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REGISTERED NUMBER: 02870204 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

JCW FLOOR SCREEDING LIMITED

JCW FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)






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 FLOOR SCREEDING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: B J Dingley
J P Dolwin
G L Kay
J M White
J C Wilkins



SECRETARY: J C Wilkins



REGISTERED OFFICE: Unit 32-34 Waters Meeting Development
Britannia Way
Bolton
BL2 2HH



REGISTERED NUMBER: 02870204 (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 FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 157,072 124,724

CURRENT ASSETS
Debtors 5 2,330,573 2,107,296
Cash at bank and in hand 1,627,864 1,186,711
3,958,437 3,294,007
CREDITORS
Amounts falling due within one year 6 1,059,546 744,103
NET CURRENT ASSETS 2,898,891 2,549,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,055,963

2,674,628

CREDITORS
Amounts falling due after more than one
year

7

(2,829

)

(32,228

)

PROVISIONS FOR LIABILITIES (39,268 ) (31,181 )
NET ASSETS 3,013,866 2,611,219

CAPITAL AND RESERVES
Called up share capital 10 1,760 1,760
Share premium 379,240 379,240
Retained earnings 2,632,866 2,230,219
SHAREHOLDERS' FUNDS 3,013,866 2,611,219

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 FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

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

1. STATUTORY INFORMATION

JCW Floor Screeding 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
The financial statements are prepared under the historical cost convention. The principal accounting policies adopted are set out as below.

JCW Floor Screeding Ltd is a wholly owned subsidiary of JCW Group Holdings Ltd and the results of JCW Floor Screeding 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 - 10% on cost
Motor vehicles - 33% on cost and 25% on reducing balance
Office equipment - 25% on cost

JCW FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

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 FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

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.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

JCW FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Motor Office
improvements vehicles equipment Totals
£    £    £    £   
COST
At 1st January 2023 20,405 407,742 470,310 898,457
Additions - 117,724 15,404 133,128
Disposals - (31,058 ) - (31,058 )
At 31st December 2023 20,405 494,408 485,714 1,000,527
DEPRECIATION
At 1st January 2023 20,405 299,592 453,736 773,733
Charge for year - 90,200 10,578 100,778
Eliminated on disposal - (31,056 ) - (31,056 )
At 31st December 2023 20,405 358,736 464,314 843,455
NET BOOK VALUE
At 31st December 2023 - 135,672 21,400 157,072
At 31st December 2022 - 108,150 16,574 124,724

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 407,742
Disposals (31,058 )
Transfer to ownership (214,279 )
At 31st December 2023 162,405
DEPRECIATION
At 1st January 2023 299,592
Charge for year 60,444
Eliminated on disposal (31,056 )
Transfer to ownership (199,710 )
At 31st December 2023 129,270
NET BOOK VALUE
At 31st December 2023 33,135
At 31st December 2022 108,150

JCW FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

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 466,805 365,241
Amounts owed by group undertakings 1,000,000 1,000,000
Amounts recoverable on contract 517,179 453,463
Other debtors 1,794 1,794
VAT 154,124 138,388
Prepayments and accrued income 76,167 31,768
2,216,069 1,990,654

Amounts falling due after more than one year:
Retentions 114,504 116,642

Aggregate amounts 2,330,573 2,107,296

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 183,333
Hire purchase contracts (see note 8) 28,799 68,102
Trade creditors 651,392 188,413
Amounts owed to group undertakings 7,521 -
Tax 57,896 35,793
Social security and other taxes 270,174 194,643
Pensions payable 2,723 -
Other creditors 1,222 6,431
Directors' current accounts 1,581 21
Accruals and deferred income 38,238 67,367
1,059,546 744,103

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 2,829 32,228

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 28,799 68,102
Between one and five years 2,829 32,228
31,628 100,330

JCW FLOOR SCREEDING LIMITED (REGISTERED NUMBER: 02870204)

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
£    £   
Hire purchase contracts 31,628 100,330

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

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,760 Ordinary £1 1,760 1,760

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 in trade debtors, the company was owed £864 (2022: nil) by JCW Group Holdings Ltd, the parent company.

Also included within trade debtors, the company was owed £34,492 (2022: £14,382) by JCW Acoustic Flooring Ltd and £15,745 (2022: £5,649) by JCW Acoustic Supplies Ltd. Both companies are fellow subsidiaries of JCW Group Holdings Ltd. The company was owed £5,124 (2022: £606) by JCW Gas Membranes Ltd, a related party by virtue of common directors.

As at 31 December 2023, included in trade creditors, the company owed £1,182 (2022: £556) to JCW Group Holdings Ltd, the parent company.

Also included within trade creditors, the company owed £1,902 (2022: nil) to JCW Acoustic Supplies Ltd, a fellow subsidiary of JCW Group Holdings Ltd

All amounts are interest free and payable on demand.

14. ULTIMATE CONTROLLING PARTY

The company is a 75% 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.