Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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708,326 | 733,085 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
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- due after more than one year | 5 |
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Cash at bank and in hand |
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36,156 | 68,546 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current liabilities | (591,407) | (447,440) | ||
Total assets less current liabilities | 116,919 | 285,645 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Jasmine Holdings Limited (registered number:
N F Stewart
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Jasmine Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is New Jasmine House Greenbank Place, East Tullos Industrial Estate, Aberdeen, AB12 3BT, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
In light of the company's loss for the year and reduced net asset position, and having considered the impact of the Covid-19 pandemic on the company's financial results and position, the directors have prepared forecasts through to the end of 2023 and are confident that the company will continue to trade.
Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue from the provision of services is recognised in the period in which service is the performed.
Rental income represents rent receivable, excluding VAT and recognised in the financial statements over the term of lease.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Land and buildings |
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Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets and financial liabilities are recognised when the Company becomes a 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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2021 |
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Disposals |
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At 31 December 2021 |
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Accumulated depreciation | |||||
At 01 January 2021 |
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Charge for the financial year |
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Disposals |
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At 31 December 2021 |
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Net book value | |||||
At 31 December 2021 |
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At 31 December 2020 |
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Investments in subsidiaries
2021 | |
£ | |
Cost | |
At 01 January 2021 |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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2021 | 2020 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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2021 | 2020 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2021 | 2020 | ||
£ | £ | ||
- within one year |
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- between one and five years |
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- after five years |
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Other financial commitments
The company is party to a cross-guarantee with respect to bank borrowings of a former subsidiary that is in administration. While the administration is still in progress and any potential financial impact on the company has not been determined, the Directors are of the view that any material outflow of cash is remote, and as such no liability has been recognised as at 31 December 2021.
During the year the company bought back 225 Ordinary Shares (see note 10).
During the year, sales of £223,683 (2020 - £260,927) were made to a subsidiary company. In addition to this, there was a further £40,000 loan received during the year. At the year end the balance due to this company was £279,033 (2020 - £263,980).
The company was controlled by S M Cowie throughout the current year and previous period.