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REGISTERED NUMBER: 08898596 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

JSB COMPANIES LIMITED

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


JSB COMPANIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: R J Sheppard



REGISTERED OFFICE: Brooks House
1 Albion Place
Maidstone
Kent
ME14 5DY



REGISTERED NUMBER: 08898596 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Gary Sargeant



AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The director presents his strategic report of the company and the group for the year ended 30 June 2023.

The group continued its principal activity as wholesale and catering butchers.

REVIEW OF BUSINESS
Since the resumption of business following the Covid pandemic results have proved encouraging and the Group has traded profitably in the year under review.

COVID FINANCIAL SUPPORT
The Group is funding repayment of its CBILS Loans and other support from the Group's financiers. The trading recovery is believed sustainable and adequate to meet these commitments.

PRINCIPAL RISKS AND UNCERTAINTIES
Currently the UK and World economies conspire to affect trading conditions whether in regard to the pricing or availability of product, and overhead costs generally:
- Increases in raw material costs
- Weakness of Sterling
- Supply chains
- Wage and overhead inflationary pressures.

Where possible these main risks are being addressed on a daily basis by placing emphasis on UK product, together with operating to shorter term pricing agreements.
With the support of staff both at production and administrative levels it is hoped to contain the effects of adverse cost increases.

ON BEHALF OF THE BOARD:





R J Sheppard - Director


30 January 2024

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2023

The director presents his report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the group continued to be that of wholesale and catering butchers.

DIVIDENDS
Ordinary dividends were paid amounting to £160,000. The director does not recommend payment of a further dividend.

DIRECTOR
R J Sheppard held office during the whole of the period from 1 July 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




R J Sheppard - Director


30 January 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JSB COMPANIES LIMITED

Opinion
We have audited the financial statements of JSB Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 affairs as at 30 June 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 Auditors' 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 UK, including the FRC'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 director's 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 and 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JSB COMPANIES LIMITED


Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JSB COMPANIES LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks.

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, FRS 102, UK corporate taxation laws and the Data Protection Act.

- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors of known or suspected instances of fraud and non-compliance with laws and regulations. These enquiries are corroborated through follow up audit procedures including but not limited to a review of legal and professional costs and correspondence.

-We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying the controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates; and

d) We designed our audit procedures to respond to the assessment of the risk of fraud through management override of controls. This includes the identification and testing of related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature and a review of profit margins.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JSB COMPANIES LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Gary Sargeant (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

30 January 2024

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £    £    £   

TURNOVER 18,209,267 16,514,430

Cost of sales 14,866,040 13,245,933
GROSS PROFIT 3,343,227 3,268,497

Distribution costs 1,276,301 1,305,489
Administrative expenses 1,586,121 1,379,217
2,862,422 2,684,706
480,805 583,791

Other operating income - 42,685
OPERATING PROFIT 4 480,805 626,476

Income from fixed asset investments - 3,087
Interest receivable and similar income 605 16
605 3,103
481,410 629,579

Interest payable and similar expenses 5 270,173 125,321
PROFIT BEFORE TAXATION 211,237 504,258

Tax on profit 6 106,585 82,615
PROFIT FOR THE FINANCIAL
YEAR

104,652

421,643
Profit attributable to:
Owners of the parent 104,652 421,643

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 104,652 421,643


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

104,652

421,643

Total comprehensive income attributable to:
Owners of the parent 104,652 421,643

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

CONSOLIDATED BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,443,222 2,208,274
Investments 10 - 258,934
Investment property 11 1,656,066 475,000
4,099,288 2,942,208

CURRENT ASSETS
Stocks 12 415,539 624,349
Debtors 13 3,546,421 3,758,379
Cash at bank and in hand 749,407 650,509
4,711,367 5,033,237
CREDITORS
Amounts falling due within one year 14 5,340,450 4,938,777
NET CURRENT (LIABILITIES)/ASSETS (629,083 ) 94,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,470,205

3,036,668

CREDITORS
Amounts falling due after more than one
year

15

(2,403,206

)

(1,985,579

)

PROVISIONS FOR LIABILITIES 19 (207,804 ) (136,546 )
NET ASSETS 859,195 914,543

CAPITAL AND RESERVES
Called up share capital 20 15,002 15,002
Non Distributable retained
Earnings bfwd 21 124,500 124,500
Retained earnings 21 719,693 775,041
SHAREHOLDERS' FUNDS 859,195 914,543

The financial statements were approved by the director and authorised for issue on 30 January 2024 and were signed by:





R J Sheppard - Director


JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

COMPANY BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 15,002 15,002
Investment property 11 - -
15,002 15,002

CURRENT ASSETS
Debtors 13 5,000 5,000
NET CURRENT ASSETS 5,000 5,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,002

20,002

CREDITORS
Amounts falling due after more than one
year

15

5,000

5,000
NET ASSETS 15,002 15,002

CAPITAL AND RESERVES
Called up share capital 20 15,002 15,002
SHAREHOLDERS' FUNDS 15,002 15,002

Company's profit for the financial year 160,000 160,000

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

The financial statements were approved by the director and authorised for issue on 30 January 2024 and were signed by:





R J Sheppard - Director


JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Non
Distributable
Called up retained
share Retained Earnings Total
capital earnings bfwd equity
£    £    £    £   
Balance at 1 July 2021 15,002 513,398 124,500 652,900

Changes in equity
Dividends - (160,000 ) - (160,000 )
Total comprehensive income - 421,643 - 421,643
Balance at 30 June 2022 15,002 775,041 124,500 914,543

Changes in equity
Dividends - (160,000 ) - (160,000 )
Total comprehensive income - 104,652 - 104,652
Balance at 30 June 2023 15,002 719,693 124,500 859,195

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 15,002 - 15,002

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - 160,000 160,000
Balance at 30 June 2022 15,002 - 15,002

Changes in equity
Dividends - (160,000 ) (160,000 )
Total comprehensive income - 160,000 160,000
Balance at 30 June 2023 15,002 - 15,002

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,319,721 655,429
Interest paid (270,173 ) (119,018 )
Finance costs paid - (6,303 )
Tax paid (43,060 ) -
Net cash from operating activities 1,006,488 530,108

Cash flows from investing activities
Purchase of tangible fixed assets (349,439 ) (154,398 )
Purchase of fixed asset investments - (289,442 )
Purchase of investment property (1,181,066 ) -
Sale of tangible fixed assets - 114,509
Sale of fixed asset investments 257,057 -
Interest received 605 16
Dividends received - 3,087
Net cash from investing activities (1,272,843 ) (326,228 )

Cash flows from financing activities
New loans in year 416,285 -
Loan repayments in year - (280,575 )
Amount introduced by directors 47,349 45,827
Amount withdrawn by directors 61,619 (47,349 )
Equity dividends paid (160,000 ) (160,000 )
Net cash from financing activities 365,253 (442,097 )

Increase/(decrease) in cash and cash equivalents 98,898 (238,217 )
Cash and cash equivalents at
beginning of year

2

650,509

888,726

Cash and cash equivalents at end of
year

2

749,407

650,509

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 211,237 504,258
Depreciation charges 114,491 105,574
Loss on disposal of fixed assets 1,877 277
Loss on revaluation of fixed assets - 30,508
Finance costs 270,173 125,321
Finance income (605 ) (3,103 )
597,173 762,835
Decrease/(increase) in stocks 208,810 (316,305 )
Decrease/(increase) in trade and other debtors 164,609 (1,011,685 )
Increase in trade and other creditors 349,129 1,220,584
Cash generated from operations 1,319,721 655,429

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 749,407 650,509
Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 650,509 888,726


JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/22 Cash flow At 30/6/23
£    £    £   
Net cash
Cash at bank and in hand 650,509 98,898 749,407
650,509 98,898 749,407
Debt
Debts falling due within 1 year (318,116 ) 1,343 (316,773 )
Debts falling due after 1 year (1,985,579 ) (417,627 ) (2,403,206 )
(2,303,695 ) (416,284 ) (2,719,979 )
Total (1,653,186 ) (317,386 ) (1,970,572 )

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

JSB Companies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the group.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of JSB Companies Limited and all of its subsidiaries \ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the companies 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.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. This will be upon despatch of the goods as it is at this point that the amount of revenue can be measured reliably and 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% per annum on cost
Improvements to property - 2% per annum on cost
Plant and machinery - 10% per annum on cost
Fixtures and fittings - 10% per annum on cost
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in the profit and loss.


JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Employee benefits
Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to personal pension schemes are recognised as an expense in the period in which they are incurred.

Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,490,380 2,412,220
Social security costs 213,624 208,138
Other pension costs 117,747 118,225
2,821,751 2,738,583

The average number of employees during the year was as follows:
2023 2022

Production staff 61 60
Distribution staff 23 24
Administrative staff 22 21
Other staff 4 3
110 108

The average number of employees by undertakings that were proportionately consolidated during the year was 110 (2022 - 108 ) .

2023 2022
£    £   
Director's remuneration - -

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 10,119 19,549
Depreciation - owned assets 114,491 105,574
Loss on disposal of fixed assets 1,877 277
Auditors' remuneration 22,000 22,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 83,133 32,300
Interest payable 187,040 86,718
Investment costs - 6,303
270,173 125,321

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 35,328 43,060

Deferred tax 71,257 39,555
Tax on profit 106,585 82,615

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 211,237 504,258
Profit multiplied by the standard rate of corporation tax in the UK of
20.496 % (2022 - 19 %)

43,295

95,809

Effects of:
Expenses not deductible for tax purposes 73,618 47,984
Income not taxable for tax purposes - (586 )
Capital allowances in excess of depreciation (9,359 ) -
Depreciation in excess of capital allowances - 4,116
Change in tax rates (145 ) -
Tax Losses (824 ) (64,708 )
Total tax charge 106,585 82,615

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Interim 160,000 160,000

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. TANGIBLE FIXED ASSETS

Group
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 July 2022 1,776,542 1,100,842 556,747
Additions - 343,841 5,598
At 30 June 2023 1,776,542 1,444,683 562,345
DEPRECIATION
At 1 July 2022 753,118 47,012 507,909
Charge for year 33,882 28,894 31,977
At 30 June 2023 787,000 75,906 539,886
NET BOOK VALUE
At 30 June 2023 989,542 1,368,777 22,459
At 30 June 2022 1,023,424 1,053,830 48,838

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2022 184,759 37,150 3,656,040
Additions - - 349,439
At 30 June 2023 184,759 37,150 4,005,479
DEPRECIATION
At 1 July 2022 122,826 16,901 1,447,766
Charge for year 14,676 5,062 114,491
At 30 June 2023 137,502 21,963 1,562,257
NET BOOK VALUE
At 30 June 2023 47,257 15,187 2,443,222
At 30 June 2022 61,933 20,249 2,208,274

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

10. FIXED ASSET INVESTMENTS

Group
Listed
investment
£   
COST
At 1 July 2022 289,442
Disposals (289,442 )
At 30 June 2023 -
PROVISIONS
At 1 July 2022 30,508

Eliminated on disposal (30,508 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 258,934
Company
Shares in
group
undertakin
£   
COST
At 1 July 2022
and 30 June 2023 15,002
NET BOOK VALUE
At 30 June 2023 15,002
At 30 June 2022 15,002


Details of the company's subsidiaries at 30 June 2023 are as follows:



Name of undertaking


Address

Class of
shares held
% Held
Direct
Indirect
Bristolian Properties Limited See below Ordinary 100
John Sheppard Butchers Limited See below Ordinary 100
John Sheppard Direct Limited See below Ordinary 100

Registered office addresses (all UK unless otherwise indicated):
All Unit 5, 6 & 7, Ashley Parade, Bristol, BS2 9XS

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2022 475,000
Additions 1,181,066
At 30 June 2023 1,656,066
NET BOOK VALUE
At 30 June 2023 1,656,066
At 30 June 2022 475,000

The Investment Property comprises of 232 Cheltenham Road, Bristol, BS6 5QU and an addition during the year of Towan Meadow, Padstow, PL28 8PJ.

The fair value of the investment property 232 Cheltenham Road has been arrived at on the basis of a valuation carried out by the directors as at 30 June 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The Towan Meadow property has been brought into the accounts at cost during the year.

The director confirms the investment properties values are reasonable and a revaluation is not considered necessary.

12. STOCKS

Group
2023 2022
£    £   
Stocks 415,539 624,349

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 3,173,072 3,308,679 - -
Other debtors 198,991 199,993 5,000 5,000
Directors' loan accounts - 47,349 - -
VAT 32,110 71,240 - -
Prepayments 142,248 131,118 - -
3,546,421 3,758,379 5,000 5,000

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 316,773 318,116
Trade creditors 1,904,309 1,780,715
Tax 35,328 43,060
Social security and other taxes 55,683 73,329
Other creditors 2,534,164 2,109,272
Directors' loan accounts 61,619 -
Accruals and deferred income 432,574 614,285
5,340,450 4,938,777

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 2,403,206 1,985,579 - -
Amounts owed to group undertakings - - 5,000 5,000
2,403,206 1,985,579 5,000 5,000

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 316,773 318,116
Amounts falling due between one and two years:
Bank loans - 1-2 years 2,093,206 1,368,913
Amounts falling due between two and five years:
Bank loans - 2-5 years 310,000 583,333
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 33,333

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 326,312 312,938
Between one and five years 214,784 1,037,556
541,096 1,350,494

18. SECURED DEBTS

Bristolian Properties:
HSBC Bank PLC holds a floating charge with a negative pledge on all the assets, property or undertaking of the company. Units 5, 6 & 7 Ashley Trading Estate contains a negative pledge.

John Sheppard Butchers Limited:
HSBC Bank PLC has a legal mortgage, legal assignment and chattel mortgage on all monies due or to become due from the company to the charge on any account whatsoever. They also hold a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery of the company.

HSBC Invoice Finance (UK) Limited holds a floating charge with a negative pledge on all the property or undertaking of the company. They also hold a fixed charge on purchased debts which fail to vest and the amount is secured on all monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge.

Midlands Bank PLC holds a fixed and floating charge on all monies due or to become due from the company to the chargee on any account whatsoever.

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 207,804 136,546

Group
Deferred
tax
£   
Balance at 1 July 2022 136,546
Provided during the year 71,258
Balance at 30 June 2023 207,804

JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
15,002 Ordinary £1 15,002 15,002

21. RESERVES

Group
Non
Distributable
retained
Retained Earnings
earnings bfwd Totals
£    £    £   

At 1 July 2022 775,041 124,500 899,541
Profit for the year 104,652 104,652
Dividends (160,000 ) (160,000 )
At 30 June 2023 719,693 124,500 844,193


22. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the Balance sheet date the group owed Mr R Sheppard £61,619 (2022: was due £47,349).

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

A dividend of £160,000 was paid to the shareholders during the year.

Other than the directors there are no other members of key management. Directors' remuneration is reported in note 3.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Richard Sheppard by virtue of his shareholding.