ACCOUNTS - Final Accounts preparation

Operating loss

The operating loss is stated after charging:

JADE REALTY LIMITED - Company Information

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Registered number: 02448397

JADE REALTY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

JADE REALTY LIMITED

CONTENTS

	Page
Company Information	1
Directors' Report	2 - 4
Independent Auditors' Report	5 - 9
Statement of Comprehensive Income	10
Balance Sheet	11 - 12
Statement of Changes in Equity	13 - 14
Notes to the Financial Statements	15 - 25

JADE REALTY LIMITED

COMPANY INFORMATION

Director	G C Peires (appointed 30 September 2023)


Company secretary	M Smulovitch


Registered number	02448397


Registered office	Hallswelle House
	1 Hallswelle Road
	London,
	NW11 0DH


Independent auditors	White Hart Associates (London) Limited
	Chartered Accountants and Statutory Auditors
	2nd Floor, Nucleus House
	2 Lower Mortlake Road
	Richmond
	TW9 2JA


Bankers	Barclays Bank PLC
	Edgeware Group 9
	Leicester
	Leicestershire
	LE87 2BB


Solicitors	PCB Lawyers LLP
	70 Baker Street
	London
	NW11 0DH

Page 1

JADE REALTY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the company is that of a corporate services provider.

Results and dividends

The loss for the year, after taxation, amounted to £1,378,788 (2021 - loss £835,557).

The results for the company are set out in detail in the Statement of comprehensive income. The directors do not propose a dividend for the year.

Directors

The directors who served during the year were:

H M O'Donnell (resigned 30 September 2023)

G Wilding (resigned 31 October 2023)

Page 2

JADE REALTY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Going concern

The directors are fully aware of their duty to assess the company’s going concern status and have attended to this with particular care in consideration of the current economic outlook. The company is part of the wider IDILIQ Group of companies. The ultimate parent company, CLC Holdings Limited, has confirmed its intention to continue to provide ongoing support to the company as required. Having considered the ability of CLC Holdings Limited to provide that support, based on the confirmation received, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Principal risks and uncertainties

Financial risk management

Liquidity risk

In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the company uses group debt finance.

Credit risk

Credit risk is the risk that one party of a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimizing such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the company's debtors are shown in note 8 to the financial statements.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, White Hart Associates (London) Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 3

JADE REALTY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

This report was approved by the board on 18 December 2023 and signed on its behalf.

G C Peires

Director

Page 4

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED

Opinion

We have audited the financial statements of Jade Realty Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 6

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional skepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control;
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 8

JADE REALTY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JADE REALTY 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

M S Caldicott ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of

White Hart Associates (London) Limited

Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA

18 December 2023

Page 9

JADE REALTY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2022

	2022	2021
Note	£	£


Turnover	583,016	745,103
Gross profit	583,016	745,103
Administrative expenses	(1,960,481)	(1,580,736)
Other operating income	-	76
Operating loss	(1,377,465)	(835,557)
Tax on loss	(1,323)	-
Loss for the financial year	(1,378,788)	(835,557)

Other comprehensive income for the year

Total comprehensive income for the year	(1,378,788)	(835,557)

The notes on pages 15 to 25 form part of these financial statements.

Page 10

JADE REALTY LIMITED

REGISTERED NUMBER: 02448397

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	6		7,120		577
Investments	7		5,359		5,359
			12,479		5,936
Current assets
Debtors: amounts falling due within one year	8	2,444,637		1,559,786
Cash at bank and in hand	9	11,038		14,958
		2,455,675		1,574,744
Creditors: amounts falling due within one year	10	(4,066,591)		(2,063,652)
Net current liabilities			(1,610,916)		(488,908)
Total assets less current liabilities			(1,598,437)		(482,972)
Creditors: amounts falling due after more than one year	11		(412,000)		(150,000)
Provisions for liabilities
Deferred tax	12	(1,487)		(164)
			(1,487)		(164)
Net liabilities			(2,011,924)		(633,136)

Capital and reserves
Called up share capital	12,500	12,500
Profit and loss account	(2,024,424)	(645,636)
	(2,011,924)	(633,136)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2023.

G C Peires

Director

The notes on pages 15 to 25 form part of these financial statements.

Page 11

JADE REALTY LIMITED

REGISTERED NUMBER: 02448397

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

Page 12

JADE REALTY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2022	12,500	(645,636)	(633,136)
Comprehensive income for the year
Loss for the year	-	(1,378,788)	(1,378,788)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(1,378,788)	(1,378,788)
Total transactions with owners	-	-	-
At 31 December 2022	12,500	(2,024,424)	(2,011,924)

The notes on pages 15 to 25 form part of these financial statements.

Page 13

JADE REALTY LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2021	12,500	189,921	202,421
Comprehensive income for the year
Loss for the year	-	(835,557)	(835,557)
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	(835,557)	(835,557)
Total transactions with owners	-	-	-
At 31 December 2021	12,500	(645,636)	(633,136)

The notes on pages 15 to 25 form part of these financial statements.

Page 14

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Jade Realty Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is shown on page 1.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Group Accounts

No group accounts have been prepared on the basis that the group is exempt on the grounds of being small.

2.3

Going concern

The directors are fully aware of their duty to assess the company’s going concern status and have attended to this with particular care in consideration of the current economic outlook. The company is part of the wider IDILIQ Group of companies. The ultimate parent company, CLC Holdings Ltd, has confirmed its intention to continue to provide ongoing support to the company as required. Having considered the ability of CLC Holdings Ltd to provide that support, based on the confirmation received, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Page 15

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Revenue

Turnover represents amounts derived from the provision of goods and services, within the UK, which fall within the company's ordinary activities after deduction of discounts and Value Added Tax. Revenue is recognised at the point of sale of goods or provision of services.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Computer equipment	-	33% straight line
				Plant and machinery	-	100% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 17

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.11

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.

2.12

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.

2.13

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.

2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company 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.

Page 18

JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.15

Financial instruments

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

	Exchange differences	(72,194)	50,303
	Other operating lease rentals	253,411	274,969

Wages and salaries	674,144	525,523
Social security costs	91,980	65,521
Cost of defined contribution scheme	13,913	12,561
	780,037	603,605

The average monthly number of employees, including directors, during the year was 13 (2021 - 13).



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	1,323	-
Total deferred tax	1,323	-


	Taxation on profit on ordinary activities	1,323	-

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

5.Taxation (continued)

Loss on ordinary activities before tax

(1,377,465)

(835,557)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	(261,718)	(158,756)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(1,488)	428
Utilisation of tax losses	263,206	158,328
Deferred tax	1,323	-
Total tax charge for the year	1,323	-

Factors that may affect future tax charges

In the March 2021 Budget, the UK Government announced that legislation would be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023.
Accordingly, the deferred tax balances as at 31 December 2022 have been measured at a rate of 25%.

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6.	Tangible fixed assets

	Plant and machinery	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2022	12,000	865	12,865
Additions	-	8,618	8,618
At 31 December 2022	12,000	9,483	21,483
Depreciation
At 1 January 2022	12,000	288	12,288
Charge for the year on owned assets	-	2,075	2,075
At 31 December 2022	12,000	2,363	14,363
Net book value
At 31 December 2022	-	7,120	7,120
At 31 December 2021	-	577	577

7.	Investments

		Investment in subsidiary
		£
	Cost or valuation
	At 1 January 2022	5,359
	At 31 December 2022	5,359

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Debtors

					2022	2021
					£	£


Trade debtors	249	600
Amounts owed by group companies	1,595,049	934,801
Amounts owed by related companies	779,126	585,706
Other debtors	46,273	13,788
Prepayments and accrued income	23,940	24,891
	2,444,637	1,559,786

Amounts owed by group and related companies are interest free and repayable on demand.

9.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	11,038	14,958
	11,038	14,958

10.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	59,140	31,625
Amounts owed to group companies	3,820,106	1,858,452
Amounts owed to to related companies	98,328	10,080
Other taxation and social security	48,366	91,548
Other creditors	13,295	4,725
Accruals and deferred income	27,356	67,222
	4,066,591	2,063,652

Amounts owed by group and related companies are interest free and repayable on demand.

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

11.	Creditors: Amounts falling due after more than one year
		2022	2021
		£	£

Other loans	412,000	150,000
	412,000	150,000

The loan above is from Geltron Investments Limited and is interest free and repayable on demand.

12.	Deferred taxation

	2022	2021
	£	£

At beginning of year	(164)	(164)
Charged to profit or loss	(1,323)	-
At end of year	(1,487)	(164)

					2022	2021
					£	£

Accelerated capital allowances	(1,780)	(164)
Other timing differences	293	-
	(1,487)	(164)

13.	Share capital
		2022	2021
		£	£

Allotted, called up and partly paid

50,000 (2021 - 50,000) Ordinary shares of £1.00 each	12,500	12,500

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JADE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Not later than 1 year	15,152	12,482
Later than 1 year and not later than 5 years	691	24,520
	15,843	37,002

15.	Related party transactions

		Sales / (Operating and other cost) from related party	Sales / (Operating and other cost) from related party	Amounts owed (to)/by related party	Amounts owed (to)/by related party
		£ - 2022	£ - 2021	£- 2022	£ - 2021

Group Companies
CLC Holdings Ltd	-	-	(3,820,106)	(1,858,452)
Jade Properties Management, SL	-	-	1,595,049	934,801
Alpine	-	-	-	-
Related Companies
Trenython Manor Leisure Ltd	18,377	257,504	128,088	259,653
Duchally House Leisure Ltd	67,785	267,191	216,304	309,389
Ambassador Ltd	-	(4,351)	(18,328)	(10,800)
HF Hotelbetriebs	-	16,664	14,734	-
CLC Resort Developments Ltd	-	83,105	-	-
Hustyns Leisure Ltd	-	-	(80,000)	-
CLC Resort Management Ltd	350,000	-	420,000	-

16.	Controlling party

The ultimate parent company is CLC Holdings Limited, a company incorporated in the Isle of Man. The immediate parent company is CLC Developments Limited, a company incorporated in the Isle of Man.
The registered office address of CLC Holdings Limited is 19-21 Circular Road, Douglas, IM1 1AF, Isle of Man.
The company and the Group are under the control of Cavendish Trustees Limited, which is deemed to be the ultimate controlling party.

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