REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
JAMES MORTIMER,LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
JAMES MORTIMER,LIMITED |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
JAMES MORTIMER,LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
Driffield |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The results for the period and financial position of the company are as shown in the annexed financial statements. |
The key financial highlights are as follows: |
2024 | 2023 | 2022 | 2021 |
£ | £ | £ | £ |
Turnover | 35,579 | 42,340 | 27,303 | 23,108 |
Gross profit | 1,384 | 1,543 | 1,047 | 876 |
Profit before tax | 602 | 886 | 588 | 494 |
Cash reserves | 2,151 | 2,011 | 1,790 | 2,151 |
Net assets | 4,666 | 4,350 | 4,557 | 4,341 |
The directors of the company consider the results for the year to be satisfactory given the volatility of grain prices during the year. The directors made good use of volatile markets to ensure that deals were made on a profitable basis. |
The directors expect trading to continue being difficult in the current year in view of the volatility of grain prices but believe they have the experience and asset backing to ensure that the company will be in a position to continue trading profitably. |
KEY PERFORMANCE INDICATORS |
2024 | 2023 | 2022 | 2021 |
Growth in Revenue | (16)% | 55% | 18% | 7% |
Gross Profit Margin | 4% | 4% | 4% | 4% |
Net Profit Margin | 2% | 2% | 2% | 2% |
FUTURE DEVELOPMENTS |
In view of the company's continued successful financial results the directors will continue the same business model as previously and expect to continue trading at the same levels as in previous years. |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance for the company's operations. |
Due to the nature of the financial instruments used by the company there is no exposure risk to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank current and deposit accounts. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
ON BEHALF OF THE BOARD: |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the year under review were those of corn and seed merchants. |
DIVIDENDS |
Interim dividends of £119,030 were paid on the ordinary £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 31 March 2024 will be £119,030 (2023 - £223,165). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, BCO Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MORTIMER,LIMITED |
Opinion |
We have audited the financial statements of James Mortimer,Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MORTIMER,LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MORTIMER,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: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to: |
- Financial Reporting Standard 102 |
- Companies Act 2006 |
- health and safety |
- trade assurance schemes |
We assessed the risks of material misstatement in respect of fraud through discussions with directors. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Enquiries were made of management and we corroborated our enquiries by reviewing the company's health and safety manual and external trade assurance scheme compliance records. |
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach. |
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. We considered the risk of fraud to be low. Accounting policies were reviewed and an element of unpredictability was included in our audit procedures. |
We consider that the nature, timing and extent of audit procedures performed increases the likelihood of detection of any irregularities. |
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. |
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 Certified Accountants |
and Statutory Auditors |
Driffield |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
604,641 | 881,367 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
611,309 | 888,154 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Reduction in share capital | (460 | ) | - | - | (460 | ) |
Dividends | - | (223,165 | ) | - | ( |
) |
Total comprehensive income | - | 460 |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | (119,030 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2024 |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 16,250 | 30,750 |
Amount withdrawn by directors | (15,000 | ) | (11,500 | ) |
Share buyback | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,790,342 |
Cash and cash equivalents at end of year |
2 |
2,150,833 |
2,010,986 |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 8,878 | 1,685 |
Finance income | (62 | ) | (2 | ) |
968,477 | 1,119,089 |
Increase in stocks | ( |
) | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 2,150,833 | 2,010,986 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 2,010,986 | 1,790,342 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,010,986 | 139,847 | 2,150,833 |
2,010,986 | 2,150,833 |
Debt |
Debts falling due within 1 year | (36,413 | ) | (1,862 | ) | (38,275 | ) |
Debts falling due after 1 year | (157,693 | ) | 38,275 | (119,418 | ) |
(194,106 | ) | 36,413 | (157,693 | ) |
Total | 1,816,880 | 176,260 | 1,993,140 |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
James Mortimer Limited is registered in England and Wales. Its company registration number is 00223352. The company is a private company limited by shares. The registered office of the company is Unit 13, Pexton Road, Kelleythorpe Industrial Estate, Driffield, East Yorkshire, YO25 9DJ. The principal activities of the company in the year under review were that of corn and seed merchants. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the goods are physically delivered to the customer. |
Tangible fixed assets |
Freehold land is not depreciated. Depreciation of other tangible fixed assets is provided on the straight line basis in order to write off the valuation/cost of each asset over its estimated useful life as follows: |
Per annum |
% |
Freehold buildings | 5 |
Plant and machinery | 7.5 |
Fixtures and fittings | 10 |
Motor vehicles | 25 |
Stocks |
Stocks are valued at the lower of cost and net estimated selling price less selling costs, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets including trade and other receivables, cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost. |
Basic financial liabilities including trade and other payables and bank loans are initially recognised at transaction price and subsequently measured at amortised cost. |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and administration | 8 | 9 |
Sales and distribution | 14 | 12 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Operating leases |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other loan interest |
PAYE interest |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax charge |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
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: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Capital allowances super deduction | ( |
) |
Change in tax rate of deferred tax |
Total tax charge | 167,969 | 138,255 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 March 2024. |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | ( |
) | - | (731,250 | ) |
On 1 April 2023 the rate of UK corporation tax was increased from 19% to 25%. |
The net reversal of deferred tax liabilities expected to occur in the next year is £131,874. This expected reversal is due to the movement in the accelerated capital allowances timing differences. |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Freehold | and |
land and | Plant and | office | Motor |
buildings | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost of land and buildings is freehold land of £ 310,000 (2023 - £ 310,000 ) which is not depreciated. |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Directors' loan accounts |
Accruals |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 312,908 | 299,670 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Income Statement during year |
Balance at 31 March 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2,520 | 2,520 |
The shares that have been allotted, issued and fully paid at 31 March 2024 are divided as follows: |
'A' | 'B' | 'C' | 'E' | 'F' | 'G' | 'H' |
ordinary | ordinary | ordinary | ordinary | ordinary | ordinary | ordinary |
£600 | £540 | £890 | £80 | £350 | £30 | £30 |
All shares rank pari passu in respect of voting rights and distribution of capital (including winding up). |
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 4,340,920 | 6,780 | 4,347,700 |
Profit for the year | 434,462 | - | 434,462 |
Dividends | (119,030 | ) | - | (119,030 | ) |
At 31 March 2024 | 4,656,352 | 6,780 | 4,663,132 |
JAMES MORTIMER,LIMITED (REGISTERED NUMBER: 00223352) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
20. | PENSION COMMITMENTS |
The company operates defined contribution pension schemes on behalf of its directors and certain senior employees. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost for the year amounts to £89,290 (2023 - £119,049). Included in creditors at the year end is £2,136 (2023 - £1,174) of outstanding contributions. |
21. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
22. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Transfers | 75,000 | - |
Amount due from related party |
Amount due to related party |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Other services provided | 1,171,231 | 1,292,196 |
Amount due from related party |
23. | ULTIMATE CONTROLLING PARTY |
The company is held under the control of |