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Registered number: 01027936










J T ATKINSON & SONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
J T ATKINSON & SONS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr J E Atkinson 
Mr M R Atkinson 
Mr J J Boyd FCA 
Mr J D E Atkinson 
Mr P McGill 
Mr M Stalley 
Mr C Gilbertson 
Mr A Gordon 




COMPANY SECRETARY
Endeavour Secretary Limited



REGISTERED NUMBER
01027936



REGISTERED OFFICE
Thornton House
Cargo Fleet Lane

Middlesbrough

TS3 8DE




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

Teesside

TS24 0UX





 
J T ATKINSON & SONS LIMITED
 

CONTENTS



Page
Directors' report
1 - 4
Strategic report
5 - 6
Independent auditors' report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 29


 
J T ATKINSON & SONS 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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 £2,795,021 (2022 - £4,533,745).

Dividends paid are included in the notes to the financial statements, there are no proposed dividends.

DIRECTORS

The directors who served during the year were:

Mr J E Atkinson 
Mr M R Atkinson 
Mr J J Boyd FCA 
Mr J D E Atkinson 
Mr P McGill 
Mr M Stalley 
Mr C Gilbertson 
Mr A Gordon 

Page 1

 
J T ATKINSON & SONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

HEALTH AND SAFETY OF EMPLOYEES

The well-being of the company’s employees is safeguarded through strict adherence to health and safety standards. The Safety, Health and Welfare at Work Act 1989 imposes certain requirements on employers and the company has taken the necessary action to ensure compliance with the Act, including the adoption of a safety statement.

ENVIRONMENTAL MATTERS

The company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company has complied with all applicable legislation and regulations.

FUTURE DEVELOPMENTS

The company aims to continue increasing its share of the construction materials market across the north of England by opening appropriately located branches and focussing on improving its online offering to customers.

RESEARCH AND DEVELOPMENT ACTIVITIES

Research & development activities continue to focus on the increasingly significant area of on-line sales.

ENGAGEMENT WITH EMPLOYEES

The directors recognise the importance of good communication and relationships with employees and carrying out regular consultations to take employees' views into account.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company recognises the importance of its position within the supply chain and the need to deal with suppliers and customers ethically and to represent the company’s values for the long term success of the business.
Consideration is taken of the company’s impact on the local communities and it acts fairly and responsibly with both suppliers and customers alike. Three members of the board engage regularly with key customers and are kept informed of customer performance and activity through direct reports from management teams.
J T Atkinson & Sons Limited is a member of an independent builders merchant buying group, Fortis Merchants Limited, for which two directors are directly involved in negotiations and relationship management with key suppliers.

DISABLED EMPLOYEES

It is company policy to give full and fair consideration to the employment needs of disabled persons and to comply with any legislation with regard to disabled persons, and to assist in their training and career development.

Page 2

 
J T ATKINSON & SONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

The company's greenhouse gas emissions and energy consumption for the year are…

The company's greenhouse gas emissions and energy consumption for the year are as folows - 
ole1c8f.png

JT Atkinson & Sons Limited have followed the 2019 HM Government Environmental Reporting Guidelines and have used the 2023 UK Government's Conversion Factors for Company Reporting. An operational approach has been used to define boundaries.
 
Page 3

 
J T ATKINSON & SONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


The primary source for energy consumption is consolidated invoices and supplier interval data. 
The electricity and gas data has been recorded over a 12-month period from January 2023 to December 2023. The data was collated directly from monthly invoices. The reporting spreadsheet provides a breakdown of monthly and annual consumption for each meter in KWh. Where consumption has gone beyond the reporting period a pro rata figure has been used. 
 
Company transport data was provided by JT Atkinson & Sons Limited, data was generated over the course of supply period. Transport has been outlined according to total mileage for all vehicle types (van, HGV, diesel, and petrol cars). Emissions generated from forklift trucks have been outlined using recorded mileage within the reporting period.
The JT Atkinson & Sons Limited chosen intensity measurement ratio is tCO2/ (£M) annual turnover.
All JT Atkinson & Sons Limited gas and electric sites are supplied by green contracts, please see market based figures outlining this. Solar PV has been installed on a further 4 sites and the introduction of a salary sacrifice scheme for electric vehicles for employees has been taken into effect.

MATTERS COVERED IN THE STRATEGIC REPORT

The following matters are included in the strategic report: the business review, the principal risks and uncertainties and financial performance indicators.

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.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 May 2024 and signed on its behalf.
 





Mr J D E Atkinson
Director

Page 4

 
J T ATKINSON & SONS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
J T Atkinson & Sons Limited (JTA) is a private limited company, incorporated in the UK and registered in England and Wales. The principal activity is the operation of a builders merchant.

BUSINESS REVIEW

The Board is pleased to report another strong year in terms of both turnover at £134.1m and profit before tax of £3m. The Directors view the financial performance as satisfactory given the challenges presented by turbulent economic conditions in the year. The Directors expect similar market conditions to persist throughout 2024.  
The business strategy continues to be increasing the market share of JTA and maintaining the position as a leading supplier of construction materials within the existing trading area across the north of England. The directors are pleased to see JTA branches which have been opened in recent years reach maturity and make meaningful contributions to the overall branch network.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties remain the level of demand in the repair, maintenance, improvements and construction markets in the North of England and the competitive pressures in those markets.

KEY PERFORMANCE INDICATORS

The board monitors company performance using a range of indicators, some of the most significant of which are as follows:-
ole09af.png

Page 5

 
J T ATKINSON & SONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
Section 172(1) Statement
 
The directors act in good faith to make decisions, the outcome of which, they consider will be most likely to promote the success of the company for the benefit of its members as a whole both in current periods and in the long term.
In discharging their duties above, the directors carefully consider amongst other matters, the impact on and interests of other stakeholders in the company and factor these into their decision making process.
Employees
Directors receive information on various staff metrics. The directors are committed to promoting a healthy workforce comprising both physical and mental wellbeing. The directors keep staff informed of key issues through structured communication channels, promote inclusion in the workplace and also provide training and development opportunities where they are considered of benefit to the company and employees. Using the company’s recruitment and development strategies, the directors seek to attract and retain talented staff. 
The company’s policy regarding disabled persons is set out in the Directors Report as well as further detail regarding communication with employees.
Customers
The directors commit considerable time, effort and resources into understanding and responding to the needs of our customers' with a view to fostering long term mutually beneficial partnerships. We act to service our customers' needs to the highest standards and work quickly to resolve any isolated disagreements that may arise from time to time.
Suppliers
The directors have established company procedures to ensure that external suppliers are individually verified to ensure they meet an approved standard required by the company. The company seeks to pay all suppliers any undisputed amounts due and that conform with the company’s billing requirements within agreed terms. The company has established procedures for dispute resolution in a timely and fair manner.
Community and the environment
The company takes its role within the community very seriously and promotes and encourages community and charitable contribution. The company also recognises the importance of its environmental responsibilities and has measures in place to monitor and control its impact on the local environment and its compliance with any regulatory environmental standards. The company seeks to implement policies aimed at reducing any potential detrimental environmental impact of its activities.
Standards and conduct
The group, of which the company is a member, and the company have a series of defined codes of practice regarding ethical standards and the conduct of business. These are clearly communicated to every staff member and adherence to which is expected and enforced.


This report was approved by the board on 7 May 2024 and signed on its behalf.



Mr J D E Atkinson
Director

Page 6

 
J T ATKINSON & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF J T ATKINSON & SONS LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of J T Atkinson & Sons 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 7

 
J T ATKINSON & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF J T ATKINSON & SONS 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 1, 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

 
J T ATKINSON & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF J T ATKINSON & SONS 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 gained an understanding of the legal and regulatory framework applicable to the company, the group and the industry in which they operate, and considered the risk of acts by the company and group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
We focussed on laws and regulations which could give rise to a material misstatement in the financial  statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals, review of provisions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 


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 9

 
J T ATKINSON & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF J T ATKINSON & SONS 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.





P C A Harrison MSc, BSc, FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
Teesside
TS24 0UX

18 September 2024
Page 10

 
J T ATKINSON & SONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
134,075,411
129,133,458

Cost of sales
  
(96,049,351)
(90,749,440)

GROSS PROFIT
  
38,026,060
38,384,018

Distribution costs
  
(19,839,938)
(17,128,328)

Administrative expenses
  
(13,034,306)
(13,175,925)

Other operating income
 5 
76,313
285,347

Other operating charges
  
(694,606)
(694,606)

OPERATING PROFIT
 6 
4,533,523
7,670,506

Income from fixed assets investments
  
-
2,285,968

Amounts written off investments
  
-
(2,203,158)

Interest receivable and similar income
 11 
2,720
13,225

Interest payable and similar expenses
 12 
(1,503,629)
(956,533)

PROFIT BEFORE TAX
  
3,032,614
6,810,008

Tax on profit
 13 
(237,593)
(2,276,263)

PROFIT FOR THE FINANCIAL YEAR
  
2,795,021
4,533,745

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 14 to 29 form part of these financial statements.

Page 11

 
J T ATKINSON & SONS LIMITED
REGISTERED NUMBER: 01027936

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 15 
5,441,524
6,136,130

Tangible assets
 16 
14,267,811
11,079,749

Investments
 17 
3,712
3,712

  
19,713,047
17,219,591

CURRENT ASSETS
  

Stocks
 18 
19,437,116
22,413,293

Debtors: amounts falling due within one year
 19 
17,267,883
17,429,475

Cash at bank and in hand
 20 
207,546
35,531

  
36,912,545
39,878,299

Creditors: amounts falling due within one year
 21 
(14,144,676)
(17,285,857)

NET CURRENT ASSETS
  
 
 
22,767,869
 
 
22,592,442

TOTAL ASSETS LESS CURRENT LIABILITIES
  
42,480,916
39,812,033

Creditors: amounts falling due after more than one year
 22 
(33,819,736)
(28,886,049)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 25 
(1,623,075)
(1,682,900)

NET ASSETS
  
7,038,105
9,243,084


CAPITAL AND RESERVES
  

Called up share capital 
 26 
381,839
381,839

Other reserves
 27 
3,061
3,061

Profit and loss account
 27 
6,653,205
8,858,184

  
7,038,105
9,243,084


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 May 2024.




Mr J D E Atkinson
Mr C Gilbertson
Director
Director

The notes on pages 14 to 29 form part of these financial statements.

Page 12

 
J T ATKINSON & SONS LIMITED
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
381,839
3,061
8,858,184
9,243,084



Profit for the year
-
-
2,795,021
2,795,021

Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)


AT 31 DECEMBER 2023
381,839
3,061
6,653,205
7,038,105



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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
381,839
3,061
14,324,439
14,709,339



Profit for the year
-
-
4,533,745
4,533,745

Dividends: Equity capital
-
-
(10,000,000)
(10,000,000)


AT 31 DECEMBER 2022
381,839
3,061
8,858,184
9,243,084


The notes on pages 14 to 29 form part of these financial statements.

Page 13

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

J T Atkinson and Sons Limited is a private company limited by share capital, incorporated and registered in England and Wales.
The registered office address is:
Thornton House
Cargo Fleet Lane
Middlesbrough
TS3 8DE

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 judgement 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).

This information is included in the consolidated financial statements of Atkinson Northern Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. 

Page 14

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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.

  
2.6

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 assests 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 10 years.

 
2.7

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.

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.

Depreciation is provided on the following basis:

Additions to leasehold premises
-
Between 8 & 20 years
Plant and equipment
-
Between 4 & 10 years
Motor vehicles
-
Between 4 & 10 years
Fixtures and fittings
-
4 years
Computer equipment
-
Between 1 & 5 years

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.

Page 15

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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 plus re-location costs on the average cost basis.
Stock is further reduced for rebates receivable, as these effectively reduce the cost of the stock.
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.

Page 16

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.


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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The directors believe that the following judgements are critical due to the degree of estimation required and/or the potential material impact they have on the financial statements:
The recognition of the debtor in respect of the rebates receivable, the related stock provision and the impairment provision for old and obsolete stock.
• The rebates receivable provision is based on the amount of stock purchased from each individual    supplier multiplied by the rebate percentage which is agreed with each supplier. This is compared    to total rebates received in the year and the remaining amount due is included in the financial    statements as a debtor. 
• A provision is accounted for in the financial statements to reduce the value of the stock held at the   year end to account for the reduction in stock prices which arise from the rebates receivable from    suppliers. 
• The stock impairment provision is calculated based on the age of stock and is designed to provide   against older stock which may otherwise be carried at above realisable value.


4.


TURNOVER

The whole of turnover is attributable to the operation of a builders merchant.

All turnover arose within the United Kingdom.

Page 17

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


OTHER OPERATING INCOME

2023
2022
£
£

Management fees
60,000
285,347

Energy income
16,313
-

76,313
285,347



6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
2,221,899
2,022,500


7.


AUDITORS' REMUNERATION

During the year, the company obtained the following services from the company's auditors and their associates:


2023
2022
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
28,500
31,725

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.

Page 18

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


EMPLOYEES

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


2023
2022
£
£

Wages and salaries
17,815,530
16,027,794

Social security costs
1,746,936
1,687,427

Cost of defined contribution scheme
521,595
458,982

20,084,061
18,174,203


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


        2023
        2022
            No.
            No.







Admin
67
65



Selling and distribution
470
462

537
527


9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
760,388
765,528

Company contributions to defined contribution pension schemes
36,760
34,667

797,148
800,195


During the year retirement benefits were accruing to 5 directors (2022 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £161,325 (2022 - £163,752).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,734 (2022 - £9,210).

Page 19

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


INCOME FROM INVESTMENTS

2023
2022
£
£





Dividends received
-
2,285,968

-
2,285,968



11.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
2,720
13,225

2,720
13,225


12.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Loans from group undertakings
1,466,093
932,820

Finance leases and hire purchase contracts
37,536
23,713

1,503,629
956,533


13.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
323,435
1,251,138

Adjustments in respect of previous periods
(26,017)
(25,600)


TOTAL CURRENT TAX
297,418
1,225,538

DEFERRED TAX


Origination and reversal of timing differences
(59,825)
1,050,725

TOTAL DEFERRED TAX
(59,825)
1,050,725


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
237,593
2,276,263
Page 20

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.TAXATION (CONTINUED)


Factors affecting tax charge for the year

The tax assessed for the year is lower 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
3,032,614
6,810,008


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
713,287
1,293,902

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
163,375
131,975

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
23,883
434,492

Capital allowances for year in excess of depreciation
(556,889)
(174,897)

Adjustments to tax charge in respect of prior periods
(26,017)
(25,600)

Short-term timing difference leading to an increase (decrease) in taxation
(59,825)
1,050,725

Other timing differences leading to an increase (decrease) in taxation
(20,221)
-

Non-taxable income
-
(434,334)

TOTAL TAX CHARGE FOR THE YEAR
237,593
2,276,263


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


DIVIDENDS

2023
2022
£
£


Dividends
5,000,000
10,000,000

5,000,000
10,000,000

Page 21

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 January 2023
6,935,740



At 31 December 2023

6,935,740



AMORTISATION


At 1 January 2023
799,610


Charge for the year on owned assets
694,606



At 31 December 2023

1,494,216



NET BOOK VALUE



At 31 December 2023
5,441,524



At 31 December 2022
6,136,130



Page 22

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


TANGIBLE FIXED ASSETS





Leasehold property
Plant & machinery
Motor vehicles
Computer equipment and Fixtures & Fittings
Total

£
£
£
£
£



Cost


At 1 January 2023
5,337,940
5,965,787
8,423,956
1,392,229
21,119,912


Additions
1,540,317
670,118
3,613,635
41,176
5,865,246


Disposals
(257,143)
(129,811)
(1,948,072)
-
(2,335,026)



At 31 December 2023

6,621,114
6,506,094
10,089,519
1,433,405
24,650,132



DEPRECIATION


At 1 January 2023
699,658
3,927,288
4,670,906
742,311
10,040,163


Charge for the year on owned assets
292,581
569,123
810,961
175,912
1,848,577


Charge for the year on financed assets
-
-
202,883
-
202,883


Disposals
-
(69,893)
(1,639,409)
-
(1,709,302)



At 31 December 2023

992,239
4,426,518
4,045,341
918,223
10,382,321



NET BOOK VALUE



At 31 December 2023
5,628,875
2,079,576
6,044,178
515,182
14,267,811



At 31 December 2022
4,638,282
2,038,499
3,753,050
649,918
11,079,749

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


2023
2022
£
£



Motor vehicles
1,557,838
1,609,833

1,557,838
1,609,833

Page 23

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost


At 1 January 2023
1,102
2,610
3,712



At 31 December 2023
1,102
2,610
3,712





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

BTSCO Limited - dormant
Thornton House, Cargo Fleet Lane, Middlesbrough, England, TS3 8DE
Ordinary
100%
B & T S Builders Merchants Ltd - dormant
as above
Ordinary
100%
Harrogate Timber Limited - dormant
as above
Ordinary
100%




18.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
19,437,116
22,413,293

19,437,116
22,413,293


The carrying value of stocks are stated net of impairment losses totalling £1,489,072 (2022 - £1,403,669). Impairment losses totalling £85,402 (2022 - £318,879) were recognised in profit and loss.

Page 24

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


DEBTORS

2023
2022
£
£


Trade debtors
11,957,644
11,755,998

Other debtors
738,012
254,206

Prepayments and accrued income
4,572,227
5,419,271

17,267,883
17,429,475



20.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
207,546
35,531

Less: bank overdrafts
(883,730)
(3,198,254)

(676,184)
(3,162,723)



21.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
883,730
3,198,254

Trade creditors
9,359,945
9,506,539

Amounts owed to group undertakings
-
16,102

Corporation tax
-
673,042

Other taxation and social security
1,276,940
978,466

Obligations under finance lease and hire purchase contracts
484,952
384,456

Other creditors
301,859
253,412

Accruals and deferred income
1,837,250
2,275,586

14,144,676
17,285,857


Page 25

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
819,736
886,049

Amounts owed to group undertakings
33,000,000
28,000,000

33,819,736
28,886,049


Security
The bank overdrafts are secured by a fixed and floating charge over all current and future assets of the company and by group composite guarantees.
The assets held under finance leases and hire purchase contracts are secured upon the assets to which they relate.


23.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
484,952
384,456

Between 1-5 years
819,736
886,049

1,304,688
1,270,505

Page 26

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


FINANCIAL INSTRUMENTS

2023
2022
£
£

FINANCIAL ASSETS


Financial assets measured at fair value through profit or loss
207,546
35,531

Financial assets that are debt instruments measured at amortised cost
16,705,341
16,312,996

16,912,887
16,348,527


FINANCIAL LIABILITIES


Financial liabilities measured at amortised cost
(47,964,412)
(45,498,864)


Financial assets measured at fair value through profit or loss comprise investments and cash.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, rebates receivable and other debtors.


Financial liabilities measured at amortised cost comprise bank overdrafts, trade creditors, VAT and PAYE, amounts owed to group undertakings, obligations under finance leases and hire purchase contracts, other creditors and accruals.


25.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
1,682,900
582,000


Credited to/ charged to profit or loss
(59,825)
1,050,725


Transferred from subsidiaries
-
50,175



At end of year
1,623,075
1,682,900

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,623,075
1,682,900

1,623,075
1,682,900

Page 27

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


SHARE CAPITAL

2023
2022
£
£
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID



381,839 (2022 - 381,839) Ordinary shares of £1 each
381,839
381,839



27.


RESERVES

Other reserves

The capital redemption reserve represents the share capital which related to a purchase of own shares arrangement.

Profit & loss account

The profit and loss account represents the cumulative profits and losses, net dividends paid and other adjustments.


28.


CAPITAL COMMITMENTS


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
2,772,235

-
2,772,235


29.


PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme. The assets of the scheme are administered by trustees in funds independent from those of the company.
Contributions totalling £6,507 (
2022: £92,472) were payable to the fund at the balance sheet date.

Page 28

 
J T ATKINSON & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

30.


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
801,400
792,650

Later than 1 year and not later than 5 years
3,089,850
3,132,850

Later than 5 years
7,459,575
8,217,975

11,350,825
12,143,475


31.


CONTROLLING PARTY

The company is a 100% owned subsidiary of Atkinson Northern Limited (address: Thornton House, Cargo Fleet Lane, Middlesbrough TS3 8DE), a company incorporated in England and Wales.
The company has taken advantage of the exemption from disclosing transactions with group companies on the grounds that the consolidated financial statements are publically available from Companies House, Crown Way, Maindy, Cardiff.

 
Page 29