REGISTERED NUMBER: 08305824 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
JCW GROUP HOLDINGS LIMITED |
REGISTERED NUMBER: 08305824 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
JCW GROUP HOLDINGS LIMITED |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
JCW GROUP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Carlyle House |
Bolton |
BANKERS: | Lloyds Bank plc |
Hotel Street |
PO Box 1000 |
Bolton |
BX1 1LT |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
The director presents his strategic report of the company and the group for the year ended 31st December 2023. |
REVIEW OF BUSINESS |
The Group strives to maintain its position as a leader in the field of 'Specialist Construction Services', whilst acting in a responsible and ethical manner in its dealings with clients, members of the supply chain, the general public and , not least, it's employees. |
It positively seeks to ensure that suitable funds continue to be retained within the Group in order to finance its future successful development and growth within the sector. |
The respective Companies comprising the Group specialise primarily in the provision of floor screeding services and the supply and installation of acoustic building products for construction projects of vary in size in both public and private sectors. As such, the group's principal activities are organised into the following divisions: |
1. Floor screeding |
2. Acoustic building products |
With our clients' projects becoming increasingly complex and demanding, we believe our staff's technical expertise, combined with continuing good customer service and relations, will be important factors in ensuring the future prosperity of the business. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As with all businesses, there are always potential risks and uncertainties which, if realised, could have a material impact on the Group's trading performance and result in unexpected fluctuations in both anticipated and historical results. |
The principal risks inherent in the business model are deemed to include: |
CYBERSECURITY |
The Group is aware of the ever-evolving threat to all businesses of the holding of electronic data and the possibility of cyber attacks and commercial data breaches. As a result, the Group regularly reviews it's own operating procedures and systems in order to ensure that data breaches and threats thereto are kept to a minimum. |
FOREIGN EXCHANGE RISK |
The Group continues to closely monitor the impact of 'Brexit' and the various ongoing negotiations. Trading with the EU and other overseas territories represents only a small proportion of the Group's turnover and is not presently expected to be significantly or detrimentally impacted by the said ongoing negotiations, nor is it expected to hinder the Group's future such trade. |
LIQUIDITY RISK |
As intimated above, the Group continues to carefully manage and control it's cash and borrowing requirements in order to ensure that it always maintains adequate and readily available funds to meet the day to day operating requirements of the business. |
CREDIT RISK |
The Group endeavours to mitigate any potential financial losses by ensuring that all potential customers are subject to proven, rigorous assessment procedures before credit facilities are granted. |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
KEY PERFORMANCE INDICATORS |
Included in the long-established monthly financial review and reporting regime operating throughout the Group, reference is made as necessary to certain relevant performance indicators which are duly recognised and adopted within the Construction Services sector. The key performance indicators are considered to be Turnover, Gross Profit and Net Profit Before Tax. |
The said financial reporting regime is both rigorous and exhaustive, thereby ensuring constant close monitoring of the Group's ongoing activities. |
Turnover: £11,429,572 (2022: £12,381,939) |
Gross Profit: £4,317,635 (2022: £4,314,664) |
Net Profit Before Tax: £759,238 (2022: £856,828) |
INFLATIONARY PRESSURES |
The current inflation within the economy is being dealt with within the companies by not engaging in long term contracts. They are tied into prices for no more than 2 months, thus resulting in them being able to withstand the unforeseen effects of inflation. |
ON BEHALF OF THE BOARD: |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31st December 2023. |
PRINCIPAL ACTIVITIES |
The principal activity of the company is that of a holding company. The principal activity of the group continued to be that of specialised flooring contractors providing the supply and installation of acoustic flooring and specialist floor screeding services. |
The principal activity of the subsidiary undertakings of the group are: |
JCW Floor Screeding Limited - specialist floor screeding contractors; |
JCW Specialist Supplies Limited - a non-trading company throughout the year; |
JCW Acoustic Flooring Limited - the supply and installation of acoustic flooring; |
JCW Acoustic Supplies Limited - the supply of flooring components. |
DIVIDENDS |
The total distribution of dividends for the year ended 31st December 2023 will be £ 950,500 . |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
AUDITORS |
Barlow Andrews LLP were appointed as auditors and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they will be re-appointed will be put at a General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JCW GROUP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of JCW Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JCW GROUP HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JCW GROUP HOLDINGS 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: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and from our commercial knowledge and experience; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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 |
- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries ti identify any unusual transactions; and |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
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 documentation, and |
- enquiring of management as to actual and potential litigation and claims. |
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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulator and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 |
JCW GROUP HOLDINGS 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 |
Carlyle House |
Bolton |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 11,429,572 | 12,381,939 |
Cost of sales | 7,111,937 | 8,067,275 |
GROSS PROFIT | 4,317,635 | 4,314,664 |
Distribution costs | 435,305 | 568,486 |
Administrative expenses | 3,063,124 | 2,823,705 |
3,498,429 | 3,392,191 |
OPERATING PROFIT | 5 | 819,206 | 922,473 |
Interest receivable and similar income | 7,649 | 22,358 |
826,855 | 944,831 |
Interest payable and similar expenses | 6 | 67,617 | 88,003 |
PROFIT BEFORE TAXATION | 759,238 | 856,828 |
Tax on profit | 7 | 193,497 | 168,564 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Tax regarding other operating income | 14,000 | 14,000 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
14,000 |
14,000 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
579,741 |
702,264 |
Profit attributable to: |
Owners of the parent | 438,409 | 558,414 |
Non-controlling interests | 127,332 | 129,850 |
565,741 | 688,264 |
Total comprehensive income attributable to: |
Owners of the parent | 452,409 | 572,414 |
Non-controlling interests | 127,332 | 129,850 |
579,741 | 702,264 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
CONSOLIDATED BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | (4,547 | ) |
Tangible assets | 11 | 2,986,945 | 3,100,390 |
Investments | 12 | - | - |
2,986,945 | 3,095,843 |
CURRENT ASSETS |
Stocks | 13 | 264,346 | 408,418 |
Debtors | 14 | 2,486,774 | 3,241,722 |
Cash at bank and in hand | 2,682,156 | 1,895,962 |
5,433,276 | 5,546,102 |
CREDITORS |
Amounts falling due within one year | 15 | 2,021,334 | 1,604,052 |
NET CURRENT ASSETS | 3,411,942 | 3,942,050 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,398,887 |
7,037,893 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(1,264,096 |
) |
(1,506,799 |
) |
PROVISIONS FOR LIABILITIES | 20 | (45,022 | ) | (70,566 | ) |
NET ASSETS | 5,089,769 | 5,460,528 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 1,321 | 1,321 |
Share premium | 22 | 399,200 | 399,200 |
Revaluation reserve | 22 | 161,820 | 147,820 |
Retained earnings | 22 | 3,567,957 | 4,080,048 |
SHAREHOLDERS' FUNDS | 4,130,298 | 4,628,389 |
NON-CONTROLLING INTERESTS | 959,471 | 832,139 |
TOTAL EQUITY | 5,089,769 | 5,460,528 |
The financial statements were approved by the director and authorised for issue on 14th August 2024 and were signed by: |
J C Wilkins - Director |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
COMPANY BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Revaluation reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 174,545 | 156,251 |
The financial statements were approved by the director and authorised for issue on |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1st January 2022 | 1,321 | 3,521,634 | 399,200 |
Changes in equity |
Total comprehensive income | - | 558,414 | - |
Balance at 31st December 2022 | 1,321 | 4,080,048 | 399,200 |
Changes in equity |
Dividends | - | (950,500 | ) | - |
Total comprehensive income | - | 438,409 | - |
Balance at 31st December 2023 | 1,321 | 3,567,957 | 399,200 |
Revaluation | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 | 133,820 | 4,055,975 | 727,289 | 4,783,264 |
Changes in equity |
Dividends | - | - | (25,000 | ) | (25,000 | ) |
Total comprehensive income | 14,000 | 572,414 | 129,850 | 702,264 |
Balance at 31st December 2022 | 147,820 | 4,628,389 | 832,139 | 5,460,528 |
Changes in equity |
Dividends | - | (950,500 | ) | - | (950,500 | ) |
Total comprehensive income | 14,000 | 452,409 | 127,332 | 579,741 |
Balance at 31st December 2023 | 161,820 | 4,130,298 | 959,471 | 5,089,769 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1st January 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31st December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31st December 2023 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,692,306 | 1,167,258 |
Interest paid | (59,604 | ) | (79,317 | ) |
Interest element of hire purchase payments paid |
(8,013 |
) |
(8,686 |
) |
Tax paid | (159,699 | ) | (552,555 | ) |
Net cash from operating activities | 1,464,990 | 526,700 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (133,127 | ) | (101,846 | ) |
Sale of tangible fixed assets | 58,631 | 63,681 |
Interest received | 7,649 | - |
Net cash from investing activities | (66,847 | ) | (38,165 | ) |
Cash flows from financing activities |
Loan repayments in year | (387,619 | ) | (1,141,087 | ) |
Capital repayments in year | (133,929 | ) | (145,751 | ) |
Net receipts / (advances) to director | 860,099 | 250,000 |
Equity dividends paid | (950,500 | ) | - |
Dividends paid to minority interests | - | (25,000 | ) |
Net cash from financing activities | (611,949 | ) | (1,061,838 | ) |
Increase/(decrease) in cash and cash equivalents | 786,194 | (573,303 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,895,962 |
2,469,265 |
Cash and cash equivalents at end of year | 2 | 2,682,156 | 1,895,962 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 759,238 | 856,828 |
Depreciation charges | 253,701 | 229,208 |
Profit on disposal of fixed assets | (37,467 | ) | (40,499 | ) |
Finance costs | 67,617 | 88,003 |
Finance income | (7,649 | ) | (22,358 | ) |
1,035,440 | 1,111,182 |
Decrease in stocks | 144,072 | 24,768 |
(Increase)/decrease in trade and other debtors | (101,724 | ) | 323,553 |
Increase/(decrease) in trade and other creditors | 614,518 | (292,245 | ) |
Cash generated from operations | 1,692,306 | 1,167,258 |
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 31st December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 2,682,156 | 1,895,962 |
Year ended 31st December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 1,895,962 | 2,469,265 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
Other |
non-cash |
At 1/1/23 | Cash flow | changes | At 31/12/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,895,962 | 786,194 | 2,682,156 |
1,895,962 | 786,194 | 2,682,156 |
Debt |
Finance leases | (179,332 | ) | 133,929 | (32,839 | ) | (78,242 | ) |
Debts falling due |
within 1 year | (387,617 | ) | 183,333 | - | (204,284 | ) |
Debts falling due |
after 1 year | (1,454,018 | ) | 204,285 | - | (1,249,733 | ) |
(2,020,967 | ) | 521,547 | (32,839 | ) | (1,532,259 | ) |
Total | (125,005 | ) | 1,307,741 | (32,839 | ) | 1,149,897 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
JCW Group Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The group consists of JCW Group Holdings Limited and all of its subsidiaries. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements: |
- Section 4 ‘Statement of Financial Position’ - Reconciliation of the opening and closing number of shares; |
- Section 7 ‘Statement of Cash Flows’ - Presentation of a statement of cash flow and related notes and disclosures; and |
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income. |
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. |
Business combinations |
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023. |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. |
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. |
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests a the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination. |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion and costs incurred can be estimated reliably. The stage of completion is calculated by matching costs incurred, mainly in relation to contractual hourly staff rates and materials. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses that are recoverable. |
Intangible fixed assets - goodwill |
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED 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 GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED 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 Consolidated Statement of Comprehensive Income, 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
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 GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Sale of goods | 3,754,320 | 4,401,577 |
Rendering of services | 7,675,252 | 7,980,362 |
11,429,572 | 12,381,939 |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 11,221,979 | 12,164,450 |
Overseas | 207,593 | 217,489 |
11,429,572 | 12,381,939 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,946,799 | 1,741,319 |
Social security costs | 229,923 | 239,975 |
Other pension costs | 35,717 | 37,207 |
2,212,439 | 2,018,501 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 7 | 7 |
Administration | 32 | 31 |
The average number of employees by undertakings that were proportionately consolidated during the year was 39 (2022 - 38 ) . |
2023 | 2022 |
£ | £ |
Director's remuneration | 230,000 | 235,959 |
Director's pension contributions to money purchase schemes | 8,521 | 1,321 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 230,000 | 235,959 |
Pension contributions to money purchase schemes | 8,521 | 1,321 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 142,173 | 140,046 |
Depreciation - owned assets | 142,465 | 87,305 |
Depreciation - assets on hire purchase contracts | 115,782 | 155,539 |
Profit on disposal of fixed assets | (37,467 | ) | (40,499 | ) |
Negative goodwill amortisation | (4,547 | ) | (13,636 | ) |
Auditors' remuneration | 22,597 | 34,980 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 3 | 3,740 |
Bank loan interest | 59,601 | 75,577 |
Hire purchase | 8,013 | 8,686 |
67,617 | 88,003 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 204,639 | 172,413 |
Prior year corporation tax adjustment | 402 | (202 | ) |
Total current tax | 205,041 | 172,211 |
Deferred tax | (11,544 | ) | (3,647 | ) |
Tax on profit | 193,497 | 168,564 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 759,238 | 856,828 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
178,573 |
162,797 |
Effects of: |
Expenses not deductible for tax purposes | 3,574 | 10,609 |
Income not taxable for tax purposes | - | (7,695 | ) |
Depreciation in excess of capital allowances | 12,804 | 6,522 |
Adjustments to tax charge in respect of previous periods | 402 | (202 | ) |
Amortisation on assets not qualifying for tax allowances | (1,069 | ) | (2,591 | ) |
Enhanced capital allowances | (787 | ) | (876 | ) |
Total tax charge | 193,497 | 168,564 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Tax regarding other operating income | 14,000 | - | 14,000 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Tax regarding other operating income | 14,000 | - | 14,000 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim | 950,500 | - |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Negative |
Goodwill | goodwill | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
and 31st December 2023 | 151,660 | (163,520 | ) | (11,860 | ) |
AMORTISATION |
At 1st January 2023 | 151,660 | (158,973 | ) | (7,313 | ) |
Amortisation for year | - | (4,547 | ) | (4,547 | ) |
At 31st December 2023 | 151,660 | (163,520 | ) | (11,860 | ) |
NET BOOK VALUE |
At 31st December 2023 | - | - | - |
At 31st December 2022 | - | (4,547 | ) | (4,547 | ) |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1st January 2023 | 2,800,000 | 45,610 | 475,947 |
Additions | - | - | - |
Disposals | - | - | - |
At 31st December 2023 | 2,800,000 | 45,610 | 475,947 |
DEPRECIATION |
At 1st January 2023 | 56,000 | 45,610 | 435,955 |
Charge for year | 56,000 | - | 10,218 |
Eliminated on disposal | - | - | - |
At 31st December 2023 | 112,000 | 45,610 | 446,173 |
NET BOOK VALUE |
At 31st December 2023 | 2,688,000 | - | 29,774 |
At 31st December 2022 | 2,744,000 | - | 39,992 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1st January 2023 | 719,413 | 680,278 | 4,721,248 |
Additions | 15,404 | 150,562 | 165,966 |
Disposals | - | (111,303 | ) | (111,303 | ) |
At 31st December 2023 | 734,817 | 719,537 | 4,775,911 |
DEPRECIATION |
At 1st January 2023 | 675,177 | 408,116 | 1,620,858 |
Charge for year | 18,256 | 173,773 | 258,247 |
Eliminated on disposal | - | (90,139 | ) | (90,139 | ) |
At 31st December 2023 | 693,433 | 491,750 | 1,788,966 |
NET BOOK VALUE |
At 31st December 2023 | 41,384 | 227,787 | 2,986,945 |
At 31st December 2022 | 44,236 | 272,162 | 3,100,390 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1st January 2023 | 608,937 |
Additions | 32,839 |
Disposals | (78,658 | ) |
Transfer to ownership | (268,082 | ) |
At 31st December 2023 | 295,036 |
DEPRECIATION |
At 1st January 2023 | 406,616 |
Charge for year | 115,782 |
Eliminated on disposal | (57,496 | ) |
Transfer to ownership | (248,819 | ) |
At 31st December 2023 | 216,083 |
NET BOOK VALUE |
At 31st December 2023 | 78,953 |
At 31st December 2022 | 202,321 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Cost or valuation at 31st December 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2021 | 178,427 |
Cost | 2,621,573 |
2,800,000 |
If Freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,621,573 | 2,621,573 |
Aggregate depreciation | 131,078 | 78,647 |
Freehold land and buildings were valued on a market value basis on 24th November 2021 by Lamb & Swift Commercial . |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
JCW Floor Screeding Limited |
Registered office: United Kingdom |
Nature of business: Specialist floor screeding contractors |
% |
Class of shares: | holding |
Ordinary | 75.00 |
JCW Specialist Supplies Limited |
Registered office: United Kingdom |
Nature of business: A non-trading company throughout the year |
% |
Class of shares: | holding |
Ordinary | 100.00 |
JCW Acoustic Supplies Limited |
Registered office: United Kingdom |
Nature of business: Supply of flooring components |
% |
Class of shares: | holding |
Ordinary | 100.00 |
JCW Acoustic Flooring Limited |
Registered office: United Kingdom |
Nature of business: Supply and installation of acoustic flooring |
% |
Class of shares: | holding |
Ordinary | 75.00 |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 264,346 | 408,418 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
14. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,123,087 | 1,048,986 |
Amounts recoverable on contract | 622,968 | 601,140 |
Other debtors | 16,083 | 7,949 |
Directors' current accounts | - | 856,672 | 67 | 856,672 |
Tax | 281,839 | 281,839 |
VAT | 105,452 | 200,209 |
Prepayments and accrued income | 185,243 | 99,413 |
2,334,672 | 3,096,208 |
Amounts falling due after more than one | year: |
Trade debtors | 152,102 | 145,514 |
Aggregate amounts | 2,486,774 | 3,241,722 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 204,284 | 387,617 |
Hire purchase contracts (see note 18) | 63,879 | 126,551 |
Trade creditors | 1,063,681 | 416,727 |
Amounts owed to group undertakings | - | - |
Tax | 144,977 | 99,635 |
Social security and other taxes | 379,445 | 306,019 |
VAT | 10,083 | 107,699 | 10,083 | 9,565 |
Other creditors | 21,183 | 50,953 |
Directors' current accounts | 3,448 | 21 | - | - |
Accruals and deferred income | 130,354 | 108,830 |
2,021,334 | 1,604,052 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,249,733 | 1,454,018 |
Hire purchase contracts (see note 18) | 14,363 | 52,781 |
1,264,096 | 1,506,799 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
17. | LOANS |
The loans are secured against the net assets of group undertakings; JCW Floor Screeding Limited, JCW Acoustic Supplies Limited and JCW Acoustic Flooring Limited. |
Included within bank loans is £1,329,018 (2022: £1,483,302) which is repayable on a monthly basis over a period of 60 months, maturing in June 2026. The loan is secured against the property of the group, with an unlimited debenture incorporating a fixed and floating charge, and has an unlimited cross guarantee with the trading subsidiaries of the group. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 63,879 | 126,551 |
Between one and five years | 14,363 | 52,781 |
78,242 | 179,332 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 78,242 | - |
The hire purchase contracts are secured against the assets purchased under the hire purchase contracts themselves. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 45,022 | 70,566 | 16,607 | 30,607 |
Group |
Deferred |
tax |
£ |
Balance at 1st January 2023 | 70,566 |
Credit to Statement of Comprehensive Income during year | (25,544 | ) |
Balance at 31st December 2023 | 45,022 |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
20. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31st December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,321 | 1,321 |
22. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st January 2023 | 4,080,048 | 399,200 | 147,820 | 4,627,068 |
Profit for the year | 438,409 | 438,409 |
Dividends | (950,500 | ) | (950,500 | ) |
Deferred tax adjustment | - | - | 14,000 | 14,000 |
At 31st December 2023 | 3,567,957 | 399,200 | 161,820 | 4,128,977 |
Company |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st January 2023 | 2,124,489 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred tax adjustment | (14,000 | ) | - | 14,000 | - |
At 31st December 2023 | 1,348,534 |
23. | RELATED PARTY DISCLOSURES |
As at 31 December 2023, included within trade creditors, the company owed £864 (2022: £999,444) to JCW |
Floor Screeding Ltd |
As at 31 December 2023, included within trade debtors, the company was owed £1,182 (2022: nil) from JCW Floor Screeding Ltd and £73,221 (2022: nil) from JCW Acoustic Supplies Ltd. |
Both companies are fellow subsidiaries of JCW Group Holdings Ltd. The balances are interest free and payable on demand. |
JCW GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08305824) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
24. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J C Wilkins who is a director and 100% shareholder in the parent company. |