2022-06-012023-05-312023-05-31false00803525J.M. PRATT LIMITED2023-10-02iso4217:GBPxbrli:pure008035252022-06-01008035252023-05-31008035252022-06-012023-05-31008035252021-06-01008035252022-05-31008035252021-06-012022-05-3100803525bus:SmallEntities2022-06-012023-05-3100803525bus:AuditExempt-NoAccountantsReport2022-06-012023-05-3100803525bus:FullAccounts2022-06-012023-05-3100803525bus:PrivateLimitedCompanyLtd2022-06-012023-05-3100803525core:WithinOneYear2023-05-3100803525core:AfterOneYear2023-05-3100803525core:WithinOneYear2022-05-3100803525core:AfterOneYear2022-05-3100803525core:ShareCapital2023-05-3100803525core:SharePremium2023-05-3100803525core:RevaluationReserve2023-05-3100803525core:OtherReservesSubtotal2023-05-3100803525core:RetainedEarningsAccumulatedLosses2023-05-3100803525core:ShareCapital2022-05-3100803525core:SharePremium2022-05-3100803525core:RevaluationReserve2022-05-3100803525core:OtherReservesSubtotal2022-05-3100803525core:RetainedEarningsAccumulatedLosses2022-05-3100803525core:LandBuildings2023-05-3100803525core:PlantMachinery2023-05-3100803525core:Vehicles2023-05-3100803525core:FurnitureFittings2023-05-3100803525core:OfficeEquipment2023-05-3100803525core:NetGoodwill2023-05-3100803525core:IntangibleAssetsOtherThanGoodwill2023-05-3100803525core:ListedExchangeTraded2023-05-3100803525core:UnlistedNon-exchangeTraded2023-05-3100803525core:LandBuildings2022-05-3100803525core:PlantMachinery2022-05-3100803525core:Vehicles2022-05-3100803525core:FurnitureFittings2022-05-3100803525core:OfficeEquipment2022-05-3100803525core:NetGoodwill2022-05-3100803525core:IntangibleAssetsOtherThanGoodwill2022-05-3100803525core:ListedExchangeTraded2022-05-3100803525core:UnlistedNon-exchangeTraded2022-05-3100803525core:LandBuildings2022-06-012023-05-3100803525core:PlantMachinery2022-06-012023-05-3100803525core:Vehicles2022-06-012023-05-3100803525core:FurnitureFittings2022-06-012023-05-3100803525core:OfficeEquipment2022-06-012023-05-3100803525core:NetGoodwill2022-06-012023-05-3100803525core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3100803525core:ListedExchangeTraded2022-06-012023-05-3100803525core:UnlistedNon-exchangeTraded2022-06-012023-05-3100803525core:MoreThanFiveYears2022-06-012023-05-3100803525core:Non-currentFinancialInstruments2023-05-3100803525core:Non-currentFinancialInstruments2022-05-3100803525dpl:CostSales2022-06-012023-05-3100803525dpl:DistributionCosts2022-06-012023-05-3100803525dpl:AdministrativeExpenses2022-06-012023-05-3100803525core:LandBuildings2022-06-012023-05-3100803525core:PlantMachinery2022-06-012023-05-3100803525core:Vehicles2022-06-012023-05-3100803525core:FurnitureFittings2022-06-012023-05-3100803525core:OfficeEquipment2022-06-012023-05-3100803525core:NetGoodwill2022-06-012023-05-3100803525core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3100803525dpl:GroupUndertakings2022-06-012023-05-3100803525dpl:ParticipatingInterests2022-06-012023-05-3100803525dpl:GroupUndertakingscore:ListedExchangeTraded2022-06-012023-05-3100803525core:ListedExchangeTraded2022-06-012023-05-3100803525dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-06-012023-05-3100803525core:UnlistedNon-exchangeTraded2022-06-012023-05-3100803525dpl:CostSales2021-06-012022-05-3100803525dpl:DistributionCosts2021-06-012022-05-3100803525dpl:AdministrativeExpenses2021-06-012022-05-3100803525core:LandBuildings2021-06-012022-05-3100803525core:PlantMachinery2021-06-012022-05-3100803525core:Vehicles2021-06-012022-05-3100803525core:FurnitureFittings2021-06-012022-05-3100803525core:OfficeEquipment2021-06-012022-05-3100803525core:NetGoodwill2021-06-012022-05-3100803525core:IntangibleAssetsOtherThanGoodwill2021-06-012022-05-3100803525dpl:GroupUndertakings2021-06-012022-05-3100803525dpl:ParticipatingInterests2021-06-012022-05-3100803525dpl:GroupUndertakingscore:ListedExchangeTraded2021-06-012022-05-3100803525core:ListedExchangeTraded2021-06-012022-05-3100803525dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-06-012022-05-3100803525core:UnlistedNon-exchangeTraded2021-06-012022-05-3100803525core:NetGoodwill2023-05-3100803525core:IntangibleAssetsOtherThanGoodwill2023-05-3100803525core:LandBuildings2023-05-3100803525core:PlantMachinery2023-05-3100803525core:Vehicles2023-05-3100803525core:FurnitureFittings2023-05-3100803525core:OfficeEquipment2023-05-3100803525core:AfterOneYear2023-05-3100803525core:WithinOneYear2023-05-3100803525core:ListedExchangeTraded2023-05-3100803525core:UnlistedNon-exchangeTraded2023-05-3100803525core:ShareCapital2023-05-3100803525core:SharePremium2023-05-3100803525core:RevaluationReserve2023-05-3100803525core:OtherReservesSubtotal2023-05-3100803525core:RetainedEarningsAccumulatedLosses2023-05-3100803525core:NetGoodwill2022-05-3100803525core:IntangibleAssetsOtherThanGoodwill2022-05-3100803525core:LandBuildings2022-05-3100803525core:PlantMachinery2022-05-3100803525core:Vehicles2022-05-3100803525core:FurnitureFittings2022-05-3100803525core:OfficeEquipment2022-05-3100803525core:AfterOneYear2022-05-3100803525core:WithinOneYear2022-05-3100803525core:ListedExch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J.M. PRATT LIMITED

Registered Number
00803525
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

J.M. PRATT LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

ATHERTON, Shaun
BENVILLE, Anne
BILLINGTON, Mark John Holme
FEARNHEAD, Jillian
PRATT, Denis

Registered Address

Birks Mill
-
Sedbergh
LA10 5HQ

Registered Number

00803525 (England and Wales)
J.M. PRATT LIMITED
Statement of Financial Position
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6886,274929,700
886,274929,700
Current assets
Stocks694,822630,048
Debtors9899,154803,049
Current asset investments195,209210,600
Cash at bank and on hand190,603131,909
1,979,7881,775,606
Creditors amounts falling due within one year10(920,586)(889,181)
Net current assets (liabilities)1,059,202886,425
Total assets less current liabilities1,945,4761,816,125
Provisions for liabilities11(36,000)(52,171)
Net assets1,909,4761,763,954
Capital and reserves
Called up share capital16,00016,000
Revaluation reserve212,209212,209
Profit and loss account1,681,2671,535,745
Shareholders' funds1,909,4761,763,954
The financial statements were approved and authorised for issue by the Board of Directors on 2 October 2023, and are signed on its behalf by:
BENVILLE, Anne
Director
Registered Company No. 00803525
J.M. PRATT LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Principal activities
The principal activity of the company is a foodservice supplier to the catering industry.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery - between 5% and 12.5% on cost Plant and machinery includes office equipment.

Straight line (years)
Land and buildings50
Vehicles5
Office Equipment4
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period. Investments in listed company shares are recognised as current when they can be readily accessed and converted to liquid funds within one month, in line with an arrangement with investment managers.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company 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.
Going concern
The company continues to adopt the going concern basis of accounting in preparing the financial statements.
5.Employee information

20232022
Average number of employees during the year4242
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 June 22619,577459,2531,118,5212,197,351
Additions-31375,85976,172
At 31 May 23619,577459,5661,194,3802,273,523
Depreciation and impairment
At 01 June 2221,378394,878851,3951,267,651
Charge for year11,48215,00093,116119,598
At 31 May 2332,860409,878944,5111,387,249
Net book value
At 31 May 23586,71749,688249,869886,274
At 31 May 22598,19964,375267,126929,700
Included in land and buildings is freehold land at an estimated cost of £45,500 (2022 - £45,500) which is not depreciated. Freehold land and buildings is included at the revalued amount of £575,000 based on a valuation by WBW Chartered Surveyors at an open market value on 31 May 2020. The directors confirm the valuation remains appropriate at the year end. If the land and buildings had not been included at valuation, they would have been included under the historical cost convention as follows: 2023 £ 2022 £ Cost 545,835 545,835 Accumulated depreciation (171,326) (159,844) Net book value 374,509 385,991
7.Description of financial commitments other than capital commitments
At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating lease for each of the following periods: Not later than 1 year £Nil (2022 - £26,661).
8.Off balance sheet pension commitments
The company operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £61,534 (2022 - £45,866).
9.Debtors

2023

2022

££
Trade debtors / trade receivables820,304718,255
Other debtors22,44042,812
Prepayments and accrued income56,41041,982
Total899,154803,049
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables693,515679,908
Taxation and social security186,897161,390
Other creditors1,068562
Accrued liabilities and deferred income39,10647,321
Total920,586889,181
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)36,00052,171
Total36,00052,171