Company Registration Number
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J. & J. WARD LIMITED
COMPANY INFORMATION
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J. & J. WARD LIMITED
CONTENTS
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J. & J. WARD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their strategic report for the year ended 31 March 2023.
The financial statements demonstrate the results for the year and underline the continuing ability of the Company to make profit in challenging trading times and maintain its position in the market.
The Company strategy is to deliver an efficient service to customers that is value for the money that they pay. In order to do that the directors are of the opinion that certain risks have to be taken that are considered commercially acceptable and wherever possible processes are adopted to monitor and mitigate such risks.
Financial risk The Company utilises such available financial products as it considers commercially appropriate and prudent to use, including loans from reputable commercial lenders and cash from its own resources arising from its working relationship with its debtors and creditors. The Company is consolidating its strategy and its operations within the capacity of its available cash, credit and working capital resources. Credit risk In order to avoid the impact of bad debts the directors continue to obtain credit insurance with a major global underwriter that limits the exposure of the Company to 10% of the credit insured. The Company is constantly quoting for new business and believes that if any material customer should be lost in part or whole the level of business lost could be replaced within a reasonable time. All new business is accepted subject to an acceptable credit rating being available and all existing customers' credit ratings are constantly being monitored and reviewed by both the Company and its credit insurer. Market risk The market in which the Company operates remains highly competitive with the result being that there is a constant review of rates and margins by customers and the added pressure of customer service level expectations. The Company seeks to provide an excellent service for which it expects all existing and new customers to pay a fair price with the aim of managing customers' expectations at all levels by achieving the highest standard. The Company continues to make significant investment in updating the vehicle and trailer fleet which should see greater fuel economy and emission benefits to help mitigate the fluctuation in fuel prices, along with CPC training that provides the benefits in areas such as safety, fuel economy and accident awareness. Competition continues to affect the margind of the business.
Once again the Directors are forecasting growth by between 1-1.25% a year by a combination of organic expansion of relationships with existing customers and winning of new contracts.
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J. & J. WARD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
31/03/2023 31/03/2022 Movement Turnover £34.9m £29.5m 18.3% Gross Profit Margin 14.8% 15.65% 6.4% Admin Expenses £3.68m £3.5m 5% Return on Capital Employed 27.5% 15.09% 82.2% Shareholders funds £3.8m £2.96m 28.4% The Company is pleased with the performance given the challenges outlined throughout the year and on the back of Covid and its significant impact on revenues and costs. The Company's balance sheet has strengthened and the underlying cash position is strong and net debt has remained constant in the current year. The main non-financial KPI monitored by the Directors is the mix of owned to subcontracted vehicles used to ensure risk is balanced accordingly.
This report was approved by the board and signed on its behalf.
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J. & J. WARD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their report and the financial statements for the year ended 31 March 2023.
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 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 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 2006. They 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.
The profit for the year, after taxation, amounted to £882,244 (2022 - £342,260).
No dividends will be distributed for the year ended 31 March 2023.
The Directors who served during the year were:
Some information is not shown in the Directors' Report because it is shown in the Strategic Report instead under S414C. The Strategic Report includes a business review, principal risks and uncertainties and financial key performance indicators.
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J. & J. WARD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditor, Armstrong Watson Audit Limited, will be proposed for appointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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J. & J. WARD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED
We have audited the financial statements of J. & J. Ward Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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.
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J. & J. WARD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED (CONTINUED)
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 year 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.
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.
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J. & J. WARD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, Driver and Vehicle Standards Agency, Driver and Vehicle Licensing Agency, Trade Assurance Scheme for Combinable Crops, Fertiliser Industry Assurance Scheme, Fleet Operation Recognition Scheme, Road Haulage Association and occupational health and employment legislation. • We enquired of the Directors, reviewed correspondence with HMRC and reviewed Directors' meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the Directors have in place to ensure compliance. • We gained an understanding of the controls that the Directors have in place to prevent and detect fraud. We enquired of the Directors about any incidences of fraud that had taken place during the accounting period. • The risk of fraud and non-compliance with laves and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition, management override of controls and misappropriation of cash and other assets. • We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. • We enquired of the Directors about actual and potential litigation and claims. • We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. • In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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J. & J. WARD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED (CONTINUED)
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 an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
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J. & J. WARD LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
REGISTERED NUMBER: 04191476
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 23 form part of these financial statements.
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
J. & J. Ward 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 Company Information page.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates in.
2.Accounting policies
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.
There were no material departures from that standard. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied with the same accounts.
The financial statements are prepared on the going concern basis which assumes that the Company will continue to trade. However the validity of the going concern basis is dependent upon the continued support of the Directors, bank and parent company. If the Company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide any further liabilities that might arise and to analyse both fixed assets and long term liabilities as a current asset / liabilities. The directors have assessed the performance and overall going concern status of the group and consider that the group will continue to be able to repay its debts for costs incurred within the company. The financial statements have been prepared on a going concern basis.
The Company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows.
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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised when the service has been provided to the customer.
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost Plant and machinery - 25% on cost Fixtures and fittings - 15% on cost Motor vehicles - 15% on cost Computer equipment - 33% on cost
Stocks are valued at the lower of cost and estimated selling price less costs to sell. Stock is used on a first in first out basis.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate.
The invoice discounting facility represents amounts received in respect of financed debts. There is full recourse to the Company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice financing are recognised in the profit and loss account over the relevant period.
Depreciation - Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of assets is detailed in the depreciation accounting policy. The value of depreciation charge in the profit and loss account during the year was £1,332,619. Bad debt provision - If a balance is irrecoverable, it should be written off as a specific bad debt in the profit or loss account. Where there is some uncertainty, a general provision should be provided for in the accounts.The value of the bad debts in the P&L is £5,753. Impairment of assets - Assets which are not in use by the Company need to be considered for their recoverable amounts and reviewed annually. In the year an impairment charge of £27,800 was recorded in the financial statements.
All turnover arising from dry haulage and in the United Kingdom.
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10.Taxation (continued)
The Chancellor of the Exchequer delivered his budget to Parliament on 3 March 2021 in which he confirmed the Corporation tax rate would increase from the current rate of 19% to 25% from 1 April 2023 for companies with profits greater than £50k. Therefore, the rate at which tax balances are provided is likely to increase in future financial statements from the current 19%. As the rate that had been substantively enacted at the balance sheet date was 25%, deferred tax has been provided for on timing differences expected to reverse on or after 1 April 2023 at 25% in these financial statements.
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
11.Tangible fixed assets (continued)
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
On 26 May 2020 a company guarantee given by J. & J. Ward Limited, Hare Bulk Haulage Limited and Horsley Bulk Transport Limited supported by an all assets debenture. No liability is expected to arise in relation to this guarantee as at the year end the group position was not overdrawn.
The Company operates a defined contributions 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 £
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J. & J. WARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company is a wholly owned subsidiary of
The smallest and largest group in which the results will be consolidated in is headed by The Directors consider
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