Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-312023-01-31false2022-02-01The Company's principal activity during the year was that of the sale of motor component factors.437422falsefalse 01289333 2022-02-01 2023-01-31 01289333 2021-02-01 2022-01-31 01289333 2023-01-31 01289333 2022-01-31 01289333 2021-02-01 01289333 c:CompanySecretary1 2022-02-01 2023-01-31 01289333 c:Director1 2022-02-01 2023-01-31 01289333 c:Director1 2023-01-31 01289333 c:Director2 2022-02-01 2023-01-31 01289333 c:Director3 2022-02-01 2023-01-31 01289333 c:Director4 2022-02-01 2023-01-31 01289333 c:RegisteredOffice 2022-02-01 2023-01-31 01289333 d:Buildings 2022-02-01 2023-01-31 01289333 d:Buildings d:LongLeaseholdAssets 2022-02-01 2023-01-31 01289333 d:PlantMachinery 2022-02-01 2023-01-31 01289333 d:MotorVehicles 2022-02-01 2023-01-31 01289333 d:OfficeEquipment 2022-02-01 2023-01-31 01289333 d:CurrentFinancialInstruments 2023-01-31 01289333 d:CurrentFinancialInstruments 2022-01-31 01289333 d:Non-currentFinancialInstruments 2023-01-31 01289333 d:Non-currentFinancialInstruments 2022-01-31 01289333 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 01289333 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 01289333 d:ShareCapital 2023-01-31 01289333 d:ShareCapital 2022-01-31 01289333 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 01289333 d:RetainedEarningsAccumulatedLosses 2023-01-31 01289333 d:RetainedEarningsAccumulatedLosses 2022-01-31 01289333 d:RetainedEarningsAccumulatedLosses 2021-02-01 01289333 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 01289333 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 01289333 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 01289333 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 01289333 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 01289333 d:TaxLossesCarry-forwardsDeferredTax 2022-01-31 01289333 c:OrdinaryShareClass1 2022-02-01 2023-01-31 01289333 c:OrdinaryShareClass1 2023-01-31 01289333 c:OrdinaryShareClass1 2022-01-31 01289333 c:OrdinaryShareClass2 2022-02-01 2023-01-31 01289333 c:OrdinaryShareClass2 2023-01-31 01289333 c:OrdinaryShareClass2 2022-01-31 01289333 c:FRS102 2022-02-01 2023-01-31 01289333 c:Audited 2022-02-01 2023-01-31 01289333 c:FullAccounts 2022-02-01 2023-01-31 01289333 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 01289333 d:Subsidiary1 2022-02-01 2023-01-31 01289333 d:Subsidiary1 1 2022-02-01 2023-01-31 01289333 d:Subsidiary2 2022-02-01 2023-01-31 01289333 d:Subsidiary2 1 2022-02-01 2023-01-31 01289333 d:Subsidiary3 2022-02-01 2023-01-31 01289333 d:Subsidiary3 1 2022-02-01 2023-01-31 01289333 d:WithinOneYear 2023-01-31 01289333 d:WithinOneYear 2022-01-31 01289333 d:BetweenOneFiveYears 2023-01-31 01289333 d:BetweenOneFiveYears 2022-01-31 01289333 c:Consolidated 2023-01-31 01289333 c:ConsolidatedGroupCompanyAccounts 2022-02-01 2023-01-31 01289333 2 2022-02-01 2023-01-31 01289333 6 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01289333










JAYAR COMPONENTS LIMITED










ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
JAYAR COMPONENTS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr J Ratcliffe (resigned 20 January 2023)
Mrs J A Ratcliffe 
Mrs C J de Camborne Lucy 
Mr N J Ratcliffe 




Company secretary
Mrs C J de Camborne Lucy



Registered number
01289333



Registered office
Jayar House
Motorway Industrial Estate

Forstal Road

Aylesford

Kent

ME20 7AF




Independent auditor
MHA

Maidstone

United Kingdom





 
JAYAR COMPONENTS LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 6
Independent auditor's report
 
 
7 - 10
Consolidated statement of income and retained earnings
 
 
11
Consolidated balance sheet
 
 
12 - 13
Company balance sheet
 
 
14 - 15
Consolidated Statement of cash flows
 
 
16
Consolidated analysis of net debt
 
 
17
Notes to the financial statements
 
 
18 - 35


 
JAYAR COMPONENTS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The Directors are pleased to present their strategic report for the year ending 31 January 2023.

Business review
 
Jayar Components Limited is a family run business that distributes automotive components to the independent aftermarket from its branches throughout the South East of England and property development via its subsidiary Granville Assoicates Limited.
The turnover and performance of Jayar Components Limited, for the year ended 31 January 2023, is again a record year. Sales have increased to £39.5 million, an 8.5% increase on the previous year.
The Directors are pleased with these results, to keep increasing turnover and profits is commendable. The strategy of the Board remains unchanged and we continue to grow by opening new branches and improving existing branches. This year the country has felt the knock on effects of the war in Ukraine and the business has absorbed increased fuel and energy costs. The living wage increase has a large impact financially on the business, as it employs over 430 staff. The focus will be to continue to grow and maintain the solid base that Jayar Components was built on, to take the business forward.
The performance of its subsidiary is as expected.

Principal risks and uncertainties
 
The risks and uncertainties of the pandemic period still continue to present challenges with stock levels, although container prices are now falling and with China reopening, we hope that stock supply will now become less unpredictable and more stable. 
However, we now turn our attention to the cost-of-living crisis, high inflation and severe skilled staff shortages.
The combined effects of the War in Ukraine, the tail end of the Covid-19 pandemic and the continued cost of Brexit along with high energy costs have produced the perfect storm of high inflation which has in turn created increased salary pressures including the National living wage which in April was an increase of 9.7% This has also created a shortage of high skilled staff in the workplace with unemployment being at near record low levels. 
The Government are now in consultation on whether a new car mot needs to be extended from 3 years to a potential 5 years, although the preference of the Government is to stay at 3 years, this could have a long-term detrimental effect on the automotive sector with over 2.6 million tests being carried out in 2021/22 and presents a principal risk to the business.
New technologies and advancements are continuing to be made with how vehicles are powered. Alternatives to the current petrol and diesel, such as hybrids and fully electric cars are substantially increasing on our roads.  There are however reported problems with the infrastructure to support these vehicles, increasing energy costs and the high purchase price but in time these will reduce and become more accessible. This will change the look of the industry in the future.

Financial key performance indicators
 
The Directors analyse the performance of the business using sales, gross profit, gross profit margin percentage and operating expenses. 
Over the last 12 months in the year ending 31 January 2023 the company's sales figure increased by £3.1m,  and gross profit increased by £2m. Operating expenses increased by 12.8%.The Company will continue to be resilient grow and remain dynamic in this ever changing market.

Page 1

 
JAYAR COMPONENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Other key performance indicators
 
In addition to the key financial analysis, stock holding, movement and purchasing analysis is key to monitoring the performance of the business. This has been a very important area for the business to focus on. Stresses on supply chains and changes in customer purchasing patterns has led to the business needing to adapt quickly to these factors. The good communication within the company and the trusted relations with our suppliers, allowed the Company to quickly adapt to the market and stresses of the pandemic and Brexit.

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in a way that, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders.


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



Mrs C J de Camborne Lucy
Director

Date: 11 August 2023

Page 2

 
JAYAR COMPONENTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £6,039,814 (2022 - £5,554,634).

Dividends totalling £4,000,000 were paid during the year ended 31 January 2023 (2022 - £4,000,000).

Directors

The directors who served during the year were:

Mr J Ratcliffe (resigned 20 January 2023)
Mrs J A Ratcliffe 
Mrs C J de Camborne Lucy 
Mr N J Ratcliffe 

Future developments

The board continues to seek opportunities to consolidate its performance.

Page 3

 
JAYAR COMPONENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Engagement with employees

The Directors’ aim to be a responsible employer making the health, welfare, pay and safety of all the staff a key consideration in the conduct of the business. Our staffs’ contribution is fundamental to the continued success of the business and therefore they are integral to it. The company engages with all employees from the commencement of employment.  New employees receive induction training and will work in a small team to aid the communication of ideas amongst the individuals and the company. There is a company culture that encourages a working environment where employees can realise their potential. Throughout their employment, there are ongoing informal meetings and communications to promote the development of individuals and the business to both be successful. 
Disabled employees
The Company provides job opportunities to disabled and able bodied people on the merit of their aptitude for a job role. Should an existing employee become disabled, then every effort will be made to adapt the role, support and provide retraining, so as they may continue their employment with the Company.  

Engagement with suppliers

We build long term solid relationships with our suppliers, to ensure the success of getting their product to market and meeting our customer’s needs. We are committed to high ethical standards and through mutual goals we strive to maintain this. The good communication with our suppliers ensures a respect for each other’s business and to being successful in meeting the demands of the market together. 

Page 4

 
JAYAR COMPONENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

This is the second year that we have been required to report greenhouse gas emissions and our report covers the 12 month period 1st February 2022 to 31st January 2023.

Granville Associates Limited, a member of the group, does not use any energy. It is therefore a zero-carbon business and as an entity falls below the reporting threshold of 40,000kWh.
The consumption figures have been obtained from Green Energy PLC, who supply all electricity and gas to all our branches. Therefore, it follows that our calculations are based on what we have directly used and paid for.
The following table gives our gross emissions and intensity ratios:


Energy Consumption KWH
CO2 Emissions (tons of CO2)
TCO2e Per £1m Turnover

2023
2022
2023
2022
2023
2022
Scope 1
3,682,176
3,914,253
1593
1693
43.05
46.5
Scope 2
1,196,000
1,289,000
0
99.1
2.68
2.72
Total
4,878,176
5,203,253
1692.1
1792.1
45.73
49.22

Methodology and reporting 
Scope 1 is the fuel consumption figures used to power our vehicles. The figures for fuel consumption have been calculated from our supplier invoices and reports. Gallons of fuel were converted into KWH and using the EPA Green House Gas Equivalent Calculator Web Site then converted to tons of Co2.
In respect of scope 2, the emissions from our use of electricity and gas at our branches and head office are directly influenced and controlled by the Group.
Figures provided in MWH have been converted to KWH using the EPA Green House Gas Equivalent Calculator Web Site.  The total energy consumption in KWH figure, includes electricity and gas. The CO2 emissions given relates to the use of green gas only. Our electricity is 100% renewable and zero emissions rated.
Energy efficiency action
All our energy usage to reduce our energy consumption, led us to change our supplier for gas, so all our gas used is certified as 100% green backed by RGGO’S (Renewable Gas Guarantee of Origin), and so too is our electricity backed by REGO’s (Renewable Electricity Guarantee of Origin). Making us as energy efficient as we could be. No measures of the change were taken at the time. 
For the reporting period we took 48 older vehicles out of service and these were replaced by new more efficient vehicles. We are regularly reviewing the use of electric vehicles for their range and charging times to evaluate whether they can replace our existing fleet, whilst meeting business needs to deliver parts to our customers. All our vehicles are tracked and we are therefore able to monitor use and encourage better driving techniques and improved fuel efficiency.
As part of our building maintenance, we are replacing older florescent fittings with the more efficient LED units. 
We are committed to improve our energy efficiency. As this is our second year of reporting on energy consumption, our immediate aim is for the Co2 emissions to be reduced. A key area for change is the powering of our vans. By the end of 2030 our goal is to have a 75% renewable fleet and for our energy consumption to fall by 75%. 

Page 5

 
JAYAR COMPONENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Matters covered in the Group strategic report

Certain items required under Schedule 7 to be disclosed in the Directors Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Groups principle risks and uncertainties and key performance indicators.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

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

Post balance sheet events

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

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mrs C J de Camborne Lucy
Director

Date: 11 August 2023

Page 6

 
JAYAR COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAYAR COMPONENTS LIMITED
 

Opinion


We have audited the financial statements of Jayar Components Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Group Statement of income and retained earnings, the Group and Company Balance sheets, the Group Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.


Page 7

 
JAYAR COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAYAR COMPONENTS LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the 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.


Matters on which we are required to report by exception
 

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.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
JAYAR COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAYAR COMPONENTS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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:
 
Enquiry of management around actual and potential litigation and claims;
Enquiry of management to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
Reviewing minutes of meetings of those charged with governance.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 9

 
JAYAR COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JAYAR COMPONENTS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Duncan Cochrane Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

3 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 10

 
JAYAR COMPONENTS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
39,517,787
36,463,957

Cost of sales
  
(17,475,578)
(16,508,635)

Gross profit
  
22,042,209
19,955,322

Administrative expenses
  
(14,763,543)
(13,155,677)

Other operating income
 5 
35,739
96,054

Operating profit
 6 
7,314,405
6,895,699

Interest receivable and similar income
 10 
138,183
4,531

Interest payable and similar expenses
 11 
(207)
(2,589)

Profit before tax
  
7,452,381
6,897,641

Tax on profit
 12 
(1,412,567)
(1,343,007)

Profit after tax
  
6,039,814
5,554,634

  

  

Retained earnings at the beginning of the year
  
25,024,463
23,469,829

  
25,024,463
23,469,829

Profit for the year attributable to the owners of the parent
  
6,039,814
5,554,634

Dividends declared and paid
  
(4,000,000)
(4,000,000)

Retained earnings at the end of the year
  
27,064,277
25,024,463

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 18 to 35 form part of these financial statements.

Page 11

 
JAYAR COMPONENTS LIMITED
REGISTERED NUMBER: 01289333

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
5,842,426
5,486,675

Investment property
 16 
285,321
285,321

  
6,127,747
5,771,996

Current assets
  

Stocks
 17 
9,397,839
9,005,763

Debtors
 18 
13,727,639
9,294,841

Cash at bank and in hand
 19 
8,253,112
12,071,791

  
31,378,590
30,372,395

Creditors: amounts falling due within one year
 20 
(10,223,297)
(11,023,982)

Net current assets
  
 
 
21,155,293
 
 
19,348,413

Total assets less current liabilities
  
27,283,040
25,120,409

Provisions for liabilities
  

Deferred tax
 22 
(218,363)
(95,546)

  
 
 
(218,363)
 
 
(95,546)

Net assets
  
27,064,677
25,024,863


Capital and reserves
  

Called up share capital 
 23 
400
400

Profit and loss account
 24 
27,064,277
25,024,463

  
27,064,677
25,024,863


Page 12

 
JAYAR COMPONENTS LIMITED
REGISTERED NUMBER: 01289333
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs C J de Camborne Lucy
Director

Date: 11 August 2023

The notes on pages 18 to 35 form part of these financial statements.

Page 13

 
JAYAR COMPONENTS LIMITED
REGISTERED NUMBER: 01289333

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
5,842,426
5,486,675

Investments
 15 
200
200

  
5,842,626
5,486,875

Current assets
  

Stocks
 17 
9,397,839
9,005,763

Debtors
 18 
14,017,914
9,576,962

Cash at bank and in hand
 19 
8,222,914
12,047,505

  
31,638,667
30,630,230

Creditors: amounts falling due within one year
 20 
(10,220,574)
(11,014,504)

Net current assets
  
 
 
21,418,093
 
 
19,615,726

Total assets less current liabilities
  
27,260,719
25,102,601

  

Provisions for liabilities
  

Deferred taxation
 22 
(218,363)
(95,546)

  
 
 
(218,363)
 
 
(95,546)

Net assets
  
27,042,356
25,007,055


Capital and reserves
  

Called up share capital 
 23 
400
400

Profit and loss account brought forward
  
25,006,655
23,456,589

Profit for the year
  
6,035,301
5,550,066

Other changes in the profit and loss account

  

(4,000,000)
(4,000,000)

Profit and loss account carried forward
  
27,041,956
25,006,655

  
27,042,356
25,007,055


Page 14

 
JAYAR COMPONENTS LIMITED
REGISTERED NUMBER: 01289333
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mrs C J de Camborne Lucy
Director

Date: 11 August 2023

The notes on pages 18 to 35 form part of these financial statements.

Page 15

 
JAYAR COMPONENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
6,039,814
5,554,634

Adjustments for:

Depreciation of tangible assets
459,588
305,164

Loss on disposal of tangible assets
(9,317)
(13,356)

Government grants
(28,539)
(81,459)

Interest paid
207
2,589

Interest received
(138,183)
(4,531)

Taxation charge
1,412,567
1,343,007

(Increase) in stocks
(392,076)
(1,220,989)

(Increase)/decrease in debtors
(4,432,798)
1,188,388

(Decrease) in creditors
(658,788)
(959,597)

Corporation tax (paid)
(1,431,647)
(1,439,211)

Net cash generated from operating activities

820,828
4,674,639


Cash flows from investing activities

Purchase of tangible fixed assets
(843,214)
(856,630)

Sale of tangible fixed assets
37,192
136,819

Government grants received
28,539
81,459

Interest received
138,183
4,531

Net cash from investing activities

(639,300)
(633,821)

Cash flows from financing activities

Dividends paid
(4,000,000)
(4,000,000)

Interest paid
(207)
(2,589)

Net cash used in financing activities
(4,000,207)
(4,002,589)

Net (decrease)/increase in cash and cash equivalents
(3,818,679)
38,229

Cash and cash equivalents at beginning of year
12,071,791
12,033,562

Cash and cash equivalents at the end of year
8,253,112
12,071,791


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,253,112
12,071,791

8,253,112
12,071,791


Page 16

 
JAYAR COMPONENTS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

12,071,791

(3,818,679)

8,253,112

Debt due within 1 year

(5,451,871)

1,427,921

(4,023,950)


6,619,920
(2,390,758)
4,229,162

The notes on pages 18 to 35 form part of these financial statements.

Page 17

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Jayar Components Limited is a private Company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is Jayar House, Forstal Road, Aylesford, Maidstone, Kent ME20 7AF. 
The nature of the groups operations and principal activities is the sale of motor component factors.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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 consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

The subsidiary undertaking Granville Associates Ltd has claimed the exemption from audit under section 479A of the Companies Act 2006. 

 
2.3

Going concern

The directors have assessed that there are no significant doubts in the company's ability to continue as a going concern. As a result, the financial statements have been prepared on a going concern basis.

Page 18

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of vehicle components

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 19

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods as per the table below.

Depreciation is provided on the following basis:

Freehold property
-
Land is not depreciated, buildings over 50 years
Long-term leasehold property
-
Over the term of the lease
Plant and machinery
-
15% and 25% reducing balance basis
Motor vehicles
-
25% reducing balance basis
Office equipment
-
15% straight line

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

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

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase updated to the latest purchase cost. 

Stock is adjusted for rebates and discounts at each balance sheet date.

Certain vehicle parts (for which legal title has not passed to the company) have been included in stock. An equivalent amount has been included under trade creditors to reflect the liability.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 21

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the 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.

 
2.19

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, loans to related parties and investments in ordinary shares.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 22

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
It has been judged that the split between land and buildings in the accounts is 2/3rds buildings and 1/3rd land as there is no actual reliable split provided in the valuation.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
The adjustment made for stock write-down and provision for obsolete stock is subject to some degree of uncertainty but is not thought to pose a significant risk of causing a material adjustment. The adjustment is calculated at 10% of stock carrying value after being adjusted for consignment stock and rebates.


4.


Turnover

The whole of the turnover is attributable to the sale of motor components.

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
7,200
14,595

Government grants receivable
28,539
81,459

35,739
96,054



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
591,922
601,354

Page 23

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Auditor's remuneration

2023
2022
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
35,600
23,865

Fees payable to the Group's auditor and its associates for non-audit services
13,960
8,797


Fees payable to the Group's auditor and its associates in respect of:


Taxation compliance services
4,560
3,483

All other services
9,400
6,707

13,960
10,190


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
9,304,563
8,497,629
9,304,563
8,497,629

Social security costs
789,576
698,595
789,576
698,595

Cost of defined contribution scheme
169,881
145,809
169,881
145,809

10,264,020
9,342,033
10,264,020
9,342,033


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Office and management
99
96
99
96



Sales and distribution
334
322
334
322



Directors
4
4
4
4

437
422
437
422

Page 24

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
308,976
307,823

308,976
307,823


The highest paid director received remuneration of £201,533 (2022 - £201,635).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
138,183
4,531

138,183
4,531


11.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
207
2,589

207
2,589

Page 25

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,296,076
1,258,763

Adjustments in respect of previous periods
(6,326)
40,798


1,289,750
1,299,561


Total current tax
1,289,750
1,299,561

Deferred tax


Origination and reversal of timing differences
122,817
43,446

Total deferred tax
122,817
43,446


Taxation on profit on ordinary activities
1,412,567
1,343,007

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
7,452,381
6,897,641


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
1,415,952
1,310,566

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
16,705
(26,288)

Capital allowances for year in excess of depreciation
(127,800)
(36,020)

Adjustments to tax charge in respect of prior periods
(6,326)
40,798

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
6,800

Short-term timing difference leading to an increase (decrease) in taxation
126,163
43,446

Other timing differences leading to an increase (decrease) in taxation
(12,127)
3,705

Total tax charge for the year
1,412,567
1,343,007

Page 26

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

In the Spring Budget 2021, the Government announced that the corporation tax rate would remain at 19%
until 2023. Following which, the rate of corporation tax will increase to 25% for profits over £250,000. This
new law was substantively enacted in May 2021.


13.


Dividends

2023
2022
£
£


Dividends paid on 'A' (non voting) shares
4,000,000
4,000,000

4,000,000
4,000,000

Page 27

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Tangible fixed assets

Group and Company






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2022
5,139,823
312,370
1,081,441
1,859,874
864,602
9,258,110


Additions
-
-
57,283
756,581
29,350
843,214


Disposals
-
-
-
(287,494)
-
(287,494)



At 31 January 2023

5,139,823
312,370
1,138,724
2,328,961
893,952
9,813,830



Depreciation


At 1 February 2022
535,250
232,919
836,688
1,332,590
833,988
3,771,435


Charge for the year on owned assets
54,960
1,521
52,523
319,511
31,073
459,588


Disposals
-
-
-
(259,619)
-
(259,619)



At 31 January 2023

590,210
234,440
889,211
1,392,482
865,061
3,971,404



Net book value



At 31 January 2023
4,549,613
77,930
249,513
936,479
28,891
5,842,426



At 31 January 2022
4,604,573
79,451
244,753
527,284
30,614
5,486,675

Page 28

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
200



At 31 January 2023
200





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Hundred House Hotel Limited (Dormant)
Jayar House, Motorway Industrial Estate, Forstal Road, Aylesford, Kent, ME20 7AF
Ordinary
100%
Granville Associates Limited
Jayar House, Motorway Industrial Estate, Forstal Road, Aylesford, Kent, ME20 7AF
Ordinary
100%
JRCarParts Limited (Dormant)
Jayar House, Motorway Industrial Estate, Forstal Road, Aylesford, Kent, ME20 7AF
Ordinary
100%

Page 29

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 February 2022
285,321



At 31 January 2023
285,321

The 2023 valuations were made by the directors, who have concluded that the market value at the year end is not materially different to the cost of the investment property.



The 2023 valuations were made by the directors, on an open market value for existing use basis.


17.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Vehicle parts
9,397,839
9,005,763
9,397,839
9,005,763

9,397,839
9,005,763
9,397,839
9,005,763


The difference between purchase price or production cost of stocks and their replacement cost is not material.

A stock writedown of £5,922,774 (2022: £5,408,235) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock and rebates. 
Stock of finished goods includes consignment stock totalling £1,122,464 (2022: £1,150,184) from certain suppliers to enable a broader product range to be available to the company's customers. 

Page 30

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
-
623,000
-
-

Due within one year

Trade debtors
4,064,802
3,784,927
4,064,078
3,776,811

Amounts owed by group undertakings
-
-
989,924
913,661

Other debtors
9,320,045
4,704,930
8,622,045
4,704,728

Prepayments and accrued income
342,792
181,984
341,867
181,762

13,727,639
9,294,841
14,017,914
9,576,962



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
8,253,112
12,071,791
8,222,914
12,047,505

8,253,112
12,071,791
8,222,914
12,047,505



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
4,276,324
3,732,288
4,276,324
3,731,910

Corporation tax
617,650
759,547
616,592
758,476

Other taxation and social security
1,008,170
763,760
1,008,170
763,760

Other creditors
4,064,704
5,487,658
4,064,704
5,487,658

Accruals and deferred income
256,449
280,729
254,784
272,700

10,223,297
11,023,982
10,220,574
11,014,504


Trade creditors include £1,122,464 (2022: £1,150,184) in respect of consignment stock parts. 
Other creditors primarily comprise loans from directors (note 27).

Page 31

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
8,253,112
12,071,791
13,449,522
12,047,505




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(95,546)
(52,100)


Charged to profit or loss
(122,817)
(43,446)



At end of year
(218,363)
(95,546)

Company


2023
2022


£

£






At beginning of year
(95,546)
(52,100)


Charged to profit or loss
(122,817)
(43,446)



At end of year
(218,363)
(95,546)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(225,479)
(107,100)
(225,479)
(107,100)

Tax losses carried forward
7,116
11,554
7,116
11,554

(218,363)
(95,546)
(218,363)
(95,546)

Page 32

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

23.


Share capital

2023
2022
£
£
Authorised



5,000 (2022 - 5,000) Ordinary shares of £1.00 each
5,000
5,000
5,000 (2022 - 5,000) 'A' (non voting) shares of £1.00 each
5,000
5,000

10,000

10,000

Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200
200 (2022 - 200) 'A' (non voting) shares of £1.00 each
200
200

400

400



24.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £169,881 (2022 - £145,809). Contributions totalling £40,754 (2022 - £35,787) were payable to the fund at the balance sheet date and are included in creditors.

Page 33

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

26.


Commitments under operating leases

At 31 January 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
420,055
380,495
420,055
380,495

Later than 1 year and not later than 5 years
817,037
665,853
817,037
665,853

1,237,092
1,046,348
1,237,092
1,046,348
During the year ended 31 January 2023 costs relating to operating leases were recognised of £591,922 (2022 - £601,354) in the profit and loss.


27.


Related party transactions

The following amounts were due to the directors from the company:


B/fwd
Advanced
Repaid
C/fwd
£
£
£
£

Mr J Ratcliffe
281,594
509,091
(463,680)
327,005
Mrs C J de Camborne Lucy
3,458,310
2,102,456
(2,259,194)
3,301,571
Mr N J Ratcliffe
1,482,179
3,660,182
(5,058,522)
83,839
Mrs J A Ratcliffe
229,789
500,341
(418,599)
311,531
5,451,872
6,772,070
(8,199,995)
4,023,946

All monies due to the Group are on commercial terms and are to be settled in cash.
As at 31 January 2023 a balance of £1,127,326 (2022 - £1,127,428) was owed from Bowman Ballard Distribution Company Limited, a company which is subject to common control from the same source as Jayar Components Ltd and is included within other debtors.
During the year rent totalling £74,004 (2022 - £32,000) was paid to the Jayar Self Administered Pension Scheme, of which certain Directors are beneficiaries. As at 31 January 2023 the balance of £nil (2022 - £400,000) had been loaned by the Group to the pension scheme and is included within other debtors.
As at 31 January 2023 a balance of £1,250,000 (2022 - £1,500,000) from Bowl Reed Enterprises Limited, a company which is wholly owned by Mr N J Ratcliffe who is also a Director. This is included within other debtors.
As at 31 January 2023 a balance of £585,939 (202 - £940,140) was owed from Delucys Limited, a company which is wholly owned by Mrs C J De Camborne Lucy who is also a Director. This is included within other debtors.

Page 34

 
JAYAR COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

28.


Controlling party

The ultimate controlling parties are deemed to be Mr & Mrs J Ratcliffe owing to their majority shareholding.

Page 35