
209,949
141,227
-
-

2,921,001
2,990,071
241,852
156,193



18.


Cash and cash equivalents

Group
Group
2021
2020
£
£

Cash at bank and in hand
267,484
69,147

267,484
69,147



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Trade creditors
1,474,121
1,479,379
-
-

Amounts owed to group undertakings
-
-
9,530,899
9,445,240

Corporation tax
16,300
97,800
-
-

Other taxation and social security
461,539
675,313
-
-

Obligations under finance lease and hire purchase contracts
307,999
155,326
-
-

Other creditors
4,174,521
3,025,839
-
-

Accruals and deferred income
306,349
227,298
-
-

6,740,829
5,660,955
9,530,899
9,445,240


Obligations under finance leases and hire purchase contracts are secured by the assets in which they relate.

Page 30
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

20.


Creditors: Amounts falling due after more than one year

Group
Group
2021
2020
£
£

Net obligations under finance leases and hire purchase contracts
202,859
385,144


Obligations under finance leases and hire purchase contracts are secured by the assets in which they relate.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2021
2020
£
£

Within one year
307,999
155,326

Between 1-5 years
202,859
385,144

510,858
540,470


22.


Deferred taxation


Group



2021


£






At beginning of year
236,000


Charged to profit or loss
64,000



At end of year
300,000

Group
Group
2021
2020
£
£

Accelerated capital allowances
307,000
240,972

Short term timing differences
(7,000)
(4,972)

300,000
236,000

Page 31
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

23.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1,000,000 (2020 - 1,000,000) Ordinary shares of £0.0001 each
100
100



24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £98,878 (2020: £79,076) . Contributions totalling £16,070 (2020: £20,935) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 December 2021 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2021
2020
£
£

Not later than 1 year
81,975
109,300

Later than 1 year and not later than 5 years
-
81,975

81,975
191,275

26.


Related party transactions

During the year, the Group had the following transactions with Wavesight Limited, a company in which Pravin Sood and Anmol Sood are directors. The amount due from Wavesight Limited at 31 December 2021 was £180,459 (2020: £139,759).
During the year, the Group had the following transactions with Hidalgo Limited, a company in which Pravin Sood and Anmol Sood are directors. The amount due from Hidalgo Limited at 31 December 2021 was £3,609,850 (2020: £3,244,549) and £3,289,159 has been provided against this amount.
At the year end, there was an amount outstanding to Bermudiana Management Limited, a shareholder of Jaltek Holdings Limited, amounting to £1,091,538 (2020: £1,091,538) which is included within Director's loan. No guarantees have been given or received.
At the year end, there was additional amounts outstanding to Directors' loans as at 31 December 2021 amounting to £1,891,990 (2020: £1,891,990). No guarantees have been given or received.

Page 32
 
JALTEK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

27.


Controlling party

The ultimate controlling party, by virtue of a majority shareholding in Jaltek Holdings Limited, is the JaltekTrust, a discretionary trust established in Jersey.

Page 33