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REGISTERED NUMBER: 03690043 (England and Wales)












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: J K Powell
B S Powell
N S Smith
R Powell





SECRETARY: J K Powell





REGISTERED OFFICE: 49 High Street
Hucknall
Nottingham
NG15 7AW





REGISTERED NUMBER: 03690043 (England and Wales)





AUDITORS: Clayton & Brewill
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:





J K Powell - Director


18 September 2024

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
£14.00

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 336,000 .

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

J K Powell
B S Powell
N S Smith

Other changes in directors holding office are as follows:

R Powell was appointed as a director after 31 December 2023 but prior to the date of this report.

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:





J K Powell - Director


18 September 2024

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.




Neil South FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

20 September 2024

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 11,797,519 12,375,708

Cost of sales 8,049,190 8,552,983
GROSS PROFIT 3,748,329 3,822,725

Administrative expenses 2,685,015 2,517,508
1,063,314 1,305,217

Other operating income - 64,514
OPERATING PROFIT 5 1,063,314 1,369,731

Interest receivable and similar income 24 2
1,063,338 1,369,733

Interest payable and similar expenses 6 158,986 85,099
PROFIT BEFORE TAXATION 904,352 1,284,634

Tax on profit 7 266,024 120,056
PROFIT FOR THE FINANCIAL YEAR 638,328 1,164,578

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 638,328 1,164,578


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

638,328

1,164,578

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 5,745,061 5,231,221
5,745,061 5,231,221

CURRENT ASSETS
Stocks 11 1,939,056 2,397,124
Debtors 12 1,128,381 2,006,341
Cash at bank 648,671 656,279
3,716,108 5,059,744
CREDITORS
Amounts falling due within one year 13 2,409,546 3,089,188
NET CURRENT ASSETS 1,306,562 1,970,556
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,051,623

7,201,777

CREDITORS
Amounts falling due after more than
one year

14

(1,429,967

)

(2,151,550

)

PROVISIONS FOR LIABILITIES 18 (639,928 ) (370,827 )
NET ASSETS 4,981,728 4,679,400

CAPITAL AND RESERVES
Called up share capital 19 24,000 24,000
Capital redemption reserve 20 6,000 6,000
Retained earnings 20 4,951,728 4,649,400
SHAREHOLDERS' FUNDS 4,981,728 4,679,400

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J K Powell - Director


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 24,000 3,855,422 6,000 3,885,422

Changes in equity
Dividends - (370,600 ) - (370,600 )
Total comprehensive income - 1,164,578 - 1,164,578
Balance at 31 December 2022 24,000 4,649,400 6,000 4,679,400

Changes in equity
Dividends - (336,000 ) - (336,000 )
Total comprehensive income - 638,328 - 638,328
Balance at 31 December 2023 24,000 4,951,728 6,000 4,981,728

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 2,081,837 777,337
Interest paid (119,300 ) (70,606 )
Interest element of hire purchase
payments paid

(39,686

)

(14,493

)
Tax paid (38,878 ) (139,930 )
Net cash from operating activities 1,883,973 552,308

Cash flows from investing activities
Purchase of tangible fixed assets (1,009,968 ) (695,445 )
Sale of tangible fixed assets 17,708 4,250
Interest received 24 2
Net cash from investing activities (992,236 ) (691,193 )

Cash flows from financing activities
Loan repayments in year (1,078,488 ) (103,612 )
Capital repayments in year (92,480 ) (90,751 )
Amount withdrawn by directors (850 ) (1,353 )
New HP 608,473 402,937
Equity dividends paid (336,000 ) (370,600 )
Net cash from financing activities (899,345 ) (163,379 )

Decrease in cash and cash equivalents (7,608 ) (302,264 )
Cash and cash equivalents at
beginning of year

2

656,279

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 904,352 1,284,634
Depreciation charges 475,068 365,770
Loss/(profit) on disposal of fixed assets 3,351 (3,111 )
Finance costs 158,986 85,099
Finance income (24 ) (2 )
1,541,733 1,732,390
Decrease/(increase) in stocks 458,068 (667,116 )
Decrease/(increase) in trade and other debtors 881,037 (202,754 )
Decrease in trade and other creditors (799,001 ) (85,183 )
Cash generated from operations 2,081,837 777,337

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 (7,608 ) 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 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.

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.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of one years.

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 - 15% on reducing balance
Fixtures and fittings - at variable rates on reducing balance

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 11,302,191 11,981,418
Europe 383,328 331,726
United States of America 112,000 62,564
11,797,519 12,375,708

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
(Unaudited)
£    £   
Wages and salaries 1,582,971 1,688,157
Social security costs 126,176 4,242
Other pension costs 25,659 23,939
1,734,806 1,716,338

The average number of employees during the year was as follows:
31/12/23 31/12/22
(Unaudited)

44 47

31/12/23 31/12/22
(Unaudited)
£    £   
Directors' remuneration 48,000 48,000

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 35,207 33,355
Depreciation - owned assets 355,052 328,655
Depreciation - assets on hire purchase contracts 120,017 37,118
Loss/(profit) on disposal of fixed assets 3,351 (3,111 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
(Unaudited)
£    £   
Bank loan interest 7,310 7,767
HMRC interest 140 -
Factoring interest 21,275 5,289
Mortgage interest 90,575 57,550
Hire purchase interest 39,686 14,493
158,986 85,099

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 (3,077 ) 39,169

Deferred tax 269,101 80,887
Tax on profit 266,024 120,056

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 904,352 1,284,634
Profit multiplied by the standard rate of corporation tax in the UK
of 23.500% (2022 - 19%)

212,523

244,080

Effects of:
Expenses not deductible for tax purposes 19,388 1,955
Income not taxable for tax purposes - (591 )
Capital allowances in excess of depreciation (134,694 ) (107,675 )
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 336,000 370,600

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10
AMORTISATION
At 1 January 2023
and 31 December 2023 10
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 3,241,600 4,135,666 301,308 - 7,678,574
Additions 3,496 952,161 1,073 53,238 1,009,968
Disposals - (24,950 ) - - (24,950 )
At 31 December 2023 3,245,096 5,062,877 302,381 53,238 8,663,592
DEPRECIATION
At 1 January 2023 227,013 2,048,304 172,036 - 2,447,353
Charge for year 52,463 389,568 22,390 10,648 475,069
Eliminated on disposal - (3,891 ) - - (3,891 )
At 31 December 2023 279,476 2,433,981 194,426 10,648 2,918,531
NET BOOK VALUE
At 31 December 2023 2,965,620 2,628,896 107,955 42,590 5,745,061
At 31 December 2022 3,014,587 2,087,362 129,272 - 5,231,221

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 709,985
Additions 730,168
Transfer to ownership (299,204 )
At 31 December 2023 1,140,949
DEPRECIATION
At 1 January 2023 164,991
Charge for year 120,017
Transfer to ownership (153,920 )
At 31 December 2023 131,088
NET BOOK VALUE
At 31 December 2023 1,009,861
At 31 December 2022 544,994

11. STOCKS
31/12/23 31/12/22
(Unaudited)
£    £   
Stocks 1,939,056 2,397,124

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
(Unaudited)
£    £   
Trade debtors 1,088,054 1,721,142
Tax 3,077 -
Prepayments 37,250 285,199
1,128,381 2,006,341

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
(Unaudited)
£    £   
Bank loans and overdrafts (see note 15)
167,500

110,000
Hire purchase contracts (see note 16) 190,000 88,413
Trade creditors 1,989,996 2,644,474
Tax - 38,878
Social security and other taxes 28,756 38,146
VAT 17,540 107,887
Directors' loan accounts 112 962
Accrued expenses 15,642 60,428
2,409,546 3,089,188

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) 655,460 1,831,135
Hire purchase contracts (see note 16) 774,507 320,415
1,429,967 2,151,550

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 167,500 110,000

Amounts falling due between two and five years:
Bank loan 495,031 472,000

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 190,000 88,413
Between one and five years 774,507 320,415
964,507 408,828

Non-cancellable operating leases
31/12/23 31/12/22
(Unaudited)
£    £   
Within one year 35,535 32,644
Between one and five years 81,197 113,601
116,732 146,245

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 822,960 1,941,135
Hire purchase contracts 964,507 408,828
1,787,467 2,349,963

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 370,827
Charge to Income Statement during year 269,101
Accelerated capital allowances
Balance at 31 December 2023 639,928

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
24,000 Ordinary £1 24,000 24,000

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 4,649,400 6,000 4,655,400
Profit for the year 638,328 638,328
Dividends (336,000 ) (336,000 )
At 31 December 2023 4,951,728 6,000 4,957,728