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Registration number: 08292604

J J Martin (Catering Appliance Superstore) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

J J Martin (Catering Appliance Superstore) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

J J Martin (Catering Appliance Superstore) Limited

Company Information

Directors

Mr P Wearmouth

Mrs A Wearmouth

Mr JW Wearmouth

Registered office

Catering Appliance Superstore
Mintsfeet Road South
Kendal
LA9 6ND

Accountants

DJM Accountants BLJ Limited
26 High Street
Rickmansworth
WD3 1ER

 

J J Martin (Catering Appliance Superstore) Limited

(Registration number: 08292604)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,809,117

1,921,923

Tangible assets

5

49,439

83,344

Investment property

6

-

265,000

 

1,858,556

2,270,267

Current assets

 

Stocks

7

1,148,149

821,663

Debtors

8

846,749

521,474

Cash at bank and in hand

 

451,736

236,918

 

2,446,634

1,580,055

Creditors: Amounts falling due within one year

9

(1,801,748)

(1,126,801)

Net current assets

 

644,886

453,254

Total assets less current liabilities

 

2,503,442

2,723,521

Creditors: Amounts falling due after more than one year

9

(995,448)

(1,204,271)

Net assets

 

1,507,994

1,519,250

Capital and reserves

 

Called up share capital

10

57

57

Share premium reserve

99,995

99,995

Capital redemption reserve

(3,411,250)

(3,411,250)

Revaluation reserve

-

34,556

Retained earnings

4,819,192

4,795,892

Shareholders' funds

 

1,507,994

1,519,250

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

J J Martin (Catering Appliance Superstore) Limited

(Registration number: 08292604)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 June 2024 and signed on its behalf by:
 


Mr P Wearmouth
Director

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Catering Appliance Superstore
Mintsfeet Road South
Kendal
LA9 6ND

These financial statements were authorised for issue by the Board on 11 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on straight line

Website development costs

20% on straight line

Motor Vehicles

25% on straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

5% on Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 20).

4

Intangible assets

Goodwill
 £

Development costs
 £

Total
£

Cost or valuation

At 1 January 2023

30,000

2,256,104

2,286,104

At 31 December 2023

30,000

2,256,104

2,286,104

Amortisation

At 1 January 2023

30,000

334,181

364,181

Amortisation charge

-

112,806

112,806

At 31 December 2023

30,000

446,987

476,987

Carrying amount

At 31 December 2023

-

1,809,117

1,809,117

At 31 December 2022

-

1,921,923

1,921,923

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Short Leasehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

42,305

274,781

10,215

327,301

Additions

-

2,625

-

2,625

At 31 December 2023

42,305

277,406

10,215

329,926

Depreciation

At 1 January 2023

12,235

229,168

2,554

243,957

Charge for the year

4,230

31,870

430

36,530

At 31 December 2023

16,465

261,038

2,984

280,487

Carrying amount

At 31 December 2023

25,840

16,368

7,231

49,439

At 31 December 2022

30,070

45,613

7,661

83,344

6

Investment properties

2023
£

At 1 January

265,000

Disposals

(265,000)

At 31 December

-

7

Stocks

2023
£

2022
£

Other inventories

1,148,149

821,663

8

Debtors

Current

2023
£

2022
£

Trade debtors

439,716

385,852

Prepayments

407,033

135,622

 

846,749

521,474

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

-

116,000

Trade creditors

 

1,323,314

740,124

Taxation and social security

 

255,620

115,274

Accruals and deferred income

 

180,160

105,422

Other creditors

 

42,654

49,981

 

1,801,748

1,126,801

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

995,448

1,204,271

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A - Ordinary shares of £1 each

7

7

7

7

B - Ordinary shares of £1 each

7

7

7

7

C - Ordinary shares of £1 each

34

34

34

34

D - Ordinary shares of £1 each

9

9

9

9

E - Ordinary shares of £1 each

-

-

-

-

57

57

57

57

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(34,556)

(34,556)

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

12

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

61,083

Other borrowings

995,448

1,143,188

995,448

1,204,271

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

116,000

13

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £5,714.2857 (2022 - £2,142.857) per each A - Ordinary shares

 

40,000

 

15,000

Interim dividend of £5,714.2857 (2022 - £2,142.857) per each B - Ordinary shares

 

40,000

 

15,000

Interim dividend of £1,838.235 per each C - Ordinary shares

 

62,500

 

62,500

Interim dividend of £6,944.444 per each D - Ordinary shares

 

62,500

 

62,500

Interim dividend of £Nil (2022 - £2,157.499) per each E - Ordinary shares

 

-

 

23,733

   

205,000

 

178,732

 

 

-

14

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,140

15,063

 

J J Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

15

Parent and ultimate parent undertaking

The ultimate controlling party is Philip Wearmouth, a director of the company.