Company Registration No. 11063151 (England and Wales)
JONES BROS. 1877 LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
JONES BROS. 1877 LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
JONES BROS. 1877 LTD
STATEMENT OF FINANCIAL POSITION
AS AT
27 FEBRUARY 2023
27 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
10,927
17,968
Tangible assets
4
483,371
504,424
494,298
522,392
Current assets
Stocks
3,628
-
Debtors
6
344,941
234,128
Cash at bank and in hand
60,794
10,367
409,363
244,495
Creditors: amounts falling due within one year
7
(264,729)
(170,957)
Net current assets
144,634
73,538
Total assets less current liabilities
638,932
595,930
Creditors: amounts falling due after more than one year
8
(819,146)
(659,578)
Provisions for liabilities
(10,619)
(13,993)
Net liabilities
(190,833)
(77,641)
JONES BROS. 1877 LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
27 FEBRUARY 2023
27 February 2023
2023
2022
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
5
5
Revaluation reserve
27,239
31,521
Profit and loss reserves
(218,077)
(109,167)
Total equity
(190,833)
(77,641)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
Mr S O'Rourke
Director
Company Registration No. 11063151
JONES BROS. 1877 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Jones Bros. 1877 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 13-15 Blount Street, London, E14 7RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Over 5 years
Website
Over 5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

JONES BROS. 1877 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Leasehold improvements
Over 10 years & 10% reducing balance
Plant and equipment
10% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JONES BROS. 1877 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

JONES BROS. 1877 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
23
17
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 28 February 2022
502,029
62,310
564,339
Additions
-
0
6,594
6,594
Disposals
-
0
(10,643)
(10,643)
At 27 February 2023
502,029
58,261
560,290
Depreciation and impairment
At 28 February 2022
33,413
26,502
59,915
Depreciation charged in the year
14,831
6,280
21,111
Eliminated in respect of disposals
-
0
(4,107)
(4,107)
At 27 February 2023
48,244
28,675
76,919
Carrying amount
At 27 February 2023
453,785
29,586
483,371
At 27 February 2022
468,616
35,808
504,424
JONES BROS. 1877 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 7 -
5
Intangible fixed assets
Other
Website
Total
£
£
£
Cost
At 28 February 2022 and 27 February 2023
15,773
19,432
35,205
Amortisation and impairment
At 28 February 2022
9,465
7,772
17,237
Amortisation charged for the year
3,155
3,886
7,041
At 27 February 2023
12,620
11,658
24,278
Carrying amount
At 27 February 2023
3,153
7,774
10,927
At 27 February 2022
6,308
11,660
17,968
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
319,636
208,375
Corporation tax recoverable
-
0
12,520
Other debtors
25,305
13,233
344,941
234,128
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,708
973
Trade creditors
147,902
91,735
Corporation tax
7,675
-
0
Other taxation and social security
45,264
50,820
Other creditors
54,180
27,429
264,729
170,957
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
819,146
659,578
JONES BROS. 1877 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 8 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
136,164
12,019
2023-02-272022-02-28false27 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs C JonesMr H L JonesMr H D JonesMrs L O'RourkeMr S O'Rourkefalse110631512022-02-282023-02-27110631512023-02-27110631512022-02-2711063151core:IntangibleAssetsOtherThanGoodwill2023-02-2711063151core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2711063151core:IntangibleAssetsOtherThanGoodwill2022-02-2711063151core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2711063151core:LandBuildings2023-02-2711063151core:OtherPropertyPlantEquipment2023-02-2711063151core:LandBuildings2022-02-2711063151core:OtherPropertyPlantEquipment2022-02-2711063151core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2711063151core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2711063151core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2711063151core:Non-currentFinancialInstrumentscore:AfterOneYear2022-02-2711063151core:CurrentFinancialInstruments2023-02-2711063151core:CurrentFinancialInstruments2022-02-2711063151core:ShareCapital2023-02-2711063151core:ShareCapital2022-02-2711063151core:RevaluationReserve2023-02-2711063151core:RevaluationReserve2022-02-2711063151core:RetainedEarningsAccumulatedLosses2023-02-2711063151core:RetainedEarningsAccumulatedLosses2022-02-2711063151bus:Director52022-02-282023-02-2711063151core:IntangibleAssetsOtherThanGoodwill2022-02-282023-02-2711063151core:ComputerSoftware2022-02-282023-02-2711063151core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-282023-02-2711063151core:LandBuildingscore:OwnedOrFreeholdAssets2022-02-282023-02-2711063151core:LeaseholdImprovements2022-02-282023-02-2711063151core:PlantMachinery2022-02-282023-02-2711063151core:FurnitureFittings2022-02-282023-02-2711063151core:ComputerEquipment2022-02-282023-02-27110631512021-02-282022-02-2711063151core:LandBuildings2022-02-2711063151core:OtherPropertyPlantEquipment2022-02-27110631512022-02-2711063151core:LandBuildings2022-02-282023-02-2711063151core:OtherPropertyPlantEquipment2022-02-282023-02-2711063151core:IntangibleAssetsOtherThanGoodwill2022-02-2711063151core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-02-2711063151core:WithinOneYear2023-02-2711063151core:WithinOneYear2022-02-2711063151core:Non-currentFinancialInstruments2023-02-2711063151core:Non-currentFinancialInstruments2022-02-2711063151bus:PrivateLimitedCompanyLtd2022-02-282023-02-2711063151bus:SmallCompaniesRegimeForAccounts2022-02-282023-02-2711063151bus:FRS1022022-02-282023-02-2711063151bus:AuditExemptWithAccountantsReport2022-02-282023-02-2711063151bus:Director12022-02-282023-02-2711063151bus:Director22022-02-282023-02-2711063151bus:Director32022-02-282023-02-2711063151bus:Director42022-02-282023-02-2711063151bus:FullAccounts2022-02-282023-02-27xbrli:purexbrli:sharesiso4217:GBP