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iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05411260









JESTIC LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JESTIC LIMITED
 
 
COMPANY INFORMATION


Directors
W L Brett 
B S Dale 
M A Eyre 
N T Pearson 
S D Morris 




Company secretary
B S Dale



Registered number
05411260



Registered office
Unit 3 & 4 Dana Trading Estate
Transfesa Road

Paddock Wood

Kent

TN12 6UU




Independent auditors
Barnes Roffe LLP
Chartered Accountants and Statutory Auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
HSBC
105 Mount Pleasant

Tunbridge Wells

Kent

TN1 1QP





 
JESTIC LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9 - 10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 32


 
JESTIC LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the company strategic report accompanying the financial statements for the year ended 31 December 2023.

Business review
 
2023 was a challenging year for our customers due to significant inflation in areas including food & utilities, availability & rising costs of labour and a significant increase in the cost of borrowing with all of these factors influencing a weakening in demand for the equipment Jestic supplies.
Despite margin pressure carried forward due to foreign exchange contracts entered in 2022 the company has worked successfully through the year to release cash from the balance sheet and be well positioned for 2024.
Pleasingly the demand for finished goods appears to have normalised towards the end of the year and revenues from service have continued to grow as due to customers prioritising repair over replacement of aging assets. Heading into 2024 it appears the economic turbulence of recent years is beginning to subside and the directors are confident that the company’s business plans are robust and the economic environment is well suited for our customers to succeed. There will be challenges and opportunities ahead however the directors remain confident that the company will continue to meet obligations as they fall due and capitalise on any opportunities that arise.
 

Principal risks and uncertainties
 
The key business risk remains uncertainty relating to the overall strength of the UK economy following the post coronavirus inflation and interest rate raises with global political events likely to be an influence.
Other key risks and uncertainties including competition from national and international resellers, new product introduction and fluctuation of the value of sterling remain.

Financial key performance indicators
 
Given the straight forward nature of the business the directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.


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



B S Dale
Secretary

Date: 22 July 2024

Page 1

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

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,092,268 (2022 - £1,573,060).

Dividends of £nil (2022: £3,000,000) were paid during the year.

Directors

The directors who served during the year were:

W L Brett 
B S Dale 
M A Eyre 
N T Pearson 
S D Morris 

Future developments

The focus for the next financial year is to build on the 2023 performance and pursue opportunities to further improve the financial position of the company.

Page 2

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

Disclosure of information to auditors

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

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

Post balance sheet events

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

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





B S Dale
Secretary

Date: 22 July 2024

Page 3

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

Opinion


We have audited the financial statements of Jestic Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 5

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with law and regulations, was as follows:
• 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 discussion with directors and
other management, and from our commercial knowledge and experience of the catering and hospitality
sector in which the company operates;
• The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, are as follows;
o Companies Act 2006
o FRS102
o Health and Safety legislation
o Employment legislation
o Tax legislation
o Waste Electrical and Electronic Equipment (WEEE) regulations.
o Gas Safe Register
o ICO
• We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and inspecting relevant correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulations were identified. The audit team remained alert to instances of
non-compliance throughout the audit;


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.


Page 6

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


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants and Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA
 

5 August 2024
Page 7

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

2023
2022
Note
£
£

  

Turnover
 4 
26,104,132
30,667,400

Cost of sales
  
(19,863,269)
(24,527,941)

Gross profit
  
6,240,863
6,139,459

Administrative expenses
  
(4,443,449)
(4,014,086)

Other operating income
 5 
16,614
-

Operating profit
 6 
1,814,028
2,125,373

Interest receivable and similar income
 10 
776
821

Interest payable and similar expenses
 11 
(325,907)
(169,032)

Profit before tax
  
1,488,897
1,957,162

Tax on profit
 12 
(396,629)
(384,102)

Profit for the financial year
  
1,092,268
1,573,060

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 12 to 32 form part of these financial statements.

Page 8

 
JESTIC LIMITED
REGISTERED NUMBER: 05411260

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
573,293
719,554

Tangible assets
 15 
491,750
361,830

Investments
 16 
23,856
23,856

  
1,088,899
1,105,240

Current assets
  

Stocks
 17 
6,301,808
9,022,510

Debtors: amounts falling due within one year
 18 
8,122,927
9,705,554

Cash at bank and in hand
 19 
39,956
81,709

  
14,464,691
18,809,773

Creditors: amounts falling due within one year
 20 
(5,417,584)
(10,362,687)

Net current assets
  
 
 
9,047,107
 
 
8,447,086

Total assets less current liabilities
  
10,136,006
9,552,326

Creditors: amounts falling due after more than one year
 21 
(882,799)
(1,388,196)

Provisions for liabilities
  

Other provisions
 25 
(524,458)
(527,649)

  
 
 
(524,458)
 
 
(527,649)

Net assets
  
8,728,749
7,636,481


Capital and reserves
  

Called up share capital 
 27 
8,500
8,500

Capital redemption reserve
  
2,611
2,611

Profit and loss account
  
8,717,638
7,625,370

  
8,728,749
7,636,481


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


B S Dale
Director

Date: 22 July 2024

The notes on pages 12 to 32 form part of these financial statements.
Page 9

 
JESTIC LIMITED
REGISTERED NUMBER: 05411260
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 10

 
JESTIC LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
8,500
2,611
7,625,370
7,636,481



Profit for the year
-
-
1,092,268
1,092,268


At 31 December 2023
8,500
2,611
8,717,638
8,728,749



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
8,500
2,611
9,052,310
9,063,421



Profit for the year
-
-
1,573,060
1,573,060

Dividends: Equity capital
-
-
(3,000,000)
(3,000,000)


At 31 December 2022
8,500
2,611
7,625,370
7,636,481


The notes on pages 12 to 32 form part of these financial statements.

Page 11

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

1.


General information

The company is limited by shares and it was incorporated in England and Wales. Its registered office is at Unit 3&4 Dana Trading Estate, Transfesa Road, Paddock Wood, Kent, TN12 6UU. 
The company's principal activity continued to be that of the distribution, repair, servicing and maintenance of catering equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Jestic UK Holdco Limited  as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 12

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Revenue

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

Sale of goods

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

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.

Page 13

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

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessee

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

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

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

Page 14

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

2.Accounting policies (continued)

 
2.11

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 balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.

 
2.12

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, which will normally be no longer than 10 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

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 15

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

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method, on the following bases:.


Leasehold improvement
-
over term of lease
Plant and machinery
-
25% on cost
Motor vehicles
-
25% - 33% on cost
Fixtures and fittings
-
20% on cost
Office equipment
-
33% on cost

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.16

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.

 
2.17

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.

 
2.18

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 16

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

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 17

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are
Page 18

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)

settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.21

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.

  
2.22

Invoice discounting

The company discounts its trade debts. The accounting policy is to include trade debtors discounted
with recourse under trade debtors due within one year and to record the returnable element of the
finance advanced under creditors due within one year. Discount fees are charged to the profit and
loss account when payable. Bad debts are borne by the company and charged to the profit and loss
account when reasonably foreseeable.

Page 19

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The company made key assumptions regarding:
- the useful economic life of tangible fixed assets and this is further described in note 2.13 of accounting policies.
- the useful economic life of intangible fixed assets and this is further described in note 2.12 of accounting policies.
- the company holds a significant amount of product stock and is subject to changing consumer demands and industry trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock. The value of stock as at 31 December 2023 is £6,301,808 (2022: £9,022,510) and this includes a stock provision of £528,207 (2022: £831,516).
- the directors have made estimates and assumptions regarding warranty and dilapidation provisions. These estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant and reviewed on an ongoing basis. The amounts have been recognised in the year are listed below:
Warranty provision (distribution) - £183,655 (2022- £237,846)
Dilapidation provision (property) - £340,803 (2022- £289,803)
 

Page 20

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

4.


Turnover

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


2023
2022
£
£

Distribution
14,323,759
19,917,358

Service
11,780,373
10,750,042

26,104,132
30,667,400


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
25,542,099
30,238,404

Rest of Europe
562,033
428,996

26,104,132
30,667,400



5.


Other operating income

2023
2022
£
£

Insurance claim
16,614
-

16,614
-



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
154,915
128,033

Amortisation of intangible assets, including goodwill
175,331
174,080

Other operating lease rentals
222,085
149,293

Page 21

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

7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
18,800
17,800
The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


Employees

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


2023
2022
£
£

Wages and salaries
5,219,497
4,899,966

Social security costs
564,013
515,057

Cost of defined contribution scheme
143,113
133,129

5,926,623
5,548,152


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


        2023
        2022
            No.
            No.







120
111


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
479,422
463,501

Company contributions to defined contribution pension schemes
9,874
8,838

489,296
472,339


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £180,090 (2022 - £181,868).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,875 (2022 - £8,838).

Page 22

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

10.


Interest receivable

2023
2022
£
£


Other interest receivable
776
821

776
821


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
325,138
168,519

Finance leases and hire purchase contracts
769
513

325,907
169,032


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
379,977
366,973

Adjustments in respect of previous periods
2,221
-


Deferred tax


Origination and reversal of timing differences
14,431
17,129


Tax on profit
396,629
384,102
Page 23

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


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,488,897
1,957,162


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
349,891
371,861

Effects of:


Non-tax deductible amortisation of goodwill and impairment
43,521
33,075

(Income not chargable)/expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,531
5,036

Capital allowances for year in excess of depreciation
(13,780)
(31,204)

Change in tax rates
733
-

Group relief
(1,698)
(11,795)

Deferred tax movement
14,431
17,129

Total tax charge for the year
396,629
384,102


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Dividend on equity shares
-
3,000,000

-
3,000,000

Page 24

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

14.


Intangible assets




Other intangible assets
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
3,351,717
3,351,717


Additions
31,215
-
31,215



At 31 December 2023

31,215
3,351,717
3,382,932



Amortisation


At 1 January 2023
-
2,632,163
2,632,163


Charge for the year on owned assets
3,394
174,082
177,476



At 31 December 2023

3,394
2,806,245
2,809,639



Net book value



At 31 December 2023
27,821
545,472
573,293



At 31 December 2022
-
719,554
719,554



Page 25

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

15.


Tangible fixed assets





Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
638,903
12,165
252,716
1,669
320,252
1,225,705


Additions
18,657
230,421
23,354
-
10,258
282,690


Disposals
-
-
(45,725)
-
-
(45,725)



At 31 December 2023

657,560
242,586
230,345
1,669
330,510
1,462,670



Depreciation


At 1 January 2023
444,740
6,190
141,122
1,669
270,154
863,875


Charge for the year on owned assets
33,613
51,592
32,635
-
27,507
145,347


Charge for the year on financed assets
-
-
7,423
-
-
7,423


Disposals
-
-
(45,725)
-
-
(45,725)



At 31 December 2023

478,353
57,782
135,455
1,669
297,661
970,920



Net book value



At 31 December 2023
179,207
184,804
94,890
-
32,849
491,750



At 31 December 2022
194,163
5,975
111,594
-
50,098
361,830

Page 26

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

           15.Tangible fixed assets (continued)

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


2023
2022
£
£



Motor vehicles
16,700
24,122

16,700
24,122


16.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 January 2023
21,550
2,306
23,856



At 31 December 2023
21,550
2,306
23,856





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Servequip Assistance (UK) Limited
a)
Dormant
Ordinary
100%
Malibu corporation Limited
a)
Dormant
Ordinary
100%

a) Unit 3 & 4 Dana Trading Estate, Transforma Road, Paddock Wood, TN12 6UU


17.


Stocks

2023
2022
£
£

Finished goods and parts
6,301,808
9,022,510

6,301,808
9,022,510


Page 27

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

18.


Debtors

2023
2022
£
£


Trade debtors
4,219,710
5,948,238

Amounts owed by group undertakings
3,599,162
3,211,280

Other debtors
24,734
214,216

Prepayments and accrued income
278,838
316,906

Deferred taxation
483
14,914

8,122,927
9,705,554



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
39,956
81,709

Less: bank overdrafts
(1,198,864)
(5,095,547)

(1,158,908)
(5,013,838)


Page 28

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

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts and invoice discounting facility
1,198,864
5,095,547

Bank loans
500,000
500,000

Trade creditors
1,352,359
2,046,513

Amounts owed to group undertakings
21,550
21,550

Corporation tax
97,418
116,754

Other taxation and social security
1,101,021
179,432

Obligations under finance lease and hire purchase contracts
5,396
5,396

Other creditors
590,282
1,002,156

Accruals and deferred income
550,694
1,395,339

5,417,584
10,362,687


The company has an invoice discounting agreement with HSBC Invoice Finance Limited. All trade
debtors are subject to the invoice discounting agreement, and security given is by way of a fixed and
floating charge over the book debts and undertakings of the company.
Included in bank loans, due within and after one year, are amounts of £1,375,000 (2022: £1,875,000)
which are secured by a fixed and floating charge over the assets of the company, and with an
intercompany guarantee with Jestic UK Bidco Limited and Jestic UK Holdco Limited and with personal
guarantees from the directors as disclosed in note 30.


21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
875,000
1,375,000

Net obligations under finance leases and hire purchase contracts
7,799
13,196

882,799
1,388,196


Page 29

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

22.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
500,000
500,000

Amounts falling due 1-2 years

Bank loans
875,000
500,000

Amounts falling due 2-5 years

Bank loans
-
875,000


1,375,000
1,875,000



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase contracts fall due as follows:

2023
2022
£
£


Within one year
5,396
5,396

Between 1-5 years
7,800
13,196

13,196
18,592

Obligations under hire purchase contracts due within and after one year are secured over the assets to which they relate.


24.


Deferred taxation




2023
2022


£

£






At beginning of year
14,914
32,043


Charged to profit or loss
(14,431)
(17,129)



At end of year
483
14,914

Page 30

 
JESTIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
483
14,914

483
14,914


25.


Provisions




Warranty provision
Dilapidation provision
Total

£
£
£





At 1 January 2023
237,846
289,803
527,649


Charged to profit or loss
(54,191)
51,000
(3,191)



At 31 December 2023
183,655
340,803
524,458

Warranty provision
The company provides for the cost of labour, parts and goods in respect of warranty guarantees given to customers. The provision is calculated based on historical information at the balance sheet date.


26.


Financial Instruments

The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain
foreign currency payables. The outstanding contracts all mature within 9 months of the year end. The
company is committed to buy US $2,250,000 
(2022: US$9,600,000) and to pay a fixed sterling amount of
£1,832,504 
(2022: £8,193,148).
A fair value adjustment in accordance with FRS 102 paragraph 11.43 has not been made in the financial statements.


27.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,500 (2022 - 8,500) Ordinary shares of £1.00 each
8,500
8,500


Page 31

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

28.


Contingent liabilities

A guarantee exists in favour of the group's bankers to cover bank borrowings of certain group companies. At 31 December 2023 the potential exposure in respect of this guarantee was £1,925,000 (2022: £1,925,000). This figure is in respect of gross borrowings and does not take into account the underlying assets of the respective group companies. The directors believe the possibility of the company being called to satisfy the guarantee as minimal and have therefore made no provision in these accounts in respect of this matter.


29.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
168,056
177,441

Later than 1 year and not later than 5 years
573,591
606,402

Later than 5 years
604,473
739,718

1,346,120
1,523,561


30.


Related party transactions

During the year the company paid management charges of £146,541 (2022: £170,325) to Interactive Capital Management Limited, a company in which W L Brett is a director. In addition the company paid further management charges of £40,000 to the ultimate parent company, Universal Industries International Limited.
The directors have provided personal guarantees totalling £178,500
 (2022: £178,500) in respect of bank
loans.


31.


Controlling party

The ultimate parent company in the UK is Jestic UK Holdco Limited, a company incorporated in England and Wales. Jestic UK Holdco Limited produces financial statements incorporating the results of Jestic Limited which can be obtained from the Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate parent company is Universal Industries International Limited, a company incorporated in Guernsey.

 
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