Jainco (UK) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05153185 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

JAINCO (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

V Jain

S K Jain

K Jain

SECRETARY:

V Jain

REGISTERED OFFICE:

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

REGISTERED NUMBER:

05153185 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Intangible assets

4

136,194

181,592

Tangible assets

5

50,341

50,326

186,535

231,918

CURRENT ASSETS

Stocks

777,952

306,892

Debtors

6

4,026,738

4,585,631

Cash at bank and in hand

521,277

1,273,611

5,325,967

6,166,134

CREDITORS

Amounts falling due within one year

7

2,187,456

3,384,158

NET CURRENT ASSETS

3,138,511

2,781,976

TOTAL ASSETS LESS CURRENT LIABILITIES

3,325,046

3,013,894

CREDITORS

Amounts falling due after more than one year

8

(500,000

)

(731,221

)

PROVISIONS FOR LIABILITIES

(44,006

)

(8,191

)

NET ASSETS

2,781,040

2,274,482

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

2,780,940

2,274,382

SHAREHOLDERS' FUNDS

2,781,040

2,274,482

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

V Jain - Director

1.	STATUTORY INFORMATION

Jainco (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The trading address of the company is 10 Wellcroft Road, Slough, SL1 4AQ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover relates to the sale of goods in the period. Sales can be categorised as FOB (Free on Board), and non-FOB.

FOB sales are recognised at the point of shipment, when the buyer assumes all risks and rewards associated with the goods.

Non-FOB sales are recognised when the contractual obligations are met in line with underlying purchase orders and terms. This can be at the point of provision to a third party courier, or upon delivery of goods to the customer.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

Intangible assets

Intangible assets relate to software development costs which are shown at cost less amortisation. Amortisation is only charged when the software is brought into use and is recognised on a straight line basis over 4 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

181,592

AMORTISATION

Charge for year

45,398

At 31 December 2022

45,398

NET BOOK VALUE

At 31 December 2022

136,194

At 31 December 2021

181,592

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

195,168

Additions

19,309

At 31 December 2022

214,477

DEPRECIATION

At 1 January 2022

144,842

Charge for year

19,294

At 31 December 2022

164,136

NET BOOK VALUE

At 31 December 2022

50,341

At 31 December 2021

50,326

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

as restated

£

£

Trade debtors

1,805,613

2,318,376

Amounts owed by group undertakings

128,122

656,775

Other debtors

2,093,003

1,610,480

4,026,738

4,585,631

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

as restated

£

£

Bank loans and overdrafts

211,085

643,035

Trade creditors

21,626

52,525

Amounts owed to group undertakings

867,813

711,534

Taxation and social security

78,474

167,131

Other creditors & accruals

1,008,458

1,809,933

2,187,456

3,384,158

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

as restated

£

£

Bank loans

500,000

731,221

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

as restated

£

£

Within one year

21,500

21,500

10.	SECURED DEBTS

There is a debenture in favour of National Westminster Bank Plc over all assets of the company, as security over the available bank loan facility.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

as restated

£

£

100

Ordinary shares

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 January 2022

2,453,657

Prior year adjustment

(179,275

)

2,274,382

Profit for the year

590,558

Dividends

(84,000

)

At 31 December 2022

2,780,940

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Oury (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-

"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 a Report of the Auditors 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."

14.	CONTINGENT LIABILITIES

The company has given a guarantee to National Westminster Bank Plc on the borrowings of a group company in the sum of £1,250,000.

15.	ULTIMATE CONTROLLING PARTY

At the year end, there is no ultimate controlling party.

16.	ULTIMATE PARENT COMPANY

The immediate parent company is Jain Group Holdings Ltd, incorporated in the United Kingdom. They are located at 10 Wellcroft Road, Slough, SL1 4AQ.

The ultimate parent company is Jain Global Holdings Limited. They are located at 10 Wellcroft Road, Slough, SL1 4AQ. Consolidated accounts are publicly available.