Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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JML HOLDCO LTD
CONTENTS
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JML HOLDCO LTD
COMPANY INFORMATION
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JML HOLDCO LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present the strategic report and consolidated financial statements for the year ended 31 December 2022.
The company was incorporated on 15 July 2022 and through a share for share exchange, acquired the entire share capital of John Mills Limited ("JML") on 25 August 2022. The principal activity of the company during the year was that of a holding company. The company did not trade and made neither a profit nor a loss during the year or the prior year. The principal activity of JML and its subsidiaries during the year were that of distribution of consumer products via UK & Ireland Retail, through international partners and direct-to-consumer. The group financial statements have been prepared using the merger accounting method and present the results of the group as if it had existed throughout the current and comparative period.
In 2022, group revenues were 5.76% lower compared with the previous year. The main area of decline was international distribution with a small reduction in UK retail volumes. Pressure on consumer incomes in developed markets globally along with relatively few new product successes have been the key factors. Direct to consumer revenues however remained broadly level with the previous year following a substantial increase in demand due to changing consumer behaviour during the Covid pandemic.
Profit in 2022 was impacted by rising expenses as a result of inflation. The company’s borrowing throughout the year was relatively low with expenditure and working capital successfully managed. The group has continued to invest in new product development, Management is confident that the organisation is well placed to increase revenues as a result of these investments. The core model of JML has remained successful and is central to future growth. That is, developing innovative consumer products, or licensing them from third parties, and then using video to market them online, in store and on TV under the JML brand and other subsidiary brands. Many of these products are in categories that have proved to be very popular with consumers who spend more time at home due to flexible working. The coronavirus crisis accelerated a shift online for JML in the UK and Ireland. Internationally, a strategy remains which targets revenue through developing new products with high quality promotional video content to be distributed through partners already in place in over 50 territories. UK direct to consumer revenues are much higher than pre-pandemic as consumers shop more frequently from home, facilitated by the launch of a new, re- platformed website. The business has however reduced staff numbers in ecommerce and social media departments in favour of commissioning outside agencies. The intention is to improve digital marketing and drive sales growth online. Expanded retail distribution is being sought and additional space in key retailers is also important for increased revenues. Organic growth is being targeted via the core JML brand online, in retail and via international distribution partners. Incremental revenues are being planned through the launch of business units that promote new product ranges under separate distinct brands that appeal to different groups of consumers. UK rights have been secured to third-party brands that have been successful elsewhere and the company is also developing its own ranges. The intention is to add revenue whilst leveraging existing infrastructure, customer base and expertise.
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JML HOLDCO LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Global shipping costs increased dramatically in 2021 as result of the pandemic with capacity being taken out of service and Covid-19 disruption continuing in Asia. The situation has completely recovered with pricing at or below pre-pandemic levels in 2023 however there is always the risk that something similar may occur again.
JML uses a number of strategies to mitigate the impact of currency fluctuations. These include some currency hedging, adjusting selling prices, re-sourcing suppliers and changing the mix of sales to favour higher margin products. Increased international distribution can also dilute any currency exchange effects. The loss of a major customer should be considered a risk to the business. Management is targeting a widening of the portfolio of distribution and growing the direct-to-consumer operation to ensure that no single customer is critical to the group’s health. Furthermore, JML’s largest customers are supermarkets and those with pharmacies which have continued to trade successfully. The departure of key employees is a risk and JML has ensured an excellent track record of retaining talent and maintaining a culture which engenders high morale and staff motivation. Succession planning is a core element of strategy to ensure that senior managers could always be replaced by high calibre internal candidates. The financial instruments used by the group arise wholly and directly from the company’s operations. These comprise trade debtors, cash at bank, bank loans, invoice discounting facilities and trade creditors. The group has put in place the following measures in order to manage the risks arising from these financial instruments: 1. The group undertakes credit checks on all customers in the United Kingdom and has a policy for the approval of a credit limit, which is notified to the customer. No overseas customers are allowed any credit, with the exception of those where a long trading relationship exists and where there is excellent knowledge of the business of the customer. The group regularly reviews customers' credit limits and will not, other than in exceptional circumstances, supply customers where an order results in a customer exceeding its credit limit. 2. JML’s customers are subject to a Retention of Title clause as part of the company’s trading terms. 3. The group manages its cash positions by regularly monitoring its cash flow, using cash flow forecasting and variance analysis. 4. The financial risk arising from the possible non-advance of credit by its trade creditors, either by exceeding agreed credit limits or by not paying with the specified terms, is managed by regularly monitoring the trade balance and credit limit terms from all suppliers.
Development and performance
JML commits substantial resources to the ongoing development of new products and the production of video content with which to promote them.
Investment in IT and systems has been ongoing. Management believes that this will bring many benefits. However, infrastructure costs have reduced as the largest current projects have reached completion. The directors consider the group to be adequately financed for the foreseeable future through a range of facilities, the largest of which funds stock and debtors from Shawbrook Bank. JML is committed to employee engagement initiatives which include an ongoing programme of staff training, regular conferences, mental health and wellbeing projects, company intranet, charity and social events, company newsletters and a culture of open communication. A high-quality team is in place to take the group forward, a combination of long-standing staff and more recent recruits. With a talented workforce and as a result of the investments made over the past few years, the directors believe that the group is poised for a period of improved profitability.
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JML HOLDCO LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The key performance indicators used by the group include gross profit margin, which increased from 51% to 52% Product sales income fell from £59.54m to £56.10m.
Management is confident that the company’s governance is exemplary with the ongoing analysis of performance indicators to ensure full awareness of business performance, including monthly reporting of key metrics to the board. The non-financial key performance indicators include ensuring that products and service are highly rated by customers whilst constantly striving to improve quality control measures. The company also identifies customer care services as being highly significant and measures these by aiming to maintain a Net Promoter Score of over 75, a Customer Satisfaction Score of over 85% and to achieve over 95% on time delivery. JML’s Trustpilot score is currently 4.6 (out of 5.0). In addition, other non-financial key performance indicators include raising brand awareness and the group profile measured by both customer and supplier loyalties and other attributes such as market share and size of database. Key performance indicators are maintained across all parts of the business to ensure management are constantly monitoring and challenging results.
The board of directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in decisions taken during the year ended 31 December 2022. In particular:
The strategy was designed to have a long-term beneficial impact on the company and to contribute to its success by delivering more sustainable earnings, continuous product and service improvements and an increasingly rewarding environment in which to work. JML’s employees are fundamental to the delivery of the company’s strategy. The business aims to be a responsible employer in its approach to the pay and benefits employees receive. The health, safety and well-being of staff is one of the primary considerations in the way JML conducts business. The company takes its duty to customers extremely seriously, both business clients and consumers. Management strive to always provide the highest quality products and services and ensure any concerns or complaints are addressed quickly, efficiently and with an aim of completely satisfying the customer where possible and reasonable. The company takes its duty to suppliers extremely seriously. The business aims to maintain the highest reputation for being a good customer, treating suppliers in a friendly, respectful and collaborative way, paying fair prices and settling debts within agreed timeframes. JML’s strategy has taken into account the impact of the company's operations on the community, environment and wider societal responsibilities. Several of the performance measures in the company’s strategy will deliver sustainability improvements. The Board of Directors’ intention is to behave responsibly and ensure that management operate the business in a responsible manner, maintaining the high standards of business conduct and good governance expected for a business such as JML and in doing so, will contribute to the delivery of the company’s strategic plan. The intention is to nurture JML’s reputation, through providing an excellent experience for customers, suppliers and other stakeholders when interacting with the business.
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JML HOLDCO LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Board of Directors’ intention is to always treat shareholders fairly and respect their views, so they too may benefit from the successful delivery of the company’s strategic plan.
This report was approved by the board and signed on its behalf.
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JML HOLDCO LTD
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.
The loss for the year, after taxation, amounted to £1,117,097 (2021 -profit £871,606).
An interim ordinary dividend of £301,210 (2021: £1,058,560) was paid in the year. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
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JML HOLDCO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
As required by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the company's energy use and greenhouse gas (GHG) emissions are set out below.
The data relates to the 12 month period from 1 January 2022 to 31 December 2022. Total energy consumption 2,045,697 kWh Emissions from combustion of gas (scope 1) 402 tCO2e Emissions from combustion of fuel for the purposes of transport (scope 1) 21 tCO2e Emissions from business travel in rental cars or employee-owned vehicles 0 tCO2e the company is responsible for purchasing the fuel (scope 3) Emissions from purchased electricity (scope 2) 43 tCO2e Total gross emissions 466 tCO2e Intensity ratio 8.27 tCO2e/£1m Turnover
Comparison to previous financial year
The data relates to the 12 month period from 1 January 2021 to 31 December 2021. Total energy consumption 2,073,501 kWh Emissions from combustion of gas (scope 1) 396 tCO2e Emissions from combustion of fuel for the purposes of transport (scope 1) 27 tCO2e Emissions from business travel in rental cars or employee-owned vehicles 1 tCO2e the company is responsible for purchasing the fuel (scope 3) Emissions from purchased electricity (scope 2) 50 tCO2e Total gross emissions 474 tCO2e Intensity ratio 8.03 tCO2e/£1m Turnover
Methodology
This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement. The carbon figures have been calculated using the BEIS 2022 carbon conversion factors for all fuels.
Primary energy efficiency measures implemented
No specific energy efficiency actions were undertaken in 2022.
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JML HOLDCO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This report was approved by the board and signed on its behalf.
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JML HOLDCO LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 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 for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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JML HOLDCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JML HOLDCO LTD
FOR THE YEAR ENDED 31 DECEMBER 2022
We have audited the financial statements of JML Holdco Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the consolidated profit and loss account, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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).
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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.
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 Group's or the parent 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.
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JML HOLDCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JML HOLDCO LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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JML HOLDCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JML HOLDCO LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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 auditor's 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 Group 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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the retail sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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JML HOLDCO LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JML HOLDCO LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 auditor's 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 auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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JML HOLDCO LTD
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
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JML HOLDCO LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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JML HOLDCO LTD
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 23 to 49 form part of these financial statements.
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JML HOLDCO LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 23 to 49 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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JML HOLDCO LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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JML HOLDCO LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
JML Holdco Ltd and its group distributes consumer products via international partners, direct-to-consumer, online and through television home shopping.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is 610 Chiswick High Road, London, W4 5RU. The group consists of JML Holdco Ltd and all of its subsidiaries. The financial statements are presented in Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The company has taken advantage of the following disclosure exemptions in preparing these consolidated financial statements:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
∙Section 26 Share based payments (disclosure of share based payments);
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosure of key management personnel compensation).
The following principal accounting policies have been applied:
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The group financial statements have been prepared using the merger accounting method and present the results and financial position of the group as if it had existed throughout the current and comparative period.
Merger accounting gives rise to a merger reserve in the consolidated statement of financial position being the difference between the nominal value of the shares held by the combined entity, and the shares at nominal value held by the parent company.
Under the merger method, the results and cash flows of the combining entities were brought into the accounts of the combined entity from the beginning of the financial year in which the combination occurred and the comparative information includes the amounts for all of the combining entities for that period, in each case adjusted so as to achieve uniformity of accounting policies. The assets and liabilities of the combining entities are not restated to fair values and no goodwill arises. In the company's own financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed plus costs directly attributable to the business combination. The consolidated financial statements incorporate those of JML Holdco Limited and its subsidiaries (i.e., entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All the financial statements are made up to 31 December 2022. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 25
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. 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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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:
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.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated profit and loss account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
Page 28
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The Group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument.
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 Group after deducting all of its liabilities.
The Group’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derivative contracts
Derivatives contracts, including foreign exchange forward contracts, are not basic financial instruments. Derivatives contracts 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 interest payable and similar expenses or interest receivable and similar income as appropriate.
Impairment of financial assets
Financial assets 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 profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
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. Provisions are charged as an expense to profit or loss in the year that the Group 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 31
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Impairment of trade debtors The group reviews trade debtor balances for impairment and this is performed on a regular basis. Those balances which are considered to be recoverable remain in debtors and those which are not, are impaired and the impairment loss is recorded in the profit and loss. In making this judgement, the company evaluates, among other factors, the duration and the financial health of and short-term business outlook for the trade debtors, including factors such as industry and sector performance. The accounting policy of trade debtors is described in note 2.19. At the year end the carrying amount of trade debtors is stated in note 19. Stock Stock is valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends. The accounting policy of stocks is described in note 2.17. At the year end the carrying amount of stocks is stated in note 18. Key sources of estimation uncertainty 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. Useful life of intangible fixed assets Intangible assets are amortised over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually, taking into account factors such as technological innovation, market information and management considerations. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account. The accounting policy of intangible fixed assets is described in note 2.13. The carrying amount of the group’s intangible fixed assets in the balance sheet is disclosed in note 15 of the financial statements. Useful lives of tangible fixed assets The cost of tangible fixed assets is depreciated over its estimated useful economic life. Management estimates the useful lives of these tangible assets to vary. Changes in the expected level of usage and technological developments could impact on the useful economic lives and the residual values of these assets; therefore, future depreciation charges could be revised. The accounting policy of tangible fixed assets is described in note 2.14. The carrying amount of the group’s tangible fixed assets in the balance sheet is disclosed in note 16 of the financial statements. Volume and price markdown rebates given to customers Rebates are given to customers, in accordance with customer contracts, when cumulative turnover exceeds a predefined level or if the customer sells on goods at a marked down price. Provision is made for these "retro-rebates" at the year-end. The provision is based on past rebates given and is necessarily an estimate.
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 33
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 34
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 35
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 36
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12.Taxation (continued)
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% for companies with profits of over £250,000. A small profits rate will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £Nil.
Page 37
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 38
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 39
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 40
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 41
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Joint ventures The following were joint ventures of the Company:
Page 42
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 43
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 44
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 45
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 46
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Revaluation reserve
Foreign exchange reserve
Merger Reserve
Profit and loss account
Page 47
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 48
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JML HOLDCO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The company and group is controlled by
Page 49
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