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Registered number: 04080619
















JUBB CONSULTING ENGINEERS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023


































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JUBB CONSULTING ENGINEERS LIMITED

 
COMPANY INFORMATION


DIRECTORS
J Rogers 
M Grist 
M Tulloch 
N Moorman 
R Harrhy 
R Pomery 




COMPANY SECRETARY
N Moorman



REGISTERED NUMBER
04080619



REGISTERED OFFICE
1 Ensign House
Parkway Court

Longbridge Road

Plymouth

Devon

PL6 8LR




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN




BANKERS
HSBC Plc
4 Old Town St

Plymouth

Devon

PL1 1DD






JUBB CONSULTING ENGINEERS LIMITED


CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Directors' Responsibilities Statement
 
6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Statement of Financial Position
 
12
Statement of Changes in Equity
 
13 - 14
Statement of Cash Flows
 
15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 29



JUBB CONSULTING ENGINEERS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

INTRODUCTION
 
The directors present their strategic report for Jubb Consulting Engineers Limited for the year ended 30 November 2023.

BUSINESS REVIEW
 
Overview
2023 was another very successful year. Despite a challenging economic environment and significant levels of investment in offices, technology, people and marketing we have successfully maintained pre-tax profits at levels similar to the previous year and significantly exceeded the expectations for the current financial year.
Financial Performance
The company reported a significant increase in turnover in 2023, rising by 15% from the previous year. Gross margins decreased from 51.9% to 48.2% reflecting sector wage inflation, whilst planned investment in business infrastructure and support services, resulted in an increase in central overheads. Despite inflationary pressures and infrastructure investment the business significantly outperformed its annual forecasts.
Commitment to a Positive Work Experience
“To be a great business to work for, and a great business to work with…”
We remain totally dedicated to providing a positive and enriching work experience. This year, our efforts in fostering an inclusive, supportive, and engaging workplace culture have been recognized with several industry awards at a local and national level including : 
 
SME of the Year and;
Employer of the Year: Acknowledging our overall excellent development and growth as an organisation.
Recruitment and Retention Leader: Highlighting our innovative and effective recruitment and retention strategies.
Best Place to Work: Celebrating our commitment to creating a work environment where employees feel valued and motivated.
 
Jubb’s commercial success is rooted in putting its people first, focusing on employing great people to do great work. Our five-year people strategy developed collaboratively with our business colleagues, focusses on developing rounded professionals with the personal and professional attributes to be successful in today’s working environment. Initiatives ranging from the roll-out of tailored programs alongside workshops and personal coaching are helping us to nurture the future leaders of our business and our sector. Listening to what our colleagues value led to the development and introduction of a range of enhanced maternity/paternity/adoption policies, unique flexible and hybrid working practices, an award-winning employee assistance programme, regular financial well-being clinics and much wider access to employee medical benefits.
These initiatives have upskilled our colleagues professional and technical skills whilst continuing to improve morale and resulting in a surveyed employee satisfaction rate of 97.5% and an “Excellent” net promotor score.
Strategic Focus
Our strategic focus remains on sustainable growth and continuous improvement in all aspects of our business operations. Key initiatives include:
 
Market growth: Increasing our presence in sectors identified of strategic importance to the continued growth of the business
Service Delivery:  High quality and consistent service delivery focussed on exceeding client requirements and providing a positive experience of working with Jubb. 
Operational Efficiency: Utilising the latest design technologies ensure the best client outcomes and improve productivity and profitability.
Page 1


JUBB CONSULTING ENGINEERS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Employee Engagement: Continuing to invest in our people, ensuring we attract, retain, and develop top talent.
 
Investment in Standards and Professional Development
As part of our commitment to maintaining the highest standards in our industry, we are actively working towards achieving compliance with ISO 19650, the international standard for managing information over the whole life cycle of a built asset using building information modelling (BIM). We have invested significantly in upskilling our BIM team and supporting their journey to being certified professionals under the ISO 19650 standard. This investment not only enhances our technical capabilities but also demonstrates our dedication to excellence and continuous improvement.
Looking Ahead
As we move into the next financial year, we are optimistic about the future. Our solid financial foundation, combined with our strategic initiatives, positions us well to capitalize on emerging opportunities and navigate potential challenges. We remain committed to delivering value to our stakeholders, fostering a positive work environment, and achieving sustainable growth.
At the end of 2023 our orderbook reported that 65% of our targeted turnover for 2024 had already been secured.
Trading performance in the first half of 2024 has been exceptionally strong with net income 7% ahead of 2023 and 4% ahead of target. Our orderbook has grown by 9% compared to the start of the year which provides confidence for the remainder of the financial year. 
The business retains a sharp focus across liquidity and working capital management. On 30th November the balance sheet reported the expected levels of liquidity. Pro-active and transparent debtor management practices continue to minimise the business exposure to bad debt and maintain a satisfactory flow of funds into the business.  
 
PRINCIPAL RISKS AND UNCERTAINTIES
 
The industry continues to experience Construction Cost and Pay inflation which continues to exert downward pressure on margins and profitability. Some parts of the business have seen delays in project commissioning due to regulatory, logistical or technical issues. This has, in some instances, disrupted workflow, deferred revenue recognition and impacted profitability.
Jubb’s ability to offer a diverse range of planning and design services, working across many different sectors continues to protect the business against over exposure to any specific sector, service discipline, client, or project providing some mitigation on the impacts of delays in project starts. Retaining a sharp focus on operational efficiency, project pricing and a clear understanding of project requirements has helped to protect profitability against the full impacts of the inflationary pressures. 
Attracting and retaining high calibre staff remains a vital component to the ongoing success of the business. We remain heavily focused on providing a positive work experience for all employees.  Our work around talent recruitment and retention was recognised as described earlier in this report is further evidenced by exceptionally low staff turnover rates.
Cashflow, debt management and liquidity issues continue to remain a key concern for our business. This combined with bureaucratic payment practices can present challenges to our business in terms of timely payment for services provided. This area continues to be pro-actively managed. We will continue to monitor this aspect of business operations taking prompt, proportionate, and pre-emptive action to continue to protect the commercial interests of the business

Page 2


JUBB CONSULTING ENGINEERS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

FINANCIAL AND OTHER KEY PERFORMANCE INDICATORS
 
The business monitors its financial well-being using a range of metrics that provide a 360-degree view of the financial health of the business. These include monthly management information at branch, discipline, and sector level. The management information includes detailed information on gross margins, profit before tax, fee to labour ratios, and productivity/recoverability statistics. The business also closely monitors short and medium term cashflow requirements, debtor day tracking and has systems in place to monitor sector heat maps, value and volume of bidding activity and bid success rates.
The business is working towards the BIM standard ISO 19650, continues to hold ISO 9001 and 45001 as well as continuing to develop and use a range of non-financial internally and externally focused metrics and systems to ensure the standards of these accreditations continue to be met.


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



N Moorman
Director

Date: 23 August 2024

Page 3


JUBB CONSULTING ENGINEERS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,232,947 (2022: £1,530,776).

Dividends of £1,000,000 (2022: £1,500,000) were paid to the holding company in the financial year.

DIRECTORS

The directors who served during the year were:

J Rogers 
M Grist 
M Tulloch 
N Moorman 
R Harrhy 
R Pomery 

FUTURE DEVELOPMENTS

The business enjoyed a strong trading performance throughout 2023. At the end of 2023 our orderbook reported that 65% of our targeted turnover for 2024 had already been secured.
Trading performance in the first half of 2024 has been exceptionally strong with net income 7% ahead of 2023 and 4% ahead of target. Our orderbook has grown by 9% compared to the start of the year which provides confidence for the remainder of the financial year.

RESEARCH AND DEVELOPMENT ACTIVITIES

The business provides engineering design solutions to a wide range of clients and sectors. The nature of our work often requires the evolution of creative solutions that push the boundaries of conventional planning and design, to address specific technical or commercial problems presented by our  lient's projects, whilst remaining compliant with indstry practices, codes and standards. 
Due to the nature of some of the work undertaken by the business, a proportion of its expenditure qualifies for the Research and Develpoment tax credit. 

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.

Page 4


JUBB CONSULTING ENGINEERS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

AUDITORS

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

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






N Moorman
Director

Date: 23 August 2024

1 Ensign House
Parkway Court
Longbridge Road
Plymouth
Devon
PL6 8LR

Page 5


JUBB CONSULTING ENGINEERS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

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.

Page 6


JUBB CONSULTING ENGINEERS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED
 
OPINION


We have audited the financial statements of Jubb Consulting Engineers Limited (the 'company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, 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 30 November 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.


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.


Page 7


JUBB CONSULTING ENGINEERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED (CONTINUED)

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 6, 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 8


JUBB CONSULTING ENGINEERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS 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:

We have considered the nature of the industry and sector, control environment and business performance, key drivers for directors’ remuneration, bonus levels and performance targets; 
We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities
Any matters identified having obtained and reviewed the Group's documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a results of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition including the assessment of long-term contract profit recognition.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to response to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection regulations, occupational health and safety regulations, employment legislation and legislation surrounding construction and traffic management.

Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with procisions of relevant laws and regulations described as having direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Reading minutes of Directors' meetings;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around year-end cut off and long-term contracts;
In addressing the risk of fraud through management override of controls, testing the appropriateness of
Page 9


JUBB CONSULTING ENGINEERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUBB CONSULTING ENGINEERS LIMITED (CONTINUED)

journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throught the audit.

Our audit procedures were designed to respong to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.



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.






Robert Davey FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

23 August 2024
Page 10


JUBB CONSULTING ENGINEERS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,712,063
8,429,562

Other operating income
 5 
9,733
6,430

Other external charges
  
(2,432,666)
(1,916,654)

Staff costs
 8 
(5,451,141)
(4,710,546)

Depreciation and amortisation
  
(58,364)
(52,340)

OPERATING PROFIT
 6 
1,779,625
1,756,452

Interest receivable and similar income
 10 
4,009
2,036

Interest payable and similar expenses
 11 
(13,989)
(11,519)

PROFIT BEFORE TAX
  
1,769,645
1,746,969

Tax on profit
 12 
(536,698)
(216,193)

PROFIT FOR THE YEAR
  
1,232,947
1,530,776

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 29 form part of these financial statements.

Page 11


JUBB CONSULTING ENGINEERS LIMITED
REGISTERED NUMBER:04080619

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

FIXED ASSETS
  

Intangible assets
 14 
-
-

Tangible assets
 15 
110,939
115,597

  
110,939
115,597

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 16 
4,860,646
4,354,832

Cash at bank and in hand
 17 
1,483,011
1,610,778

  
6,343,657
5,965,610

Creditors: amounts falling due within one year
 18 
(2,135,692)
(1,998,033)

NET CURRENT ASSETS
  
 
 
4,207,965
 
 
3,967,577

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,318,904
4,083,174

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(9,412)
(6,629)

NET ASSETS
  
4,309,492
4,076,545


CAPITAL AND RESERVES
  

Called up share capital 
 21 
1,000
1,000

Profit and loss account
 22 
4,308,492
4,075,545

  
4,309,492
4,076,545


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





N Moorman
Director

Date: 23 August 2024

The notes on pages 17 to 29 form part of these financial statements.

Page 12


JUBB CONSULTING ENGINEERS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
1,000
4,075,545
4,076,545


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,232,947
1,232,947
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,232,947
1,232,947

Dividends
-
(1,000,000)
(1,000,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(1,000,000)
(1,000,000)


AT 30 NOVEMBER 2023
1,000
4,308,492
4,309,492


The notes on pages 17 to 29 form part of these financial statements.

Page 13


JUBB CONSULTING ENGINEERS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2020
1,000
4,044,769
4,045,769


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,530,776
1,530,776
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,530,776
1,530,776

Dividends
-
(1,500,000)
(1,500,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(1,500,000)
(1,500,000)


AT 30 NOVEMBER 2022
1,000
4,075,545
4,076,545


The notes on pages 17 to 29 form part of these financial statements.

Page 14


JUBB CONSULTING ENGINEERS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year
1,232,947
1,530,776

ADJUSTMENTS FOR:

Depreciation of tangible assets
58,364
52,340

Interest paid
13,989
11,519

Interest received
(4,009)
(2,036)

Taxation charge
536,698
216,193

(Increase) in debtors
(589,237)
(260,628)

Decrease in amounts owed by groups
-
500,000

Increase in creditors
90,704
158,895

Corporation tax (paid)
(365,457)
(188,479)

NET CASH GENERATED FROM OPERATING ACTIVITIES

973,999
2,018,580


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(53,706)
(63,092)

Interest received
4,009
2,036

NET CASH FROM INVESTING ACTIVITIES

(49,697)
(61,056)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of other loans
(38,080)
(11,520)

Dividends paid
(1,000,000)
(1,500,000)

Interest paid
(13,989)
(11,519)

NET CASH USED IN FINANCING ACTIVITIES
(1,052,069)
(1,523,039)

(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(127,767)
434,485

Cash and cash equivalents at beginning of year
1,610,778
1,176,293

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,483,011
1,610,778


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,483,011
1,610,778

1,483,011
1,610,778


The notes on pages 17 to 29 form part of these financial statements.

Page 15


JUBB CONSULTING ENGINEERS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

1,610,778

(127,767)

1,483,011

Debt due within 1 year

(228,480)

38,080

(190,400)



1,382,298
(89,687)
1,292,611

The notes on pages 17 to 29 form part of these financial statements.

Page 16


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

Jubb Consulting Engineers Limited (registered number 04080619) is a private company, limited by shares and incorporated in England and Wales. The registered office is 1 Ensign House, Parkway Court, Longbridge Road, Plymouth, Devon, PL6 8LR.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

INTANGIBLE ASSETS

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of three years.

 
2.4

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.

Page 17


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis or using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
evenly over the lease term
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Office equipment
-
25% 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.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.7

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.8

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.

Page 18


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

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.

 
2.11

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

LONG-TERM CONTRACTS

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Page 19


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.13

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

HOLIDAY PAY ACCRUAL

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.15

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.
The turnover and costs are recognised on a percentage complete basis. As such, judgements are applied to determine the stage of completion and anticipated profit margins on each project. Management seek to ensure the accuracy of these estimates through regular and focused project-by-project consultation with each of the project managers and close monitoring of actual contract performance.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fee income
8,813,788
7,945,094

Re-charged expenses
898,275
484,468

9,712,063
8,429,562


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,903,292
7,948,355

Rest of Europe
1,808,771
481,207

9,712,063
8,429,562



5.


OTHER OPERATING INCOME

2023
2022
£
£

Other operating income
9,733
6,430


Page 21


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
3,297
875

Other operating lease rentals
230,926
232,923

Depreciation
58,364
52,340


7.


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
18,000
15,650


8.


EMPLOYEES

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


2023
2022
£
£

Wages and salaries
4,559,785
3,986,115

Social security costs
501,066
456,748

Cost of defined contribution scheme
358,682
247,368

5,419,533
4,690,231


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


        2023
        2022
            No.
            No.







Employees
95
84

Page 22


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
647,528
626,044

Company contributions to defined contribution pension schemes
77,550
15,938

725,078
641,982


During the year retirement benefits were accruing to 6 directors (2022: 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £120,716 (2022: £116,374).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2022: £NIL).


10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
4,009
2,036


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Other loan interest payable
13,989
11,519

Page 23


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
422,765
238,284

Adjustments in respect of previous periods
111,150
(11,570)


TOTAL CURRENT TAX
533,915
226,714

DEFERRED TAX


Origination and reversal of timing differences
2,783
(10,521)

TOTAL DEFERRED TAX
2,783
(10,521)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
536,698
216,193

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 23.01% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,769,645
1,746,969


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.01% (2022: 19%)
407,212
331,924

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,385
12,346

Capital allowances for year in excess of depreciation
755
(2,811)

Adjustments to tax charge in respect of prior periods
111,150
(11,570)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(111,150)

Other differences leading to an increase (decrease) in the tax charge
221
(2,525)

Group relief
(25)
(21)

TOTAL TAX CHARGE FOR THE YEAR
536,698
216,193


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 24


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


DIVIDENDS

2023
2022
£
£


Dividends paid
1,000,000
1,500,000


14.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 December 2022
15,000



At 30 November 2023

15,000



AMORTISATION


At 1 December 2022
15,000



At 30 November 2023

15,000



NET BOOK VALUE



At 30 November 2023
-



At 30 November 2022
-



Page 25


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

15.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Equipment
Total

£
£
£
£
£



COST


At 1 December 2022
85,217
14,917
25,545
292,649
418,328


Additions
17,501
-
6,082
30,123
53,706



At 30 November 2023

102,718
14,917
31,627
322,772
472,034



DEPRECIATION


At 1 December 2022
56,919
3,729
13,221
228,862
302,731


Charge for the year on owned assets
8,786
3,729
5,719
40,130
58,364



At 30 November 2023

65,705
7,458
18,940
268,992
361,095



NET BOOK VALUE



At 30 November 2023
37,013
7,459
12,687
53,780
110,939



At 30 November 2022
28,298
11,188
12,324
63,787
115,597


16.


DEBTORS

2023
2022
£
£


Trade debtors
2,452,125
2,075,213

Amounts owed by group undertakings
1,738,478
1,738,478

Other debtors
300
1,400

Prepayments and accrued income
580,727
470,491

Amounts recoverable on long-term contracts
89,016
69,250

4,860,646
4,354,832



17.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,483,011
1,610,778


Page 26


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

18.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Other loans
190,400
228,480

Payments received on account
294,019
356,558

Trade creditors
254,383
179,340

Corporation tax
221,445
52,987

Other taxation and social security
472,915
481,666

Other creditors
40,841
64,982

Accruals and deferred income
661,689
634,020

2,135,692
1,998,033



19.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
190,400
228,480





Included within other loans is £190,400 payable in monthly instalments of £28,560 at an interest rate of 4.41%.

Page 27


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

20.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(6,629)
(17,150)


Charged to profit or loss
(2,783)
10,521



AT END OF YEAR
(9,412)
(6,629)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
14,934
19,861

Tax losses carried forward
(5,522)
(13,232)

9,412
6,629


21.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2022: 1,000) Ordinary shares of £1 each
1,000
1,000



22.


RESERVES

Profit and loss account

Includes all current and prior period retained profits and losses. All are considered distributable.


23.


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 £358,682 (2022: £247,368). Contributions totalling £40,841 (2022: £64,982) were payable to the fund at the reporting date.

Page 28


JUBB CONSULTING ENGINEERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

24.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 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
107,409
230,926

Later than 1 year and not later than 5 years
172,926
75,749

280,335
306,675


25.


RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary undertaking of their parent companyJubb Group Limited, the Company has taken advantage of the expemtion in section 33.1A of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the Group.



26.


CONTROLLING PARTY

The parent undertaking is Jubb Group Limited


 
Page 29