Company registration number 06145639 (England and Wales)
JACKSON FRAMEWORKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JACKSON FRAMEWORKS LIMITED
COMPANY INFORMATION
Directors
R A Chitty
R W Neall
P D Stanhope
T M Dixon
B J Crofton
Secretary
T M Dixon
Company number
06145639
Registered office
30 White House Road
Ipswich
IP1 5LT
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
JACKSON FRAMEWORKS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
JACKSON FRAMEWORKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

Jackson Frameworks Limited is a 100% owned subsidiary of Jackson Civil Engineering Group Limited. The financial statements reflect an increased turnover for the year, with turnover having increased from £102.4m to £120.5m. The Directors remain committed to the disciplines and controls that are in place, namely winning the right work with the right clients, at the right price. Strict adherence to these principles will continue to be the bedrock for the long term success of the business.

 

Principal risks and uncertainties

An analysis of principal risks and uncertainties can be found in the strategic report of the company’s parent entity Jackson Civil Engineering Group Limited registered number 06778819.

 

Key performance indicators

Financial

Whilst an increase in turnover in 2023 is pleasing, maintaining reasonable profit levels is of paramount importance. In this regard seeing an operating profit margin of 4.0% (2022 3.5%) represents an excellent year’s trading. The Directors remain very much focused on sustaining the strict disciplines and controls which have seen Jackson Frameworks report an operating profit every year since its inception.

 

Non Financial

An analysis of other non financial key performance indicators can be found in the strategic report of the company’s parent entity Jackson Civil Engineering Group Limited, registered number 06778819

 

Other information and explanations

Engagement with “Employees” and Business Relationships

Information regarding the business’s relationships and engagement with employees can be found in the strategic report of the company’s parent entity Jackson Civil Engineering Group Limited, registered number 06778819.

 

S172 (1) Statement

Details regarding S172 (1) Statement can be found in the strategic report of the company's parent entity Jackson Civil Engineering Group Limited, registered number 06778819.

On behalf of the board

T M Dixon
Director
23 September 2024
JACKSON FRAMEWORKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company during the year was that of civil engineering contractors and consultants.

Results and dividends

The results for the year are set out on page 8.

The board proposed and approved a dividend of £2,750,000 (2022 - £2,000,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R A Chitty
R W Neall
P D Stanhope
T M Dixon
B J Crofton

Business review

The Directors have included a business review within the strategic report. Also included in the strategic report are details of the future developments of the Company, the principal risks and uncertainties and a review of the key performance indicators as assessed by the Directors.

Financial instruments

The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The company aims to finance working capital through retained earnings and where necessary through borrowings at prevailing market rates.

 

The company's exposure to the price risk of financial instruments is therefore minimal. As the counterparty to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments.

 

The directors do not consider any other risk attaching to the use of the financial instruments within the company to be material to an assessment of its financial position or profit.

Auditor

Ensors Accountants LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

In accordance with paragraph 20A of The Companies (Directors' Report) and Limited Liability Partnership (Energy and Carbon Report) Regulations 2018, the company is exempted from reporting on its emissions, energy consumption or energy efficiency activities on the basis that it is a subsidiary undertaking at the end of the financial year and included in the group report of a parent undertaking.

Statement of disclosure to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

JACKSON FRAMEWORKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
T M Dixon
Director
23 September 2024
JACKSON FRAMEWORKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report 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:

 

 

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.

JACKSON FRAMEWORKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JACKSON FRAMEWORKS LIMITED
- 5 -
Opinion

We have audited the financial statements of Jackson Frameworks Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

JACKSON FRAMEWORKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JACKSON FRAMEWORKS LIMITED (CONTINUED)
- 6 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JACKSON FRAMEWORKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JACKSON FRAMEWORKS LIMITED (CONTINUED)
- 7 -

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 an auditor's report 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.

Malcolm McGready
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
24 September 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
JACKSON FRAMEWORKS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
120,505,726
102,439,975
Cost of sales
(107,238,223)
(91,669,616)
Gross profit
13,267,503
10,770,359
Administrative expenses
(8,413,106)
(7,148,571)
Operating profit
4
4,854,397
3,621,788
Interest receivable and similar income
7
271,930
50,958
Profit before taxation
5,126,327
3,672,746
Tax on profit
8
(1,203,098)
(658,701)
Profit for the financial year
3,923,229
3,014,045

The income statement has been prepared on the basis that all operations are continuing operations.

JACKSON FRAMEWORKS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
10
843,708
280,730
Debtors falling due within one year
10
15,416,273
19,594,244
Cash at bank and in hand
26,569,881
19,561,695
42,829,862
39,436,669
Creditors: amounts falling due within one year
11
(36,047,585)
(33,625,776)
Net current assets
6,782,277
5,810,893
Creditors: amounts falling due after more than one year
12
(352,829)
(554,674)
Net assets
6,429,448
5,256,219
Capital and reserves
Called up share capital
13
1
1
Profit and loss reserves
6,429,447
5,256,218
Total equity
6,429,448
5,256,219
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
R W Neall
T M Dixon
Director
Director
Company registration number 06145639 (England and Wales)
JACKSON FRAMEWORKS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1
4,242,173
4,242,174
Year ended 31 December 2022:
Profit and total comprehensive income
-
3,014,045
3,014,045
Dividends
9
-
(2,000,000)
(2,000,000)
Balance at 31 December 2022
1
5,256,218
5,256,219
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,923,229
3,923,229
Dividends
9
-
(2,750,000)
(2,750,000)
Balance at 31 December 2023
1
6,429,447
6,429,448
JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Jackson Frameworks Limited is a private company limited by shares incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the directors' report.

1.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

 

The presentational and functional current of these financial statements is GBP. Values have been rounded to the nearest £.

 

The following principal accounting policies have been applied:

 

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

 

 

 

 

 

 

This information is included in the consolidated financial statements of Jackson Civil Engineering Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

1.2
Going concern

The Company is part of the group headed by One Group Construction Limited. Detailed forecasts of the Company and Group for a period of at least 12 months from the approval of these financial statements have been considered. Taking into account the current economic climate and reasonably possible downsides, the directors have a reasonable expectation that the Company and the Group has sufficient resources to meet their obligations as they fall due and continue in operational existence for the foreseeable future.true

 

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover consists of income derived from short term and long term contracts on a variety of differing commercial projects. Invoices for short term contracts are raised as the work progresses and turnover is realised accordingly. Turnover for such contracts is stated at cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous periods. The amounts of profit attributable to the stage of completion of a long term contract is recognised when the outcome can be foreseen with reasonable certainty. Provision is made for any losses which are foreseen. Applications for stage payments are issued on a monthly basis and are net of value added tax, where appropriate, and trade discounts.

 

Long-term contracts

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments received from clients. Payments received from clients in excess of the turnover recognised are included within payments on account in creditors. Amounts included within work in progress represent costs incurred on contracts in their initial stages as at the year end for which no application for payment has been made.

1.4
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.5
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation
Current tax

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:

 

•    The recognition of deferred tax assets is limited to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits; and

•    Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met.

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations. when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred taxis determined using tax rates and laws that have been enacted or substantively enacted by the reporting data.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8

Administrative expenses

Administrative expenses comprise management charges levied by the company's immediate parent entity during the year in relation to overhead costs incurred. The amounts charged are proportional based on direct contract costs incurred.

 

Amounts charged include staff costs attributable to contracts undertaken by the company and a proportion of other directly attributable overhead costs in relation to overhead costs incurred.

1.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

 

Contract accounting ( see note 10)

The company applies its policies on turnover and long term contracts when recognising revenue and profit on partially completed contracts. The application of this policy requires judgements to be made in respect of the total expected costs to complete and the profit margin achievable on each contract. The company has in place established internal control estimated to ensure that the evaluation of costs and revenues is based upon appropriate estimates.

 

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Turnover generated from the UK
120,505,726
102,439,975
2023
2022
£
£
Turnover analysed by geographical market
UK Sales
120,505,726
102,439,975
JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 15 -
2023
2022
£
£
Other revenue
Interest income
271,930
50,958

The whole of the turnover is attributable to civil engineering contracting and consulting.

All turnover arose within the United Kingdom.

4
Operating profit

Audit and accountancy fees totalling £47,000 (2022 - £51,540) and tax fees totalling £2,100 (2022 - £1,730) during the year were borne by the company's immediate parent company and were recharged by way of a management charge.

5
Employees

The company has no employees other than the directors.

6
Management charges

During the year, management charges totalling £24,364,623 (2022 - £20,917,788) were recharged to the company by the company's immediate parent undertaking.

 

These management charges are broken down as follows:

    

2023
2022
£
£
Direct labour costs
1,258,161
1,148,960
Salaries and other direct overheads
14,695,191
12,621,865
Recharge of head office administrative costs
8,411,271
7,146,963
Total
24,364,623
20,917,788
No staff are employed directly by the company. Because staff are also deployed on other contracts for other group companies, no accurate split of the number of staff making up the above cost can be made for this company.
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
269,591
-
0
Interest receivable from group companies
2,339
50,958
Total income
271,930
50,958
JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,203,098
525,370
Adjustments in respect of prior periods
-
0
(39,121)
Other tax reliefs
-
0
172,452
Total current tax
1,203,098
658,701

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
5,126,327
3,672,746
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,205,712
697,822
Tax effect of expenses that are not deductible in determining taxable profit
1,376
-
0
Adjustments in respect of prior years
-
0
(39,121)
Group relief
(3,990)
-
0
Taxation charge for the year
1,203,098
658,701
9
Dividends
2023
2022
£
£
Final paid
2,750,000
2,000,000

The proposed final dividend for the year ended 31 December 2023 is:

2023
2022
Per share
Total
Total
£
£
£
Allotted, called up and fully paid 1 ordinary share
2,750,000.00
2,750,000
2,000,000
JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Gross amounts owed by contract customers
14,165,287
16,129,224
Amounts owed by group undertakings
1,248,374
3,465,020
Other debtors
2,612
-
0
15,416,273
19,594,244
2023
2022
Amounts falling due after more than one year:
£
£
Gross amounts owed by contract customers
843,708
280,730
Total debtors
16,259,981
19,874,974

Amounts recoverable on long term contracts includes some balances outstanding for periods of up to two years. Swift resolution of amounts recoverable on contracts occurs when contractual issues are simple and agreed by all parties. Long protracted resolutions occur when contractual disagreement arises on complex interpretation to additional works carried out, or additional costs incurred, and the relevant liability of all the various parties to the contract for these additional costs. Resolution occurs through a combination of negotiation, adjudication and legal action

11
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
2,999,426
1,805,843
Trade creditors
21,892,246
22,616,189
Amounts owed to group undertakings
10,451,068
8,915,300
Corporation tax
403,098
183,701
Other taxation and social security
68,414
98,496
Other creditors
233,333
6,247
36,047,585
33,625,776
12
Creditors: amounts falling due after more than one year
2023
2022
£
£
Trade creditors
352,829
554,674

Trade creditors relate to subcontractor retentions which do not fall due for payment until 1 January 2025 at the earliest.

JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Allotted, called up and fully paid 1 ordinary share of £1 each
1
1
1
1
14
Dividends

On 13th December 2023 the directors proposed and authorised a dividend of £2,750,000. The prior year dividend proposed of £2,000,000 was paid during the year.

15
Reserves

The company's reserves are as follows:

 

Called up share capital

Called up share capital represents the nominal value of the shares issued.

 

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

16
Financial commitments, guarantees and contingent liabilities

There is a contingent liability in respect of guarantees given by the company, in common with fellow subsidiaries, to its bankers for loan and overdraft facilities granted to the ultimate parent company, One Group Construction Limited and its subsidiaries.

 

At the year end other companies had gross overdrafts amounting to £11,940,789 (2022 - £11,442,982 ). The group has a right of set off between overdrafts and current account balances. At the year end other group companies had current account balances totaling £9,139,101 (2022 - £11,537,289 ) fully off­setting the gross overdraft balances when combined with the current account balance of the individual company.

 

 

17
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
6,972,578
12,428,502
-
-
Group undertakings
41,212
-
706,616
549,960
JACKSON FRAMEWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Related party transactions
(Continued)
- 19 -
2023
2022
Amounts due to related parties
£
£
Group undertakings
10,451,068
8,915,300

The balance owed to Jackson Civil Engineering Group Limited includes creditor of £4,274,396 (2022 - £3,816,635) in respect of the company's share of the group VAT liability, £2,750,000 in respect of dividends declared (2022 - £2,000,000) and £1,682,390 (2022 - £661,598) in respect of other amounts payable.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
1,248,374
3,465,020
Other information

During the year, the company paid management charges of £8,411,271 (2022 - £7,146,963 ) to its parent company, Jackson Civil Engineering Group Limited.

 

During the year, a dividend was proposed of £2,750,000 (2022 - £2,000,000) to its parent company, Jackson Civil Engineering Group Limited.

 

During the year, the company received interest of £2,339 (2022 - £50,958 ) from its parent company, SEH (Property and Administration) Limited.

18
Ultimate controlling party

The company is controlled by Jackson Civil Engineering Group Limited. The smallest group into which the accounts of the company are consolidated is the group headed by Jackson Civil Engineering Group Limited. The largest group into which the accounts of the company are consolidated into is headed by One Group Construction Limited, the company's ultimate parent undertaking and controlling party, which is registered in England and Wales. Copies of the consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office of One Group Construction Limited is 30 White House Road, Ipswich, Suffolk, IP1 5LT.

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