Jaynic Developments Ltd - Limited company accounts 23.2

REGISTERED NUMBER: 11185786 (England and Wales)

Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 30 June 2023

for

Jaynic Developments Ltd

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTORS:

N S Rumsey

Mrs J E Rumsey

REGISTERED OFFICE:

The Old Grange

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

REGISTERED NUMBER:

11185786 (England and Wales)

ACCOUNTANTS:

Fisher Michael

The Old Grange

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of property development and providing property development related project management support.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

N S Rumsey

Mrs J E Rumsey

DONATIONS

During the year, the group made donations to local charities of £2,448.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

N S Rumsey - Director

20 March 2024

TURNOVER

17,126,325

7,392,149

Cost of sales

9,251,514

2,223,050

GROSS PROFIT

7,874,811

5,169,099

Administrative expenses

2,867,575

599,493

5,007,236

4,569,606

Other operating income

1,015,525

60,419

OPERATING PROFIT

4

6,022,761

4,630,025

Related party balances

written off

5

3,909,977

56,441

9,932,738

4,686,466

Interest receivable and similar income

84,513

5,329

10,017,251

4,691,795

Gain/loss on revaluation of investment property

9,581,869

(40,713

)

19,599,120

4,651,082

Interest payable and similar expenses

1,400,395

61,511

PROFIT BEFORE TAXATION

18,198,725

4,589,571

Tax on profit

3,439,587

670,389

PROFIT FOR THE FINANCIAL YEAR

14,759,138

3,919,182

Profit attributable to:

Owners of the parent

14,613,698

3,919,212

Non-controlling interests

145,440

(30

)

14,759,138

3,919,182

FIXED ASSETS

Intangible assets

7

1,571,577

1,751,186

Tangible assets

8

9,830

9,342

Investments

9

-

-

Investment property

10

33,261,632

21,007,491

34,843,039

22,768,019

CURRENT ASSETS

Stocks

17,643,258

18,055,789

Debtors

11

2,440,554

1,969,126

Cash at bank

5,279,392

1,461,787

25,363,204

21,486,702

CREDITORS

Amounts falling due within one year

12

4,871,506

3,798,351

NET CURRENT ASSETS

20,491,698

17,688,351

TOTAL ASSETS LESS CURRENT LIABILITIES

55,334,737

40,456,370

CREDITORS

Amounts falling due after more than one year

13

(18,317,519

)

(20,720,566

)

PROVISIONS FOR LIABILITIES

(3,075,885

)

(435,885

)

NET ASSETS

33,941,333

19,299,919

CAPITAL AND RESERVES

Called up share capital

106

106

Share premium

2,499,994

2,499,994

Fair value reserve

6,941,869

-

Retained earnings

24,354,015

16,799,912

SHAREHOLDERS' FUNDS

33,795,984

19,300,012

NON-CONTROLLING INTERESTS

145,349

(93

)

TOTAL EQUITY

33,941,333

19,299,919

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:

N S Rumsey - Director

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

-

-

Investments

9

1,500,003

1,500,003

Investment property

10

-

-

1,500,003

1,500,003

CURRENT ASSETS

Debtors

11

100

100

CREDITORS

Amounts falling due within one year

12

6,000

10,396

NET CURRENT LIABILITIES

(5,900

)

(10,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,494,103

1,489,707

CAPITAL AND RESERVES

Called up share capital

106

106

Share premium

2,499,994

2,499,994

Retained earnings

(1,005,997

)

(1,010,393

)

SHAREHOLDERS' FUNDS

1,494,103

1,489,707

Company's profit/(loss) for the financial year

122,122

(1,007,600

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:

N S Rumsey - Director

1.	STATUTORY INFORMATION

Jaynic Developments Ltd 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 General Information page.

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 as modified by the revaluation of certain assets.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

No significant judgements or estimations have been applied in the preparation of the financial statements.

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost, less any accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:

Plant and machinery etc - 33% straight line

Investment property

The investment properties are included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

Work in progress

Work in progress comprises land and infrastructure costs incurred on the group's development at Suffolk Park, Bury St Edmunds and other development projects.

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, and loans to related parties.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Pension costs and other post-retirement benefits

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

Debtors

Debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Other financial liabilities, including bank loans, are measured initially and subsequently at fair value net of transaction costs as there is no material difference to amortised cost using the effective interest rate method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2023

2022

£

£

Depreciation - owned assets

6,565

1,060

Goodwill amortisation

179,609

44,902

5.	EXCEPTIONAL ITEMS

2023

2022

£

£

Related party balances

written off

3,909,977

56,441

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 July 2022

and 30 June 2023

1,796,088

AMORTISATION

At 1 July 2022

44,902

Charge for year

179,609

At 30 June 2023

224,511

NET BOOK VALUE

At 30 June 2023

1,571,577

At 30 June 2022

1,751,186

8.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 July 2022

6,622

Additions

7,053

At 30 June 2023

13,675

DEPRECIATION

At 1 July 2022

(2,720

)

Charge for year

6,565

At 30 June 2023

3,845

NET BOOK VALUE

At 30 June 2023

9,830

At 30 June 2022

9,342

9.	FIXED ASSET INVESTMENTS

Company

Other

investments

£

COST

At 1 July 2022

and 30 June 2023

1,500,003

NET BOOK VALUE

At 30 June 2023

1,500,003

At 30 June 2022

1,500,003

The investments represent the parent company's 100% shareholding in Jaynic Suffolk Park Logistics Limited and Jaynic Properties Ltd, companies registered in England and Wales.

10.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 July 2022

21,007,491

Additions

2,951,320

Disposals

(279,048

)

Revaluations

9,581,869

At 30 June 2023

33,261,632

NET BOOK VALUE

At 30 June 2023

33,261,632

At 30 June 2022

21,007,491

Fair value at 30 June 2023 is represented by:

£

Valuation in 2017

288,287

Valuation in 2021

1,350,000

Valuation in 2022

1,138,788

Valuation in 2023

8,659,897

Cost

21,824,660

33,261,632

If the investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

21,824,660

7,431,419

The investment properties were valued on an open market basis on 30 June 2023 by the director .

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2023

2022

2023

2022

£

£

£

£

Trade debtors

918,988

1,031,348

-

-

Amounts owed by related parties

533,915

-

-

-

Other debtors

987,651

937,778

100

100

2,440,554

1,969,126

100

100

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2023

2022

2023

2022

£

£

£

£

Bank loans and overdrafts

-

35,221

-

-

Trade creditors

13,163

2,412,991

-

-

Amounts owed to related parties

-

937,474

-

4,396

Taxation and social security

566,338

296,415

-

-

Other creditors

4,292,005

116,250

6,000

6,000

4,871,506

3,798,351

6,000

10,396

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

2023

2022

£

£

Bank loans

3,060,819

3,519,554

Amounts owed to related parties

-

350,500

Other creditors

15,256,700

16,850,512

18,317,519

20,720,566