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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: B W Cox
J T Cox





REGISTERED OFFICE: c/o Lindley Adams Ltd
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG





REGISTERED NUMBER: 06866012 (England and Wales)





AUDITORS: Lindley Adams Limited Chartered Accountants
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:





J T Cox - Director


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
B W Cox has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

J T Cox - appointed 19 October 2022

G W Cox and Mrs J M E Cox ceased to be directors after 31 March 2023 but prior to the date of this report.

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:





J T Cox - Director


31 January 2024

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.




David C Adams FCA (Senior Statutory Auditor)
for and on behalf of Lindley Adams Limited Chartered Accountants
Statutory Auditor
28 Prescott Street
Halifax
West Yorkshire
HX1 2LG

31 January 2024

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 2,464,111 1,771,027
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 10 123,545 123,445
Investment property 11 - -
123,545 123,445

CURRENT ASSETS
Debtors 13 2,387,500 1,450,255
Cash at bank 1,721 18,760
2,389,221 1,469,015
CREDITORS
Amounts falling due within one year 14 1,798,177 866,742
NET CURRENT ASSETS 591,044 602,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

714,589

725,718

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
Retained earnings 21 185,653 196,782
SHAREHOLDERS' FUNDS 23 714,589 725,718

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 14 December 2023 and were signed on its behalf by:





J T Cox - Director


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 1,370 2,034,362 527,566 - 2,563,298

Changes in equity
Buyback of subsidiary's shares (343 ) - - 343 -
Total comprehensive income - (1,837,580 ) - - (1,837,580 )
Balance at 31 March 2022 1,027 196,782 527,566 343 725,718

Changes in equity
Total comprehensive income - (11,129 ) - - (11,129 )
Balance at 31 March 2023 1,027 185,653 527,566 343 714,589

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of four 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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 25% on cost
Fixtures and equipment - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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
221 137

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 123,445
Additions 100
At 31 March 2023 123,545
NET BOOK VALUE
At 31 March 2023 123,545
At 31 March 2022 123,445

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Cash Converters Lancashire Ltd
Registered office: 28 Prescott Street, Halifax, HX1 2LG
Nature of business: Retail Store
%
Class of shares: holding
Ordinary £1 100.00
31.3.23 31.3.22
£    £   
Aggregate capital and reserves 681,965 417,749
Profit for the year 264,216 391,989

Cash Converters Yorkshire Limited
Registered office: 28 Prescott Street, Halifax, HX1 2LG
Nature of business: Retail Store
%
Class of shares: holding
Ordinary £1 100.00
31.3.23 31.3.22
£    £   
Aggregate capital and reserves 4,348,914 2,151,002
Profit for the year 2,197,917 1,436,619

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

JBG Investment Ltd
Registered office: 28 Prescott Street, Halifax, HX1 2LG
Nature of business: Letting of real estate
%
Class of shares: holding
Ordinary £1 100.00
31.3.23
£   
Aggregate capital and reserves 9,639
Profit for the year 9,539


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 2,387,500 1,450,255

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 1 7,200
Tax 314,914 129,594 - -
Social security and other taxes 104,407 95,362 - -
VAT 299,986 264,205 299,986 264,205
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 6,100 7,000
4,624,143 3,695,735 1,798,177 866,742

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: £    £   
1,027 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 196,782 527,566 343 724,691
Deficit for the year (11,129 ) - - (11,129 )
At 31 March 2023 185,653 527,566 343 713,562


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 (11,129 ) (57,580 )
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