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REGISTERED NUMBER: 05282693 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

JCW ACOUSTIC SUPPLIES LIMITED

JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


JCW ACOUSTIC SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: J C Wilkins
J P Dolwin
Mrs L M Keegan



SECRETARY: J C Wilkins



REGISTERED OFFICE: Units 32-34 Waters Meeting Devevlopment
Britannia Way
Bolton
BL2 2HH



REGISTERED NUMBER: 05282693 (England and Wales)



AUDITORS: Barlow Andrews LLP, Statutory Auditor
Chartered Accountants
Carlyle House
Bolton



BANKERS: Lloyds Bank plc
Hotel Street
PO Box 1000
Bolton
BX1 1LT



ACCOUNTANTS: Ryans
Chartered Accountants
67 Chorley Old Road
Bolton
BL1 3AJ

JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 93,840 147,604

CURRENT ASSETS
Stocks 258,946 396,544
Debtors 5 756,875 719,199
Cash at bank and in hand 373,703 242,062
1,389,524 1,357,805
CREDITORS
Amounts falling due within one year 6 658,668 517,679
NET CURRENT ASSETS 730,856 840,126
TOTAL ASSETS LESS CURRENT
LIABILITIES

824,696

987,730

CREDITORS
Amounts falling due after more than one
year

7

86,533

141,191
NET ASSETS 738,163 846,539

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 737,163 845,539
SHAREHOLDERS' FUNDS 738,163 846,539

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th July 2024 and were signed on its behalf by:





J C Wilkins - Director


JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

JCW Acoustic Supplies 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Accounting convention
JCW Acoustic Supplies Ltd is a wholly owned subsidiary of JCW Group Holdings Ltd and the results of JCW Acoustic Supplies Ltd are included in the consolidated financial statements of JCW Group Holdings Ltd which are available from Companies House, Crown Way, Maindy, Cardiff.

Monetary amounts in these financial statements are rounded to the nearest £.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - over the lease period
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 50% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company 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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments
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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial instruments
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial instruments
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 instruments
Basic financial liabilities, including creditors and loans from connected entities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts 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 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 method.

Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 21 ) .

JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Motor
improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023 25,205 476,257 245,973 133,196 880,631
Additions - - - 32,838 32,838
Disposals - - - (47,600 ) (47,600 )
At 31st December 2023 25,205 476,257 245,973 118,434 865,869
DEPRECIATION
At 1st January 2023 25,205 436,298 216,569 54,955 733,027
Charge for year - 10,218 6,984 48,240 65,442
Eliminated on disposal - - - (26,440 ) (26,440 )
At 31st December 2023 25,205 446,516 223,553 76,755 772,029
NET BOOK VALUE
At 31st December 2023 - 29,741 22,420 41,679 93,840
At 31st December 2022 - 39,959 29,404 78,241 147,604

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 133,196
Additions 32,838
Disposals (47,600 )
At 31st December 2023 118,434
DEPRECIATION
At 1st January 2023 54,955
Charge for year 48,240
Eliminated on disposal (26,440 )
At 31st December 2023 76,755
NET BOOK VALUE
At 31st December 2023 41,679
At 31st December 2022 78,241

JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 627,572 648,460
Amounts owed by group undertakings 3,985 -
Other debtors 9,132 -
Prepayments and accrued income 93,325 58,556
734,014 707,016

Amounts falling due after more than one year:
Deferred tax asset 22,861 12,183

Aggregate amounts 756,875 719,199

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts (see note 8) 30,718 47,886
Trade creditors 423,583 188,248
Tax 7,722 18,088
Social security and other taxes 31,669 63,627
VAT 81,898 88,569
Other creditors 12,535 32,429
Directors' current accounts 936 -
Accruals and deferred income 19,607 28,832
658,668 517,679

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 74,999 125,000
Hire purchase contracts (see note 8) 11,534 16,191
86,533 141,191

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 30,718 47,886
Between one and five years 11,534 16,191
42,252 64,077

JCW ACOUSTIC SUPPLIES LIMITED (REGISTERED NUMBER: 05282693)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 124,999 175,000
Hire purchase contracts 42,252 64,077
167,251 239,077

Net obligations under hire purchase contracts are secured on the assets to which they relate.

Included in bank loans is a Coronavirus Business Interruption Loan which is secured against the net assets of the company and related group undertakings, JCW Floor Screeding Limited and JCW Acoustic Flooring Limited.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Woodward (Senior Statutory Auditor)
for and on behalf of Barlow Andrews LLP, Statutory Auditor

12. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company is party to a cross guarantee in favour of Lloyds Bank plc, in respect of borrowings of the group's parent undertaking, JCW Group Holdings Limited, which at 31 December 2023 amounted to £1,329,018 (2022: £1,483,302).

13. RELATED PARTY DISCLOSURES

As at 31 December 2023, included within trade debtors, the company was owed £38,159 (2022:£8,392) by JCW Acoustic Flooring Limited and £1,902 (2022: nil) by JCW Floor Screeding Limited.

Included within trade creditors, the company owed £15,745 (2022: £5,549) to JCW Floor Screeding Limited. Both companies are fellow subsidiaries of JCW Group Holdings Limited.

The balances are interest free and repayable/payable on demand.

Also included within trade creditors is amounts owed by the company of £73,221 (2022: nil) to the group parent company, JCW Group Holdings Limited. The balance is interest free and payable on demand.

14. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of JCW Group Holdings Limited, registered in England.

The ultimate controlling party is J C Wilkins who is a director and 100% shareholder in the parent company.

The company is included in the consolidated accounts of JCW Group Limited. The registered office of this company is Unit 32-34 Waters Meeting Development, Britannia Way, Bolton.