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REGISTERED NUMBER: 04417366 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

G.J.B TRADING LIMITED

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Financial Statements 14


G.J.B TRADING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: L N Byrne
G J Byrne



SECRETARY: L N Byrne



REGISTERED OFFICE: C/O The Accounting Centre
First Floor
736 High Road
North Finchley
London
N12 9QD



REGISTERED NUMBER: 04417366 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Andrew Green LLB FCA



AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The Directors are pleased to report that after a fall in gross profit margin and operating profit in 2022, a 11% increase in sales, coupled with a consistent gross profit margin and controlled costs, has seen a significant improvement in the operating result.

The Company's key performance indicators are as follows:


31 December 2023 31 December 2022
£ £
Turnover 36,267,670 32,690,945
Gross profit 24,010,140 21,619,740
Gross profit % 66.20% 66.13%
Operating profit 2,177,013 1,002,212

The net assets of the Company were £5.07m (2022: £5.57m) at the balance sheet date, reflecting the solid position of the Company from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the Company can continue to grow and prosper.


G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the company's strategy are subject to a number of risks. The Directors have set out below the principal risks facing the business.

The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Economic downturn
The success of the business is reliant on consumer spending.
In response to this continuous risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies will be modified to reflect the new market conditions.

Inflation and the cost of living crisis
Global inflationary pressures that have arisen following recent global geo-political uncertainty and conflicts in Ukraine and the Middle East continue to represent the largest risk to the business. These pressures are seen most clearly in relation to:
Food cost inflation
The Company is continually assessing all risks that food cost inflation may bring with the aim to mitigate future threats this may have on the business.

Wage cost inflation
The Company is continually affected by wage cost inflation and pressures within the labour market. The Company monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies, as well as providing employees with fulfilling career opportunities.

Utilities costs
Increasing volatility, uncertainty, cost pressures and general environmental awareness in the UK market has resulted in increased pressure on the company in recent times. To manage and help mitigate the risk associated with these pressures, the company is party to a number of Power Purchase Agreements (PPAs) for the provision of cost-effective clean energy from environmentally friendly energy sources.

Competition
The market in which the Company operates is highly competitive. As a result, the Company is subject to a high level of price sensitivities in its consumer-led market. Policies of constantly assessing our pricing strategy and ongoing market research are in place to mitigate such risks.

Liquidity risk
As a result of the positive cash flows from operating activities achieved in the year and expected in future periods, the Directors do not consider liquidity or cashflow risk to be an issue. The Company makes use of bank facilities in order to finance long term capital and refurbishment expenditure. The Directors also continually monitor cash flow forecasts in order to further manage liquidity risk.

Brexit
The areas where Brexit has impacted our business include the access and cost of both labour and food and we continue to work with our business partners to mitigate this.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control; hence, we are constantly assessing our plans in line with the current environment.

ON BEHALF OF THE BOARD:





G J Byrne - Director


6 September 2024

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operating quick service restaurants.

DIVIDENDS
Interim dividends of £2,247,490 (2022 : £2,622,367) were paid during the year. The Directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS
The company continues to substantially invest in its restaurants as part of a programme to upgrade the looks and feel of its restaurants with new and enhanced equipment and thereby improve its customers' and employees' experience. This forms part of its strategy to grow market share and profitability.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

L N Byrne
G J Byrne

ENGAGEMENT WITH EMPLOYEES
The Company does not discriminate between employees or potential employees on grounds of colour, race, ethnic or national origin, sex, disability, age, marital status or religious beliefs. Full consideration is given to applications for employment from disabled persons who are able to demonstrate that they have the necessary abilities.

The importance of staff training, equal opportunity, health and safety, environmental matters and the avoidance of sexual harassment is recognised at all levels and is monitored on a regular basis by committees chaired by a director or senior manager reporting directly to the Board.

The Company gives full and fair consideration to applications for employment by disabled persons. In the event of employees becoming disabled whilst in service of the Company, every effort is made to continue their employment by transfer to alternative duties, if required and by provision of such retraining as is appropriate.

DISCLOSURE IN THE STRATEGIC REPORT
The Company has chosen to make disclosures in relation to financial risk management and other matters considered to be of strategic importance which would otherwise be in the Directors report within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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.


G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

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

AUDITORS
The auditors, THP Limited, will be proposed for re-appointment.

ON BEHALF OF THE BOARD:





G J Byrne - Director


6 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.J.B TRADING LIMITED


Opinion
We have audited the financial statements of G.J.B Trading Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.J.B TRADING LIMITED


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 Report of the Directors.

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, 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 Statement of Directors' Responsibilities set out on pages four and five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G.J.B TRADING 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 the directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;
- 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 the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, food hygiene and health and safety legislation;
- 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 the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or 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;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and any other relevant regulators as required.

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
G.J.B TRADING 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.




Andrew Green LLB FCA (Senior Statutory Auditor)
for and on behalf of THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

6 September 2024

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 36,267,670 32,690,945

Cost of sales 12,257,530 11,071,205
GROSS PROFIT 24,010,140 21,619,740

Administrative expenses 21,833,127 20,617,528
OPERATING PROFIT 5 2,177,013 1,002,212

Interest receivable and similar income 68,075 4,889
2,245,088 1,007,101

Interest payable and similar expenses 6 429 -
PROFIT BEFORE TAXATION 2,244,659 1,007,101

Tax on profit 7 505,065 334,982
PROFIT FOR THE FINANCIAL YEAR 1,739,594 672,119

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 807,145 986,225
Tangible assets 10 1,956,740 2,470,570
Investments 11 8,750 6,250
2,772,635 3,463,045

CURRENT ASSETS
Stocks 12 154,949 139,547
Debtors 13 418,217 700,355
Cash at bank 4,902,235 5,681,233
5,475,401 6,521,135
CREDITORS
Amounts falling due within one year 14 2,974,094 4,088,938
NET CURRENT ASSETS 2,501,307 2,432,197
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,273,942

5,895,242

CREDITORS
Amounts falling due after more than
one year

15

-

(9,971

)

PROVISIONS FOR LIABILITIES 17 (202,487 ) (305,920 )
NET ASSETS 5,071,455 5,579,351

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 5,071,355 5,579,251
SHAREHOLDERS' FUNDS 5,071,455 5,579,351

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:




G J Byrne - Director



L N Byrne - Director


G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 7,529,499 7,529,599

Changes in equity
Dividends - (2,622,367 ) (2,622,367 )
Total comprehensive income - 672,119 672,119
Balance at 31 December 2022 100 5,579,251 5,579,351

Changes in equity
Dividends - (2,247,490 ) (2,247,490 )
Total comprehensive income - 1,739,594 1,739,594
Balance at 31 December 2023 100 5,071,355 5,071,455

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 22 1,920,630 3,774,750
Interest paid (429 ) -
Tax paid (280,000 ) (759,121 )
Net cash from operating activities 1,640,201 3,015,629

Cash flows from investing activities
Purchase of intangible fixed assets - (30,000 )
Purchase of tangible fixed assets (245,045 ) (1,077,548 )
Sale of tangible fixed assets 18,500 -
Interest received 68,075 4,889
Net cash from investing activities (158,470 ) (1,102,659 )

Cash flows from financing activities
Capital repayments in year (13,239 ) (3,268 )
Equity dividends paid (2,247,490 ) (2,622,367 )
Net cash from financing activities (2,260,729 ) (2,625,635 )

Decrease in cash and cash equivalents (778,998 ) (712,665 )
Cash and cash equivalents at
beginning of year

23

5,681,233

6,393,898

Cash and cash equivalents at end
of year

23

4,902,235

5,681,233

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

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


1. STATUTORY INFORMATION

G.J.B Trading 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 Company Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Useful economic live of intangible assets

Intangible assets are amortised over their useful economic lives and are assessed annually for indications of impairment.

iii) Treatment of significant capital projects

The allocation of store refurbishment expenditure between capital and revenue is an area that requires judgement on the part of management. Costs are allocated in line with the asset recognition contained within FRS102 and on the basis of all available evidence as to their nature. The management uses professional advisors to assist them with this process.

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Sales of goods are recognised on sale to the customer, which is considered to be the point of sale and when the significant risks and rewards of the goods have been passed to the customer.

Franchise rights and franchise fees
Franchise rights and fees are recognised at cost and are amortised over the period of the franchise agreement

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property
Improvements

-

Straight line over 7-10 years
Plant and machinery-Straight line over 7-10 years
Fixtures and fittings -Straight line over 5 years

Motor Vehicles

-

Straight line over 5 years
Computer Equipment-Straight line over 4 years

Stocks
Stock is stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are recognized as an expense in the period in which the related revenue is recognized.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet represent cash at bank and in hand.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in profit or loss under operating expenses.

The carrying value of all short-term financial assets and liabilities are measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
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.

Pension costs and other employment costs
(i) Holiday pay

Holiday pay entitlements (where material) are recognised as an expense in the period in which the service is received.

(ii) Pension Scheme

The company operates a defined contribution pension scheme for its employees. The contributions are recognised as an expense when they are due. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.

Hire purchase and leasing commitments
The Company's restaurant premises are leased from the franchisor under a non-cancellable lease with an expiry term of more than five years. The rental payments are calculated on a monthly basis and are substantially based on annual sales income generated.

Assets obtained under hire purchase contracts or finance leases are capitalised on 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 lease term, whichever is shorter.

The interest element of these obligations is charged to the Profit and Loss over the relevant period. The capital element of future payments is treated as a liability.

Borrowing costs
All borrowing costs are recognised in the Profit and Loss Account in the period in which they are incurred.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Profit and Loss Account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 8,957,923 8,204,950
Social security costs 500,895 451,060
Other pension costs 164,945 119,231
9,623,763 8,775,241

The average number of employees during the year was as follows:
2023 2022

Restaurant team 789 743
Management 24 24
813 767

2023 2022
£    £   
Directors' remuneration 28,719 27,206
Directors' pension contributions to money purchase schemes 28,000 -

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

Money purchase schemes 2 2

The Directors are considered to be the key management for the purposes of disclosure under FRS102.

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 758,875 908,887
Profit on disposal of fixed assets (18,500 ) -
Franchise rights amortisation 171,580 189,663
Franchise fees amortisation 7,500 6,750
Audit fees 7,600 6,825

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
HMRC interest 429 -

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 608,498 180,977

Deferred tax (103,433 ) 154,005
Tax on profit 505,065 334,982

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge 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:

2023 2022
£    £   
Profit before tax 2,244,659 1,007,101
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

527,944

191,349

Effects of:
Expenses not deductible for tax purposes (52,537 ) (41,201 )
Depreciation in excess of capital allowances 133,091 30,829
Deferred tax (103,433 ) 154,005
Total tax charge 505,065 334,982

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 2,247,490 2,622,367

9. INTANGIBLE FIXED ASSETS
Franchise Franchise
rights fees Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 3,181,000 150,000 3,331,000
AMORTISATION
At 1 January 2023 2,286,775 58,000 2,344,775
Amortisation for year 171,580 7,500 179,080
At 31 December 2023 2,458,355 65,500 2,523,855
NET BOOK VALUE
At 31 December 2023 722,645 84,500 807,145
At 31 December 2022 894,225 92,000 986,225

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS
Plant and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 January 2023 8,211,670 287,300 8,498,970
Additions 185,005 60,040 245,045
Disposals - (45,939 ) (45,939 )
At 31 December 2023 8,396,675 301,401 8,698,076
DEPRECIATION
At 1 January 2023 5,877,753 150,647 6,028,400
Charge for year 688,832 70,043 758,875
Eliminated on disposal - (45,939 ) (45,939 )
At 31 December 2023 6,566,585 174,751 6,741,336
NET BOOK VALUE
At 31 December 2023 1,830,090 126,650 1,956,740
At 31 December 2022 2,333,917 136,653 2,470,570

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023 6,250
Additions 2,500
At 31 December 2023 8,750
NET BOOK VALUE
At 31 December 2023 8,750
At 31 December 2022 6,250

12. STOCKS
2023 2022
£    £   
Stocks 154,949 139,547

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 233,659 320,116
Other debtors 10,775 17,300
Corporation tax recoverable - 239,023
Prepayments and accrued income 173,783 123,916
418,217 700,355

Balances owed at the year end from third party delivery partners have been classified as trade
debtors.

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 16) - 3,268
Trade creditors 1,045,334 918,748
Corporation tax 89,475 -
Social security and other taxes 925,944 1,139,350
Accrued expenses 913,341 2,027,572
2,974,094 4,088,938

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 16) - 9,971

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 3,268
Between one and five years - 9,971
- 13,239

Non-cancellable operating leases
2023 2022
£    £   
Within one year 307,578 331,548
Between one and five years 935,846 996,016
In more than five years 459,564 647,820
1,702,988 1,975,384

The disclosure above relates to the base rent owed on restaurant premises over the remainder of the relevant leases.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 202,487 305,920

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 305,920
Provided during year (103,433 )
Balance at 31 December 2023 202,487

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

19. RESERVES
Retained
earnings
£   

At 1 January 2023 5,579,251
Profit for the year 1,739,594
Dividends (2,247,490 )
At 31 December 2023 5,071,355

20. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,247,490 (2022 - £2,722,367) were paid to the directors .

The company rents an office from the G.J.Byrne SIPP on a rolling 12 month contract. During the year the company paid the SIPP on open market rent of £21,000 (2022 : £21,000).

During the year the company was charged £100,000 (2022 : £600,000) by GJB Property Lettings Limited, a company owned and controlled by the Directors, for property management and maintenance services.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G J Byrne.

G.J.B TRADING LIMITED (REGISTERED NUMBER: 04417366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 2,244,659 1,007,101
Depreciation charges 937,955 1,105,300
Profit on disposal of fixed assets (18,500 ) -
Finance costs 429 -
Finance income (68,075 ) (4,889 )
3,096,468 2,107,512
Increase in stocks (15,402 ) (38,368 )
Decrease/(increase) in trade and other debtors 43,115 (377,386 )
(Decrease)/increase in trade and other creditors (1,203,551 ) 2,082,992
Cash generated from operations 1,920,630 3,774,750

23. 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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,902,235 5,681,233
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 5,681,233 6,393,898


24. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 5,681,233 (778,998 ) 4,902,235
5,681,233 (778,998 ) 4,902,235
Debt
Finance leases (13,239 ) 13,239 -
(13,239 ) 13,239 -
Total 5,667,994 (765,759 ) 4,902,235