REGISTERED NUMBER: 06866012 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
JBG Holdings Limited |
REGISTERED NUMBER: 06866012 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
JBG Holdings Limited |
JBG Holdings Limited (Registered number: 06866012) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
JBG Holdings Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
28 Prescott Street |
Halifax |
West Yorkshire |
HX1 2LG |
JBG Holdings Limited (Registered number: 06866012) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
JBG Holdings Limited is an investment holding company. The principal activity of the trading subsidiaries of the group is the retail sale of second hand goods and pawnbroking services. |
REVIEW OF BUSINESS |
The results of the group for the year show a total profit after tax for the group of £2,464,111 (2022 - £1,771,027). The shareholders' funds of the group total £5,761,876 (2022 - £3,171,015). |
STRATEGY |
The continuing success of the group is dependent upon the proper selection, pricing and ongoing management of stock and personnel. We have continued to consolidate our position in the North of England and consider that it is important to retain a diversified portfolio of risk in order to achieve maximum profitability in a highly competitive market. |
The group will continue to consolidate its existing chain of stores whilst also looking to expand its position through both acquisition of suitable stores or by organic growth where possible. |
KEY PERFORMANCE INDICATORS |
The directors consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole. The group uses its IT systems to measure several key performance indicators against its targets including turnover, sales margins, aged stock, street values and employee performance. |
The gross profit margin of the company is 33% (2022 - 32%). |
The return on capital employed is 48% (2022 - 6%). Return on capital employed is calculated as profit before interest and taxation divided by capital employed, which constitutes total assets less current liabilities. |
The directors consider that the group is continuing to perform in line with the expectations of the board and consider that the results for the year ended 31 March 2023 continue to show that the group remains a key player in the industry. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies procedures and internal controls. All policies are subject to management approval and ongoing review. |
The group has developed a framework for identifying risks to which it is exposed and the impact on economic capital of each of those risks. |
The principal risks that the directors consider the group faces are from inaccurate pricing and competition. |
The directors maintain a system of monitoring the key risks to the group and the key performance indicators. This ensures that the group complies with the strict regulatory controls under which it operates. |
FUTURE DEVELOPMENTS |
Although the growth of the UK economy again strengthened in the year, the UK economy has suffered due to the impact of the Covid 19 pandemic. The directors consider that the company will perform profitably throughout these difficulties. |
ON BEHALF OF THE BOARD: |
31 January 2024 |
JBG Holdings Limited (Registered number: 06866012) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2023. |
DIRECTORS |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The business review and other mandatory disclosures which the directors consider to be of strategic importance are disclosed in the strategic 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
JBG Holdings Limited (Registered number: 06866012) |
Report of the Directors |
for the Year Ended 31 March 2023 |
AUDITORS |
The auditors, Lindley Adams Limited Chartered Accountants, 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 |
JBG Holdings Limited |
Opinion |
We have audited the financial statements of JBG Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 March 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 |
JBG Holdings 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 three, 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 |
JBG Holdings 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. |
We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation. The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. |
We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including: |
- Agreeing financial statement disclosures to supporting documentation. |
- Analytical procedures to identify any unusual or unexpected relationships. |
- Testing appropriateness of journal entries. |
- Review of accounting estimates for potential bias. |
- Review of minutes of meetings of those charged with governance. |
- Enquire with management as to actual and potential litigation and claims. |
- Review of correspondence. |
We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance. |
There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected |
material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement. |
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 |
JBG Holdings 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 |
Statutory Auditor |
28 Prescott Street |
Halifax |
West Yorkshire |
HX1 2LG |
JBG Holdings Limited (Registered number: 06866012) |
Consolidated |
Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 43,324,122 | 35,809,855 |
Cost of sales | (28,791,863 | ) | (24,323,473 | ) |
GROSS PROFIT | 14,532,259 | 11,486,382 |
Administrative expenses | (11,362,396 | ) | (9,322,604 | ) |
3,169,863 | 2,163,778 |
Other operating income | 1,755 | 118,679 |
OPERATING PROFIT | 3,171,618 | 2,282,457 |
Interest receivable and similar income | 7,677 | 738 |
3,179,295 | 2,283,195 |
Interest payable and similar expenses | 4 | (123,267 | ) | (81,467 | ) |
PROFIT BEFORE TAXATION | 5 | 3,056,028 | 2,201,728 |
Tax on profit | 6 | (591,917 | ) | (430,701 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,464,111 | 1,771,027 |
JBG Holdings Limited (Registered number: 06866012) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,464,111 | 1,771,027 |
OTHER COMPREHENSIVE INCOME |
Property Revaluation | 126,750 | (1,780,000 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
126,750 |
(1,780,000 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,590,861 |
(8,973 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 2,590,861 | (8,973 | ) |
JBG Holdings Limited (Registered number: 06866012) |
Consolidated Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 133 | 399 |
Tangible assets | 9 | 358,358 | 159,035 |
Investments | 10 | - | - |
Investment property | 11 | 474,307 | - |
832,798 | 159,434 |
CURRENT ASSETS |
Stocks | 12 | 4,314,320 | 3,667,142 |
Debtors | 13 | 4,658,439 | 1,817,692 |
Cash at bank and in hand | 1,362,510 | 1,658,792 |
10,335,269 | 7,143,626 |
CREDITORS |
Amounts falling due within one year | 14 | 4,624,143 | 3,695,735 |
NET CURRENT ASSETS | 5,711,126 | 3,447,891 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,543,924 |
3,607,325 |
CREDITORS |
Amounts falling due after more than one year | 15 | (665,456 | ) | (420,463 | ) |
PROVISIONS FOR LIABILITIES | 19 | (116,592 | ) | (15,847 | ) |
NET ASSETS | 5,761,876 | 3,171,015 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,027 | 1,027 |
Share premium | 21 | 527,566 | 527,566 |
Capital redemption reserve | 21 | 343 | 343 |
Fair value reserve | 21 | 126,750 | - |
Retained earnings | 21 | 5,106,190 | 2,642,079 |
SHAREHOLDERS' FUNDS | 23 | 5,761,876 | 3,171,015 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by: |
J T Cox - Director |
JBG Holdings Limited (Registered number: 06866012) |
Company Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS | 23 |
Company's loss for the financial year | (11,129 | ) | (57,580 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
JBG Holdings Limited (Registered number: 06866012) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2021 | 1,370 | 2,651,052 | 527,566 |
Changes in equity |
Profit for the year | - | 1,771,027 | - |
Other comprehensive income | - | (1,780,000 | ) | - |
Total comprehensive income | - | (8,973 | ) | - |
Buyback of subsidiary's shares | (343 | ) | - | - |
Balance at 31 March 2022 | 1,027 | 2,642,079 | 527,566 |
Changes in equity |
Profit for the year | - | 2,464,111 | - |
Other comprehensive income | - | - | - |
Total comprehensive income | - | 2,464,111 | - |
Balance at 31 March 2023 | 1,027 | 5,106,190 | 527,566 |
Capital | Fair |
redemption | value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 April 2021 | - | - | 3,179,988 |
Changes in equity |
Profit for the year | - | - | 1,771,027 |
Other comprehensive income | - | - | (1,780,000 | ) |
Total comprehensive income | - | - | (8,973 | ) |
Buyback of subsidiary's shares | 343 | - | - |
Balance at 31 March 2022 | 343 | - | 3,171,015 |
Changes in equity |
Profit for the year | - | - | 2,464,111 |
Other comprehensive income | - | 126,750 | 126,750 |
Total comprehensive income | - | 126,750 | 2,590,861 |
Balance at 31 March 2023 | 343 | 126,750 | 5,761,876 |
JBG Holdings Limited (Registered number: 06866012) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Buyback of subsidiary's shares | (343 | ) | - | - | 343 | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2023 |
JBG Holdings Limited (Registered number: 06866012) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,031,874 | 1,777,862 |
Interest paid | (123,267 | ) | (81,467 | ) |
Government grants | 1,755 | 118,679 |
Tax paid | (417,713 | ) | (347,845 | ) |
Net cash from operating activities | 492,649 | 1,467,229 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (375,593 | ) | (105,495 | ) |
Purchase of investment property | (347,557 | ) | - |
Interest received | 7,677 | 738 |
Net cash from investing activities | (715,473 | ) | (104,757 | ) |
Cash flows from financing activities |
New bank loan | 507,555 | - |
Capital repayments in year | (190,460 | ) | (136,363 | ) |
Related party loans | (968,053 | ) | 1,452,168 |
Amount introduced by directors | 577,500 | - |
Buyback of own shares | - | (1,780,000 | ) |
Net cash from financing activities | (73,458 | ) | (464,195 | ) |
(Decrease)/increase in cash and cash equivalents | (296,282 | ) | 898,277 |
Cash and cash equivalents at beginning of year |
2 |
1,658,792 |
760,515 |
Cash and cash equivalents at end of year | 2 | 1,362,510 | 1,658,792 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation | 3,056,028 | 2,201,728 |
Depreciation charges | 176,535 | 124,397 |
Government grants | (1,755 | ) | (118,679 | ) |
Finance costs | 123,267 | 81,467 |
Finance income | (7,677 | ) | (738 | ) |
3,346,398 | 2,288,175 |
Increase in stocks | (647,178 | ) | (998,180 | ) |
Increase in trade and other debtors | (2,840,747 | ) | (112,385 | ) |
Increase in trade and other creditors | 1,173,401 | 600,252 |
Cash generated from operations | 1,031,874 | 1,777,862 |
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 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,362,510 | 1,658,792 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,658,792 | 760,515 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,658,792 | (296,282 | ) | 1,362,510 |
1,658,792 | (296,282 | ) | 1,362,510 |
Debt |
Debts falling due within 1 year | (136,363 | ) | (72,094 | ) | (208,457 | ) |
Debts falling due after 1 year | (420,455 | ) | (245,001 | ) | (665,456 | ) |
(556,818 | ) | (317,095 | ) | (873,913 | ) |
Total | 1,101,974 | (613,377 | ) | 488,597 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
JBG Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's principal activity is that of a holding company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents the fair value of consideration received net of value added tax as follows: |
Sale of goods is recognised at the point of sale with the exception of reserved goods ("laybys") which are recognised as a sale when the customer has paid in full for the item. |
Commissions received from cash advances, cheque cashing, log book and personal loans are recognised when received. |
Pawnbroking interest is recognised when the customer repays the loan in full. |
Goodwill |
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. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and equipment | - |
Motor vehicles | - |
Computer equipment | - |
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. |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries | 5,294,001 | 4,953,135 |
Social security costs | 503,212 | 374,910 |
Other pension costs | 144,671 | 132,562 |
5,941,884 | 5,460,607 |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Holding company directors | 3 | 3 |
Other retail managers and staff | 218 | 134 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration | - | - |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan interest | 38,691 | 7,922 |
Loan interest paid | 84,576 | 73,545 |
123,267 | 81,467 |
5. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
31.3.23 | 31.3.22 |
£ | £ |
Other operating leases | 5,213 | 11,314 |
Depreciation - owned assets | 176,270 | 123,491 |
Patents and licences amortisation | 266 | 906 |
Auditors' remuneration | 21,800 | 16,250 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | 533,423 | 430,070 |
Deferred tax | 58,494 | 631 |
Tax on profit | 591,917 | 430,701 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax | 3,056,028 | 2,201,728 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
580,645 |
418,328 |
Effects of: |
Depreciation in excess of capital allowances | 11,272 | 12,373 |
Total tax charge | 591,917 | 430,701 |
Tax effects relating to effects of other comprehensive income |
31.3.23 |
Gross | Tax | Net |
£ | £ | £ |
Property Revaluation | 126,750 | - | 126,750 |
31.3.22 |
Gross | Tax | Net |
£ | £ | £ |
OCI | (1,780,000 | ) | - | (1,780,000 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 338,406 | 149,126 | 487,532 |
AMORTISATION |
At 1 April 2022 | 338,406 | 148,727 | 487,133 |
Amortisation for year | - | 266 | 266 |
At 31 March 2023 | 338,406 | 148,993 | 487,399 |
NET BOOK VALUE |
At 31 March 2023 | - | 133 | 133 |
At 31 March 2022 | - | 399 | 399 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | and | Motor | Computer |
leasehold | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 78,115 | 1,670,703 | 43,127 | 171,449 | 1,963,394 |
Additions | 3,700 | 234,281 | - | 137,612 | 375,593 |
At 31 March 2023 | 81,815 | 1,904,984 | 43,127 | 309,061 | 2,338,987 |
DEPRECIATION |
At 1 April 2022 | 76,913 | 1,514,797 | 43,127 | 169,522 | 1,804,359 |
Charge for year | 1,587 | 150,995 | - | 23,688 | 176,270 |
At 31 March 2023 | 78,500 | 1,665,792 | 43,127 | 193,210 | 1,980,629 |
NET BOOK VALUE |
At 31 March 2023 | 3,315 | 239,192 | - | 115,851 | 358,358 |
At 31 March 2022 | 1,202 | 155,906 | - | 1,927 | 159,035 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 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: 28 Prescott Street, Halifax, HX1 2LG |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 28 Prescott Street, Halifax, HX1 2LG |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 28 Prescott Street, Halifax, HX1 2LG |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Profit for the year |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
Additions | 474,307 |
At 31 March 2023 | 474,307 |
NET BOOK VALUE |
At 31 March 2023 | 474,307 |
12. | STOCKS |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Stocks | 2,574,487 | 2,142,828 |
Raw materials | 1,739,833 | 1,524,314 |
4,314,320 | 3,667,142 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Trade debtors | 2,050,115 | 1,559,728 |
Other debtors | 5,478 | 9,039 |
Associated company loan | 2,387,500 | - | 2,387,500 | 1,450,255 |
Prepayments | 215,346 | 248,925 |
4,658,439 | 1,817,692 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 208,457 | 136,363 |
Trade creditors | 99,726 | 139,818 |
Tax | 314,914 | 129,594 |
Social security and other taxes | 104,407 | 95,362 |
VAT | 299,986 | 264,205 |
Other creditors | 1,446,380 | 1,657,673 |
Associated company loan | 3 | - | 1,452,090 | 588,337 |
Directors' current accounts | 40,000 | - | 40,000 | - |
Directors' loan accounts | 537,500 | - | - | - |
Accrued expenses | 1,572,770 | 1,272,720 |
4,624,143 | 3,695,735 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 16) | 665,456 | 420,455 |
Accruals and deferred income | - | 8 |
665,456 | 420,463 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 208,457 | 136,363 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 208,457 | 136,364 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 456,999 | 284,091 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
Group |
Non-cancellable operating | leases |
31.3.23 | 31.3.22 |
£ | £ |
Within one year | 172,000 | 544,055 |
Between one and five years | 454,624 | 948,105 |
In more than five years | 4,000 | 22,879 |
630,624 | 1,515,039 |
Operating lease commitments relate to properties from which the group trades, and represents the future lease payments due for the duration of the leases. However many of these leases are subject to a rent review during the period of the lease. As a result the future commitments may vary once such review has taken place. |
18. | SECURED DEBTS |
The Lloyds bank loan is secured by a fixed and floating charge over all the group's assets. |
19. | PROVISIONS FOR LIABILITIES |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 116,592 | 15,847 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 15,847 |
Provided during year | 100,745 |
Balance at 31 March 2023 | 116,592 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary shares | £1 | 1,027 | 1,027 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
21. | RESERVES |
Group |
Capital | Fair |
Retained | Share | redemption | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 2,642,079 | 527,566 | 343 | - | 3,169,988 |
Profit for the year | 2,464,111 | 2,464,111 |
Property Revaluation | - | - | - | 126,750 | 126,750 |
At 31 March 2023 | 5,106,190 | 527,566 | 343 | 126,750 | 5,760,849 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 724,691 |
Deficit for the year | ( |
) | - | - | ( |
) |
At 31 March 2023 | 713,562 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The above loans are interest free and repayable on demand |
23. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
Group |
31.3.23 | 31.3.22 |
£ | £ |
Profit for the financial year | 2,464,111 | 1,771,027 |
Other comprehensive income relating to the year (net) | 126,750 | (1,780,000 | ) |
Net addition/(reduction) to shareholders' funds | 2,590,861 | (8,973 | ) |
Opening shareholders' funds | 3,171,015 | 3,179,988 |
Closing shareholders' funds | 5,761,876 | 3,171,015 |
JBG Holdings Limited (Registered number: 06866012) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
23. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - continued |
Company |
31.3.23 | 31.3.22 |
£ | £ |
Loss for the financial year | ( |
) | ( |
) |
Other comprehensive income relating to the year (net) | - | (1,780,000 | ) |
Net reduction of shareholders' funds | (11,129 | ) | (1,837,580 | ) |
Opening shareholders' funds | 725,718 | 2,563,298 |
Closing shareholders' funds | 714,589 | 725,718 |