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Registered number: 00208517










J.B. CORRIE AND COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
J.B. CORRIE AND COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
J Corrie 
G MacIntyre 
L Ryan 
C Wilson 




Company secretary
C Wilson



Registered number
00208517



Registered office
Frenchmans Road

Petersfield

Hants

GU32 3AP




Independent auditors
Shaw Gibbs (Audit) Limited
Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
J.B. CORRIE AND COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Income Statement
 
9
Statement of Financial Position
 
10 - 11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 29


 
J.B. CORRIE AND COMPANY LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2023

Introduction
 
The principal activities of the company remain the manufacture of security, sports and general fencing, to act as a merchant for fencing systems and to market these products and systems through our trade sales division; as well as the supply and installation of fencing through our contracting divisions based at Blairgowrie in Perthshire and Petersfield in Hampshire. It was decided by the directors to change the company’s accounting year end from 31st December to 31st March for commercial reaons and to align with the UK financial year and the dates on which corporate tax rates and rules typically come into effect.

Business review
 
The company has again produced excellent results, with strong performance particularly in Contracting which has benefited from a good level of orders and ongoing major projects on high security sites. Trade Sales had a more challenging period which involved new staff, some reorganisation and introduction of new procedures and processes.  
The company benefits from an exceptional number of long serving and highly experienced staff in combination with an enviable level of staff retention.  The appointment of a Business Development Manager was notable among several other new staff to join the company during the period.

Principal risks and uncertainties
 
The general economic climate, with current high inflation, presents challenges with both the cost and availability of materials and components and the hiring and retention of staff.  Rising costs have to be carefully managed and maintaining a strong balance sheet remains a key risk mitigation.  Retention of key personnel is of the utmost importance and is a priority for the directors.

Financial key performance indicators
 
The company produced exceptional results for the fifteen month period, the company’s best to date, with turnover increasing substantially on the previous year.  Cash balance and equity reserves also continue to grow.
The company recorded a healthy profit with the credit rating remaining high throughout the year.
The company’s balance sheet showed growth and remains exceedingly strong for the size of the company.
The company’s order book is remains at a consistently high level.

Other key performance indicators
 
The company enjoys a high level of repeat business, from a strong, loyal and broad customer base.  Health, Safety, Environmental and Quality Management systems are awarded the importance and resources they require, which is supported by the consistently high results achieved from audits carried out by various external bodies.  Staff turnover remains consistently low.

Future Developments

Despite the current economic challenges, the Company is in a strong position for the current year with a high level of repeat business, a healthy order book and a significant level of work currently in progress.  An exceptionally strong balance sheet has been maintained, which will help the Company to manage the risks associated with undertaking larger and more complex projects.
As business continues to grow, the Company continues to focus on improving the quality of products and services, increasing the workforce and investing in new plant, machinery and physical infrastructure.

Page 1

 
J.B. CORRIE AND COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023


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







................................................
J Corrie
Director
Date: 26 October 2023

Page 2

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2023

The directors present their report and the financial statements for the period ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £5,068,986 (2022 - £1,684,099).

Dividends of £1,000,000 (2021: Nil) were payable during the year.

Directors

The directors who served during the period were:

J Corrie 
G MacIntyre 
L Ryan 
C Wilson 

Future developments

The company has chosen in accordance with s414C (11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.  It has done so in respect of future developments.

Page 3

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023

Disclosure of information to auditors

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's auditors are 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's auditors are aware of that information.

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







................................................
C Wilson
Director
Date: 26 October 2023

Page 4

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED
 

Opinion


We have audited the financial statements of J.B. Corrie and Company Limited (the 'Company') for the period ended 31 March 2023, which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows, the 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 Company's affairs as at 31 March 2023 and of its profit for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.


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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)


Auditors' 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 Auditors' 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 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. 
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' Report.


Page 7

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.







Mark Dickinson FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

2 November 2023
Page 8

 
J.B. CORRIE AND COMPANY LIMITED
 
 
INCOME STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2023

15 months to 31 March 2023
12 months to 31 December 2021
Note
£
£

  

Turnover
 4 
25,231,998
14,308,890

Cost of sales
  
(16,123,727)
(10,370,465)

Gross profit
  
9,108,271
3,938,425

Administrative expenses
  
(3,211,839)
(2,480,914)

Other operating income
 5 
156,250
135,035

Operating profit
 6 
6,052,682
1,592,546

Income from other fixed asset investments
  
123,785
46,906

Interest receivable and similar income
  
6,770
319

Fair value adjustments
  
(29,251)
292,367

Profit before tax
  
6,153,986
1,932,138

Tax on profit
 12 
(1,085,000)
(248,039)

Profit for the financial period
  
5,068,986
1,684,099

There are no items of other comprehensive income for 2023 or 2021 other than the profit for the periodAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 16 to 29 form part of these financial statements.

Page 9

 
J.B. CORRIE AND COMPANY LIMITED
REGISTERED NUMBER: 00208517

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
31 December 2021
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,804,226
1,567,704

Investments
 15 
8,145,287
6,201,354

Investment property
 16 
1,750,000
1,600,000

  
11,699,513
9,369,058

Current assets
  

Stocks
 17 
1,685,914
1,503,131

Debtors: amounts falling due within one year
 18 
3,504,951
3,139,083

Cash at bank and in hand
 19 
4,204,374
2,732,406

  
9,395,239
7,374,620

Creditors: amounts falling due within one year
 20 
(6,435,708)
(6,153,620)

Net current assets
  
 
 
2,959,531
 
 
1,221,000

Total assets less current liabilities
  
14,659,044
10,590,058

  

Net assets
  
14,659,044
10,590,058


Capital and reserves
  

Called up share capital 
 22 
5,000
5,000

Revaluation reserve
  
965,000
965,000

Fair value reserve
  
80,635
259,886

Investment property reserve
  
1,524,554
1,374,554

Profit and loss account
  
12,083,855
7,985,618

  
14,659,044
10,590,058


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



................................................
J Corrie
Director
Date: 26 October 2023

The notes on pages 16 to 29 form part of these financial statements.
Page 10

 
J.B. CORRIE AND COMPANY LIMITED
REGISTERED NUMBER: 00208517
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023


Page 11

 

 
J.B. CORRIE AND COMPANY LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023



Called up share capital
Revaluation reserve
Fair value reserve
Investment property reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2021
5,000
965,000
(32,481)
1,374,554
6,593,886
8,905,959



Comprehensive income for the year


Profit for the year

-
-
-
-
1,684,099
1,684,099


Transfer to/from profit and loss account
-
-
292,367
-
(292,367)
-





At 1 April 2022
5,000
965,000
259,886
1,374,554
7,985,618
10,590,058



Comprehensive income for the period


Profit for the period

-
-
-
-
5,068,986
5,068,986



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
(1,000,000)
(1,000,000)


Transfer to/from profit and loss account
-
-
(179,251)
150,000
29,251
-



At 31 March 2023
5,000
965,000
80,635
1,524,554
12,083,855
14,659,044



The notes on pages 16 to 29 form part of these financial statements.

Page 12

 
J.B. CORRIE AND COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2023

15 months to 31 March 2023
12 months to 31 December 2021
£
£

Cash flows from operating activities

Profit for the financial period
5,068,986
1,684,099

Adjustments for:

Depreciation of tangible assets
400,877
219,890

Loss on disposal of tangible assets
(46,149)
(21,504)

Government grants
-
(13,160)

Non-operating income
(130,555)
(47,225)

Taxation charge
1,085,000
248,039

(Increase) in stocks
(230,141)
(384,051)

(Increase) in debtors
(198,260)
(1,850,757)

(Decrease)/increase in creditors
(680,339)
1,308,395

Net fair value (gains) recognised in P&L
(29,251)
(292,367)

Corporation tax (paid)
(242,822)
(72,441)

Net cash generated from operating activities

4,997,346
778,918


Cash flows from investing activities

Purchase of tangible fixed assets
(643,708)
(447,216)

Sale of tangible fixed assets
52,457
33,833

Purchase of listed investments
(3,323,379)
(46,426)

Sale of listed investments
1,258,697
39,309

Government grants received
-
13,160

Interest received
6,770
319

Income from investments
123,785
46,906

Net cash from investing activities

(2,525,378)
(360,115)

Cash flows from financing activities

Dividends paid
(1,000,000)
-

Net cash used in financing activities
(1,000,000)
-

Net increase in cash and cash equivalents
1,471,968
418,803

Cash and cash equivalents at beginning of period
2,732,406
2,313,603

Cash and cash equivalents at the end of period
4,204,374
2,732,406


Cash and cash equivalents at the end of period comprise:
Page 13

 
J.B. CORRIE AND COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023


2023
2021

£
£


Cash at bank and in hand
4,204,374
2,732,406

4,204,374
2,732,406


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 
J.B. CORRIE AND COMPANY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

2,732,406

1,471,968

4,204,374


2,732,406
1,471,968
4,204,374

The notes on pages 16 to 29 form part of these financial statements.

Page 15

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

J.B.Corrie and Company Limited, (00208517), is a limited liability company incorporated in England. The Registered Office is disclosed in the Company Information page and the principal activity is disclosed in the Strategic Report.

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 presentation currency is GBP.  The financial statements are rounded to the nearest £.  

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 Company 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 16

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

 
2.4

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 Income Statement in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

Pensions

Defined contribution pension plan

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 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 Company in independently administered funds.

Page 17

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Taxation

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.8

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
-
10 years
Plant and machinery
-
4 - 10 years
Motor vehicles
-
2 - 5 years
Fixtures and fittings
-
4 - 10 years

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 18

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Investment property

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

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income.

 
2.11

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 first in, first out 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.

 
2.12

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.

 
2.13

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

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

 
2.15

Financial instruments

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

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets
Page 19

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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
Page 20

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

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 Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
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.

Page 21

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of investment property
As described in note 16, investment properties are stated at fair value based upon a valuation performed by the directors.  The directors have considered current rental yields and the term of the lease to confirm the property is held at fair value.
Amounts recoverable under contract
As described in note 2.2, revenue from a contract is recognised in the period in which the services are provided.  The directors have considered stage of completion, expected losses and consideration due to ensure the revenue is recognised in the correct accounting period and the asset is recoverable.


4.


Turnover

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

All turnover arose within the United Kingdom.


5.


Other operating income

2023
2021
£
£

Net rents receivable
156,250
121,875

Government grants receivable
-
13,160

156,250
135,035


Page 22

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2021
£
£

Other operating lease rentals
219,637
287,093


7.


Auditors' remuneration

2023
2021
£
£

Fees payable to the Company's auditors and its associates for the audit of the Company's financial statements
21,675
20,575

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


Tax compliance services
2,935
2,795


8.


Employees

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


2023
2021
£
£

Wages and salaries
5,495,513
3,305,848

Social security costs
519,996
293,960

Cost of defined contribution scheme
227,158
161,125

6,242,667
3,760,933


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


        2023
        2022
            No.
            No.







Production staff
98
84



Distribution staff
4
3



Administrative staff
9
9

111
96

Page 23

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

9.


Directors' remuneration

2023
2021
£
£

Directors' emoluments
392,245
339,252

Company contributions to defined contribution pension schemes
45,009
34,731

437,254
373,983


During the period retirement benefits were accruing to 3 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £152,491 (2022 - £132,867).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £22,231 (2022 - £17,288).


10.


Income from investments

2023
2021
£
£

Income from fixed asset investments
123,785
46,906







11.


Fair value adjustments

2023
2021
£
£



Increase/(decrease) in fair value of listed investments
(179,251)
292,367

Increase in fair value of investment property
150,000
-

(29,251)
292,367

Page 24

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

12.


Taxation


2023
2021
£
£

Corporation tax


Current tax on profits for the year
1,085,000
265,125

Adjustments in respect of previous periods
-
(17,086)


1,085,000
248,039


Total current tax
1,085,000
248,039

Factors affecting tax charge for the period/year

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

2023
2021
£
£


Profit on ordinary activities before tax
6,153,984
1,932,138


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
1,169,257
367,106

Effects of:


Non-tax deductible amortisation of goodwill and impairment
252
-

Capital allowances for period/year in excess of depreciation
(67,632)
(47,173)

Adjustments to tax charge in respect of prior periods
1,667
(17,086)

Non-taxable income
(11,417)
-

Changes in provisions leading to an increase (decrease) in the tax charge
(1,286)
742

Unrecognised fair value adjustments
(5,841)
(55,550)

Total tax charge for the period/year
1,085,000
248,039


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

13.


Dividends

2023
2021
£
£


Dividends
1,000,000
-

1,000,000
-


14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
1,082,007
542,444
750,902
90,701
2,466,054


Additions
-
193,289
441,885
8,534
643,708


Disposals
-
(42,750)
(89,658)
-
(132,408)



At 31 March 2023

1,082,007
692,983
1,103,129
99,235
2,977,354



Depreciation


At 1 April 2022
53,694
398,310
389,775
56,571
898,350


Charge for the period on owned assets
7,224
124,621
252,674
16,359
400,878


Disposals
-
(39,501)
(86,599)
-
(126,100)



At 31 March 2023

60,918
483,430
555,850
72,930
1,173,128



Net book value



At 31 March 2023
1,021,089
209,553
547,279
26,305
1,804,226



At 31 March 2021
1,028,313
144,134
361,127
34,130
1,567,704

Page 26

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

15.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2022
6,201,354


Additions
3,385,129


Disposals
(1,258,697)


Revaluations
(179,251)


Net cash movements 
(3,248)



At 31 March 2023
8,145,287





16.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,600,000


Surplus on revaluation
150,000



At 31 March 2023
1,750,000

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





17.


Stocks

2023
2021
£
£

Raw materials and consumables
142,569
200,254

Work in progress (goods to be sold)
382,168
316,631

Finished goods and goods for resale
1,161,177
986,246

1,685,914
1,503,131


Page 27

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

18.


Debtors

2023
2021
£
£


Trade debtors
2,920,554
2,894,010

Other debtors
49,691
21,640

Prepayments and accrued income
394,233
177,235

Amounts recoverable on long-term contracts
140,473
46,198

3,504,951
3,139,083



19.


Cash and cash equivalents

2023
2021
£
£

Cash at bank and in hand
4,204,374
2,732,406

4,204,374
2,732,406



20.


Creditors: Amounts falling due within one year

2023
2021
£
£

Payments received on account
2,946,628
3,727,820

Trade creditors
1,882,742
1,344,382

Corporation tax
1,107,303
265,125

Other taxation and social security
213,887
467,206

Other creditors
78,213
111,928

Accruals and deferred income
206,935
237,159

6,435,708
6,153,620


Page 28

 
J.B. CORRIE AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

21.


Financial instruments

2023
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
8,145,287
6,201,354




Financial assets measured at fair value through profit or loss comprise list investments.


22.


Share capital

2023
2021
£
£
Allotted, called up and fully paid



5,000 (2022 - 5,000) Ordinary shares of £1.00 each
5,000
5,000



23.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £227,158 (2021: £161,125). Contributions totalling £48,584 (2021: £32,047) were payable to the fund at the year end and are included in creditors.


24.


Commitments under operating leases

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

2023
2021
£
£


Not later than 1 year
30,522
49,533

Later than 1 year and not later than 5 years
12,411
43,832

42,933
93,365


25.


Controlling party

The company is under the control of J Corrie, a director and the shareholder.

 
Page 29