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REGISTERED NUMBER: 08778541 (England and Wales)




GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

JBF GROUP HOLDINGS LIMITED

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


JBF GROUP HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTOR: A J Broderick



REGISTERED OFFICE: Bryn Lane
Wrexham Industrial Estate
Wrexham
LL13 9UT



REGISTERED NUMBER: 08778541 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: HSBC Bank plc.
17-19 Regent Street
Wrexham
LL11 1RY

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

The director presents his strategic report of the company and the group for the year ended 30th September 2023.

REVIEW OF BUSINESS
Turnover during the year decreased by 8% to £12.6m from £13.7m. While this was a decrease in overall revenues, the company remains in a strong position and given the current orderbook, we expect turnover to increase in 2024.

Despite the decrease in turnover, gross margin improved from 23% to 25%, indicating improved efficiencies across the core of our operations.

Operating margin has been maintained at 4%, further indicating successful cost controls within the business and better than the industry average.

Net reserves remain at £5.2m which represents a strong balance sheet.

JBF Group remain relatively low geared compared to competitors within our industry.

PRINCIPAL RISKS AND UNCERTAINTIES
Economic risk
There has been economic uncertainty arising from the continual conflict in Ukraine. This conflict has had a major impact on raw material pricing. The business has procedures in place to ensure risk assessments are considered as part of our tendering and project management phases. The business continues to monitor and review costs to mitigate the risk of price increases.

Health & safety
JBF Group operates in often complex and high risk environments, working with plant and machinery which present risks to our people and supply chain. We have clear, well communicated policies and governance in place in order to ensure our staff and wider supply chain can work safely.

Credit & liquidity risk
The cash and working capital requirements of the business are managed on a regular basis by cashflow forecasting and monthly board meetings monitoring financial performance.
The company has a credit control policy in place which regularly reviews the credit performance of our debtors.

Future work
We recognise that non-renewal of existing contracts along with a reduction in our orderbook poses a risk to the business. We mitigate this risk with maintaining strong relationships with clients and a diversified portfolio.

Climate change
We recognise that climate change is having a detrimental impact on the environment and JBF Group are playing its part to address this by monitoring and reducing carbon emissions where possible.

ON BEHALF OF THE BOARD:





A J Broderick - Director


11th July 2024

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 30th September 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of civil, structural and mechanical engineering.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
A Ordinary £1 - 48.244p
B Ordinary £1 - 49.414p

RESEARCH AND DEVELOPMENT
JBF Group continues to undertake research and development to gain new technical knowledge which creates an advance within the industry which subsequently leads to improved designs, products, systems and processes.

FUTURE DEVELOPMENTS
We anticipate another positive year for JBF Group with a strong orderbook moving into 2024.

DIRECTOR
A J Broderick held office during the whole of the period from 1st October 2022 to the date of this report.

His beneficial interests in the shares of the company, according to the register of directors' interests, were as follows:

30.9.23 1.10.22
A ordinary shares of £1 each 589,050 589,050

B ordinary shares of £1 each 282,975 282,975

He did not hold any non-beneficial interests in any of the shares of the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


AUDITORS
The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Broderick - Director


11th July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JBF GROUP HOLDINGS LIMITED

Opinion
We have audited the financial statements of JBF Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 30th September 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JBF GROUP HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JBF GROUP HOLDINGS LIMITED


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 a Report of the Auditors 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.

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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JBF GROUP HOLDINGS LIMITED


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 2006. Our 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 a Report of the Auditors 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.




Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

11th July 2024

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   

TURNOVER 3 12,574,402 13,725,157

Cost of sales 9,400,300 10,522,897
GROSS PROFIT 3,174,102 3,202,260

Administrative expenses 2,701,271 2,634,935
472,831 567,325

Other operating income 4 3,106 5,000
OPERATING PROFIT 6 475,937 572,325

Interest receivable and similar income 7 41 9
475,978 572,334
Gain/loss on revaluation of investments 217,125 -
693,103 572,334

Interest payable and similar expenses 8 3,882 3,700
PROFIT BEFORE TAXATION 689,221 568,634

Tax on profit 9 143,211 (23,776 )
PROFIT FOR THE FINANCIAL YEAR 546,010 592,410

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

546,010

592,410

Profit attributable to:
Owners of the parent 546,010 592,410

Total comprehensive income attributable to:
Owners of the parent 546,010 592,410

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

CONSOLIDATED BALANCE SHEET
30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 1,259,820 1,399,800
Tangible assets 13 1,471,342 1,436,746
Investments 14 - -
Investment property 15 600,000 382,875
3,331,162 3,219,421

CURRENT ASSETS
Stocks 16 115,855 442,694
Debtors 17 2,937,138 2,668,056
Cash at bank and in hand 1,149,064 794,217
4,202,057 3,904,967
CREDITORS
Amounts falling due within one year 18 2,053,101 1,759,239
NET CURRENT ASSETS 2,148,956 2,145,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,480,118

5,365,149

CREDITORS
Amounts falling due after more than one
year

19

(103,337

)

(100,702

)

PROVISIONS FOR LIABILITIES 23 (175,441 ) (45,277 )
NET ASSETS 5,201,340 5,219,170

CAPITAL AND RESERVES
Called up share capital 24 1,155,000 1,155,000
Retained earnings 25 4,046,340 4,064,170
SHAREHOLDERS' FUNDS 5,201,340 5,219,170

The financial statements were approved by the director and authorised for issue on 11th July 2024 and were signed by:





A J Broderick - Director


JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

COMPANY BALANCE SHEET
30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 1,125,637 1,158,316
Investments 14 1,400,000 1,400,000
Investment property 15 600,000 382,875
3,125,637 2,941,191

CURRENT ASSETS
Debtors 17 142,166 187,183
Cash at bank 247,592 277,782
389,758 464,965
CREDITORS
Amounts falling due within one year 18 535,276 89,508
NET CURRENT (LIABILITIES)/ASSETS (145,518 ) 375,457
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,980,119

3,316,648

PROVISIONS FOR LIABILITIES 23 98,405 -
NET ASSETS 2,881,714 3,316,648

CAPITAL AND RESERVES
Called up share capital 24 1,155,000 1,155,000
Retained earnings 1,726,714 2,161,648
SHAREHOLDERS' FUNDS 2,881,714 3,316,648

Company's profit for the financial year 128,906 73,672

The financial statements were approved by the director and authorised for issue on 11th July 2024 and were signed by:





A J Broderick - Director


JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2021 1,155,000 3,740,513 4,895,513

Changes in equity
Dividends - (268,753 ) (268,753 )
Total comprehensive income - 592,410 592,410
Balance at 30th September 2022 1,155,000 4,064,170 5,219,170

Changes in equity
Dividends - (563,840 ) (563,840 )
Total comprehensive income - 546,010 546,010
Balance at 30th September 2023 1,155,000 4,046,340 5,201,340

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2021 1,155,000 2,356,729 3,511,729

Changes in equity
Dividends - (268,753 ) (268,753 )
Total comprehensive income - 73,672 73,672
Balance at 30th September 2022 1,155,000 2,161,648 3,316,648

Changes in equity
Dividends - (563,840 ) (563,840 )
Total comprehensive income - 128,906 128,906
Balance at 30th September 2023 1,155,000 1,726,714 2,881,714

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,136,336 481,982
Interest paid (3,217 ) (3,700 )
Interest element of hire purchase payments
paid

(665

)

-
Tax paid (1,155 ) -
Net cash from operating activities 1,131,299 478,282

Cash flows from investing activities
Purchase of tangible fixed assets (218,846 ) (313,315 )
Sale of tangible fixed assets 1,600 117,500
Interest received 41 9
Net cash from investing activities (217,205 ) (195,806 )

Cash flows from financing activities
New HP contracts in year 48,401 -
Loan repayments in year (42,050 ) (43,743 )
Capital repayments in year (1,758 ) (12,360 )
Amount withdrawn by directors - (434 )
Equity dividends paid (563,840 ) (268,753 )
Net cash from financing activities (559,247 ) (325,290 )

Increase/(decrease) in cash and cash equivalents 354,847 (42,814 )
Cash and cash equivalents at beginning of
year

2

794,217

837,031

Cash and cash equivalents at end of year 2 1,149,064 794,217

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.9.23 30.9.22
£    £   
Profit before taxation 689,221 568,634
Depreciation charges 322,566 163,931
Loss/(profit) on disposal of fixed assets 64 (14,250 )
Gain on revaluation of fixed assets (217,125 ) -
Finance costs 3,882 3,700
Finance income (41 ) (9 )
798,567 722,006
Decrease in stocks 326,839 1,070,383
Increase in trade and other debtors (269,082 ) (1,626,179 )
Increase in trade and other creditors 280,012 315,772
Cash generated from operations 1,136,336 481,982

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,149,064 794,217
Year ended 30th September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 794,217 837,031


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand 794,217 354,847 1,149,064
794,217 354,847 1,149,064
Debt
Finance leases (1,364 ) (46,643 ) (48,007 )
Debts falling due within 1 year (43,466 ) (960 ) (44,426 )
Debts falling due after 1 year (100,702 ) 43,010 (57,692 )
(145,532 ) (4,593 ) (150,125 )
Total 648,685 350,254 998,939

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

1. STATUTORY INFORMATION

JBF Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the Company’s accounting policies, management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

- Estimated write down of stock and WIP to net realisable value:
Stock valuation and amounts recoverable on contracts have been based on net realisable value deemed appropriate by the directors. The estimated write down of stock and amounts recoverable on contracts to net realisable value is reviewed annually and revised as appropriate by the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where the outcome of individual contracts can be measured reliably, contract revenue is recognised by reference to the measure of progress at the reporting date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.9.23 30.9.22
£    £   
United Kingdom 10,516,279 12,073,687
Channel Islands 2,058,123 1,651,470
12,574,402 13,725,157

An analysis of turnover by class of business is given below:

30.9.23 30.9.22
£ £
Civil, structural and mechanical engineering 12,574,402 13,725,157
12,574,402 13,725,157

4. OTHER OPERATING INCOME
30.9.23 30.9.22
£    £   
Sundry receipts 2,606 -
Government grants 500 5,000
3,106 5,000

5. EMPLOYEES AND DIRECTORS
30.9.23 30.9.22
£    £   
Wages and salaries 2,834,373 2,877,974
Social security costs 303,150 316,578
Other pension costs 98,210 99,986
3,235,733 3,294,538

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.23 30.9.22

Production 41 43
Office 28 26
69 69

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

30.9.23 30.9.22
£    £   
Director's remuneration 12,500 12,500
Director's pension contributions to money purchase schemes 40,377 45,688

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.23 30.9.22
£    £   
Hire of plant and machinery 661,271 834,621
Other operating leases 600 -
Depreciation - owned assets 176,190 154,381
Depreciation - assets on hire purchase contracts 6,396 9,550
Loss/(profit) on disposal of fixed assets 64 (14,250 )
Goodwill amortisation 139,980 -
Auditors' remuneration 11,500 -
Auditors' remuneration for non audit work 11,440 11,686

7. INTEREST RECEIVABLE AND SIMILAR INCOME
30.9.23 30.9.22
£    £   
Deposit account interest 41 9

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.23 30.9.22
£    £   
Bank loan interest 3,217 3,700
Hire purchase 665 -
3,882 3,700

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
30.9.23 30.9.22
£    £   
Current tax:
UK corporation tax 13,047 1,155

Deferred tax 130,164 (24,931 )
Tax on profit 143,211 (23,776 )

UK corporation tax has been charged at 25 % (2022 - 19 %).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.23 30.9.22
£    £   
Profit before tax 689,221 568,634
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

172,305

108,040

Effects of:
Enhanced deductions (126,816 ) (94,731 )
Super deductions (1,685 ) (1,994 )
Marginal rate adjustment (2,180 ) -
Non-qualifying depreciation 39,838 -
Deferred tax rate adjustment 61,749 (35,091 )
Total tax charge/(credit) 143,211 (23,776 )

Tax rate changes

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase from 19% to 25%. This new law was substantively enacted on 24 May 2021.

Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS

Interim dividends per share were paid during the year as follows:
A Ordinary £1 - 48.244p
B Ordinary £1 - 49.414p

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st October 2022
and 30th September 2023 1,399,800
AMORTISATION
Amortisation for year 139,980
At 30th September 2023 139,980
NET BOOK VALUE
At 30th September 2023 1,259,820
At 30th September 2022 1,399,800

13. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st October 2022 968,512 678,639 111,518 415,540 2,174,209
Additions - 132,082 9,186 77,578 218,846
Disposals - - (22,259 ) (35,395 ) (57,654 )
At 30th September 2023 968,512 810,721 98,445 457,723 2,335,401
DEPRECIATION
At 1st October 2022 - 399,646 69,484 268,333 737,463
Charge for year 19,372 91,324 12,832 59,058 182,586
Eliminated on disposal - - (22,259 ) (33,731 ) (55,990 )
At 30th September 2023 19,372 490,970 60,057 293,660 864,059
NET BOOK VALUE
At 30th September 2023 949,140 319,751 38,388 164,063 1,471,342
At 30th September 2022 968,512 278,993 42,034 147,207 1,436,746

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

13. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st October 2022 38,200
Additions 64,128
Transfer to ownership (38,200 )
At 30th September 2023 64,128
DEPRECIATION
At 1st October 2022 35,812
Charge for year 6,396
Transfer to ownership (38,200 )
At 30th September 2023 4,008
NET BOOK VALUE
At 30th September 2023 60,120
At 30th September 2022 2,388

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st October 2022 968,512 233,505 6,000 1,208,017
Additions - 40,708 - 40,708
At 30th September 2023 968,512 274,213 6,000 1,248,725
DEPRECIATION
At 1st October 2022 - 46,701 3,000 49,701
Charge for year 19,372 52,515 1,500 73,387
At 30th September 2023 19,372 99,216 4,500 123,088
NET BOOK VALUE
At 30th September 2023 949,140 174,997 1,500 1,125,637
At 30th September 2022 968,512 186,804 3,000 1,158,316

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st October 2022
and 30th September 2023 1,400,000
NET BOOK VALUE
At 30th September 2023 1,400,000
At 30th September 2022 1,400,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

J B Fabrication (Wrexham) Limited
Registered office: Bryn Lane, Wrexham Industrial Estate, Wrexham, Clwyd LL13 9UT
Nature of business: Civil, structural and mechanical engineering
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 2,232,001 1,782,703
Profit for the year 450,825 476,860

J B Fabrication (Bromborough) Limited
Registered office: Bryn Lane, Wrexham Industrial Estate, Wrexham, Clwyd LL13 9UT
Nature of business: Civil, structural and mechanical engineering.
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 223,114 120,019
Profit for the year 134,070 44,144

JBF Group (Yorkshire) Limited
Registered office: Bryn Lane, Wrexham Industrial Estate, Wrexham, Clwyd LL13 9UT
Nature of business: Civil, structural and mechanical engineering.
%
Class of shares: holding
Ordinary 100.00
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 4,692 1
Profit for the year 6,207 -


JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

15. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st October 2022 382,875
Revaluations 217,125
At 30th September 2023 600,000
NET BOOK VALUE
At 30th September 2023 600,000
At 30th September 2022 382,875

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2024 217,125
Cost 382,875
600,000

If investment property had not been revalued it would have been included at the following historical cost:

30.9.23 30.9.22
£    £   
Cost 382,875 382,875

Investment property was valued on an open market basis on 20th June 2024 by L R Hayward MRICS of Wingetts Limited .

Company
Total
£   
FAIR VALUE
At 1st October 2022 382,875
Revaluations 217,125
At 30th September 2023 600,000
NET BOOK VALUE
At 30th September 2023 600,000
At 30th September 2022 382,875

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2024 217,125
Cost 382,875
600,000

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

15. INVESTMENT PROPERTY - continued

Company

If investment property had not been revalued it would have been included at the following historical cost:

30.9.23 30.9.22
£    £   
Cost 382,875 -

Investment property was valued on an open market basis on 20th June 2024 by L R Hayward MRICS of Wingetts Limited .

16. STOCKS

Group
30.9.23 30.9.22
£    £   
Stocks 87,720 20,000
Work-in-progress 28,135 422,694
115,855 442,694

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Trade debtors 2,043,351 2,101,464 3,240 -
Amounts owed by group undertakings - - 138,926 138,926
Amounts recoverable on contract 262,733 - - -
Other debtors 480,763 566,592 - 1,710
VAT 150,291 - - 46,547
2,937,138 2,668,056 142,166 187,183

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Bank loans and overdrafts (see note 20) 44,426 43,466 - -
Hire purchase contracts (see note 21) 2,362 1,364 - -
Trade creditors 1,342,777 1,028,855 150 -
Amounts owed to group undertakings - - 511,955 87,263
Tax 13,047 1,155 10,788 -
Social security and other taxes 106,640 84,551 - -
VAT - 97,975 1,480 -
Other creditors 33,776 51,240 6,930 -
Accrued expenses 510,073 450,633 3,973 2,245
2,053,101 1,759,239 535,276 89,508

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.9.23 30.9.22
£    £   
Bank loans (see note 20) 57,692 100,702
Hire purchase contracts (see note 21) 45,645 -
103,337 100,702

20. LOANS

An analysis of the maturity of loans is given below:

Group
30.9.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 44,426 43,466
Amounts falling due between one and two years:
Bank loans - 1-2 years 42,511 43,467
Amounts falling due between two and five years:
Bank loans - 2-5 years 15,181 57,235

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.23 30.9.22
£    £   
Net obligations repayable:
Within one year 2,362 1,364
Between one and five years 45,645 -
48,007 1,364

Group
Non-cancellable operating leases
30.9.23 30.9.22
£    £   
Within one year 9,956 9,956
Between one and five years 11,601 21,557
21,557 31,513

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.23 30.9.22
£    £   
Bank loans 102,118 144,168
Hire purchase contracts 48,007 1,364
150,125 145,532

Debts are secured over the underlying assets.

23. PROVISIONS FOR LIABILITIES

Group Company
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Deferred tax
Accelerated capital allowances 121,160 45,277 44,124 -
Other timing differences 54,281 - 54,281 -
175,441 45,277 98,405 -

Group
Deferred
tax
£   
Balance at 1st October 2022 45,277
Movement in the year due to:
changes in tax rates 61,749
changes in tax allowances 68,415
Balance at 30th September 2023 175,441

Company
Deferred
tax
£   
Movement in the year due to:
changes in tax rates 47,451
changes in tax allowances (3,327 )
investment revaluations 54,281
Balance at 30th September 2023 98,405

The net deferred tax liability expected to reverse on capital allowances in the year to 30th September 2024 is £45,146.

JBF GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 08778541)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
589,050 A ordinary £1 589,050 589,050
565,950 B ordinary £1 565,950 565,950
1,155,000 1,155,000

There are two classes of ordinary share. There are no restrictions on the distribution of dividends or the repayment of capital.

25. RESERVES

Group
Retained
earnings
£   

At 1st October 2022 4,064,170
Profit for the year 546,010
Dividends (563,840 )
At 30th September 2023 4,046,340

Company
Retained
earnings
£   

At 1st October 2022 2,161,648
Profit for the year 128,906
Dividends (563,840 )
At 30th September 2023 1,726,714


26. PENSION COMMITMENTS

Contributions totalling £1,939 (2022: £2,115) were payable to the defined contribution scheme at the year end and are included in Creditors: amounts falling due within one year.

27. CAPITAL COMMITMENTS
30.9.23 30.9.22
£    £   
Contracted but not provided for in the
financial statements - -

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Broderick.