REGISTERED NUMBER: 14954300 (England and Wales) |
JTS CAPITAL VENTURES LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
22 JUNE 2023 TO 30 SEPTEMBER 2023 |
REGISTERED NUMBER: 14954300 (England and Wales) |
JTS CAPITAL VENTURES LIMITED |
GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD |
22 JUNE 2023 TO 30 SEPTEMBER 2023 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Consolidated Statement of Income and Retained Earnings | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
JTS CAPITAL VENTURES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Auditors: |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
Accountants: |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
The directors present their strategic report of the company and the group for the period 22 June 2023 to 30 September 2023. |
Review of business |
The principal activity of the group is the production and distribution of steel, mesh and roofing & cladding products. |
In 2023 the trading company concentrated further efforts in establishing the "Foreclad ®" brand of profile sheeting into the market place. Though the Foreclad profile sheeting range has been around for a good number of years already, it became an obvious next step to register the trademarks of both the name and the logo in order to offer the company further protection as it becomes more popular and widely recognised throughout the industry. The trademarks are a further signal of intent for the company to build on the strength already achieved in order to continue with the growth plan of appealing to a wider audience of customers. |
At the end of 2022 prices in the market reached their peak. Since then, the market has become more competitive with factors also impacting sales levels such as high inflation and a slight weakening in demand partly caused by the high inflationary pressures. |
Towards the end of 2023 as supply and demand seemed to be settling somewhat, new challenges were presented, including increased shipping costs due to the problems through the Red Sea and Suez Canal. With the dangers for cargo ships, re-routing was required, causing longer journeys and use of more fuel. The result of this so far has been another upward trend in replacement costs of steel that we expect to see affecting the market in the future as things stand, though demand will impact this too. The end of the year in 2023 presented a delicate balance of pricing, with weakened demand and rising costs impacting selling prices and profitability. |
The subsidiary was acquired on the 24th August 2023. |
The financial statements show that the groups turnover is £1,256,436 and has a gross profit of £332,772. |
The directors monitor the progress of the business based on the following key performance indicator's: |
2023 |
Turnover | 1,256,436 |
Operating Profit | 120,842 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
Principal risks and uncertainties |
The directors consider the following to be the principal risks faced by the group: |
- The economic uncertainty due to the cost of living crisis |
- The impact of rising inflation rates |
- Credit risk |
- Ongoing war in Ukraine |
- Shipping routes affected by the Red Sea |
The group continues to invest in the business in order to safeguard its future and leave it well placed to take advantage of new business opportunities in the future. |
Credit checks are carried out for new customers, all debtor balances are reviewed regularly and debtors insurance taken out in order to keep credit risk to a minimum. Historically bad debts written off have been low. |
The directors are continually monitoring the risks faced by the group and do everything that they can to minimise |
their potential impact on the trading company. |
The group has no borrowings and a strong cash position and therefore the directors have determined that there is no material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. |
Future developments |
As the demand grows for the trading company's "Foreclad ®" range of profiled sheeting and the brand of "Foregale ®" continues to be increasingly recognised both within the roofing & cladding, as well as the steel reinforcement industries, the stage has been set for an even greater market presence in the future. |
Further yard improvement plans are in place for both Liversedge and Hull in order to initially repair the wear and tear over the years of use, but also for new areas to be concreted. This will allow more storage capacity for steel coils and completed jobs. |
There are also plans in place for a new replacement overhead crane system for the warehouse that will improve reliability, safety and capacity. |
The group continues to invest for the future, with further developments being made to the internal computer systems and software which will help increase the efficiencies of the team and allow greater control of customer accounts. This will enable faster access to information and therefore improve customer experience through improved communication. |
On behalf of the board: |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
DIRECTORS' REPORT |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the period 22 June 2023 to 30 September 2023. |
Commencement of trading |
The group was incorporated on 22 June 2023 and purchased the shares in Foregale Limited on the 24 August 2023. |
Dividends |
No dividends will be distributed for the period ended 30 September 2023. |
Future developments |
Incorporated within Principal Risks and Uncertainties in the Strategic Report |
Directors |
The directors who have held office during the period from 22 June 2023 to the date of this report are as follows: |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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. |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
DIRECTORS' REPORT |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
Auditors |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
JTS CAPITAL VENTURES LIMITED |
Opinion |
We have audited the financial statements of JTS Capital Ventures Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 30 September 2023 and of the group's profit for the period 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
JTS CAPITAL VENTURES LIMITED |
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the 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 Directors' Report. |
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. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
JTS CAPITAL VENTURES 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims. |
- audit work over the risk of management override of controls is undertaken. This includes 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. |
- analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years and expectations to ensure the reasonableness of the figures therein. |
- third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held. |
- detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company. |
- financial statement disclosures are reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations. |
Due to 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 Auditors' Report. |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF |
JTS CAPITAL VENTURES 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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Accountants and Statutory Auditors |
Dalton House |
9 Dalton Square |
LANCASTER |
LA1 1WD |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
Notes | £ |
Turnover | 3 | 1,256,436 |
Cost of sales | 923,664 |
Gross profit | 332,772 |
Administrative expenses | 211,995 |
120,777 |
Other operating income | 4 | 65 |
Operating profit | 6 | 120,842 |
Interest receivable and similar income | 19,878 |
140,720 |
Interest payable and similar expenses | 7 | 567 |
Profit before taxation | 140,153 |
Tax on profit | 8 | 50,671 |
Profit for the financial period |
Retained earnings for the group at end of period |
89,482 |
Profit attributable to: |
Owners of the parent | 89,482 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 10 | 5,884,987 |
Tangible assets | 11 | 779,073 |
Investments | 12 | - |
6,664,060 |
Current assets |
Stocks | 13 | 2,272,436 |
Debtors | 14 | 1,741,169 |
Cash at bank and in hand | 3,835,766 |
7,849,371 |
Creditors |
Amounts falling due within one year | 15 | 4,453,364 |
Net current assets | 3,396,007 |
Total assets less current liabilities | 10,060,067 |
Provisions for liabilities | 17 | 171,394 |
Net assets | 9,888,673 |
Capital and reserves |
Called up share capital | 18 | 5,000 |
Share premium | 19 | 9,794,191 |
Retained earnings | 19 | 89,482 |
Shareholders' funds | 9,888,673 |
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by: |
Mr J C Scott - Director |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2023 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Creditors |
Amounts falling due within one year | 15 |
Net current liabilities | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 18 |
Share premium | 19 |
Retained earnings | 19 |
Shareholders' funds |
Company's profit for the financial year | 89,482 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 576,863 |
Interest paid | (567 | ) |
Net cash from operating activities | 576,296 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (75,000 | ) |
Purchase of subsidiary (net of cash acq) | 3,337,324 |
Interest received | 19,878 |
Net cash from investing activities | 3,282,202 |
Cash flows from financing activities |
Amount withdrawn by directors | (22,732 | ) |
Net cash from financing activities | (22,732 | ) |
Increase in cash and cash equivalents | 3,835,766 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period | 2 | 3,835,766 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
1. | Reconciliation of profit before taxation to cash generated from operations |
£ |
Profit before taxation | 140,153 |
Depreciation charges | 84,252 |
Finance costs | 567 |
Finance income | (19,878 | ) |
205,094 |
Decrease in stocks | 227,564 |
Decrease in trade and other debtors | 486,257 |
Decrease in trade and other creditors | (342,052 | ) |
Cash generated from operations | 576,863 |
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: |
Period ended 30 September 2023 |
30/9/23 | 22/6/23 |
£ | £ |
Cash and cash equivalents | 3,835,766 | - |
3. | Analysis of changes in net debt |
At 22/6/23 | Cash flow | At 30/9/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 3,835,766 | 3,835,766 |
- | 3,835,766 | 3,835,766 |
Debt |
Debts falling due within 1 year | - | (2,000,000 | ) | (2,000,000 | ) |
- | (2,000,000 | ) | (2,000,000 | ) |
Total | - | 1,835,766 | 1,835,766 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
1. | Statutory information |
JTS Capital Ventures Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
When preparing the financial statements, the directors are required to make judgements, estimates and |
assumptions about the carrying value of assets, liabilities, income and expenses.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The group does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
No judgements have been made in applying the groups accounting policies in the preparation of the financial statements, other than those involving estimation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good to the customer. |
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 | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 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. |
Financial instruments |
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. |
Taxation |
Taxation for the period 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. |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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. |
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. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
4. | Other operating income |
£ |
Other income | 65 |
5. | Employees and directors |
£ |
Wages and salaries | 164,232 |
Social security costs | 15,783 |
Other pension costs | 12,876 |
192,891 |
The average number of employees during the period was as follows: |
Management | 4 |
Administration | 3 |
Sales | 2 |
Production | 35 |
The average number of employees by undertakings that were proportionately consolidated during the period was 44 . |
£ |
Directors' remuneration | 2,462 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
5. | Employees and directors - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 |
6. | Operating profit |
The operating profit is stated after charging: |
£ |
Depreciation - owned assets | 34,818 |
Goodwill amortisation | 49,434 |
Auditors' remuneration | 2,784 |
Foreign exchange differences | 88 |
7. | Interest payable and similar expenses |
£ |
Other interest payable | 567 |
8. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
£ |
Current tax: |
UK corporation tax | 54,879 |
Deferred tax | (4,208 | ) |
Tax on profit | 50,671 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Profit before tax | 140,153 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 35,038 |
Effects of: |
Expenses not deductible for tax purposes | 12,457 |
Depreciation in excess of capital allowances | 3,176 |
Total tax charge | 50,671 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
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. | Intangible fixed assets |
Group |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
Cost |
Additions | 5,932,121 | 2,300 | 5,934,421 |
At 30 September 2023 | 5,932,121 | 2,300 | 5,934,421 |
Amortisation |
Amortisation for period | 49,434 | - | 49,434 |
At 30 September 2023 | 49,434 | - | 49,434 |
Net book value |
At 30 September 2023 | 5,882,687 | 2,300 | 5,884,987 |
11. | Tangible fixed assets |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
Cost |
Additions | 53,093 | 592,434 | 33,621 |
At 30 September 2023 | 53,093 | 592,434 | 33,621 |
Depreciation |
Charge for period | 682 | 10,416 | 851 |
At 30 September 2023 | 682 | 10,416 | 851 |
Net book value |
At 30 September 2023 | 52,411 | 582,018 | 32,770 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
11. | Tangible fixed assets - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
Additions | 114,057 | 20,686 | 813,891 |
At 30 September 2023 | 114,057 | 20,686 | 813,891 |
Depreciation |
Charge for period | 21,865 | 1,004 | 34,818 |
At 30 September 2023 | 21,865 | 1,004 | 34,818 |
Net book value |
At 30 September 2023 | 92,192 | 19,682 | 779,073 |
12. | Fixed asset investments |
Company |
Shares in |
group |
undertaking |
£ |
Cost |
Additions |
Impairments | ( |
) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
12. | Fixed asset investments - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Union Road, Liversedge,WF15 7JS |
Nature of business: |
% |
Class of shares: | holding |
On 24 August 2023, JTS Capital Ventures Limited (Holding Company) acquired 100% of the voting share capital of Foregale Limited. |
Foregale Limited contributed £1,256,436 to the group's turnover and £89,482 to the group's profit for the period between the date of acquisition and the balance sheet date. |
The acquisition has been accounted for under the acquisition method. |
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are set out in the table below: |
Book value | Fair value |
£ | £ |
Tangible assets | 738,892 | 738,892 |
Intangible assets | 5,934,421 | 5,934,421 |
Stocks | 2,500,000 | 2,500,000 |
Financial assets | 12,667,760 | 12,667,760 |
Financial liabilities | (2,938,872 | ) | (2,938,872 | ) |
Total identifiable assets | 18,902,201 | 18,902,201 |
Total consideration | 18,902,201 | 18,902,201 |
Satisfied by: |
Equity |
Cash | 11,799,191 | 11,799,191 |
7,103,010 | 7,103,010 |
18,902,201 | 18,902,201 |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
13. | Stocks |
Group |
£ |
Stocks | 2,272,436 |
14. | Debtors: amounts falling due within one year |
Group |
£ |
Trade debtors | 1,734,899 |
Other debtors | 963 |
Prepayments | 5,307 |
1,741,169 |
15. | Creditors: amounts falling due within one year |
Group | Company |
£ | £ |
Preference shares (see note 16) | 2,000,000 |
Trade creditors | 1,507,066 |
Tax | 214,514 |
Social security and other taxes | 30,164 |
VAT | 322,469 | - |
Directors' current accounts | 242,861 | - |
Accruals | 136,290 |
4,453,364 |
16. | Loans |
An analysis of the maturity of loans is given below: |
Group | Company |
£ | £ |
Amounts falling due within one year or on | demand: |
Preference shares | 2,000,000 | 2,000,000 |
2,000,000 Preference shares of £1 each were issued during the period at par. |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
The preference shares do not entitle the holder to attend or vote at any meeting of the company. They do not entitle the holder to participate in any dividends declared by the company. They are redeemable at the instance of the company and at the instance of the holder. They rank ahead of all of the equity shares in a winding up or other return of capital up to an amount equal to the capital paid up on them but are not otherwise entitled to participate in such a distribution. |
17. | Provisions for liabilities |
Group |
£ |
Deferred tax | 171,394 |
Group |
Deferred |
tax |
£ |
Credit to Income Statement during period | (4,208 | ) |
On assets held at acquisition | 175,602 |
Balance at 30 September 2023 | 171,394 |
18. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | £1 | 2,475 |
Ordinary B | £1 | 1,013 |
Ordinary C | £1 | 1,012 |
Ordinary D | £1 | 500 |
5,000 |
Shares were issued during the period as follows: |
Cash at par |
1 Ordinary A share of £1 for £ |
Cash at premium |
2,474 Ordinary A shares of £1 for £ |
1,013 Ordinary B shares of £1 for £ |
1,012 Ordinary C shares of £1 for £ |
500 Ordinary D shares of £1 for £ |
All share classes rank pari passu and entitle the holders to vote, to dividends and to capital distribution arising from the winding up of the company |
JTS CAPITAL VENTURES LIMITED (REGISTERED NUMBER: 14954300) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 22 JUNE 2023 TO 30 SEPTEMBER 2023 |
19. | Reserves |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
Profit for the period | 89,482 | 89,482 |
Cash share issue | - | 9,794,191 | 9,794,191 |
At 30 September 2023 | 89,482 | 9,794,191 | 9,883,673 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
Profit for the period |
Cash share issue | - | 9,794,191 | 9,794,191 |
At 30 September 2023 | 9,883,673 |
20. | Related party disclosures |
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. |
The controlling party is Mr J C Scott. |