Company registration number SC493916 (Scotland)
JWF (GROUP) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JWF (GROUP) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
JWF (GROUP) LIMITED
COMPANY INFORMATION
- 1 -
Directors
B Aitken
(Appointed 10 March 2023)
R Allan
I Buchan
(Appointed 10 March 2023)
K Fairbairn
D Gemmell
J Pirrie
(Appointed 10 March 2023)
J S Pirrie
(Appointed 10 March 2023)
Secretary
D Gemmell
Company number
SC493916
Registered office
85 Seaward Street
Glasgow
United Kingdom
G41 1HJ
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
JWF (GROUP) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
2
1,452
1,452
Current assets
Debtors
4
1,300,000
Cash at bank and in hand
49,784
27,305
1,349,784
27,305
Creditors: amounts falling due within one year
5
(1,330,821)
(13,651)
Net current assets
18,963
13,654
Net assets
20,415
15,106
Capital and reserves
Called up share capital
6
1,379
1,379
Capital redemption reserve
72
72
Profit and loss reserves
18,964
13,655
Total equity
20,415
15,106
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
D Gemmell
Director
Company Registration No. SC493916
JWF (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
JWF (Group) Limited is a private company limited by shares incorporated in Scotland. The registered office is 85 Seaward Street, Glasgow, United Kingdom, G41 1HJ. The company's registration number is SC493916.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The company is a wholly owned subsidiary of JWF Group Holdings Limited and the results of the company are included in the consolidated financial statements of JWF Group Holdings Limited which are available from Companies House.
1.2
Fixed asset investments
Interests in subsidiary undertakings are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
JWF (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,452
1,452
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
JWF Instrumentation Limited
85 Seaward Street, Glasgow, G41 1HJ
Ordinary
100.00
JWF Measurement Solutions Limited
85 Seaward Street, Glasgow, G41 1HJ
Ordinary
100.00
JWF Process Solutions Limited
85 Seaward Street, Glasgow, G41 1HJ
Ordinary
100.00
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,300,000
JWF (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
600
Amounts owed to group undertakings
1,329,321
12,127
Other creditors
1,500
924
1,330,821
13,651
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
116,000 Ordinary Shares of 1p
1,160
1,160
7,300 Ordinary Shares - Class A of 1p
73
73
7,300 Ordinary Shares - Class B of 1p
73
73
7,300 Ordinary Shares - Class C of 1p
73
73
1,379
1,379
Each class of share rank pari passu. When declaring dividends, each class of shares is entitled to dividends to the exclusion of the other and differing amounts may be declared in respect of each class. 'Ordinary', 'A', 'B' and 'C' shares carry no right to vote on a resolution for the removal of a director.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
8
Related party transactions
The Company has taken advantage of the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with other wholly owned group companies as the Company is included in the consolidated financial statements of JWF Group Holdings Limited.
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
JWF (GROUP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Parent company
The company is included by full consolidation in the consolidated financial statements of its ultimate controlling party, JWF Group Holdings Limited, registered in Scotland, at the same address as the company.
Copies of the consolidated financial statements are available from Companies House.