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Registered number: 01253632










JAMES A. JOBLING AND COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
T E Jobling-Purser 
A I Jobling-Purser 
E W Jobling-Purser 
D E Jobling-Purser 
J McCreary (resigned 7 May 2024)
P McCreary 
P Coulson (appointed 20 March 2023)
J Flynn (appointed 1 September 2024)




Registered number
01253632



Registered office
Paradise Works
Scotswood Road

Newcastle upon Tyne

Tyne and Wear

NE15 6BZ




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

Tyne and Wear

NE2 1QP





 
JAMES A. JOBLING AND COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Income and Retained Earnings
8
Balance Sheet
9
Statement of Cash Flows
10
Analysis of Net Debt
11
Notes to the Financial Statements
12 - 27


 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report for the year ended 31 December 2023.

Business review and key performance indicators
 
Turnover for the year increased by 16.7% from the previous year.
 
We have continued to benefit from highway infrastructure maintenance. 
 
We continue to put resources into growing our export sales to Europe and beyond.
 
The directors continue to invest in new product development, for use in applications both at home and abroad.
 
Full details of the 2023 results are shown on page 8 of our Financial Statements.
 
The Company’s key performance indicators show an approximate £2.57m increase in gross profit.

Principal risks and uncertainties
 
Financial risks
Management ensures that top priority is given to the constant application within the business of robust credit control and cash collection systems, which are continually reviewed, with the aim of seeking to mitigate liquidity risk. These policies are designed to avoid the main financial risk of any organisation, namely that it may have difficulty in meeting its financial obligations.
Credit risk
Management routinely reviews the level of credit which we afford our customers in the interest of minimising the exposure of the business to bad debts.
Commodity price risk
Systems and procedures are in place to ensure that so far as possible our buyers are constantly aware of the price competition which exists in the market place..


This report was approved by the board on 19 September 2024 and signed on its behalf.





D E Jobling-Purser
Director

Page 1

 
JAMES A. JOBLING AND COMPANY 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.

Principal activity

The principal activity of the Company continued to be that of the manufacture of bituminous products, asphalts, macadams, anti-corrosive materials and specialist surfacing materials.

Results and dividends

The profit for the year, after taxation, amounted to £4,111,904 (2022 - £2,959,397).

Directors

The directors who served during the year were:

T E Jobling-Purser 
A I Jobling-Purser 
E W Jobling-Purser 
D E Jobling-Purser 
J McCreary (resigned 7 May 2024)
P McCreary 
P Coulson (appointed 20 March 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.

Future developments

The directors believe that the company possesses both the financial and managerial resources in order to capitalise on the opportunities which shall come its way in the future.

Page 2

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Research and development activities

The directors are mindful of the benefit of both refreshing and expanding the company’s product range, and they actively promote the area of Research and Development with both the financial support and the management time required to carry this out successfully.

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 auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 September 2024 and signed on its behalf.
 





D E Jobling-Purser
Director

Page 3

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY LIMITED
 

Opinion


We have audited the financial statements of James A. Jobling and Company Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows 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

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY 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

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY 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:

The extent to which the audit was considered capable of detecting irregularities including fraud
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 laws and regulations, was as follows:
•  the responsible individual 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 discussions with directors and
          other management, and from our commercial knowledge and experience of the sector;
•  we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Company, including Companies Act 2006, taxation    legislation, data protection and employment legislation;
•  we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence provided to us; and
•  identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•  making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
•  performed analytical procedures to identify any unusual or unexpected relationships; and
•  tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•  agreeing financial statement disclosures to underlying supporting documentation;
•  reading the minutes of meetings of those charged with governance;
•  enquiring of management as to actual and potential litigation and claims; and
•  reviewing correspondence with HMRC and the Company’s legal advisors where available.
 
Page 6

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Deborah Graham (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
Tyne and Wear
NE2 1QP

19 September 2024
Page 7

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
35,154,648
30,120,155

Cost of sales
  
(21,823,914)
(19,360,880)

Gross profit
  
13,330,734
10,759,275

Distribution costs
  
(2,936,320)
(2,523,455)

Administrative expenses
  
(5,162,016)
(4,607,983)

Other operating income
 5 
-
20,000

Operating profit
 6 
5,232,398
3,647,837

Interest receivable and similar income
 10 
170,669
27,817

Interest payable and similar expenses
 11 
(1,233)
(17,258)

Profit before tax
  
5,401,834
3,658,396

Tax on profit
 12 
(1,289,930)
(698,999)

Profit after tax
  
4,111,904
2,959,397

  

  

Retained earnings at the beginning of the year
  
12,481,480
11,522,083

  
12,481,480
11,522,083

Profit for the year
  
4,111,904
2,959,397

Dividends declared and paid
  
(2,504,733)
(2,000,000)

Retained earnings at the end of the year
  
14,088,651
12,481,480
The notes on pages 12 to 27 form part of these financial statements.

Page 8

 
JAMES A. JOBLING AND COMPANY LIMITED
REGISTERED NUMBER: 01253632

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,905,598
2,992,210

Investments
 15 
300,000
300,000

  
3,205,598
3,292,210

Current assets
  

Stocks
 16 
1,455,081
1,276,840

Debtors: amounts falling due within one year
 17 
5,770,166
4,639,769

Cash at bank and in hand
 18 
11,238,338
9,699,974

  
18,463,585
15,616,583

Creditors: amounts falling due within one year
 19 
(6,689,640)
(5,600,099)

Net current assets
  
 
 
11,773,945
 
 
10,016,484

Total assets less current liabilities
  
14,979,543
13,308,694

Creditors: amounts falling due after more than one year
 20 
(300,000)
(300,000)

Provisions for liabilities
  

Deferred tax
 22 
(440,892)
(377,214)

  
 
 
(440,892)
 
 
(377,214)

Net assets
  
14,238,651
12,631,480


Capital and reserves
  

Called up share capital 
 23 
150,000
150,000

Profit and loss account
 24 
14,088,651
12,481,480

  
14,238,651
12,631,480


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




D E Jobling-Purser
Director

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
JAMES A. JOBLING AND COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
4,111,904
2,959,397

Adjustments for:

Depreciation of tangible assets
632,298
637,356

Interest paid
1,233
17,258

Interest received
(170,669)
(27,817)

Taxation charge
1,289,930
698,999

(Increase)/decrease in stocks
(178,241)
71,218

(Increase)/decrease in debtors
(1,130,397)
42,451

Increase in creditors
504,153
494,109

Corporation tax (paid)
(609,864)
(801,609)

Net cash generated from operating activities

4,450,347
4,091,362


Cash flows from investing activities

Purchase of tangible fixed assets
(850,307)
(523,054)

Sale of tangible fixed assets
304,621
101,775

Interest received
170,669
27,817

Net cash from investing activities

(375,017)
(393,462)

Cash flows from financing activities

Repayment of/new finance leases
(31,000)
(329,856)

Dividends paid
(2,504,733)
(2,000,000)

Interest paid
(1,233)
(17,258)

Net cash used in financing activities
(2,536,966)
(2,347,114)

Net increase in cash and cash equivalents
1,538,364
1,350,786

Cash and cash equivalents at beginning of year
9,699,974
8,349,188

Cash and cash equivalents at the end of year
11,238,338
9,699,974


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,238,338
9,699,974

11,238,338
9,699,974


Page 10

 
JAMES A. JOBLING AND COMPANY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

9,699,974

1,538,364

11,238,338

Debt due within 1 year

(1,487,787)

409,181

(1,078,606)

Finance leases

(31,000)

31,000

-


8,181,187
1,978,545
10,159,732

The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Paradise Works, Scotswood Road, Newcastle upon Tyne, Tyne and Wear, NE15 6BZ. The company number is 01253632.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements by section 402 of the Companies Act as all of it's subsidiaries are immaterial and are therefore able to be excluded from consolidation by section 405 of the Companies Act.

 
2.3

Going concern

The company had net assets of £14,239,651 (2022 - £12,631,480) as at 31 December 2023, including cash at bank and in hand of £11,238,338 (2022 - £9,699,974) and generated a profit before tax for the year then ended of £5,401,834 (2022 - £3,658,396).
The directors expect that the company will have sufficient funds to meet its liabilities as they fall due for at least the next 12 months.
The company is financed through the capital introduced by the directors and by profits retained within the business. The company has no external finance, other than secured hire purchase contracts.
Consequently, the directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Page 12

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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 13

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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:

Long-term leasehold property
-
4% straight line
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 14

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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 first in, first out 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.

 
2.12

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.

 
2.13

Cash and cash equivalents

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

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

 
2.14

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.

 
2.15

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

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.

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.

Page 16

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgements in applying the accounting policies applied, or any key sources of estimation uncertainty in preparing these financial statements. 


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
32,195,213
28,060,427

Rest of the world
2,959,435
2,059,728

35,154,648
30,120,155



5.


Other operating income

2023
2022
£
£

Fees receivable
-
20,000

-
20,000



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
632,298
637,356

Page 17

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,640
17,100


8.


Employees

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


2023
2022
£
£

Wages and salaries
3,394,680
3,337,718

Social security costs
370,047
359,494

Cost of defined contribution scheme
67,384
56,330

3,832,111
3,753,542


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


        2023
        2022
            No.
            No.







Production and administration
70
63


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,239,790
1,278,232

Company contributions to defined contribution pension schemes
20,963
10,642

1,260,753
1,288,874


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 £354,352 (2022 - £420,972).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,500 (2022 - £4,000).

Page 18

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
£
£


Bank interest receivable
147,186
8,864

Other interest receivable
23,483
18,953

170,669
27,817


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,233
17,258

1,233
17,258


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,226,252
703,811


Total current tax
1,226,252
703,811

Deferred tax


Origination and reversal of timing differences
63,678
(4,812)

Total deferred tax
63,678
(4,812)


Taxation on profit on ordinary activities
1,289,930
698,999
Page 19

 
JAMES A. JOBLING AND COMPANY 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 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,401,834
3,658,396


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,270,511
695,095

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,264
8,069

Capital allowances for year in excess of depreciation
387
(1,205)

Adjustments to tax charge in respect of prior periods
-
(1,805)

Changes in provisions leading to an increase (decrease) in the tax charge
3,768
(1,155)

Total tax charge for the year
1,289,930
698,999


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2023
2022
£
£


Final
2,504,733
2,000,000

2,504,733
2,000,000

Page 20

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,390,594
6,175,421
516,819
314,650
8,397,484


Additions
143,768
265,607
371,617
69,315
850,307


Disposals
-
(502,080)
(243,331)
-
(745,411)



At 31 December 2023

1,534,362
5,938,948
645,105
383,965
8,502,380



Depreciation


At 1 January 2023
324,392
4,498,072
313,469
269,341
5,405,274


Charge for the year on owned assets
55,624
417,560
130,013
29,101
632,298


Disposals
-
(328,982)
(111,808)
-
(440,790)



At 31 December 2023

380,016
4,586,650
331,674
298,442
5,596,782



Net book value



At 31 December 2023
1,154,346
1,352,298
313,431
85,523
2,905,598



At 31 December 2022
1,066,202
1,677,349
203,350
45,309
2,992,210

Page 21

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)

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


2023
2022
£
£



Plant and machinery
-
84,600

-
84,600


15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
811,572



At 31 December 2023

811,572



Impairment


At 1 January 2023
511,572



At 31 December 2023

511,572



Net book value



At 31 December 2023
300,000



At 31 December 2022
300,000

Page 22

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Jobling Purser Limited
Paradise Works, Scotswood Road, Newcastle Upon Tyne, NE15 6BZ
Dormant
Ordinary
100%
Aeronavia Limited
As above
Dormant
Ordinary
100%
Readers Specialist Tours Limited
As above
Dormant
Ordinary
100%
Carbon Research Limited
As above
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Jobling Purser Limited
300,000
-

Aeronavia Limited
(119,881)
-

Readers Specialist Tours Limited
(3,988)
-

Carbon Research Limited
(415,400)
-


16.


Stocks

2023
2022
£
£

Raw materials and consumables
936,849
839,534

Finished goods and goods for resale
518,232
437,306

1,455,081
1,276,840


Page 23

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£


Trade debtors
4,321,116
3,385,295

Other debtors
1,253,021
1,090,698

Prepayments and accrued income
196,029
163,776

5,770,166
4,639,769



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,238,338
9,699,974

11,238,338
9,699,974



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,824,421
2,911,623

Corporation tax
755,813
139,425

Other taxation and social security
626,954
662,891

Obligations under finance lease and hire purchase contracts
-
31,000

Other creditors
1,078,606
1,487,787

Accruals and deferred income
403,846
367,373

6,689,640
5,600,099


Hire purchase contracts are secured on the assets to which they relate.


20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
300,000
300,000

300,000
300,000


Page 24

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
5,574,137
4,475,993


Financial liabilities


Financial liabilities measured at amortised cost
4,528,267
3,609,996


Financial assets measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts due to group undertakings, hire purchase contracts and accruals.


22.


Deferred taxation




2023
2022


£

£






At beginning of year
(377,214)
(382,026)


Charged to profit or loss
(63,678)
4,812



At end of year
(440,892)
(377,214)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(440,892)
(377,214)

(440,892)
(377,214)

Page 25

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



0 (2022 - 150,000) Ordinary shares of £1.00 each
-
150,000
82,500 (2022 - 0) A Ordinary shares of £1.00 each
82,500
-
1,500 (2022 - 0) B Ordinary shares of £1.00 each
1,500
-
33,000 (2022 - 0) C Ordinary shares of £1.00 each
33,000
-
33,000 (2022 - 0) D Ordinary shares of £1.00 each
33,000
-

150,000

150,000

On 6 October 2023 82,500 Ordinary shares of £1 each were re-designated as Ordinary A shares of £1 each, 1,500 Ordinary shares of £1 each were re-designated as Ordinary B shares of £1 each, 33,000 Ordinary shares of £1 each were re-designated as Ordinary C shares of £1 each and 33,000 Ordinary shares of £1 each were re-designated as Ordinary D shares of £1 each.
On 2 July 2024 39,750 Ordinary A shares of £1 each were re-designated as Ordinary E shares of £1 each. On the same date a further 39,750 Ordinary A shares of £1 each were re-designated as Ordinary F shares of £1 each.
All shares rank pari passu.



24.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £67,384 (2022 - £56,330). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date.

Page 26

 
JAMES A. JOBLING AND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


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
157,000
157,000

Later than 1 year and not later than 5 years
628,000
628,000

Later than 5 years
471,000
628,000

1,256,000
1,413,000


27.


Related party transactions

The Company levied a charge for management and administration services on the James A Jobling & Co Limited Retirement and Death Benefit Scheme of £nil (2022 - £20,000). Amounts owed to the Company at the year end was £nil (2022 -  £9,000).
Rent of £157,000 (2022 - £157,000) was paid to The Trustees of James A Jobling & Co Limited Retirement and Death Benefit Scheme during the year. A further £9,750 (2022 - £9,750) was paid for right of way access. There are no outstanding balances at the year end relating to these transactions (2022 - £nil).
At 31 December 2023, the Company had a current account of £443,691 (2022 - £584,952) due to T E Jobling-Purser. 
At 31 December 2023 the Company had a current account of £634,913 (2022 - £902,833) due to D E Jobling-Purser. 
At 31 December 2023 the Company had a current account of £1,005,112 (2022 - £967,375) due from E W Jobling-Purser. 
During the year dividends of £417,400 (2022 - £333,333), £948,237 (2022 - £750,763) and £1,139,096 (2022 - £915,904) were paid to T E Jobling-Purser, D E Jobling-Purser and E W Jobling-Purser respectively.
The individuals who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is £1,260,753 (2022 - £1,288,874).


28.


Controlling party

As at the year end the ultimate controlling party was T E Jobling-Purser, a director of the company.
Following a share restructure in July 2024, it is the opinion of the directors that there is no single controlling party.

Page 27