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Company Registration Number 04191476























J. & J. WARD LIMITED





FINANCIAL STATEMENTS





 31 MARCH 2023


























img5dcb.png

 
J. & J. WARD LIMITED
 

COMPANY INFORMATION


Directors
M J Ward 
P W Tolmie 




Registered number
04191476



Registered office
The Garage
Patrick Brompton

Bedale

North Yorkshire

DL8 1JP




Independent auditor
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

10 South Parade

Leeds

LS1 5QS





 
J. & J. WARD LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Notes to the Financial Statements
 
11 - 23


 
J. & J. WARD LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The directors present their strategic report for the year ended 31 March 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.

Development and Performance

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.

Page 1

 
J. & J. WARD LIMITED
 

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

Financial key performance indicators
 
           
          
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.





................................................
M J Ward
Director

Date: 22 December 2023

Page 2

 
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.

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 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 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.

Principal activity

The principal activity of the Company in the year under review was that of a haulage company.

Results and dividends

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.

Directors

The Directors who served during the year were:

M J Ward 
P W Tolmie 

Matters covered in the Strategic Report

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.

Page 3

 
J. & J. WARD LIMITED
 

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

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Armstrong Watson Audit Limitedwill 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.
 





................................................
M J Ward
Director

Date: 22 December 2023

Page 4

 
J. & J. WARD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED
 

Opinion


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 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 year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The Directors are responsible for the other information contained within the Annual 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.


Page 5

 
J. & J. WARD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


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. & J. WARD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.


Page 7

 
J. & J. WARD LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF J. & J. WARD 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 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.





Steven Preston (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

22 December 2023
Page 8

 
J. & J. WARD LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
  
34,923,953
29,466,099

Cost of sales
  
(29,739,288)
(24,854,465)

Gross profit
  
5,184,665
4,611,634

Administrative expenses
  
(3,685,932)
(3,526,555)

Other operating income
  
126,503
126,615

Operating profit
 5 
1,625,236
1,211,694

Bad debt write off of related company
 8 
-
(436,218)

Interest payable and similar expenses
 9 
(443,497)
(294,859)

Profit before tax
  
1,181,739
480,617

Tax on profit
 10 
(299,495)
(138,357)

Profit after tax
  
882,244
342,260

  

  

Retained earnings at the beginning of the year
  
2,961,274
2,619,014

  
2,961,274
2,619,014

Profit for the year
  
882,244
342,260

Retained earnings at the end of the year
  
3,843,518
2,961,274

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

The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
J. & J. WARD LIMITED
REGISTERED NUMBER: 04191476

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
5,086,393
3,652,300

  
5,086,393
3,652,300

Current assets
  

Stocks
 12 
20,870
20,870

Debtors: amounts falling due within one year
 13 
16,932,135
16,556,393

Bank and cash balances
  
1,517,265
804,579

  
18,470,270
17,381,842

Creditors: amounts falling due within one year
 14 
(16,502,559)
(15,896,748)

Net current assets
  
 
 
1,967,711
 
 
1,485,094

Total assets less current liabilities
  
7,054,104
5,137,394

Creditors: amounts falling due after more than one year
 15 
(2,597,038)
(1,862,067)

Provisions for liabilities
  

Deferred tax
 19 
(612,548)
(313,053)

  
 
 
(612,548)
 
 
(313,053)

Net assets
  
3,844,518
2,962,274


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Profit and loss account
  
3,843,518
2,961,274

  
3,844,518
2,962,274


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




................................................
M J Ward
Director

Date: 22 December 2023

The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


Statutory information

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

  
2.1

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.
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.

 
2.2

Going concern

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.

  
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

  
2.4

Related party exemption

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.

  
2.5

Turnover

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

  
2.6

Income recognition

Turnover is recognised when the service has been provided to the customer.

Page 11

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.7

Tangible fixed assets

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

  
2.8

Stocks

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.

  
2.9

Taxation

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.

  
2.10

Hire purchase and leasing commitments

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.

Page 12

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

  
2.12

Pension costs and other post-retirement benefits

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.

  
2.13

Invoice discounting

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
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.


4.


Turnover

All turnover arising from dry haulage and in the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation - owned assets
965,747
652,382

Depreciation - assets on hire purchase contracts
366,872
500,005

Profit on disposal of fixed assets
(226,995)
(145,218)

Auditors' remuneration
18,000
11,000

Operating lease payments
25,000
14,063

Page 13

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Employees

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


2023
2022
£
£

Wages and salaries
4,693,815
4,260,563

Cost of defined contribution scheme
81,619
-

4,775,434
4,260,563


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Management
9
9



Operatives
79
78

90
89

Page 14

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
63,339
125,380


The number of directors to whom retirement benefits were accruing was as follows:




Money purchase schemes
2
2


8.


Exceptional items

2023
2022
£
£


Bad debt write off of related company
-
(436,218)


9.


Interest payable and similar expenses

2023
2022
£
£


Bank loan interest
115,580
75,481

Interest payable
197,367
122,058

Hire purchase
130,550
97,320

443,497
294,859

Page 15

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(39,285)


-
(39,285)


Total current tax
-
(39,285)

Deferred tax


Origination of time differences
299,495
177,642

Total deferred tax
299,495
177,642


Tax on profit
299,495
138,357

Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
1,181,739
480,617


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
224,530
91,317

Effects of:


Expenses not deductible for tax purposes
17,317
(9,797)

Fixed Asset Differences
(60,378)
-

Group relief
34,534
20,989

Remeasurement of deferred tax for changes in tax rates
68,211
75,133

Movement in deferred tax rate not recognised
15,281
(39,285)

Total tax charge for the year
299,495
138,357


Factors that may affect future tax charges

Page 16

 
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.


11.


Tangible fixed assets





Improvements to property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
115,304
541,083
10,626,679
44,588
29,787
11,357,441


Additions
-
-
2,805,211
-
-
2,805,211


Disposals
-
-
(1,157,284)
-
-
(1,157,284)



At 31 March 2023

115,304
541,083
12,274,606
44,588
29,787
13,005,368



Depreciation


At 1 April 2022
57,422
375,320
7,207,284
35,396
29,719
7,705,141


Charge for year
10,680
46,508
901,805
6,686
68
965,747


Charge for the year on financed assets
-
69,600
297,272
-
-
366,872


Disposals
-
-
(1,118,785)
-
-
(1,118,785)



At 31 March 2023

68,102
491,428
7,287,576
42,082
29,787
7,918,975



Net book value



At 31 March 2023
47,202
49,655
4,987,030
2,506
-
5,086,393



At 31 March 2022
57,882
165,763
3,419,395
9,192
68
3,652,300

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


2023
2022
£
£



Plant and machinery
27,800
-

Motor vehicles
3,537,042
2,127,535

3,564,842
2,127,535
Page 17

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           11.Tangible fixed assets (continued)


Page 18

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Stocks

2023
2022
£
£

Raw materials
20,870
20,870

20,870
20,870



13.


Debtors

2023
2022
£
£


Trade debtors
7,162,947
7,150,755

Amounts owed by group undertakings
8,466,580
8,559,735

Other debtors
516,147
390,006

Prepayments and accrued income
786,461
455,897

16,932,135
16,556,393


Amounts owed by group undertakings are interest free and repayable on demand. Within prepayments is an amount of £300,000 that relates to prepayment of rent for use of land owned by a director. This has also been shown within operating leases


14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans and overdrafts (see note 16)
410,647
399,996

Other loans (see note 16)
2,832,226
3,354,482

Hire purchase contracts (see note 17)
1,113,009
744,291

Trade creditors
6,440,143
5,348,621

Amounts owed to group undertakings
4,882,768
4,899,115

Taxation and social security
81,697
62,530

Other creditors
603,292
542,107

Directors' current accounts
4,890
147,951

Accruals and deferred income
133,887
397,655

16,502,559
15,896,748


Amounts owed to group undertakings are interest free and repayable on demand.

Page 19

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (see note 15)
833,325
1,233,321

Hire purchase contracts (see note 16)
1,763,713
628,746

2,597,038
1,862,067



16.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
410,647
399,996

Other loans
2,832,226
3,354,482


3,242,873
3,754,478

Amounts falling due 1-2 years

Bank loans
399,996
399,996


399,996
399,996

Amounts falling due 2-5 years

Bank loans
433,329
833,325


433,329
833,325


4,076,198
4,987,799


Page 20

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
1,113,009
744,291

Between one and five years
1,763,713
628,746

2,876,722
1,373,037


18.


Secured debts

The following secured debts are included within creditors:


2023
2022
£
£



Bank loans
1,243,972
1,633,317

Invoice discounting
2,832,226
3,354,482

Hire purchase contracts
2,876,722
1,373,037

6,952,920
6,360,836

The invoice discounting facility included in other loans is secured by a fixed and floating charge on the Company's assets.
Hire purchase contracts are secured against assets to which they relate.
The bank loans are secured against of J. & J. Ward Limited and its fellow group companies.

Page 21

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Deferred taxation




2023
2022


£

£






At beginning of year
313,053
135,411


Charged to profit or loss
299,495
177,642



At end of year
612,548
313,053

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Balance at 1 April
313,053
135,411

Accelerated capital allowances
299,495
177,642

612,548
313,053


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



21.


Contingent liabilities

The Company has an unlimited multilateral guarantee dated 05 April 2018 given by Bulk Logistics Group Ltd, J. & J. Ward Limited, D H Pearson Limited, Hare Bulk Haulage Limited and Horsley Bulk Transport Limited covering all of these companies banking facilities.
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.


22.


Pension commitments

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 £81,619 (2022 - £Nil). Contributions totalling £13,620 (2022 - £Nil) were payable to the fund at the balance sheet date.

Page 22

 
J. & J. WARD LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

23.


Related party disclosures

2023
2022
£
£



Amounts due to directors
4,890
147,951
The amount is interest free and repayable on demand. Within prepayments is an amount of £300,000 that relates to prepayment of rent for use of land owned by a director. This has also been shown within operating leases.

2023
2022
£
£

Entities under common control


Sales
581,240
243,256

Purchases
551,163
416,728

Amount due from related party
146,225
260,392

Amount due to related party
488,609
614,584

Recognised bad or doubtful debts due from related parties
-
436,218


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
2022
£
£


Not later than 1 year
53,250
22,031

Later than 1 year and not later than 5 years
206,500
71,879

Later than 5 years
50,000
-

309,750
93,910


25.


Controlling party

The Company is a wholly owned subsidiary of Bulk Logistics Group Ltd, a company registered in England and Wales. The registered office of Bulk Logistics Group Ltd is The Garage, Patrick Brompton, Bedale, England, DL8 1JP.
The smallest and largest group in which the results will be consolidated in is headed by Bulk Logistics Group Limited. Copies of consolidated group financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The Directors consider Michael Ward to be the controlling party by virtue of his controlling shareholding in Bulk Logistics Group Limited.

Page 23