JJ_FOOD_SERVICE_HOLDINGS_ - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

JJ Food Service Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 7 Solar Way, Innova Park, Enfield, Middlesex, EN3 7XY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include include investment properties at fair value. The principal accounting policies adopted are set out below.

JJ Food Service Holdings Limited Limited is a wholly owned subsidiary of JJ Food Holding Co Limited and the results of JJ Food Service Holdings Limited are included in the consolidated financial statements of JJ Food Holding Co Limited. These are available from 7 Solar Way, Innova Park, Enfield, Middlesex, EN3 7XY.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements therefore present information about the company as an individual entity and not about its group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised at the fair value of rents receivable. Rental income is recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives such as an initial rent free-period are therefore recognised on the same straight line basis.

Dividends receivable are recognised as investment income once they are receivable.

Property, plant and equipment are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company has taken advantage of the option in paragraph 16.4A of FRS 102 to recognise investment properties that have been rented to another group entity as property, plant and equipment and apply the cost model in accordance with Section 17.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including other payable and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis with reference to recent transactions involving comparable properties.

There were no persons employed by the company during the period.

The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis with reference to previous professional valuations.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability is calculated using the corporation tax rate of 25%, the rate that had been enacted at the balance sheet date for periods beginning 1 April 2023.

At the year end, the company's retained earnings included non-distributable reserves of £8,357,296 (2022: £6,407,296).

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has granted fixed charges over certain of its freehold properties as security against amounts owed by the parent company, JJ Food Holding Co Limited. At the year end, the amount owed was £6,750,000 (2022: £6,750,000).

Subsequent to the year end the company has purchased a new depot in South West London, which is being adapted to be leased to a subsidiary, for an estimated total cost of £20 million.

The company has taken advantage of the exemption in FRS 102 paragraph 33.1A whereby it has not disclosed transactions with any wholly owned fellow group companies.

The company's ultimate parent company is JJ Food Holding Co Limited ("JJ Holding Co"), a company incorporated in England and Wales. JJ Holding Co has the same registered office as the company.

The largest and smallest group of undertakings for which the group accounts have been drawn up is that headed by JJ Holding Co, and copies of those group accounts are available from its registered office.

The ultimate controlling party of the group is Mr. M. H. Kiamil by virtue of his shareholding.

At the year end, the company was owed £4,644,509 (2022: £5,447,359) by a director. This amount is interest free, unsecured and repayable on demand.