Justus Corporation Limited Filleted accounts for Companies House (small and micro)

Justus Corporation Limited Filleted accounts for Companies House (small and micro)

JUSTUS CORPORATION LIMITED - Company Information

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0 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15,889,674 330,629 16,220,303 11,132,515 5,087,788 4,757,159 xbrli:pure xbrli:shares iso4217:GBP 04623562 2022-01-01 2022-12-31 04623562 2022-12-31 04623562 2021-12-31 04623562 2021-12-31 04623562 2020-12-31 04623562 bus:Director2 2022-01-01 2022-12-31 04623562 bus:Director3 2022-01-01 2022-12-31 04623562 core:AfterOneYear 2022-12-31 04623562 core:AfterOneYear 2021-12-31 04623562 core:WithinOneYear 2022-12-31 04623562 core:WithinOneYear 2021-12-31 04623562 core:ShareCapital 2022-12-31 04623562 core:ShareCapital 2021-12-31 04623562 core:OtherReservesSubtotal 2022-12-31 04623562 core:OtherReservesSubtotal 2021-12-31 04623562 core:RetainedEarningsAccumulatedLosses 2022-12-31 04623562 core:RetainedEarningsAccumulatedLosses 2021-12-31 04623562 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 04623562 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2022-12-31 04623562 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 04623562 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-12-31 04623562 core:Non-currentFinancialInstruments 2022-12-31 04623562 core:Non-currentFinancialInstruments 2021-12-31 04623562 bus:Director2 2021-12-31 04623562 bus:Director2 2020-12-31 04623562 bus:Director3 2021-12-31 04623562 bus:Director3 2020-12-31 04623562 bus:SmallEntities 2022-01-01 2022-12-31 04623562 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 04623562 bus:FullAccounts 2022-01-01 2022-12-31 04623562 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04623562 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 04623562
Justus Corporation Limited
Filleted Unaudited Financial Statements
31 December 2022
Justus Corporation Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Investments
4
5,087,788
4,757,159
Current assets
Debtors
5
3,415,699
3,646,474
Cash at bank and in hand
4,732,424
4,796,832
------------
------------
8,148,123
8,443,306
Creditors: amounts falling due within one year
6
2,068,193
2,061,669
------------
------------
Net current assets
6,079,930
6,381,637
-------------
-------------
Total assets less current liabilities
11,167,718
11,138,796
Creditors: amounts falling due after more than one year
7
7,400,000
7,400,000
-------------
-------------
Net assets
3,767,718
3,738,796
-------------
-------------
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
5,087,688
4,757,059
Profit and loss account
( 1,320,970)
( 1,019,263)
------------
------------
Shareholders funds
3,767,718
3,738,796
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Justus Corporation Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 3 May 2024 , and are signed on behalf of the board by:
A Michael
F Michael
Director
Director
Company registration number: 04623562
Justus Corporation Limited
Notes to the Financial Statements
Year ended 31st December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 230 Shirley Road, Southampton, SO15 3HR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Any fixed asset investments carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated impairment losses.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss or the non-distributable reserve.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors
Debtors are measured at transaction price, less any impairment.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings
£
Cost or valuation
At 1st January 2022
15,889,674
Revaluations
330,629
-------------
At 31st December 2022
16,220,303
-------------
Impairment
At 1st January 2022 and 31st December 2022
11,132,515
-------------
Carrying amount
At 31st December 2022
5,087,788
-------------
At 31st December 2021
4,757,159
-------------
During a previous year Justus Corporation Limited purchased the entire share capital of La Motte Investments Limited, this being 550,000 £1 shares, for £11,132,515. La Motte Investments Limited is a company registered in the States of Jersey, registered number 1084 and has a year end of 31st December. The whole of the investment in La Motte Investments Limited has been written off in a previous year.
During 2012 Justus Corporation Limited purchased the entire share capital of H300 Limited, this being 100 £1 ordinary shares for £100. H300 Limited is a company registered in England and Wales, registered number 07637655 and has a year end of 31st December. During the year to 31st December 2022 H300 Limited achieved a profit after tax of £330,629 (2021 - £234,059). At 31st December 2022 H300 Limited share capital and reserves totalled £5,087,788 (2021 - £4,757,159). During the year to 31st December 2022 the directors incorporated the amount of £5,087,788 as the value of the investment in H300 Limited.
5. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,882,029
3,222,830
Other debtors
533,670
423,644
------------
------------
3,415,699
3,646,474
------------
------------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
23,558
22,084
Social security and other taxes
2,934
21,434
Other creditors
2,041,701
2,018,151
------------
------------
2,068,193
2,061,669
------------
------------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
7,400,000
7,400,000
------------
------------
8. Loans
The Samstream Limited loan of £7,400,000 is considered by the directors to be a long-term loan and should be included in creditors due after more than one year. The directors consider that the carrying amount of the Samstream Limited loan is approximate to its fair value.
9. Contingencies
A shareholder has initiated proceedings in respect of their interest in the Company. The proceedings are opposed, and the shareholders are disputing the beneficial ownership of a subsidiary of the Parent Company, as well as another legal entity to which the Company is presently alleged to be contingently liable to. Other disputes include, but are not limited to, the amounts associated with certain loans and cash contributions.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2022
2021
£
£
A Michael
( 830,920)
( 830,920)
F Michael
( 830,920)
( 830,920)
------------
------------
( 1,661,840)
( 1,661,840)
------------
------------
11. Other reserves
The other reserve is a non-distributable reserve which consists of the revaluation of investments in subsidiaries £5,087,688 (2021 - £4,757,059).
12. Related party transactions
Justus Corporation Limited has two wholly owned subsidiaries, H300 Limited and La Motte Investments Limited. The directors of both Justus Corporation Limited are also directors and shareholders of Justus JV Limited making Justus JV Limited an associated company. During the year the following transactions took place, in the ordinary course of business, between the related parties.
2022 2021
£ £
La Motte Investments Limited
Balance at 31st December 1,200,300 1,541,101
H300 Limited
Management charges receivable 70,000 92,500
Balance at 31st December 1,681,729 1,681,729
Justus JV Limited
Balance at 31st December (220,886) (223,586)
The company has not been charged interest.
13. Subsidiaries
Justus Corporation Limited wholly owns the following subsidiaries:
H300 Limited A company registered in England & Wales
La Motte Investments Limited A company registered in Jersey