REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
JK Powell Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
JK Powell Limited |
JK Powell Limited (Registered number: 03690043) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
JK Powell Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
JK Powell Limited (Registered number: 03690043) |
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 principal activity of the company in the year under review was that of manufacturing of light metal packaging. |
Jk Powell Ltd's sales have remained stable at approx. £12 million, in line with expectations as no significant growth or expansion was planned for the year. Service levels remained strong with no negative reports from customers. Customer base remained stable. |
Overall gross profit margins totalled £3,748,329 in 2023 compared to £3,822,725 in 2022. The company saw an increase in administrative expenses and overheads from £2,517,508 in 2022 to £2,685,015 in 2023. |
The company made a pre tax profit for the year of £904,352 in 2023 compared to £1,284,634 in 2022. |
The net assets of the company at 31 December 2023 were £4,981,728 (2022 - £4,679,400) with net current assets of £1,306,562 (2022 - £1,970,556) |
The continued negative press around plastic packaging continues to create opportunities for new development and innovation. The directors have agreed that the stability of our current customer base gives us a strong foundation to continue investment in opportunities created by this new trend. |
KPI's |
Our operating efficiency is on average 20% higher on automated production rather than the more manual processes. With this key performance indicator in mind and with the increased difficulty in recruiting key skilled staff, we plan to continue our drive for the automation of all production. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The 2 principal risks facing the company are raw material prices and packaging regulations, both of which affect the whole market and our competition. Material prices are particularly affected by the current international freight price fluctuations and so purchasing strategy is at the forefront of our commercial activity. To mitigate changes to packaging regulations, diversification of products and keeping well informed of regulatory activity remain a priority. |
ON BEHALF OF THE BOARD: |
JK Powell Limited (Registered number: 03690043) |
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 manufacturing tin products. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£5.05 | - 31 March 2023 |
£2.64 | - 30 June 2023 |
£4.20 | - 30 September 2023 |
£2.11 | - 31 December 2023 |
£ |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DIRECTORS' RESPONSIBILITIES STATEMENT |
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. |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
JK Powell Limited (Registered number: 03690043) |
Report of the Directors |
for the year ended 31 December 2023 |
AUDITORS |
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
JK Powell Limited |
Opinion |
We have audited the financial statements of JK Powell Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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 |
JK Powell 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 Directors' Responsibilities Statement set out on page three, 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. |
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: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims; |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
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. |
Other matters which we are required to address |
The prior year figures were not audited. |
Report of the Independent Auditors to the Members of |
JK Powell 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. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
JK Powell Limited (Registered number: 03690043) |
Income Statement |
for the year ended 31 December 2023 |
31/12/23 | 31/12/22 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,063,314 | 1,305,217 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,063,338 | 1,369,733 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
JK Powell Limited (Registered number: 03690043) |
Other Comprehensive Income |
for the year ended 31 December 2023 |
31/12/23 | 31/12/22 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
JK Powell Limited (Registered number: 03690043) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
JK Powell Limited (Registered number: 03690043) |
Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
JK Powell Limited (Registered number: 03690043) |
Cash Flow Statement |
for the year ended 31 December 2023 |
31/12/23 | 31/12/22 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (850 | ) | (1,353 | ) |
New HP |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
958,543 |
Cash and cash equivalents at end of year |
2 |
648,671 |
656,279 |
JK Powell Limited (Registered number: 03690043) |
Notes to the Cash Flow Statement |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 158,986 | 85,099 |
Finance income | (24 | ) | (2 | ) |
1,541,733 | 1,732,390 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 648,671 | 656,279 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 656,279 | 958,543 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank | 656,279 | (7,608 | ) | 648,671 |
656,279 | ( |
) | 648,671 |
Debt |
Finance leases | (408,828 | ) | (555,679 | ) | (964,507 | ) |
Debts falling due within 1 year | (110,000 | ) | (57,500 | ) | (167,500 | ) |
Debts falling due after 1 year | (1,831,135 | ) | 1,175,675 | (655,460 | ) |
(2,349,963 | ) | 562,496 | (1,787,467 | ) |
Total | (1,693,684 | ) | 554,888 | (1,138,796 | ) |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
JK Powell Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. The Company has identified delivery of goods as its critical event, as the right to consideration does not arise until this is fulfilled, revenue is not recognised until that event occurs. |
Goodwill |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements - continued |
for the year ended 31 December 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Grants receivable |
Grants received are credited to the profit and loss account in the period in which the expenditure to which it relates is incurred. During the year the Company received a job creation grant from Derby City Council. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
United Kingdom |
Europe |
United States of America |
4. | EMPLOYEES AND DIRECTORS |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
(Unaudited) |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Directors' remuneration |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Equipment Hire |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Bank loan interest |
HMRC interest |
Factoring interest |
Mortgage interest |
Hire purchase interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
R&D Claim | (100,938 | ) | (98,600 | ) |
Deferred tax movement | 269,101 | 80,887 |
Tax losses carried back | 644 | - |
Total tax charge | 266,024 | 120,056 |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | DIVIDENDS |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
Additions |
Transfer to ownership | (299,204 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Transfer to ownership | (153,920 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | STOCKS |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Stocks |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Trade debtors |
Tax |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 17,540 | 107,887 |
Directors' loan accounts | 112 | 962 |
Accrued expenses |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loan |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 160,429 | 1,359,135 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31/12/23 | 31/12/22 |
(Unaudited |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
JK Powell Limited (Registered number: 03690043) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Bank loans |
Hire purchase contracts | 964,507 | 408,828 |
A fixed and floating mortgage debenture was signed on 6th March 2007 to secure all liabilities due to National Westminster Bank PLC. |
18. | PROVISIONS FOR LIABILITIES |
31/12/23 | 31/12/22 |
(Unaudited) |
£ | £ |
Deferred tax | 639,928 | 370,827 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Accelerated capital allowances |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary | £1 | 24,000 | 24,000 |
20. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 4,655,400 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 4,957,728 |