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Registered number: 02757012










JOLODA HYDRAROLL LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
JOLODA HYDRAROLL LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
W. Satijn 
M. Dematteis 
R. W. Birks 




REGISTERED NUMBER
02757012



REGISTERED OFFICE
1 De Havilland Drive
Speke

Liverpool

Merseyside

L24 8RN




INDEPENDENT AUDITOR
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
JOLODA HYDRAROLL LIMITED
 

CONTENTS



Page
Group strategic report
1 - 7
Directors' report
8 - 9
Independent auditor's report
10 - 13
Consolidated statement of comprehensive income
14
Consolidated statement of financial position
15 - 16
Company statement of financial position
17 - 18
Consolidated statement of changes in equity
19 - 20
Company statement of changes in equity
21
Notes to the financial statements
22 - 48


 
JOLODA HYDRAROLL LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

INTRODUCTION
 
The directors present their group strategic report for the year ended 31st March 2023 (FY23).

BUSINESS REVIEW
 
The Directors are pleased with the performance of the business for the financial year ending 31st March 2023.
With a consolidated EBITDA of £6.9M (2022 £8.8m Group) on consolidated revenues of £45.4M (2022 £45.1m full year Group) the trading result represents another solid performance of the business.
One constant feature of the last three financial years has been the requirement for management to adapt quickly to dramatically changing events. FY21 gave us the challenges of a global pandemic, FY22 gave us the resultant restrictions placed upon global supply chains and a dramatically changing cost base. FY23 gave us the challenges of rampant inflation and high energy costs, fuelled by the Russia/Ukraine conflict, and only recently have supply chain issues lessened as global demand for raw materials fell, and prices began to reduce at the latter stages of FY23. 
Our key challenge for FY23 was to consolidate recent growth and ensure our move to a new larger production facility was completed professionally and efficiently.  This year was always about transition as we enhanced our manufacturing capabilities both in terms of quality, volume and efficiency. The investment in the new facility was crucial to our long term expansion plans. It has taken eighteen months to fully complete the move. Naturally the move to the larger facility has resulted in a correspondingly higher cost base. The manufacturing facility is now ready and nearly fully invested to take advantage of the opportunities in the expanding Automated Truck Loading Systems (ATLS) sector.
Whilst margin was adversely impacted in FYs 22 and 23, all the primary goals were met, and modest growth has been achieved across the board. Energy costs also impacted heavily on the trading performance, and the company is seeking to invest in solar power to address both this and our CO2 reduction goals in FY24.
The challenges of FY 23 continue into FY24; namely supply chain instability and the potential market slow down predicated by the Ukraine conflict and energy crisis. Given the global and sector reach of our business, we are hopeful that we can sustain the growth in the business.
The business has enjoyed a strong start to FY24. The first quarter profit and revenues are on track and with record order-book and sales pipelines. The main barrier to achieving our ambitious budget are global market conditions and the resultant nervousness of some markets to commit to, and invest in capital projects.  

Page 1

 
JOLODA HYDRAROLL LIMITED
 

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

PRINCIPAL RISKS AND UNCERTAINTIES
 
The group uses various financial instruments, these include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.
The existence of these financial instruments exposes the group to a number of financial risks.
Interest rate risk
The group finances its operations through a mixture of accumulated cash balances, earnings and borrowings. The group's exposure to interest rate fluctuations is limited as our long term loan notes and asset finance deals are on fixed rates, and overdrafts are only occasionally used.
Credit risk
The group's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies.
The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Historically we have not suffered any major bad debt, but the management are still cautious whenever credit is extended to customers.
Credit limits are reviewed by the group on a regular basis in conjunction with debt ageing and collection history.
 
Foreign Currency Transaction Risk
Exposure  to  foreign  currencies  are  managed  by  entering  into  forward  contract arrangements.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The key performance indicators of the group are consolidated turnover, gross margins, consolidated profit and consolidated stock balance. These indicators are used by group management to monitor and evaluate performance of the group.

FUTURE DEVELOPMENTS

To compliment the global market in Joloda products and services, the Directors plans are in advanced stages to increase revenues and profitability with further strategic initiatives in this financial year being advanced:
• In early FY23 we strengthened our presence in France with the acquisition of specialist automotive trailer unloading/loading division of Legras Industries.  
• The Directors continue to seek potential acquisitions that are closely allied to the core competencies of the group, and can be demonstrated to add shareholder value. We are currently at varying stages of negotiations with a limited pipeline of potential acquisitions.
• The Directors continue to re-invest in the company to further advance organic growth and efficiencies.
The Directors are excited about the many opportunities available for The Joloda Hydraroll Group.

Page 2

 
JOLODA HYDRAROLL LIMITED
 

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

SECR EXECUTIVE SUMMARY

This is the third annual year after the SECR scheme came into force on 1st April 2019, but is the first since Joloda Group gained large company status. SECR requires large UK based undertakings to file energy and emissions data in their Directors’ Reports. For the first time Joloda Hydraroll Group come within the remit of the scheme due to company staff levels and turnover. 
The SECR Assessment requires participants to:
• Report the organisation’s energy consumption and carbon emissions in utilities use and personnel travel for the Financial Year. This is used to develop an ongoing Intensity Target, to show a measure of performance each year.
• Provide a Company Statement showing recent progress with energy and environmental initiatives.
Joloda Hydraroll Group is pleased to comply with this guidance and continue to prioritise energy and environmental issues throughout the company’s UK operation. 

Page 3

 
JOLODA HYDRAROLL LIMITED
 

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

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
This  section  aims  to  address  the  responsibility  of  the  Directors  of  the  Company  acting  in  good  faith,  to  be promoting the success for the benefit of its members as its whole. The Directors and Senior management of Joloda Hydraroll Limited give careful consideration in discharging their duties.
Matter & How the Directors and Senior Management have discharged their duties
Decision making:
Decision making within the business is always taken with promoting the success of the business in mind from a Director and Senior Management level to all employees in the Company.
Performance of the Company is reviewed internally by Directors, frequently through financial reporting and non financial metrics as well as corporate reviews taking place multiple times throughout the fiscal year. Budgeting from a 3 year level takes place to ensure the long term planning of the company is set and strategic direction taken, as well as short term annual forecasting in order to ensure targets are met. All of this is done in line with corporate management to ensure accordance with the group companies’ strategy and delivery of plans agreed by the Board.
Employees:
Employees are central to the long term success of any company and the same is true of Joloda Hydraroll Limited. We have a diverse skill base and range of experience across our sites and recognise that maintaining and growing this is key to the business’ future.
The business has apprentice programs to ensure that a pipeline of development is always in existence, and also offers a variety of programs of training across all areas. In addition Joloda looks to recruit and retain high level graduates to augment and support the middle and senior management structure, and provide for succession.
In addition, Joloda 
• Achieved lower-than-average employee turnover rates (compared to the national average) across all locations
• Partnered with an occupational health consultancy to support our well-being practices
• Every manager and supervisor have access to mental health awareness training
• Offer a training matrix to track employees’ skills and training needs and have a ring-fenced budget for employee training and development
• Supported a number of meaningful causes throughout the year in the UK, US and the Netherlands
Suppliers and Customers:
Creating and maintaining relationships with our supplier and customer base is key to the nature of our industry. The majority of our commercial arrangements with customers cover repeat long term business and this is reflected in how we manage our supply base – through long term relationships with experienced and skilled Sales and Procurement teams that foster and develop close relationships with our key businesses to ensure that we grow successfully together.
Impact on community and environment:
Impact on the environment is an important factor in all business decision making, especially in the manufacturing and service industries.
Joloda Hydraroll Group and subsidiaries hold ISO 14001 2015 environmental management system accreditation, all aspects of environmental controls are managed through the EMS, including compliance obligations, legal requirements, objectives, operational planning and control. This is used in conjunction with internal, corporate and external BSI audits to ensure we adhere to environmental regulations.
Community: 
Across the group we have a number of charities which we support, whose causes are close to our heart.
 
Page 4

 
JOLODA HYDRAROLL LIMITED
 

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

We also support employees if they are involved in charitable activities and also sponsor local sports clubs to provide equipment and facilities.
When required, we will engage and communicate effectively with the local community, as appropriate.

EMISSIONS AUDIT : GETTING TO NET ZERO

Last year, Joloda pledged our alignment to four of the UN Sustainable Development Goals (SDGs), the international blueprint for a fairer, more sustainable world. The Sustainable Development Goals (SDGs) are a set of seventeen interlinked goals, guiding businesses, governments, civil society, and the general public to tackle the biggest issues facing modern society. This year, we added a fifth pledge, aligning to SDG3, to support the UN’s goal to ensure healthy lives and promote wellbeing.
We have selected the SDGs where we are positioned to have the most significant impact and will incorporate measurable targets into how our actions and initiatives contribute towards fulfilling the Goals.
In 2018, The Intergovernmental Panel on Climate Change (IPCC) published a special report on the severe impact of a warming planet. The report stated that to prevent a climate catastrophe, global emissions must peak before 2030 and hit net-zero emissions by around 2050. Since then, political leaders, businesses and organisations around the world have set binding targets to attain netzero.
In November 2022, world leaders, negotiators and ministers assembled for COP27 to address the growing impact of climate change, in a year were extreme weather events and natural disasters have already impacted thousands across the globe.
Joloda recognises our responsibility to both protect our planet’s finite resources, whilst reducing our operational emissions.
Joloda has already made significant progress to reduce our carbon footprint in 2022. We attained carbon-negative status for the second year in a row, by investing in global sustainability projects.
We’re also pleased to see a significant 9% reduction in our gross emissions- largely due to a (174.1 tCO2e) decrease in our Scope 1 emissions. This is predominantly down to our transition from propane forklifts to diesel models, in addition to an increase in our hybrid company vehicles.
We have committed to formalising our net-zero strategy by March 2024, delving into our broader operational emissions (Scope 3). This will set out a carbon reduction glide path for the business, with annual targets to achieve net-zero emissions. We’re also continuously looking at ways to reduce our carbon impact across the business- from switching to renewable energy, to further decarbonising our fleet. 

Page 5

 
JOLODA HYDRAROLL LIMITED
 

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


The table to the below outlines our total emissions for 2021 and 2022.
ole4865.png
 
Page 6

 
JOLODA HYDRAROLL LIMITED
 

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

This includes Scope 1 (our owned and leased company vehicles and onsite gas emissions), Scope 2 (purchased electricity and electric vehicles) and partial Scope 3 (employee business travel) emissions.


Joloda Europe has continued to procure 100% of its electricity from renewable sources, and we want to extend this to as many other sites as feasible. In the UK, we switched to a 100% renewable electricity provider at our new Liverpool Estuary Park site, our largest UK site. Our highest emitting energy source in the UK is at our Anglesey site, which uses gas oil. There are no mains on site, which makes it challenging to switch to renewable sources, however, we will explore the viability of switching over to renewable or low-carbon energy sources over the next year.
In 2022, we also recalculated our energy emissions for each of our sites in line with the UK’s mandatory Streamlined Energy and Carbon Reporting guidelines. Disappointingly, we have seen a slight increase in our emissions this year, as we returned to business as usual following the pandemic. Additionally, we have moved to a larger new site in Liverpool, which has increased our energy usage. We are also in the process of retiring our Garston site, which is still consuming electricity, however, this will be closing in 2023. In addition we have committed to Solar Energy at our new production facility.


This report was approved by the board on 28 September 2023 and signed on its behalf.







R. W. Birks
Director

Page 7

 
JOLODA HYDRAROLL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

PRINCIPAL ACTIVITY

The  principal  activity  of  the  group  during  the  year  was  the design and manufacturing and servicing of automated and manual loading equipment for the truck and container loading industry.

RESULTS AND DIVIDENDS

The profit for the year, after taxation and minority interests, amounted to £4,406,091 (2022 - £6,564,450).

The directors recommend a dividend of £5m to be paid.

DIRECTORS

The directors who served during the year were:

W. Satijn 
A. McAndrew (resigned 7 October 2022)
M. Dematteis 
R. W. Birks 

Page 8

 
JOLODA HYDRAROLL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

RESEARCH AND DEVELOPMENT ACTIVITIES

The R&D undertaken by Joloda makes it possible to find technical solutions to Mechanical and Electrical engineering of loading solutions. It reduces technological uncertainties and creates a unique solution for our customers.

MATTERS COVERED IN THE STRATEGIC REPORT

A business review, principal risks and uncertainties, financial key performance indicators, future developments and engagement with suppliers, customers and others are disclosed in the Strategic Report.

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

Under section 487(2) of the Companies Act 2006Langtons Professional Services Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 28 September 2023 and signed on its behalf.
 







R. W. Birks
Director

Page 9

 
JOLODA HYDRAROLL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOLODA HYDRAROLL LIMITED
 

OPINION

We have audited the financial statements of Joloda Hydraroll Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 March 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.

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 ReportOur 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.

Page 10

 
JOLODA HYDRAROLL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOLODA HYDRAROLL LIMITED (CONTINUED)


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.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' responsibilities statement set out on page 8, 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.

Page 11

 
JOLODA HYDRAROLL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOLODA HYDRAROLL LIMITED (CONTINUED)


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:

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
enquiries of management; and
journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
 
Page 12

 
JOLODA HYDRAROLL LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOLODA HYDRAROLL LIMITED (CONTINUED)



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.

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.






Stephen Talbot (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditor
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

28 September 2023
Page 13

 
JOLODA HYDRAROLL LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
45,444,875
45,073,987

Cost of sales
  
(28,306,087)
(28,431,216)

Gross profit
  
17,138,788
16,642,771

Distribution costs
  
(236,157)
(186,510)

Administrative expenses
  
(10,932,766)
(8,128,453)

Other operating income
 5 
30,849
32,432

Operating profit
 6 
6,000,714
8,360,240

Interest receivable and similar income
 10 
1,184
18

Interest payable and similar expenses
 11 
(63,917)
(55,846)

Profit before taxation
  
5,937,981
8,304,412

Tax on profit
 12 
(1,431,653)
(1,549,929)

Profit for the year
  
4,506,328
6,754,483

  

Currency translation differences
  
70,194
82,446

Other comprehensive income for the year
  
70,194
82,446

Total comprehensive income for the year
  
4,576,522
6,836,929

Profit for the year attributable to:
  

Non-controlling interests
  
100,237
190,033

Owners of the parent Company
  
4,406,091
6,564,450

  
4,506,328
6,754,483

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

The notes on pages 22 to 48 form part of these financial statements.

Page 14

 
JOLODA HYDRAROLL LIMITED
REGISTERED NUMBER: 02757012

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
2,384,882
2,222,637

Tangible assets
 15 
4,531,757
4,188,561

  
6,916,639
6,411,198

Current assets
  

Stocks
 17 
7,526,944
5,463,762

Debtors
 18 
11,456,907
11,426,930

Cash at bank and in hand
 19 
6,327,901
11,024,431

  
25,311,752
27,915,123

Creditors: amounts falling due within one year
 20 
(8,778,530)
(10,561,333)

Net current assets
  
 
 
16,533,222
 
 
17,353,790

Total assets less current liabilities
  
23,449,861
23,764,988

Creditors: amounts falling due after more than one year
 21 
(495,015)
(407,668)

Provisions for liabilities
  

Deferred taxation
 24 
(629,982)
(497,400)

Other provisions
 25 
(104,321)
(135,170)

  
 
 
(734,303)
 
 
(632,570)

Net assets
  
22,220,543
22,724,750

Page 15

 
JOLODA HYDRAROLL LIMITED
REGISTERED NUMBER: 02757012
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
71,000
71,000

Capital redemption reserve
 27 
25,000
25,000

Profit and loss account
 27 
21,755,600
22,296,423

Equity attributable to owners of the parent Company
  
21,851,600
22,392,423

Non-controlling interests
  
368,943
332,327

  
22,220,543
22,724,750


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.






R. W. Birks
Director

The notes on pages 22 to 48 form part of these financial statements.

Page 16

 
JOLODA HYDRAROLL LIMITED
REGISTERED NUMBER: 02757012

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
-
1

Tangible assets
 15 
4,381,799
4,081,435

Investments
 16 
3,244,565
3,150,361

  
7,626,364
7,231,797

Current assets
  

Stocks
 17 
4,957,244
3,637,388

Debtors
 18 
9,215,792
11,344,554

Cash at bank and in hand
 19 
299,453
2,120,852

  
14,472,489
17,102,794

Creditors: amounts falling due within one year
 20 
(5,436,219)
(5,220,539)

Net current assets
  
 
 
9,036,270
 
 
11,882,255

Total assets less current liabilities
  
16,662,634
19,114,052

  

Creditors: amounts falling due after more than one year
 21 
(495,015)
(407,668)

Provisions for liabilities
  

Deferred taxation
 24 
(617,981)
(497,400)

Other provisions
 25 
(104,321)
(135,170)

  
 
 
(722,302)
 
 
(632,570)

Net assets
  
15,445,317
18,073,814

Page 17

 
JOLODA HYDRAROLL LIMITED
REGISTERED NUMBER: 02757012
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 26 
71,000
71,000

Capital redemption reserve
 27 
25,000
25,000

Profit and loss account brought forward
  
17,977,814
14,349,930

Profit for the year
  
2,371,503
6,127,884

Other changes in the profit and loss account

  

(5,000,000)
(2,500,000)

Profit and loss account carried forward
  
15,349,317
17,977,814

  
15,445,317
18,073,814


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2023.






R. W. Birks
Director

The notes on pages 22 to 48 form part of these financial statements.

Page 18

 

 
JOLODA HYDRAROLL LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 April 2021
71,000
25,000
18,168,359
18,264,359
237,678
18,502,037



Comprehensive income for the year


Profit for the year
-
-
6,564,450
6,564,450
190,033
6,754,483


Currency translation differences
-
-
63,614
63,614
18,832
82,446



Other comprehensive income for the year
-
-
63,614
63,614
18,832
82,446



Total comprehensive income for the year
-
-
6,628,064
6,628,064
208,865
6,836,929



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(2,500,000)
(2,500,000)
-
(2,500,000)


Distribution to non-controlling interests
-
-
-
-
(114,216)
(114,216)



Total transactions with owners
-
-
(2,500,000)
(2,500,000)
(114,216)
(2,614,216)




At 1 April 2022
71,000
25,000
22,296,423
22,392,423
332,327
22,724,750



Comprehensive income for the year


Profit for the year
-
-
4,406,091
4,406,091
100,237
4,506,328


Currency translation differences
-
-
53,086
53,086
17,109
70,195



Other comprehensive income for the year
-
-
53,086
53,086
17,109
70,195



Total comprehensive income for the year
-
-
4,459,177
4,459,177
117,346
4,576,523
Page 19

 

 
JOLODA HYDRAROLL LIMITED


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023




Contributions by and distributions to owners


Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)
-
(5,000,000)


Distribution to non-controlling interests
-
-
-
-
(80,730)
(80,730)



Total transactions with owners
-
-
(5,000,000)
(5,000,000)
(80,730)
(5,080,730)



At 31 March 2023
71,000
25,000
21,755,600
21,851,600
368,943
22,220,543



The notes on pages 22 to 48 form part of these financial statements.

Page 20

 
JOLODA HYDRAROLL LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
71,000
25,000
14,349,930
14,445,930


Comprehensive income for the year

Profit for the year
-
-
6,127,884
6,127,884
Total comprehensive income for the year
-
-
6,127,884
6,127,884


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,500,000)
(2,500,000)


Total transactions with owners
-
-
(2,500,000)
(2,500,000)


At 1 April 2022
71,000
25,000
17,977,814
18,073,814


Comprehensive income for the year

Profit for the year
-
-
2,371,503
2,371,503
Total comprehensive income for the year
-
-
2,371,503
2,371,503


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)


Total transactions with owners
-
-
(5,000,000)
(5,000,000)


At 31 March 2023
71,000
25,000
15,349,317
15,445,317


The notes on pages 22 to 48 form part of these financial statements.

Page 21

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

The entity is a private limited liability company, limited by shares registered in England and Wales within
the United Kingdom. The registered office is 1 De Havilland Drive, Speke, Liverpool, L24 8RN and the company number is 02757012.

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 comprehensive income 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. The consolidated financial statements do not, however, include the two parent entities. A separate consolidated set of financial statements are available from the ultimate parent entity. As a result, balances and transactions with other group entities are not eliminated in full as this consolidated set of financial statements does not include all group entities.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, 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 comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

Page 22

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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 goods

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 23

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.6

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.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
2% straight line
Leasehold Property
-
2% straight line
Plant & machinery
-
5% to 33% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
5% to 33% straight line
Property improvement
-
2% to 10% 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.

Page 24

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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 on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

Page 25

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the
Page 26

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (continued)

contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.13

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.

Page 27

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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 comprehensive income in the same period as the related expenditure.

 
2.15

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.

 
2.16

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.

 
2.17

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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.19

INTEREST INCOME

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

 
2.20

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 28

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.21

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 reporting 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 Statement of financial position.

 
2.22

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 reporting 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 reporting 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 reporting date.

Page 29

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.23

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The directors apply judgements in respect of the value of labour in stock, the useful economic lives of fixed assets and the recoverability of debtors.


4.


TURNOVER

The whole of the turnover is attributable to the principal activity of the business.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
23,901,214
23,837,638

Rest of Europe
9,624,019
8,082,123

Rest of the world
11,919,641
13,154,226

45,444,874
45,073,987



5.


OTHER OPERATING INCOME

2023
2022
£
£

Government grants receivable
30,849
32,432

30,849
32,432


Page 30

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
658,689
514,668

Amortisation of intangible assets, including goodwill
(266,583)
(269,183)

Exchange differences
999
(212,369)

-
-


7.


AUDITOR'S REMUNERATION

During the year, the Group obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
27,205
25,685

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

Taxation compliance services
2,400
-

Corporate finance services not included above
39,180
26,840

All non-audit services not included above
28,895
15,540

Page 31

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


EMPLOYEES

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


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


Wages and salaries
10,234,738
8,875,260
6,105,086
4,497,783

Social security costs
1,063,544
910,971
614,992
420,239

Cost of defined contribution scheme
347,350
406,579
98,871
164,169

11,645,632
10,192,810
6,818,949
5,082,191


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.









Management
8
5
4
4



Production
155
122
155
122



Administration
34
35
9
9



Field Support Engineers
43
47
-
-



Sales
7
8
3
3

247
217
171
138


9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
436,572
506,731

Group contributions to defined contribution pension schemes
9,998
54,250

Compensation for loss of office
57,154
-

503,724
560,981


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £158,648 (2022 - £152,806).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £6,000).

Page 32

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
1,184
18

1,184
18


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
7,818
33,467

Finance leases and hire purchase contracts
32,678
12,993

Other interest payable
23,421
9,386

63,917
55,846

Page 33

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
910,286
826,587

Adjustments in respect of previous periods
57,139
(36,192)


967,425
790,395


Group taxation relief
95,729
95,429


1,063,154
885,824

Foreign tax


Foreign tax on income for the year
235,565
344,705

Foreign tax in respect of prior periods
352
-

235,917
344,705

Total current tax
1,299,071
1,230,529

Deferred tax


Origination and reversal of timing differences
71,138
263,189

Changes to tax rates
61,444
56,211

Total deferred tax
132,582
319,400


Taxation on profit on ordinary activities
1,431,653
1,549,929
Page 34

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - lower 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
5,937,980
8,304,412


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
1,128,216
1,577,838

Effects of:


Non-tax deductible amortisation of goodwill and impairment
50,651
49,028

Permanent differences on expenses not deductible for tax purposes
20,536
34,207

Fixed asset differences
(12,307)
(188,253)

Adjustments to tax charge in respect of prior periods
57,138
(36,192)

Short term timing difference leading to an increase (decrease) in taxation
15,197
(1,610)

Non-taxable income
(10,010)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(74,100)

Book profit on chargeable assets
-
16,301

Adjustments to deferred tax charge in respect of prior periods
61,444
-

Remeasurement of deferred tax for changes in tax rates
16,980
-

Deferred tax adjustments
390
120,485

Foreign tax adjustments
103,418
52,225

Total tax charge for the year
1,431,653
1,549,929


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


13.


DIVIDENDS

2023
2022
£
£


On ordinary shares
5,000,000
2,500,000

5,000,000
2,500,000

Page 35

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


INTANGIBLE ASSETS

Group





Patents
Computer Software
Goodwill
Total

£
£
£
£



Cost


At 1 April 2022
2
37,314
2,953,785
2,991,101


Additions
-
-
428,829
428,829


Disposals
-
-
(235,113)
(235,113)



At 31 March 2023

2
37,314
3,147,501
3,184,817



Amortisation


At 1 April 2022
-
37,146
731,318
768,464


Charge for the year on owned assets
-
-
266,583
266,583


On disposals
-
-
(235,112)
(235,112)



At 31 March 2023

-
37,146
762,789
799,935



Net book value



At 31 March 2023
2
168
2,384,712
2,384,882



At 31 March 2022
2
168
2,222,467
2,222,637



Page 36

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
           14.INTANGIBLE ASSETS (CONTINUED)

Company




Goodwill

£





At 1 April 2022
235,113


Disposals
(235,113)



At 31 March 2023

-





At 1 April 2022
235,112


On disposals
(235,112)



At 31 March 2023

-



Net book value



At 31 March 2023
-



At 31 March 2022
1

Page 37

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


TANGIBLE FIXED ASSETS

Group






Freehold & long leasehold property
S/Term Leasehold Property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
1,775,642
1,188,123
3,648,913
175,631
6,788,309


Additions
-
26,329
938,737
38,633
1,003,699


Disposals
-
-
(52,438)
-
(52,438)



At 31 March 2023

1,775,642
1,214,452
4,535,212
214,264
7,739,570



Depreciation


At 1 April 2022
696,638
55,624
1,732,255
115,230
2,599,747


Charge for the year on owned assets
43,301
109,217
368,930
25,257
546,705


Charge for the year on financed assets
-
-
111,985
-
111,985


Disposals
-
-
(50,625)
-
(50,625)



At 31 March 2023

739,939
164,841
2,162,545
140,487
3,207,812



Net book value



At 31 March 2023
1,035,703
1,049,611
2,372,667
73,777
4,531,758



At 31 March 2022
1,079,004
1,132,498
1,916,658
60,401
4,188,561

Included  in  land  and  buildings  is  freehold  land  at  cost  of  £23,494  (2022 -  £23,494)  which  is  not
depreciated.
The net book value of freehold land, freehold property and leasehold property is £23,494, £425,438 and £601,326 (2022 - £23,494, £313,986 and £623,805) respectively.

Page 38

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           15.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,019,475
733,492

1,019,475
733,492


Company






Freehold & long leasehold property
S/Term Leasehold Property
Plant & machinery
Total

£
£
£
£

Cost or valuation


At 1 April 2022
1,775,642
1,170,939
3,467,189
6,413,770


Additions
-
16,208
893,394
909,602


Disposals
-
-
(5,000)
(5,000)



At 31 March 2023

1,775,642
1,187,147
4,355,583
7,318,372



Depreciation


At 1 April 2022
696,638
44,389
1,591,308
2,332,335


Charge for the year on owned assets
43,301
108,874
343,266
495,441


Charge for the year on financed assets
-
-
111,985
111,985


Disposals
-
-
(3,188)
(3,188)



At 31 March 2023

739,939
153,263
2,043,371
2,936,573



Net book value



At 31 March 2023
1,035,703
1,033,884
2,312,212
4,381,799



At 31 March 2022
1,079,004
1,126,550
1,875,881
4,081,435

Included  in  land  and  buildings  is  freehold  land  at  cost  of  £23,494  (2022 -  £23,494)  which  is  not
depreciated.
The net book value of freehold land, freehold property and leasehold property is £23,494, £425,438 and £586,772 (2022 - £23,494, £313,986 and £623,805) respectively.

Page 39

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           15.TANGIBLE FIXED ASSETS (CONTINUED)






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,019,475
733,492

1,019,475
733,492


16.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
3,228,996


Additions
94,204



At 31 March 2023

3,323,200



Impairment


At 1 April 2022
78,635



At 31 March 2023

78,635

Page 40

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Joloda B.V.
Netherlands
Ordinary
100%
Hydraroll Limited
England and Wales
Ordinary
100%
Joloda LLC
United States of America
Ordinary
70%
Joloda South America Comercio deEquipamentosParaMovimentacao deCargas LTDA
Brazil
Ordinary
100%
Joloda GmbH
Germany
Ordinary
100%
Blackrock Engineering Limited
England and Wales
Ordinary
100%
Joloda Conveyor Services Limited
England and Wales
Ordinary
100%
Loading Automation Inc
United States of America
Ordinary
80%
Joloda Hydraroll SAS
France
Ordinary
100%
Joloda KK
Japan
Ordinary
100%


17.


STOCKS

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

Raw materials and consumables
4,286,319
3,306,751
3,031,082
2,111,284

Work in progress (goods to be sold)
2,038,938
1,526,104
1,926,162
1,526,104

Finished goods and goods for resale
1,201,687
630,907
-
-

7,526,944
5,463,762
4,957,244
3,637,388


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

Page 41

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


DEBTORS

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

Due within one year

Trade debtors
5,015,567
5,495,059
1,547,638
1,944,525

Amounts owed by group undertakings
5,325,931
4,194,035
7,135,438
8,649,570

Other debtors
276,647
365,955
185,043
325,719

Prepayments and accrued income
838,762
1,371,881
347,673
424,740

11,456,907
11,426,930
9,215,792
11,344,554


Included within other debtors due within one year is a loan to W. Satijn, a director, amounting to £5,760 (2022 - £NIL). Amounts repaid during the year totalled £NIL.  The loan is interest free and has no fixed repayment terms.




19.


CASH AND CASH EQUIVALENTS

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

Cash at bank and in hand
6,327,901
11,024,431
299,453
2,120,852

Less: bank overdrafts
-
(48,452)
-
(48,452)

6,327,901
10,975,979
299,453
2,072,400


Page 42

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


CREDITORS: Amounts falling due within one year

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

Bank overdrafts
-
48,452
-
48,452

Bank loans
-
485,043
-
485,043

Trade creditors
3,677,992
5,426,750
2,511,706
3,458,889

Amounts owed to group undertakings
1,755,955
95,429
1,564,797
-

Corporation tax
958,991
805,860
522,117
246,941

Other taxation and social security
621,700
774,476
138,113
154,500

Obligations under finance lease and hire purchase contracts
260,666
178,614
260,666
178,614

Other creditors
217,234
355,533
2,865
27,326

Accruals and deferred income
1,285,992
2,391,176
435,955
620,774

8,778,530
10,561,333
5,436,219
5,220,539


Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.
Bank loans are secured by way of a fixed charge over the freehold land and a floating charge over all other assets of the company.


21.


CREDITORS: Amounts falling due after more than one year

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

Net obligations under finance leases and hire purchase contracts
495,015
407,668
495,015
407,668

495,015
407,668
495,015
407,668


Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.



Page 43

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

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

Within one year
299,457
203,634
299,457
203,634

Between 1-5 years
531,009
427,017
531,009
427,017

830,466
630,651
830,466
630,651


23.


FINANCIAL INSTRUMENTS

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

Financial assets

Financial assets measured at fair value through profit or loss
6,327,901
11,024,431
299,453
2,120,852

Financial assets that are debt instruments measured at amortised cost
10,509,920
10,527,407
8,693,397
10,612,264

16,837,821
21,551,838
8,992,850
12,733,116


Financial liabilities

Financial liabilities measured at amortised cost
(6,871,780)
(8,665,032)
-
-


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets measured at amortised cost comprise trade debtors, group debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade, group and other creditors and accruals.

Page 44

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

24.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
(497,400)
(178,000)


Charged to profit or loss
(132,582)
(319,400)



At end of year
(629,982)
(497,400)

Company


2023
2022


£

£






At beginning of year
(497,400)
(178,000)


Charged to profit or loss
(120,581)
(319,400)



At end of year
(617,981)
(497,400)

The deferred tax liability is made up as follows:

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

Accelerated capital allowances
(630,733)
(505,700)
(618,732)
(505,700)

Short term timing differences
751
8,300
751
8,300

(629,982)
(497,400)
(617,981)
(497,400)

Page 45

 
JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

25.


PROVISIONS


Group



Government grants

£





At 1 April 2022
135,170


Utilised in year
(30,849)



At 31 March 2023
104,321

Company


Government grants
Total

£
£





At 1 April 2022
135,170
135,170


Utilised in year
(30,849)
(30,849)



At 31 March 2023
104,321
104,321

Government grants
During a prior year the company received a £237,500 grant from the Welsh Government to assist with the  funding  of  capital  expenditure  and  aid  the  creation  of  jobs. The grant is being released over the expected useful lives of the assets concerned which is ten years.
During a prior year the company received a £80,000 grant from the Welsh Government to assist with the
funding  of  capital  expenditure  and  aid  the  creation  of  jobs. The grant will be released over the expected useful lives of the assets concerned.


26.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



71,000 (2022 - 71,000) Ordinary shares of £1.00 each
71,000
71,000

Each share carries one vote.


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JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

27.


RESERVES

Capital redemption reserve

The  capital  redemption  reserve  represents  a  reserve  created  on  the  buy-back  of  previously  issued shares, in order to maintain the value of undistributable reserves.

Profit & loss account

The profit and loss account represents total accumulated profits to date, less dividends declared.


28.


NON-CONTROLLING INTERESTS

The table below sets out the movements on the non-controlling interest. It may also be found within the Statement of Changes in Equity.


2023
2022
£
£


Non-controlling interest brought forward
332,327
237,678

Non-controling interest - profit attributable
100,237
190,033

Non-controlling interests - Forex movement
17,109
18,832

Non-controlling interest - distribution
(80,730)
(114,216)

368,943
332,327



29.


PENSION COMMITMENTS

The group pays into personal pension plans. The assets of the plans are held separately from those of  the  group in  an  independently  administered  fund.  The  pension  cost  charge  represents contributions payable by the company to the plans.
Contributions  totalling  £40,527 (2022 - £103,639) were  payable  to  the  fund  at  the  reporting  date  and  are included in creditors.

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JOLODA HYDRAROLL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

30.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 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
509,721
372,876
370,945
229,824

Later than 1 year and not later than 5 years
1,561,494
1,517,710
1,448,194
1,412,025

Later than 5 years
1,525,966
1,877,457
1,525,966
1,877,457

3,597,181
3,768,043
3,345,105
3,519,306


31.OTHER FINANCIAL COMMITMENTS

A subsidiary entity has given guarantees totalling £204,729 on behalf of clients.


32.


RELATED PARTY TRANSACTIONS

Loading Automation Inc is an 80% subsidiary. During the year, sales of £945,356 (2022 - £2,633,856) were made from Joloda Hydaroll Limited to Loading Automation Inc. Purchases of £Nil (2022 - £2,628) were made by Joloda Hydraroll from Loading Automation Inc. At the year end, Loading Automation Inc owed Joloda Hydraroll Limited £92,195 (2022 - £496,368).
A management fee of £80,925 has been charged by W.A.S. Beheer BV. W.A.S. Beheer BV is a significant shareholder of the ultimate parent entity.
The  group  has  taken  advantage  of  the  exemption  available  in  accordance  with  FRS102  not  to  disclose transactions  entered  into  between  two  or  more  members  of  a  group,  provided  that  any  subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


33.


CONTROLLING PARTY

The parent company is Joloda Hydraroll Holdings Limited. The ultimate parent company is Joloda Hydraroll Group Limited.
The company is under the control of all its directors.
The company is exempt from preparing consolidated financial statements by virtue of section 400 of the Companies Act 2006. Group consolidated financial statements are prepared by Joloda Hydraroll Group Limited.
Not withstanding this, the company has elected to prepare consolidated financial statements incorporating all of its subsidiaries.

 
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