Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseSales of vehicle parts and spares57false2023-01-01false50false 01640124 2023-01-01 2023-12-31 01640124 2022-01-01 2022-12-31 01640124 2023-12-31 01640124 2022-12-31 01640124 2022-01-01 01640124 1 2023-01-01 2023-12-31 01640124 1 2022-01-01 2022-12-31 01640124 2 2023-01-01 2023-12-31 01640124 2 2022-01-01 2022-12-31 01640124 5 2023-01-01 2023-12-31 01640124 5 2022-01-01 2022-12-31 01640124 6 2023-01-01 2023-12-31 01640124 6 2022-01-01 2022-12-31 01640124 d:Director1 2023-01-01 2023-12-31 01640124 d:Director1 2023-12-31 01640124 d:Director2 2023-01-01 2023-12-31 01640124 d:Director3 2023-01-01 2023-12-31 01640124 d:Director4 2023-01-01 2023-12-31 01640124 d:Director4 2023-12-31 01640124 d:Director5 2023-01-01 2023-12-31 01640124 d:Director5 2023-12-31 01640124 d:Director6 2023-01-01 2023-12-31 01640124 d:Director6 2023-12-31 01640124 d:RegisteredOffice 2023-01-01 2023-12-31 01640124 d:Agent1 2023-01-01 2023-12-31 01640124 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2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01640124










JURATEK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JURATEK LIMITED
 
 
COMPANY INFORMATION


Directors
M Clegg 
T Whewell 
H Fernando De Souza (appointed 1 March 2023)
A Incerti (appointed 1 March 2023)
A Pontalti (appointed 1 March 2023)




Registered number
01640124



Registered office
Unit 3 Rockingham Way
Redhouse Interchange

Doncaster

South Yorkshire

DN6 7FB




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
HSBC Bank Plc





 
JURATEK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 23


 
JURATEK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The directors report that the market in which the business operates remains competitive in the current economic climate, impacting on the margins achieved on many product line and pre-tax profitability.

Principal risks and uncertainties
 
Sales and Profit risk - the Company operates in a competitive market but retains a good market share and
continues to out perform some of it rivals. The Company's aim is to continue growing its turnover by introducing
new products and adding to existing ranges whilst promoting the Juratek's own brand.

Credit Risk - where the Company extends credit to its customers it insures against the possibility of the debt not
being paid, mitigating the impact of potential bad debts.

Liquidity Risk - the directors control and monitor the cash flow of the Company on a regular basis.

Foreign Exchange Rate Risk - the Company is not immune to changes in the global economic environment and subsequent fluctuations in foreign exchange rates. The directors reduce foreign exchange rate risk to an acceptably low level using forward currency contracts, which fix the exchange rate on goods purchased and therefore maintain a consistent gross profit margin.

Employees
 
In order to meet its objective it is essential that the Company recruits and retains the higher calibre of employees at every level of the organisation. The employment policies of the Company embody the principles of equal opportunity. The Company gives full and fair consideration to employment for disabled persons. If an employee became disabled, arrangements would be made wherever practicable by identifying employment suited to that person's capabilities and provided necessary retraining.

Financial key performance indicators
 
The company's key performance indicators for the year are as follows:

Turnover - £23,859,560 (2022 £21,118,959)
Gross profit - £9,238,235 (2022: £8,523,285)
Gross margin - 38.7% (2022: 40.4%)
Profit before tax - £2,807,473 (2022: £907,344)

Future developments and future strategy
 
The company continues to operate a sales strategy based on providing new model ranges and increasing and improving existing model ranges. The company continues to review and improve the performance of its products to ensure they remain one of the leading suppliers in the market. The company continues to look to increase its geographical market share by trading in a large number of countries. 

Page 1

 
JURATEK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 2 August 2024 and signed on its behalf.



M Clegg
Director

Page 2

 
JURATEK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,127,659 (2022 - £745,733).

The total distribution of dividends for the year ended 31 December 2023 was £823,121 (2022: £527,500).

Directors

The directors who served during the year were:

M S Robinson (resigned 29 February 2024)
M Clegg 
T Whewell 
H Fernando De Souza (appointed 1 March 2023)
A Incerti (appointed 1 March 2023)
A Pontalti (appointed 1 March 2023)

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly.

Page 3

 
JURATEK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 August 2024 and signed on its behalf.
 





M Clegg
Director

Page 4

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED
 

Opinion


We have audited the financial statements of Juratek Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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.


Page 6

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED (CONTINUED)


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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing and correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance..]

Page 7

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED (CONTINUED)



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.


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 2006Our 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.





Andy Irvine (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

2 August 2024
Page 8

 
JURATEK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
23,859,560
21,118,959

Cost of sales
  
(14,621,324)
(12,595,674)

Gross profit
  
9,238,236
8,523,285

Distribution costs
  
(1,745,895)
(3,326,351)

Administrative expenses
  
(4,454,893)
(4,088,264)

Operating profit
 5 
3,037,448
1,108,670

Interest receivable and similar income
  
842
-

Interest payable and similar expenses
 9 
(230,817)
(201,326)

Profit before tax
  
2,807,473
907,344

Tax on profit
 10 
(679,814)
(161,611)

Profit for the financial year
  
2,127,659
745,733

Other comprehensive income for the year
  

Income tax relating to other comprehensive income
  
581
63,500

Movement in foreign exchange reserve
  
(2,323)
(277,282)

Other comprehensive income for the year
  
(1,742)
(213,782)

Total comprehensive income for the year
  
2,125,917
531,951

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
JURATEK LIMITED
REGISTERED NUMBER: 01640124

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
195,618
194,264

Current assets
  

Stocks
 12 
3,795,032
4,272,899

Debtors: amounts falling due within one year
 13 
11,356,291
11,440,007

Cash at bank and in hand
  
433,404
465,372

  
15,584,727
16,178,278

Creditors: amounts falling due within one year
 14 
(8,409,064)
(10,294,951)

Net current assets
  
 
 
7,175,663
 
 
5,883,327

Total assets less current liabilities
  
7,371,281
6,077,591

Creditors: amounts falling due after more than one year
 15 
(4,666)
(13,772)

  

Net assets
  
7,366,615
6,063,819


Capital and reserves
  

Called up share capital 
 17 
200,100
200,100

Foreign exchange reserve
 18 
(136,903)
(135,161)

Profit and loss account
 18 
7,303,418
5,998,880

  
7,366,615
6,063,819


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




M Clegg
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
JURATEK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
200,100
78,621
5,780,647
6,059,368


Comprehensive income for the year

Profit for the year
-
-
745,733
745,733

Income tax relating to other comprehensive income
-
63,500
-
63,500

Movement in foreign exchange reserve
-
(277,282)
-
(277,282)
Total comprehensive income for the year
-
(213,782)
745,733
531,951


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(527,500)
(527,500)


Total transactions with owners
-
-
(527,500)
(527,500)



At 1 January 2023
200,100
(135,161)
5,998,880
6,063,819


Comprehensive income for the year

Profit for the year
-
-
2,127,659
2,127,659

Income tax relating to other comprehensive income
-
581
-
581

Movement in foreign exchange reserve
-
(2,323)
-
(2,323)
Total comprehensive income for the year
-
(1,742)
2,127,659
2,125,917


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(823,121)
(823,121)


Total transactions with owners
-
-
(823,121)
(823,121)


At 31 December 2023
200,100
(136,903)
7,303,418
7,366,615


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Juratek Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01640124). Its registered office is Unit 3 Rockingham Way, Redhouse Interchange, Doncaster, South Yorkshire, England, DN6 7FB. The principal activity throughout the year continued to be that of the sale of vehicle parts and spares.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The company, being a member of a group which prepares publicly available consolidated financial statements, has taken advantage of the exemption granted in FRS 102 not to present cash flow statement and certain information about financial instruments. The consolidated financial statements in which this company's accounts are included are those of Fras-Le, a company incorporated in Brazil, and they may be obtained from its registered office at Avenida Rubem Bento Alves, No 1469, Room 6, Bairro Interlagos. 

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 12

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 13

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

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 the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
30% Reducing balance
Motor vehicles
-
25-33% Straight line
Office equipment
-
33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average cost.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable  and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loansand other accounts receivable and payable, are initially measured at the transaction price andsubsequently at amortised cost using the effective interest method. Debt instruments that are payableor receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Any gains or losses are reported in the statement of other comprehensive income.
 
 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting  estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:

(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. The amount of trade debtors after making such provision is shown on note 13.

(ii) Stock provisioning
The company makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, aging profile of stock and historical experience. The amount of stock after making such provision is shown on note 12. 


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company. 
The information in respect of turnover required to be disclosed by The large and Medium-sized Companies and Groups (Accounts and Reports) Regulations has not been provided as, in the opinion of the directors, such disclosure would be seriously prejudicial of the Company.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation - owned assets
80,443
76,506

Depreciation - assets on hire purchase contracts
12,924
17,924

(Profit)/Loss on disposal of fixed assets
-
107,220

Operating Lease rentals
369,370
326,328


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,590
18,750

Page 16

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,310,580
1,701,041

Social security costs
229,089
168,690

Cost of defined contribution scheme
68,281
49,575

2,607,950
1,919,306


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
14
11



Sales
13
11



Warehouse
30
28

57
50


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
370,272
49,404

Company contributions to defined contribution pension schemes
23,724
-

393,996
49,404


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

Page 17

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
100,893
18,594

Other loan interest payable
38,178
54,020

Finance leases and hire purchase contracts
5,133
8,267

Other interest payable
86,613
120,445

230,817
201,326


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
673,533
200,927

Adjustments in respect of previous periods
-
(1,627)


Total current tax
673,533
199,300

Deferred tax


Origination and reversal of timing differences
5,454
(48,236)

Movement in provisions
827
10,547

Total deferred tax
6,281
(37,689)


Tax on profit
679,814
161,611
Page 18

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,807,473
907,344


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
660,333
172,395

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,109
182

Adjustments to tax charge in respect of prior periods
-
(1,627)

Remeasurement of deferred tax for changes in tax rates
372
(303)

Group relief
-
(9,036)

Total tax charge for the year
679,814
161,611


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost


At 1 January 2023
581,967
91,844
177,946
851,757


Additions
22,073
-
72,648
94,721



At 31 December 2023

604,040
91,844
250,594
946,478



Depreciation


At 1 January 2023
443,096
43,384
171,013
657,493


Charge for the year on owned assets
42,307
30,624
7,512
80,443


Charge for the year on financed assets
12,924
-
-
12,924



At 31 December 2023

498,327
74,008
178,525
750,860



Net book value



At 31 December 2023
105,713
17,836
72,069
195,618



At 31 December 2022
138,871
48,460
6,933
194,264

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
23,001
44,395

23,001
44,395


12.


Stocks

2023
2022
£
£

Raw materials and consumables
3,795,032
4,272,899


Page 20

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

2023
2022
£
£


Trade debtors
6,558,963
6,052,656

Amounts owed by group undertakings
4,475,783
5,067,450

Prepayments and accrued income
280,922
273,578

Deferred taxation
40,623
46,323

11,356,291
11,440,007



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,618,720
-

Trade creditors
2,481,884
2,403,696

Corporation tax
471,033
93,579

Other taxation and social security
566,788
501,095

Obligations under finance lease and hire purchase contracts
9,106
42,843

Other creditors
182,563
4,756,369

Accruals and deferred income
2,078,970
2,497,369

8,409,064
10,294,951



15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
4,666
13,772


Page 21

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Deferred taxation




2023


£






At beginning of year
46,323


Charged to profit or loss
(5,700)



At end of year
40,623

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,018)
437

Movement in provisions
-
826

Fair value movement on foreign exchange reserve
45,641
45,060

40,623
46,323


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,100 (2022 - 200,100) Tekjur Limited shares of £1.00 each
200,100
200,100



18.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents fair value movements arising from hedging instruments.

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.

Page 22

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £68,281 (2022 - £49,575) . Contributions totalling £nil (2022 - £7,717) were payable to the fund at the balance sheet date and are included in creditors.


20.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
481,899
373,346

Later than 1 year and not later than 5 years
1,567,675
399,876

Later than 5 years
373,200
-

2,422,774
773,222


21.


Related party transactions

The Company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.

22.


Controlling party

The immediate parent undertaking is AML Juratek Limited, a company registered in England and Wales.

On 1 March 2023 the entire share capital of AML Juratek Limited, was sold to Fras-Le, a company incorporated in Brazil. The ultimate parent undertaking is Fras-Le, Avenida Rubem Bento Alves, No 1469, Room 6, Bairro Interlagos.

 
Page 23