REGISTERED NUMBER: 10515582 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 May 2023 |
for |
JUKES GROUP LIMITED |
REGISTERED NUMBER: 10515582 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 May 2023 |
for |
JUKES GROUP LIMITED |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
JUKES GROUP LIMITED |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditors |
7 Marconi Gate |
Stafford |
Staffordshire |
ST18 0FZ |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Group Strategic Report |
for the Year Ended 31 May 2023 |
The directors present their strategic report of the company and the group for the year ended 31 May 2023. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
The groups business objective is to provide coffins and caskets to the funeral industry. |
The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers. As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The risks faced by the group are reviewed by the board and appropriate processes are put into place to monitor and mitigate them. In common with many businesses of this size, the business environment can be challenging, the market is highly competitive and as a result there is always pressure on prices. With the continued investment in first class products, general outward looking and dynamic management the directors consider the company and its subsidiaries well placed to take advantage of the market opportunities as they arise, and hence mitigating this risk. |
The directors recognise the group, as any other business, is subject to risk and uncertainties that are beyond its control. |
Having emerged from the post Covid-19 era, we can report that when taken in aggregate across all sites, turnover was increased for the year with sales performance exceeding the previous year month on month for all but the month of December. |
The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers. |
As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high. |
It is the management's assessment that Brexit has still shown no discernible effect on the business. |
FINANCIAL RISK MANAGEMENT |
The groups operations expose it to a variety of financial risks that include the effect of credit risk and liquidity risk. The group has in place policies that seek to limit the adverse effects on the financial performance of the company by monitoring levels of liquidity and the related finance costs. The policies set by the board are implemented by the groups finance department. |
CREDIT RISK |
The group has implemented policies that require appropriate credit assessment on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to review by the groups financial department. |
LIQUIDITY RISK |
The group actively maintains a mixture of cash balances and loan finance that is designed to ensure the group has sufficient available funds for operations and planned expansions. Invoice discounting is used by all trading companies as is a valuable source of cashflow. Interest rate fluctuations impact on our results however in the current and preceding year the group has benefited from a stable rate of interest borrowings. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Group Strategic Report |
for the Year Ended 31 May 2023 |
FINANCIAL KEY PERFORMANCE INDICATORS |
We consider our key performance indicators are those that communicate the financial performance and strength of the group as a whole and they are:- |
Turnover |
Gross margins |
Group net assets |
EBITDA |
ON BEHALF OF THE BOARD: |
26 October 2023 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Report of the Directors |
for the Year Ended 31 May 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2023. |
PRINCIPAL ACTIVITIES |
The manufacture of wood and veneer sets, the manufacture of coffins and caskets and property rental. |
DIVIDENDS |
Dividends have been paid as follows:- |
Share Type | Date | Value £ |
Ordinary A | 31/12/2022 | 150,000 |
30/05/2023 | 85,000 |
Ordinary B | 05/04/2023 | 200,000 |
30/05/2023 | 85,000 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Report of the Directors |
for the Year Ended 31 May 2023 |
AUDITORS |
The auditors, Lawton Bradford Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Jukes Group Limited |
Opinion |
We have audited the financial statements of Jukes Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the 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 Group 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 Group 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 Group 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 |
Jukes Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Jukes Group Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtain an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; |
- We obtain an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance. |
- Identify which laws and regulations are of significance in the context of the entity; |
- We obtain an understanding of the entity’s risk assessment process, including the risk of fraud; |
- We assess the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; |
- Identify and test unusual or unexpected journal entries; |
- Use Data Analytics to review the client data for unusual trends/anomalies; |
- Evaluate the assumptions and judgements used by management within significant accounting estimates and assess if these indicate evidence of management bias; |
- Test significant transactions, in particular evaluate the business rationale for any which appear unusual or outside the company’s normal course of business; |
- Review the financial statements and test the disclosures against supporting documentation; |
- Communicate relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these. |
In order to ascertain the above and relative to the specific risks identified, the procedures followed included: |
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims; |
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
Review of financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations. |
Perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
Jukes Group 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. |
for and on behalf of |
Chartered Certified Accountants and |
Statutory Auditors |
7 Marconi Gate |
Stafford |
Staffordshire |
ST18 0FZ |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated |
Income Statement |
for the Year Ended 31 May 2023 |
Year Ended | Period |
31.5.23 | 31.12.20 to 31.5.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 16,120,288 | 18,148,977 |
Cost of sales | 11,565,234 | 12,214,745 |
GROSS PROFIT | 4,555,054 | 5,934,232 |
Distribution costs | 445,368 | 519,991 |
Administrative expenses | 2,695,231 | 3,190,469 |
3,140,599 | 3,710,460 |
1,414,455 | 2,223,772 |
Other operating income | 35,820 | 26,292 |
OPERATING PROFIT | 5 | 1,450,275 | 2,250,064 |
Interest receivable and similar income | 5,982 | 11,226 |
1,456,257 | 2,261,290 |
Interest payable and similar expenses | 7 | 135,007 | 124,353 |
PROFIT BEFORE TAXATION | 1,321,250 | 2,136,937 |
Tax on profit | 8 | 270,057 | 503,923 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,043,794 | 1,619,436 |
Non-controlling interests | 7,399 | 13,578 |
1,051,193 | 1,633,014 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 May 2023 |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,051,193 | 1,633,014 |
OTHER COMPREHENSIVE INCOME |
Revaluation of property | - | 58,500 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
58,500 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,051,193 |
1,691,514 |
Total comprehensive income attributable to: |
Owners of the parent | 1,043,794 | 1,677,936 |
Non-controlling interests | 7,399 | 13,578 |
1,051,193 | 1,691,514 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated Balance Sheet |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | (719 | ) | (7,355 | ) |
Tangible assets | 12 | 3,137,690 | 3,156,386 |
Investments | 13 | - | - |
Investment property | 14 | 651,104 | 650,000 |
3,788,075 | 3,799,031 |
CURRENT ASSETS |
Stocks | 15 | 1,590,955 | 1,741,641 |
Debtors | 16 | 3,048,189 | 2,718,085 |
Cash at bank and in hand | 667,949 | 307,777 |
5,307,093 | 4,767,503 |
CREDITORS |
Amounts falling due within one year | 17 | 3,368,891 | 3,108,117 |
NET CURRENT ASSETS | 1,938,202 | 1,659,386 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,726,277 |
5,458,417 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(1,206,844 |
) |
(1,438,761 |
) |
PROVISIONS FOR LIABILITIES | 22 | (224,387 | ) | (233,203 | ) |
NET ASSETS | 4,295,046 | 3,786,453 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 372 | 372 |
Revaluation reserve | 24 | 58,500 | 58,500 |
Fair value reserve | 24 | (58,900 | ) | (58,900 | ) |
Retained earnings | 24 | 4,167,595 | 3,666,401 |
SHAREHOLDERS' FUNDS | 4,167,567 | 3,666,373 |
NON-CONTROLLING INTERESTS | 25 | 127,479 | 120,080 |
TOTAL EQUITY | 4,295,046 | 3,786,453 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by: |
Mr S Jukes - Director |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Company Balance Sheet |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 666,658 | 669,879 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 May 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 31 December 2020 | 279 | 2,653,704 | - |
Changes in equity |
Issue of share capital | 93 | - | - |
Dividends | - | (606,739 | ) | - |
Total comprehensive income | - | 1,619,436 | 58,500 |
Balance at 31 May 2022 | 372 | 3,666,401 | 58,500 |
Changes in equity |
Dividends | - | (542,600 | ) | - |
Total comprehensive income | - | 1,043,794 | - |
Balance at 31 May 2023 | 372 | 4,167,595 | 58,500 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 31 December 2020 | (58,900 | ) | 2,595,083 | 106,502 | 2,701,585 |
Changes in equity |
Issue of share capital | - | 93 | - | 93 |
Dividends | - | (606,739 | ) | - | (606,739 | ) |
Total comprehensive income | - | 1,677,936 | 13,578 | 1,691,514 |
Balance at 31 May 2022 | (58,900 | ) | 3,666,373 | 120,080 | 3,786,453 |
Changes in equity |
Dividends | - | (542,600 | ) | - | (542,600 | ) |
Total comprehensive income | - | 1,043,794 | 7,399 | 1,051,193 |
Balance at 31 May 2023 | (58,900 | ) | 4,167,567 | 127,479 | 4,295,046 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Company Statement of Changes in Equity |
for the Year Ended 31 May 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 December 2020 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2023 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated Cash Flow Statement |
for the Year Ended 31 May 2023 |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,159,410 | 1,866,079 |
Interest paid | (118,269 | ) | (87,715 | ) |
Interest element of hire purchase payments paid |
(16,738 |
) |
(36,638 |
) |
Tax paid | (542,968 | ) | (200,028 | ) |
Net cash from operating activities | 1,481,435 | 1,541,698 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (5,350 | ) |
Purchase of tangible fixed assets | (422,960 | ) | (897,514 | ) |
Purchase of investment property | (1,104 | ) | - |
Sale of tangible fixed assets | 102,294 | 16,849 |
Purchase of subsidiary | - | (592,358 | ) |
Interest received | 5,982 | 11,226 |
Net cash from investing activities | (315,788 | ) | (1,467,147 | ) |
Cash flows from financing activities |
Loan repayments in year | (145,820 | ) | 258,561 |
Capital repayments in year | (112,399 | ) | 124,923 |
Amount introduced by directors | 472,799 | 645,153 |
Amount withdrawn by directors | (477,455 | ) | (386,637 | ) |
Share issue | - | 93 |
Equity dividends paid | (542,600 | ) | (606,739 | ) |
Net cash from financing activities | (805,475 | ) | 35,354 |
Increase in cash and cash equivalents | 360,172 | 109,905 |
Cash and cash equivalents at beginning of year |
2 |
307,777 |
197,872 |
Cash and cash equivalents at end of year | 2 | 667,949 | 307,777 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Profit before taxation | 1,321,250 | 2,136,937 |
Depreciation charges | 343,225 | 461,881 |
(Profit)/loss on disposal of fixed assets | (10,500 | ) | 85,530 |
Gain on revaluation of fixed assets | - | (49,793 | ) |
Overdraft aquired with subsidiary | - | (149,370 | ) |
Subsidiary non current assets | - | (35,262 | ) |
Finance costs | 135,007 | 124,353 |
Finance income | (5,982 | ) | (11,226 | ) |
1,783,000 | 2,563,050 |
Decrease/(increase) in stocks | 150,686 | (378,808 | ) |
Increase in trade and other debtors | (325,448 | ) | (208,046 | ) |
Increase/(decrease) in trade and other creditors | 551,172 | (110,117 | ) |
Cash generated from operations | 2,159,410 | 1,866,079 |
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 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 667,949 | 307,777 |
Period ended 31 May 2022 |
31.5.22 | 31.12.20 |
£ | £ |
Cash and cash equivalents | 307,777 | 197,872 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.6.22 | Cash flow | At 31.5.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 307,777 | 360,172 | 667,949 |
307,777 | 360,172 | 667,949 |
Debt |
Finance leases | (450,504 | ) | 112,399 | (338,105 | ) |
Debts falling due within 1 year | (147,731 | ) | (645 | ) | (148,376 | ) |
Debts falling due after 1 year | (1,153,784 | ) | 146,466 | (1,007,318 | ) |
(1,752,019 | ) | 258,220 | (1,493,799 | ) |
Total | (1,444,242 | ) | 618,392 | (825,850 | ) |
4. | ACQUISITION OF BUSINESS |
On 25 June 2021, DFS Caskets Limited was acquired by Jukes Group Limited. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Jukes Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's year end was changed to 31 May last financial year. As a result, the comparative period, year ended 31 May 2022 covered a 17 month period and will not be entirely comparable. |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus cost directly attributable to the business combination. The excess of the value of the business combination acquired over the cost of the assets is recognised as negative goodwill. Investments in subsidiaries are accounted for at cost less impairment. |
The financial statements consolidate the accounts of Jukes Group Limited and all of its material subsidiary undertakings ("subsidiaries"). |
The company is exempt from the requirement to present its own profit and loss account under the provisions of Section 408 of the Companies Act 2006. |
Significant judgements and estimates |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies. |
Turnover |
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. |
Goodwill |
Negative goodwill, resulting in the net assets acquired exceeding purchase consideration on acquisition of a subsidiary is being amortised over its useful life on ten years. |
The positive goodwill on a subsidiary aquisition on 25 June 2021 is also being amortised over its useful life of ten years. |
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. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Directors have reviewed the depreciation policy for all categories of fixed assets across the Group and decided that the above rates are a more reasonable reflection of the useful life of the assets and changed the policies accordingly. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern and covid-19 |
Having emerged from the post Covid-19 era, we can report that when taken in aggregate across all sites and including group transactions, turnover was increased for the year with sales performance exceeding the previous year month on month for all but the month of December. |
The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers. |
As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high. |
It is the management's assessment that Brexit has still shown no discernible effect on the business. |
On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by geographical market is given below: |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
United Kingdom | 16,120,288 | 18,148,977 |
16,120,288 | 18,148,977 |
4. | EMPLOYEES AND DIRECTORS |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Wages and salaries | 4,040,511 | 4,749,830 |
Social security costs | 335,180 | 381,437 |
Other pension costs | 78,235 | 81,001 |
4,453,926 | 5,212,268 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
Directors | 2 | 2 |
Factory and administration | 143 | 136 |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Directors' remuneration | 171,080 | 187,718 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Other operating leases | 9,316 | 4,952 |
Depreciation - owned assets | 340,128 | 503,731 |
Depreciation - assets on hire purchase contracts | 9,734 | 19,362 |
(Profit)/loss on disposal of fixed assets | (10,500 | ) | 85,530 |
Goodwill amortisation | (6,636 | ) | (14,871 | ) |
Auditors' remuneration | 36,417 | 33,917 |
6. | EXCEPTIONAL ITEMS |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Exceptional items | - | (147,789 | ) |
During the year ended 31 May 2022, an agreement was reached to release SJP Lichfield Ltd from £147,789.21 loan and this has been written off from Other Debtors. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Factoring interest | 42,180 | 29,437 |
Bank loan interest | 70,365 | 58,278 |
Other loan interest | 5,724 | - |
Hire purchase | 16,738 | 36,638 |
135,007 | 124,353 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Current tax: |
UK corporation tax | 278,873 | 450,783 |
Deferred tax | (8,816 | ) | 53,140 |
Tax on profit | 270,057 | 503,923 |
UK corporation tax has been charged at 20 % (2022 - 19 %). |
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: |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Profit before tax | 1,321,250 | 2,136,937 |
Profit multiplied by the standard rate of corporation tax in the UK of 20 % (2022 - 19 %) |
264,250 |
406,018 |
Effects of: |
Expenses not deductible for tax purposes | 2,970 | 48,081 |
Income not taxable for tax purposes | (2,100 | ) | (10,154 | ) |
Depreciation in excess of capital allowances | 17,465 | 12,626 |
Utilisation of tax losses | (3,712 | ) | (5,788 | ) |
Deferred tax | (8,816 | ) | 53,140 |
Total tax charge | 270,057 | 503,923 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
8. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 May 2023. |
31.12.20 to 31.5.22 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property | 58,500 | - | 58,500 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
Period |
31.12.20 |
Year Ended | to |
31.5.23 | 31.5.22 |
£ | £ |
Ordinary A shares of £1 each |
Final | - | 8,889 |
Interim | 257,600 | 458,089 |
Ordinary B shares of £1 each |
Interim | 285,000 | 139,761 |
542,600 | 606,739 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 | (66,354 | ) |
AMORTISATION |
At 1 June 2022 | (58,999 | ) |
Amortisation for year | (6,636 | ) |
At 31 May 2023 | (65,635 | ) |
NET BOOK VALUE |
At 31 May 2023 | (719 | ) |
At 31 May 2022 | (7,355 | ) |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2022 | 1,898,592 | 6,191 | 251,031 |
Additions | 54,959 | - | 10,862 |
Disposals | - | - | - |
At 31 May 2023 | 1,953,551 | 6,191 | 261,893 |
DEPRECIATION |
At 1 June 2022 | - | 989 | 172,474 |
Charge for year | 23,250 | 516 | 8,967 |
Eliminated on disposal | - | - | - |
At 31 May 2023 | 23,250 | 1,505 | 181,441 |
NET BOOK VALUE |
At 31 May 2023 | 1,930,301 | 4,686 | 80,452 |
At 31 May 2022 | 1,898,592 | 5,202 | 78,557 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2022 | 2,845,275 | 27,793 | 375,190 | 5,404,072 |
Additions | 270,580 | 53,179 | 33,380 | 422,960 |
Disposals | (148,111 | ) | (6,594 | ) | - | (154,705 | ) |
At 31 May 2023 | 2,967,744 | 74,378 | 408,570 | 5,672,327 |
DEPRECIATION |
At 1 June 2022 | 1,933,923 | 15,667 | 124,633 | 2,247,686 |
Charge for year | 227,939 | 10,979 | 78,211 | 349,862 |
Eliminated on disposal | (56,317 | ) | (6,594 | ) | - | (62,911 | ) |
At 31 May 2023 | 2,105,545 | 20,052 | 202,844 | 2,534,637 |
NET BOOK VALUE |
At 31 May 2023 | 862,199 | 54,326 | 205,726 | 3,137,690 |
At 31 May 2022 | 911,352 | 12,126 | 250,557 | 3,156,386 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 31 May 2023 is represented by: |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
Valuation in 2022 | 58,500 | - | - |
Cost | 1,895,051 | 6,191 | 261,893 |
1,953,551 | 6,191 | 261,893 |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2022 | - | - | - | 58,500 |
Cost | 2,967,744 | 74,378 | 408,570 | 5,613,827 |
2,967,744 | 74,378 | 408,570 | 5,672,327 |
If freehold property had not been revalued it would have been included at the following historical cost: |
31.5.23 | 31.5.22 |
£ | £ |
Cost | 406,500 | 406,500 |
Aggregate depreciation | 84,943 | 49,794 |
Value of land in freehold land and buildings | 465,000 | 465,000 |
Freehold land was valued on an open market basis on 6 May 2022 by Walton Goodland, Chartered Surveyors . |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2022 |
and 31 May 2023 | 359,741 | 22,650 | 382,391 |
DEPRECIATION |
At 1 June 2022 | 116,433 | 4,153 | 120,586 |
Charge for year | 9,734 | - | 9,734 |
At 31 May 2023 | 126,167 | 4,153 | 130,320 |
NET BOOK VALUE |
At 31 May 2023 | 233,574 | 18,497 | 252,071 |
At 31 May 2022 | 243,308 | 18,497 | 261,805 |
Company |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year/period |
Registered office: New Dyke Industrial Development, Stapleton Road, Annan, Dumfriesshire, Scotland, DG12 6JP |
Nature of business: |
% |
Class of shares: | holding |
31.5.23 | 31.5.22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year/period | ( |
) | ( |
) |
On 25 June 2021, Jukes Group Limited acquired 100% of DFS Caskets Limited. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 June 2022 | 650,000 |
Additions | 1,104 |
At 31 May 2023 | 651,104 |
NET BOOK VALUE |
At 31 May 2023 | 651,104 |
At 31 May 2022 | 650,000 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2020 | (58,900 | ) |
Cost | 710,004 |
651,104 |
Jukes Properties Limited |
The investment property was valued at open market value by KWB Property Management Ltd, Chartered Valuation Surveyors, on 24 September 2021 and S Jukes, the director, considers this value plus additional costs incurred this financial year to be the appropriate value at 31 May 2023. |
If the investment property had not been revalued, it would have been included at £710,004 cost. |
15. | STOCKS |
Group |
31.5.23 | 31.5.22 |
£ | £ |
Stocks | 1,590,955 | 1,741,641 |
16. | DEBTORS |
Group | Company |
31.5.23 | 31.5.22 | 31.5.23 | 31.5.22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 2,622,604 | 2,344,250 |
Amounts owed by group undertakings | - | - |
Other debtors | 82,192 | 50,599 |
Directors' current accounts | 203,139 | 198,483 | 97,527 | 92,871 |
Tax | 58,903 | 58,903 |
VAT | - | - |
Prepayments | 81,351 | 61,510 |
3,048,189 | 2,713,745 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
16. | DEBTORS - continued |
Group | Company |
31.5.23 | 31.5.22 | 31.5.23 | 31.5.22 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Other debtors | - | 4,340 |
Aggregate amounts | 3,048,189 | 2,718,085 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.5.23 | 31.5.22 | 31.5.23 | 31.5.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 148,376 | 147,731 |
Hire purchase contracts (see note 20) | 138,579 | 165,527 |
Invoice finance | 656,655 | 499,684 |
Trade creditors | 1,138,810 | 1,249,745 |
Amounts owed to group undertakings | - | - |
Tax | 192,333 | 456,428 |
Social security and other taxes | 105,132 | 87,981 |
Net wages | 4,817 | 4,377 | - | - |
Pension control | 248 | 540 | - | - |
VAT | 351,766 | 200,362 | 4,913 | - |
Other creditors | 416,395 | 170,576 |
Accruals and deferred income | 20,610 | 15,122 |
Accrued expenses | 195,170 | 110,044 |
3,368,891 | 3,108,117 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.5.23 | 31.5.22 | 31.5.23 | 31.5.22 |
£ | £ | £ | £ |
Bank loans (see note 19) | 1,007,318 | 1,153,784 |
Hire purchase contracts (see note 20) | 199,526 | 284,977 |
1,206,844 | 1,438,761 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.5.23 | 31.5.22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 148,376 | 147,731 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 630,225 | - |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 124,593 | 884,548 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 252,500 | 269,236 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.5.23 | 31.5.22 |
£ | £ |
Gross obligations repayable: |
Within one year | 138,579 | 166,251 |
Between one and five years | 199,526 | 284,984 |
338,105 | 451,235 |
Finance charges repayable: |
Within one year | - | 724 |
Between one and five years | - | 7 |
- | 731 |
Net obligations repayable: |
Within one year | 138,579 | 165,527 |
Between one and five years | 199,526 | 284,977 |
338,105 | 450,504 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
20. | LEASING AGREEMENTS - continued |
Company |
Hire purchase contracts |
31.5.23 | 31.5.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable | operating leases |
31.5.23 | 31.5.22 |
£ | £ |
Within one year | 23,320 | 113,358 |
Between one and five years | 80,501 | 111,352 |
103,821 | 224,710 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.5.23 | 31.5.22 | 31.5.23 | 31.5.22 |
£ | £ | £ | £ |
Bank loans | 1,155,694 | 1,301,515 |
Hire purchase contracts | 338,105 | 450,504 | 103,821 | 129,259 |
Invoice financing | 648,867 | 499,684 | - | - |
2,142,666 | 2,251,703 |
The hire purchase liabilities are secured over the assets to which they relate. |
The invoice discounting loans are secured by way of a charge over the related trade debtors. |
The bank loan is secured by way of charges over land lying to the North of Elwell Street, West Bromwich: 26 Tamworth Street, Lichfield; Land on the North side of Grovehill Road, Beverley; land on the South East side of Stapleton Road, Annan and an unlimited debenture dated 5 December 2014. |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.5.23 | 31.5.22 | 31.5.23 | 31.5.22 |
£ | £ | £ | £ |
Deferred tax | 224,387 | 233,203 | 8,070 | 6,375 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
22. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2022 | 233,203 |
Credit to Income Statement during year | (8,816 | ) |
Balance at 31 May 2023 | 224,387 |
Company |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Provided during year |
Balance at 31 May 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
Ordinary A | £1 | 223 | 223 |
Ordinary B | £1 | 149 | 149 |
372 | 372 |
24. | RESERVES |
Group |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 June 2022 | 3,666,401 | 58,500 | (58,900 | ) | 3,666,001 |
Profit for the year | 1,043,794 | 1,043,794 |
Dividends | (542,600 | ) | (542,600 | ) |
At 31 May 2023 | 4,167,595 | 58,500 | (58,900 | ) | 4,167,195 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2023 |
24. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 June 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 May 2023 |
25. | NON-CONTROLLING INTERESTS |
Minority interests are the 10% shareholding in Brian Reid & Son Limited. |
26. | CAPITAL COMMITMENTS |
31.5.23 | 31.5.22 |
£ | £ |
Contracted but not provided for in the |
financial statements | 144,614 | - |
27. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet amount to £157,276 (2022 - £240,630) |
28. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the end of the period the directors owed the group £203,140 (2022 - £198,483). The loan was repayable on demand and at a standard rate of interest. |
29. | RELATED PARTY DISCLOSURES |
Jukes Properties Limited |
The investment property is rented to a company owned and controlled by an individual connected with the directors, at below market value. Market value is estimated to be in the region of £32,000 per annum and the company has agreed a rental of £15,000. |
30. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr S Jukes. |