REGISTERED NUMBER: |
Jones Brothers (Henllan) Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Jones Brothers (Henllan) Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Jones Brothers (Henllan) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
BANKERS: |
Portland Street |
Swansea |
SA1 3DF |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Turnover again exceeded the forecast from our previous accounts and we anticipate further growth during 2024. We continue to work on diversifying the mix of our sales offer and managing our gross profit margin and overheads to ensure an improved financial position year on year. |
Key financial highlights |
The key financial highlights are as follows: |
Financial KPIs | Unit | 2023 | 2022 | 2021 |
Gross Profit | % | 11 | 12 | 10 |
Net Profit | % | 6 | 3 | 3 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key factors which could affect the Company are the general economy and the competitiveness of the industry. The Company monitors the first area regularly and continues to expand the range of services it offers within the construction industry to broaden the potential client base to enable future growth to minimise any impact from the second area. |
Interest rate risk |
The Company continues to be funded from its own profits and, therefore, has no interest rate exposure. The Company continues to enjoy the support of its bankers, HSBC Bank Plc. |
Credit risk |
The Company's principal financial asset and, therefore the principal credit risk arises from its trade debtors. The risk is managed by regular review of credit references and monitoring payment history. |
Environment |
The Company recognises the importance of its environmental responsibilities, particularly in the area of sustainability within the construction industry and the minimisation of waste. The Company continues to hold accreditation under ISO 14001. |
Employees |
The Company has maintained its policy of promoting full time, permanent emloyment to help sustain the local economy and to comply with all relevant employment legislation. A programme of continuous training is undertaken for all employees. The Company continues to hold accreditation under ISO 9001. |
Quality |
The Company has an integrated management system to establish standard processes and procedures to achieve and exceed industry best practice standards. The Company continues to hold accreditation under ISO 9001. |
Research & Development |
The Company continues to engage in, and benefit from, targeted research and development projects and this will continue for the foreseeable future. |
ON BEHALF OF THE BOARD: |
19 April 2024 |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of civil engineering and construction. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
RESEARCH AND DEVELOPMENT |
The Company continues to engage in, and benefit from, targeted research and development projects and this will continue for the foreseeable future. |
FUTURE DEVELOPMENTS |
The Company is expected to maintain the volume and nature of its existing activities. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Limited, 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 |
Jones Brothers (Henllan) Limited |
Opinion |
We have audited the financial statements of Jones Brothers (Henllan) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Jones Brothers (Henllan) Limited |
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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Jones Brothers (Henllan) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following: |
- | The nature of the industry and sector, control environment and business performance; |
- | Results of the enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- | Any matters we have identified having obtained and reviewed the company's documentation of their |
policies and procedures relating to: |
-- | identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of noncompliance; |
-- | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected |
or alleged fraud; |
-- | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
-- | the matters discussed among the audit engagement team regarding how and where fraud might occur in |
the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, health and safety and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance |
with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- | enquiring of management concerning actual and potential litigation and claims; |
- | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of |
material misstatement due to fraud; |
- | reviewing correspondence with HMRC; and |
- | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal |
entries and other adjustments; assessing whether the judgements made in making accounting estimates are |
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are |
unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. |
As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 |
Jones Brothers (Henllan) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Income Statement |
for the Year Ended 31 December 2023 |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,111,008 | 838,179 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
2,322,990 | 1,056,532 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New hire purchases in year | 1,272,911 | 1,023,067 |
Capital repayments in year | ( |
) | ( |
) |
Net cash from financing activities |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year | 2 | 2,805,570 |
Cash and cash equivalents at end of year | 2 | 5,097,430 | 2,271,754 |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
Finance costs | 97,772 | 18,249 |
Finance income | (38,982 | ) | (353 | ) |
2,287,257 | 1,294,005 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 5,097,430 | 2,271,754 |
Period ended 31 December 2022 |
31.12.22 | 1.8.21 |
£ | £ |
Cash and cash equivalents | 2,271,754 | 2,805,570 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,271,754 | 2,825,676 | 5,097,430 |
2,271,754 | 5,097,430 |
Debt |
Finance leases | (778,840 | ) | (402,000 | ) | (1,180,840 | ) |
Debts falling due within 1 year | (50,287 | ) | (1,288 | ) | (51,575 | ) |
Debts falling due after 1 year | (135,811 | ) | 51,977 | (83,834 | ) |
(964,938 | ) | (351,311 | ) | (1,316,249 | ) |
Total | 1,306,816 | 2,474,365 | 3,781,181 |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Jones Brothers (Henllan) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added tax. |
Contract revenue recognition |
Throughout the period and at the balance sheet date, the company's experienced quantity surveyors quantify the amounts recoverable on each contract in progress. |
Cost of the work done to date including materials, subcontractors and staff are taken into consideration before arriving at a valuation by reference to the stage of completion. |
The Company includes provisions in their valuations for unforeseen costs based on their risk and likelihood of them occurring. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Plant and machinery is initially recognised at cost. At the year end a valuation is carried out on assets and the assets are restated to those valuations. Depreciation rates applied to plant and machinery range from 5% - 20%. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Employee benefits |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Other employee benefits such as paid holiday arrangements are recognised as an expense in the period in which they are incurred. |
Long term contracts |
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which revenue generated to date bears to total expected revenue for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen. |
3. | EMPLOYEES AND DIRECTORS |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
Other departments |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Bank loan interest |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Tax on profit |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.8.21 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses |
Deferred tax | (240,958 | ) | 150,713 |
credit |
Total tax charge | - | 150,713 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Hire purchase contracts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 47,271 | 354,210 |
Other creditors |
Accruals and deferred income |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 12) |
Hire purchase contracts (see note 13) |
12. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
13. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts | 1,180,840 | 778,840 |
The hire purchase contracts are secured over the assets to which they relate. |
15. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 306,208 | 306,208 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Balance at 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary Shares | 11,980 | 11,980 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital. |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
18. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £56.847 (2022: £70,405). At the year end £16,437 (2022: £15,849) was due to the pension scheme. |
Jones Brothers (Henllan) Limited (Registered number: 01553486) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | RELATED PARTY DISCLOSURES |
The company both sold to and purchased services from related parties during the year. The total values of these transactions were as follows: |
The company made sales and recharges of £384,100 (2022: £81,646) during the period to Ajax Machinery which is a partnership controlled by the directors and shareholders of Jones Brothers (Henllan) Limited. The company made purchases of £363,404 (2022:£1,582,232) At the period end Jones Brothers (Henllan) Limited owed the partnership £101,882 (2022: £122,643), and was owed £27,000 (2022: NIL) by the partnership. |
During the period the company made sales and recharges of £241,508 (2022: £218,000) to Towy Works Limited, a company with common directorship. At the year end, Towy Works Limited owed the company £40,306 (2022:£63,588). The company made purchases of £2,288,824 (2022: £3,675,700) during the period from Towy Works Limited. At the period end, the company owed Towy Works Limited £236,524 (2022: £396,294). Towy Works Limited repaid an outstanding loan balance of £300,000. |
During the period the company was owed £200,000 (2022: £100) from Bowtree Limited a company that is controlled by common directorship to Jones Brothers (Henllan) Limited. |
During the period the company was owed £315,587 (2022: £25,587) from Evermor Limited a company that is controlled by common directorship to Jones Brothers (Henllan) Limited. |
During the period the company was owed £33,430 (2022: £123,530) from AJBP Ltd a company that is controlled by common directorship to Jones Brothers (Henllan) Limited. |
During the period the company was owed £69,163 (2022: £69,163) from Church Road Cardiff Limited a company that is controlled by common directorship to Jones Brothers (Henllan) Limited. |
During the period the company was owed £685,000 (2022: £NIL) from Maenor Developments Limited a company that is controlled by common directorship to Jones Brothers (Henllan) Limited. |
No balances with related parties are secured. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |