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REGISTERED NUMBER: 00114650 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

JOB EARNSHAW & BROS LIMITED

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


JOB EARNSHAW & BROS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Peter Earnshaw
David Stuart Earnshaw
Anthony Daniel Earnshaw





REGISTERED OFFICE: Stocksmoor Rd
Midgley
Wakefield
West Yorkshire
WF4 4JG





REGISTERED NUMBER: 00114650 (England and Wales)





AUDITORS: Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report for the year ended 30 June 2023.

OBJECTIVES AND ACTIVITIES
The primary objectives and activities of the Company remain those of a timber merchant selling fencing, landscaping, and construction products to trade and retail. We also manufacture bespoke joinery products and panels and continue to have income streams from forestry services, Little Acorn Café, and property rentals.

Our key entry points to market throughout most of the year were the three retail centres at Midgley, Brigg, and Wentworth, along with growing internet sales and the trade sales desk based in Midgley. The Wentworth site closed on April 30th 2023, and we are now operating from the remaining two distribution points at Midgley and Brigg. Geographically our business continues to trade within an approximate 50-mile radius of these distribution sites.

ACHIEVEMENTS AND PERFORMANCE
2022 - 2023 has been a challenging trading year where we can split the performance between the elements we can control and the external factors that have impacted heavily on our customers and overall demand. The external factors beyond our control include a terrible run of weather during our peak trading months, linked with macro-economic turmoil hitting both customer confidence to spend and their actual levels of disposable income. Out of control inflation, rising interest rates and soaring utility costs have meant lower footfall in all our trading sectors and tight competition for live orders. On a more positive note, we have seen our restructuring of the sales processes and staff numbers, leading to greater productivity and, to our credit, we have returned a profit despite the decreased turnover.

Retail Sales - After the record sales during the past two years (in part due to the covid lockdowns and travel restrictions), it was a return to more normal trading patterns. Hit by a very late start to the 2023 season, due to bad weather in March and April, the direct to end user sales were within our lower budget estimates. As with the general retail sector our customers were hit with 'the cost-of-living crisis' so discretionary spend was at a minimum in many households. Footfall was down around 15-20% across the fencing centres, though average spend did slightly increase, in part due to rising prices.

Internet Sales - We continued to see regular demand from our online ordering. We are still working with a regional based, self managed option, where enquiries are placed online and we then finalise the product mix, price, and delivery dates via email. We have just completed a full refresh of the backend of the website working in conjunction with a SEO company. This has led to improved page positioning and improved web analytics.

Trade Sales - A very mixed year on the trade selling. Our bigger fitting clients maintained full order books but had a lower call off rate than normal, as the new build estates were hit by rising interest rates and buyer caution. We have seen an increase in material supply to social housing projects and groundwork schemes linked to warehouse build projects. Our middle sector, trade to trade reselling, has been at about 50% of normal volume. This was due to an over supply in the market and the bigger sawmills offering part load supply direct to our customers. The smaller trade customers have remained consistent.

Woodland and Asset Management - No significant changes in our woodland portfolio this year and although no formal valuation has been carried out we are confident that this remains a good asset to hold. Other assets are currently under review to assess where we can maximise usage and secondary rental income streams.

DB Pension Scheme - This continues to be a huge draw on our investment capital and senior management time. Regulatory pressures drive increased running costs that the Company must pay, in addition to regular and profit linked deficit reduction payments. The scheme has a mixed asset portfolio of LDI funds and physical assets in the form of woodland. The LDI funds were hit by the 'mini budget' crisis in October 2022. As is shown in the accounts our funds dropped in line with our pension liabilities, but we continue to be tied to a lengthy recovery plan.


JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

FINANCIAL REVIEW INCLUDING KEY PERFORMANCE INDICATORS
The Company focuses primarily on the following key performance indicators:
Turnover growth %
Gross profit after direct cost of sales %
Profit/(Loss) before tax and exceptional items

Turnover - The Company turnover for the year of £6.0m is a decrease of 18% and £1.35m from last year. The decrease was experienced throughout the financial year but accelerated in the second half, as inflation and fuel costs really hit consumer demand. The Wentworth closure at the end of April 2023 has also impacted the numbers. Some customers have transferred to the Midgley site, however it is impossible to quantify exactly how many, and therefore the direct impact of the closure.

Gross Profit - The gross profit remained stable at 29% of sales. Although the mix of sales was unfavourable in the year, being more heavily weighted towards trade customers who are at a lower margin than retail, we were able to offset this shortfall by careful purchasing strategies, and tight management of staff levels and delivery costs, despite awarding inflationary level pay increases to staff in January.

Profit/ (Loss) - The Company returned a net trading profit of £58k before taxation, which was a reasonable result from a difficult trading year.

Prior Year adjustment - During the year the Company commssioned a detailed tax planning exercise. One of the findings was that the deferred tax provision currently held was significantantly overstated. The over-provision occurred primarily in 2015 following the FRS102 implementation. As the amount is material the company has made a prior year adjustment, as required under FRS102 section 10, to correct the accounts.

Cash flow - Despite the slow trading levels the Company has maintained a healthy bank position throughout the year.

WENTWORTH SITE
As mentioned earlier in this report we closed the Wentworth branch in this financial year. As a leased site we did not feel able to justify the costs of improving the site to maintain our physical presence in the area. Within this years accounts are some one-off costs covering redundancy payments and decommissioning of the site.

FUTURE PROSPECTS
The next financial year will again bring significant challenges but we believe we have strong foundations to cope with the fluctuations in trading demand. The Company is running relatively lean and efficiently and has a diverse customer profile. We have been fortunate to have minimal bad debt and will continue to be cautious in what may be difficult trading conditions for the house building sector.
Hopefully, the macro-economic climate will be calmer with lower inflation, stable interest rates and a return in customer confidence to make larger purchases.

ON BEHALF OF THE BOARD:





Anthony Daniel Earnshaw - Director


22 November 2023

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of forestry and home grown timber merchants, with an emphasis on the retailing of timber fencing and garden related products.

DIVIDENDS
An interim dividend of £10 per share was paid on 19 December 2022. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2023 will be £ 20,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

Peter Earnshaw
David Stuart Earnshaw
Anthony Daniel Earnshaw

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The company’s financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and overdrafts, finance leases and hire purchase contracts.

The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company's providers of finance and its other external financial advisers.

Currency risk is restricted to the short term settlement of trading balances with customers and suppliers.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company's auditors are aware of that information.

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Anthony Daniel Earnshaw - Director


22 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOB EARNSHAW & BROS LIMITED

Opinion
We have audited the financial statements of Job Earnshaw & Bros Limited (the 'company') for the year ended 30 June 2023 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2023 and of its loss 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 company 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOB EARNSHAW & BROS LIMITED


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 Report of the Directors.

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, 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOB EARNSHAW & BROS 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.

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through dicussions with directors and other management, and form our commercial knowledge and experience of the sector;
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and overide of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
JOB EARNSHAW & BROS 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.




J Richard Hall FCA (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

22 November 2023

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
as restated
Notes £    £    £    £   

TURNOVER 6,010,225 7,363,520

Cost of sales 4,249,178 5,197,312
GROSS PROFIT 1,761,047 2,166,208

Distribution costs 496,552 554,349
Administrative expenses 1,315,475 1,329,133
1,812,027 1,883,482
(50,980 ) 282,726

Other operating income 161,519 200,400
OPERATING PROFIT 4 110,539 483,126

Pension profit related payment 5 22,351 239,410
88,188 243,716

Interest receivable and similar income 775 79
88,963 243,795

Interest payable and similar expenses 6 5,410 5,023
Other finance costs 21 26,000 19,000
31,410 24,023
PROFIT BEFORE TAXATION 57,553 219,772

Tax on profit 7 98,672 32,907
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (41,119 ) 186,865

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
as restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (41,119 ) 186,865


OTHER COMPREHENSIVE INCOME
Re-measurement of net defined benefit (1,054,923 ) (39,000 )
obligation
Revaluation Reserve
Income tax relating to other comprehensive
income

488,750

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(566,173

)

(39,000

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(607,292

)

147,865

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

BALANCE SHEET
30 JUNE 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 31,778 12,173
Tangible assets 11 6,893,353 6,957,132
6,925,131 6,969,305

CURRENT ASSETS
Stocks and work in progress 12 1,319,649 1,427,066
Debtors 13 649,007 897,927
Cash at bank and in hand 305,030 678,428
2,273,686 3,003,421
CREDITORS
Amounts falling due within one year 14 1,188,049 1,889,211
NET CURRENT ASSETS 1,085,637 1,114,210
TOTAL ASSETS LESS CURRENT LIABILITIES 8,010,768 8,083,515

CREDITORS
Amounts falling due after more than one
year

15

(5,042

)

(73,146

)

PROVISIONS FOR LIABILITIES 19 (52,479 ) (191,199 )

PENSION LIABILITY 21 (1,955,000 ) (1,193,631 )
NET ASSETS 5,998,247 6,625,539

CAPITAL AND RESERVES
Called up share capital 20 20,000 20,000
Revaluation reserve 4,775,707 4,775,707
Capital reserve 36,001 36,001
Profit and loss account 1,166,539 1,793,831
SHAREHOLDERS' FUNDS 5,998,247 6,625,539

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

BALANCE SHEET - continued
30 JUNE 2023



The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





Anthony Daniel Earnshaw - Director


JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

Called up Profit
share and loss Revaluation Capital Total
capital account reserve reserve equity
£    £    £    £    £   
Balance at 1 July 2021 20,000 1,726,306 4,775,707 36,001 6,558,014

Changes in equity
Profit for the year - 186,865 - - 186,865
Other comprehensive income - (39,000 ) - - (39,000 )
Total comprehensive income - 147,865 - - 147,865
Dividends - (80,340 ) - - (80,340 )
Balance at 30 June 2022 20,000 1,793,831 4,775,707 36,001 6,625,539

Changes in equity
Deficit for the year - (41,119 ) - - (41,119 )
Other comprehensive income - (566,173 ) - - (566,173 )
Total comprehensive income - (607,292 ) - - (607,292 )
Dividends - (20,000 ) - - (20,000 )
Balance at 30 June 2023 20,000 1,166,539 4,775,707 36,001 5,998,247

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (237,879 ) (361,085 )
Interest paid (5,410 ) (4,620 )
Interest element of hire purchase payments
paid

-

(403

)
Tax paid (38,091 ) (62,842 )
Net cash from operating activities (281,380 ) (428,950 )

Cash flows from investing activities
Purchase of intangible fixed assets (26,745 ) -
Purchase of tangible fixed assets (55,336 ) (107,866 )
Sale of tangible fixed assets 5,071 19,183
Rental income 141,664 200,400
Government Grants 19,855 -
Interest received 775 79
Net cash from investing activities 85,284 111,796

Cash flows from financing activities
Loan repayments in year (61,405 ) (60,433 )
Capital repayments in year (8,333 ) (12,277 )
Repayment of pension liability (87,564 ) (85,369 )
Equity dividends paid (20,000 ) (80,340 )
Net cash from financing activities (177,302 ) (238,419 )

Decrease in cash and cash equivalents (373,398 ) (555,573 )
Cash and cash equivalents at beginning of
year

2

678,428

1,234,001

Cash and cash equivalents at end of year 2 305,030 678,428

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
as restated
£    £   
Profit before taxation 57,553 219,772
Depreciation charges 123,235 127,683
Profit on disposal of fixed assets (2,051 ) (7,425 )
Rental income (141,664 ) (200,400 )
Government grants (19,855 ) -
Finance costs 31,410 24,023
Finance income (775 ) (79 )
47,853 163,574
Decrease/(increase) in stocks and work in progress 107,417 (194,763 )
Decrease/(increase) in trade and other debtors 268,288 (127,386 )
Decrease in trade and other creditors (661,437 ) (202,510 )
Cash generated from operations (237,879 ) (361,085 )

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 305,030 678,428
Year ended 30 June 2022
30.6.22 1.7.21
as restated
£    £   
Cash and cash equivalents 678,428 1,234,001


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 678,428 (373,398 ) 305,030
678,428 (373,398 ) 305,030
Debt
Finance leases (15,032 ) 8,333 (6,699 )
Debts falling due within 1 year (60,000 ) - (60,000 )
Debts falling due after 1 year (66,447 ) 61,405 (5,042 )
(141,479 ) 69,738 (71,741 )
Total 536,949 (303,660 ) 233,289

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

1. STATUTORY INFORMATION

Job Earnshaw & Bros 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.

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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
The financial statements contain information about Job Earnshaw & Bros Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act from the requirements to prepare consolidated financial statements as the subsidiary is not material for the purpose of giving a true and fair view due to its cessation of trade on 30 June 2020 and being dissolved on 7 September 2021.

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

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

The freehold land and buildings are included in the accounts at fair value, therefore in accordance with FRS 102 no depreciation has been charged on the freehold buildings because the estimated residual value is the same as the carrying value.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost less a provision for permanent diminution in value.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks and work in progress to their present location and condition.

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.

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

2. ACCOUNTING POLICIES - continued

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.

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future charges, are included in creditors.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined benefit pension scheme. Contributions to the fund are charged to the profit and loss account so as to spread the cost of pensions over the employee's working lives. The regular cost is attributed to individual years using the projected accrued benefit method.

Variations to pension costs, which are identified as a result of actuarial valuations, are amortised over the average working lives of employees in proportion to their expected payroll costs. Differences between the amounts funded and the amounts charged to the profit and loss account are treated as either provisions or prepayments in the balance sheet.

The increase in the present value of the liabilities of the company's defined benefit scheme expected to arise from employee service in the period is charged to the operating profit. The expected return on the schemes assets and the increase during the period in the present value of the schemes liabilities arising from the passage of time are included in the other finance income.

Actuarial gains and losses are recognised in the Statement of Comprehensive Income.

The defined benefit pension scheme was closed to future pension accrual on 6th November 2010. Following the scheme closure, contributions were paid to a new defined contribution benefit scheme.

The cost of contributions to this scheme made by the company are charged to the profit and loss account when due.

FINANCE COSTS OF DEBT
The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

2. ACCOUNTING POLICIES - continued

INCOME RECOGNITION
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

3. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 1,454,438 1,512,541
Social security costs 129,672 134,648
Other pension costs 55,149 88,622
1,639,259 1,735,811

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

Distribution and selling 43 50
Production 10 13
Administration 10 11
63 74

2023 2022
as restated
£    £   
Directors' remuneration 123,969 115,423
Directors' pension contributions to money purchase schemes 10,396 43,276

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

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
as restated
£    £   
Plant hire 20,361 23,926
Depreciation - owned assets 116,095 122,008
Profit on disposal of fixed assets (2,051 ) (7,425 )
Website amortisation 7,140 5,675
Auditors' remuneration 10,017 7,709
Other operating leases 101,089 101,618

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

5. EXCEPTIONAL ITEMS
2023 2022
as restated
£    £   
Pension profit related payment (22,351 ) (239,410 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Bank interest 5,410 4,620
Hire purchase interest - 403
5,410 5,023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax (19,368 ) 38,091

Deferred tax 118,040 (5,184 )
Tax on profit 98,672 32,907

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
as restated
£    £   
Profit before tax 57,553 219,772
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

10,935

41,757

Effects of:
Expenses not deductible for tax purposes (47,983 ) 10,378
Depreciation in excess of capital allowances 7,036 -
Utilisation of tax losses - (10,592 )
130% super deduction (2,368 ) (2,683 )
Amortisation not allowable 1,357 1,079

Deferred tax movement 118,040 -
Trading losses carried forward 31,023 (7,032 )
Adjustments in respect of prior years (19,368 ) -
Total tax charge 98,672 32,907

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Re-measurement of net defined benefit (1,054,923 ) 488,750 (566,173 )
obligation
Revaluation Reserve
(1,054,923 ) 488,750 (566,173 )

2022
Gross Tax Net
£    £    £   
Re-measurement of net defined benefit (39,000 ) - (39,000 )
obligation
Revaluation Reserve
(39,000 ) - (39,000 )

The company has corporation tax losses of £163,280 (2022: £37,008) to carry forward against future trading profits.

8. DIVIDENDS
2023 2022
as restated
£    £   
Ordinary shares of £10 each
Final - 340
Interim 20,000 80,000
20,000 80,340

9. PRIOR YEAR ADJUSTMENT

The results for the financial year ended 2022 have been restated as the provision for deferred taxation on the pension scheme deficit and the revaluation of freehold properties had been calculated incorrectly.
The impact of the correction is to reduce the provision for deferred taxation on freehold property by £675,809. Historically, no provision has been made for the deferred tax asset arising on the pension scheme deficit. The impact on the correction is to reduce the pension scheme liability by £488,750.

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

10. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 July 2022 28,375
Additions 26,745
At 30 June 2023 55,120
AMORTISATION
At 1 July 2022 16,202
Amortisation for year 7,140
At 30 June 2023 23,342
NET BOOK VALUE
At 30 June 2023 31,778
At 30 June 2022 12,173

11. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2022 6,532,820 25,946 819,193 597,663 7,975,622
Additions - - 14,344 40,992 55,336
Disposals - (23,346 ) (33,945 ) (18,495 ) (75,786 )
At 30 June 2023 6,532,820 2,600 799,592 620,160 7,955,172
DEPRECIATION
At 1 July 2022 - 24,562 611,541 382,387 1,018,490
Charge for year - 1,384 37,988 76,723 116,095
Eliminated on disposal - (23,346 ) (31,734 ) (17,686 ) (72,766 )
At 30 June 2023 - 2,600 617,795 441,424 1,061,819
NET BOOK VALUE
At 30 June 2023 6,532,820 - 181,797 178,736 6,893,353
At 30 June 2022 6,532,820 1,384 207,652 215,276 6,957,132

The net book value of tangible fixed assets includes £36,752 (2022: £42,500) in respect of assets held under hire purchase contract and finance leases. The depreciation charge for the year on those assets amounted to £5,551 (2022: £5,748).

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

11. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 June 2023 is represented by:

Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
Valuation in 2016 3,681,918 - - - 3,681,918
Valuation in 2018 59,010 - - - 59,010
Valuation in 2021 1,377,750 - - - 1,377,750
Cost 1,414,142 2,600 799,592 620,160 2,836,494
6,532,820 2,600 799,592 620,160 7,955,172

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
as restated
£    £   
Cost 1,414,142 1,378,972
Aggregate depreciation 364,165 359,472

Freehold land and buildings were valued on an open market value basis on 31 August 2021 by Wilby's and Lambert Smith Hampton .

12. STOCKS AND WORK IN PROGRESS
2023 2022
as restated
£    £   
Raw materials and consumables 182,723 156,646
Work in progress 6,566 11,160
Finished goods and goods for
resale 1,130,360 1,259,260
1,319,649 1,427,066

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 528,298 605,276
Other debtors 19,368 13,779
Prepayments and accrued income 101,341 278,872
649,007 897,927

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts (see note 16) 60,000 60,000
Hire purchase contracts (see note 17) 6,699 8,333
Trade creditors 707,034 948,799
Corporation tax - 38,091
Social security and other taxes 30,866 34,331
VAT 134,949 214,880
Other creditors - 168,436
Accruals and deferred income 248,501 416,341
1,188,049 1,889,211

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans (see note 16) 5,042 66,447
Hire purchase contracts (see note 17) - 6,699
5,042 73,146

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 60,000 60,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 5,042 60,690

Amounts falling due between two and five years:
Bank loans - 2-5 years - 5,757

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year 6,699 8,333
Between one and five years - 6,699
6,699 15,032

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 56,573 76,640
Between one and five years 12,651 44,762
69,224 121,402

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank loans 65,042 126,447
Hire purchase contracts 6,699 15,032
71,741 141,479

The bank overdraft and loan are secured by a charge over the company's assets and by a debenture and a group cross guarantee.

The obligations under finance leases and hire purchase contracts are secured by a charge on the assets purchased under those agreements.

19. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 52,479 191,199

Deferred
tax
£   
Balance at 1 July 2022
As previously reported 1,104,182
Prior year adjustment (912,983 )
As restated 191,199
Charge to Profit and Loss Account during year 118,040
Movement on Deferred Tax
Asset On Pension Liability (256,760 )
Balance at 30 June 2023 52,479

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

NOTES TO THE 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: as restated
£    £   
2,000 Ordinary £10 20,000 20,000

21. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit scheme in the United Kingdom.

The amounts included in the financial statements for the year ended 30 June 2023, relating to pensions, are based on an actuarial valuation of the Job Earnshaw & Bros Limited Staff Pension Scheme for UK Accounting purposes, as required under Financial Reporting Standard No. 102 (FRS 102).

The valuation at 30 June 2023, showed an increase in the deficit of the scheme from £1,193,628 to £1,446,248.

The liabilities at 30 June 2023 are based on the liabilities at 6 November 2019, rolled forward using an appropriate method allowing for membership movements and adjustments for changes in assumptions.

Under FRS 102 the company is required to disclose the amount and timing of any future deficit contributions that it is committed to paying to the Job Earnshaw and Bros Limited Staff Pension Scheme. These contributions are in the current Recovery Plan agreed between the company and the pension scheme trustees.

The scheme was closed to new members in November 2003, and therefore, under the projected unit method, the current service costs will increase as the members of the scheme approach retirement.

The scheme was closed to further pension accrual on 6 November 2010.

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

The scheme's assets consist of a portfolio of investments managed by Mobius Life Limited plus a direct investment in woodland and net current assets.

The scheme also holds an asset in respect of annuities purchased in the name of the Trustees to meet benefits due for some pensioners with Prudential.

Mobius Life Limited have provided the value of the invested assets at 30 June 2023. The woodland value has been taken from the valuation carried out by Wilby's as at May 2019. The insured pensioner asset value has been taken as the same value as the matching liability.

The value of the Scheme's investments as at 30 June 2023 amounted to £3,749,000 plus cash at bank and net current assets of £170,000 plus insured pensioner asset of £768,000 totalling £4,687,000. The approximate asset allocation is set out later in this note.

In accordance with FRS 102, the scheme assets do not include any of the company's own financial instruments and no property is occupied by, or other assets used by, the company.

No reimbursement rights have been recognised as an asset of the scheme (2022: £ Nil).

The method used to calculate the liabilities is the Projected Unit method as required under FRS 102.

The value of the scheme's liabilities (the 'defined benefit obligation') amounts to £6,642,000.

We have based over liability calculations on the benefit provisions included in the Trust Deed and Rules. A full summary of the benefits was included in the triennial actuarial valuation report as at 6 November 2019. The same benefits have been valued for the purposes of FRS 102.

In calculating the liabilities approximate allowance has been made for the additional liability the Scheme would incur from equalising Guaranteed Minimum Pensions.

A pension correction exercise was completed during the year to 30th June 2020. The effect has been positive to the Scheme as the net result of the pension correction exercise was to reduce pensions in payment.

There have been no benefit improvements over the year and therefore, no constructive obligations for further benefits have been taken into account.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

26,000

19,000
Past service cost - -
26,000 19,000

Actual return on plan assets 270,000 186,000

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

Current service cost is the estimated cost of providing members' entitlements for the current accounting period ending 30 June 2023, less members' contributions. The figure quoted does not include the cost of any insured death in service or incapacity benefits. For insured benefits, the cost can be taken as the insurance premium for the period.

The service cost quoted does not include any allowance for administration expenses and these should be accounted for separately.

The net interest cost is based on the discount rate and the values of assets and liabilities at the start of the accounting period. It allows for contributions paid into and benefits paid out of the Scheme during the period. It comprises the interest cost on the defined benefit obligation and interest income on the Scheme assets, excluding the effect of any irrecoverable surplus.

Past service cost is the increase, where appropriate, in the value of Scheme liabilities at the accounting date arising as a result of the introduction of or improvement to, retirement benefits.

It has been assumed that no part of the cost relating to the Scheme is required to be included in the cost of an asset by virtue of another section of FRS 102.

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Opening defined benefit obligation 8,113,631 10,677,000
Contributions by employer (382,631 ) 382,631
Interest cost 296,000 205,000
Actuarial losses/(gains) (1,112,000 ) (2,861,000 )
Benefits paid (273,000 ) (290,000 )
6,642,000 8,113,631

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Opening fair value of scheme assets 6,920,000 9,456,000
Contributions by employer 279,000 468,000
Expected return 270,000 186,000
Benefits paid (273,000 ) (290,000 )
Return on plan assets (excluding interest
income)

(2,509,000

)

(2,900,000

)
4,687,000 6,920,000

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Return on plan assets (excluding interest
income)

(2,509,000

)

(2,900,000

)
Changes in actuarial assumptions used to
calculate defined benefit obligation

1,631,000

2,888,000
Experience gains and losses arising on the
defined benefit obligation

(519,000

)

(27,000

)
(1,397,000 ) (39,000 )

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
as restated
£    £   
Equities (UK and Overseas) 46,000 390,000
Bonds 941,000 1,000,000
Cash (cash and deposits) 170,000 64,000
Insured pensioners 768,000 885,000
Woodland 2,200,000 1,753,000
DGFs 220,000 469,000
LDI 342,000 2,359,000
4,687,000 6,920,000

JOB EARNSHAW & BROS LIMITED (REGISTERED NUMBER: 00114650)

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

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

Return on Scheme assets less interest income is the actual return on the assets less the amount included in net interest on the net defined benefit liability, with allowance for contributions paid into and benefits paid out of the Scheme during the accounting period.

Experience gains and losses on the defined benefit obligation reflect the difference between actuarial assumptions underlying the Scheme liabilities at the previous accounting date and actual experience during the period.

Changes in actuarial assumptions used to calculate the defined benefit obligation reflect the changes made to the actuarial assumptions since the previous accounting date.

Any change in the amount of irrecoverable surplus, excluding amounts included in net interest on the net defined benefit liability, is recognised in other comprehensive income.

The estimated amount to be recognised in the profit and loss account in 2022/23 is as follows:

Year Ended
30 June 2023
£

Current service cost -

Net interest cost 26,000
26,000

These figures give an estimate of the pension cost for the year to 30 June 2022. The actuarial figures are likely to be slightly different as the experience is likely to differ from the assumptions and the impact of this will come through at the end of the year.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
as restated
Inflation 3.15% 3.30%
Rate of increase to deferred pensions 2.55% 2.60%
Discount rate of liabilities 5.50% 3.90%