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COMPANY REGISTRATION NUMBER: 05803118
JAGA BROTHERS TRANSPORT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
JAGA BROTHERS TRANSPORT LIMITED
FINANCIAL STATEMENTS
Year ended 31 May 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
JAGA BROTHERS TRANSPORT LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
3,877,690
3,156,719
CURRENT ASSETS
Stocks
25,100
23,250
Debtors
6
1,166,974
1,880,267
Cash at bank and in hand
263,017
90,056
------------
------------
1,455,091
1,993,573
CREDITORS: amounts falling due within one year
7
( 2,312,923)
( 2,453,357)
------------
------------
NET CURRENT LIABILITIES
( 857,832)
( 459,784)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,019,858
2,696,935
CREDITORS: amounts falling due after more than one year
8
( 1,157,744)
( 925,013)
PROVISIONS
( 596,936)
( 594,457)
------------
------------
NET ASSETS
1,265,178
1,177,465
------------
------------
CAPITAL AND RESERVES
Called up share capital
4
4
Revaluation reserve
177,196
177,196
Profit and loss account
1,087,978
1,000,265
------------
------------
SHAREHOLDERS FUNDS
1,265,178
1,177,465
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JAGA BROTHERS TRANSPORT LIMITED
BALANCE SHEET (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr J E Hill
Director
Company registration number: 05803118
JAGA BROTHERS TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 May 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gwent Euro Park, Greenmoor Arch Way, Magor, Newport, NP26 3GA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
0 - 10% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 46 (2022: 44 ).
5. TANGIBLE ASSETS
Freehold land
Land and buildings
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Jun 2022
515,000
31,779
3,911,154
4,457,933
Additions
185,750
42,123
998,408
1,226,281
Disposals
( 240,858)
( 240,858)
Transfers
(515,000)
515,000
---------
---------
--------
------------
---------
------------
At 31 May 2023
185,750
73,902
4,668,704
515,000
5,443,356
---------
---------
--------
------------
---------
------------
Depreciation
At 1 Jun 2022
22,850
1,278,364
1,301,214
Charge for the year
4,917
5,179
388,729
398,825
Disposals
( 134,373)
( 134,373)
---------
---------
--------
------------
---------
------------
At 31 May 2023
4,917
28,029
1,532,720
1,565,666
---------
---------
--------
------------
---------
------------
Carrying amount
At 31 May 2023
180,833
45,873
3,135,984
515,000
3,877,690
---------
---------
--------
------------
---------
------------
At 31 May 2022
515,000
8,929
2,632,790
3,156,719
---------
---------
--------
------------
---------
------------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold land
Investment property
Total
£
£
£
At 31 May 2023
Aggregate cost
337,804
337,804
Aggregate depreciation
---------
---------
------------
Carrying value
337,804
337,804
---------
---------
------------
At 31 May 2022
Aggregate cost
337,804
337,804
Aggregate depreciation
---------
----
---------
Carrying value
337,804
337,804
---------
----
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Land and buildings
Motor vehicles
Total
£
£
£
At 31 May 2023
141,499
2,620,854
2,762,353
---------
------------
------------
At 31 May 2022
2,051,305
2,051,305
---------
------------
------------
6. DEBTORS
2023
2022
£
£
Trade debtors
944,745
1,679,434
Other debtors
222,229
200,833
------------
------------
1,166,974
1,880,267
------------
------------
Trade debtors of £Nil (2022 - £787,579) are pledged as security for the company's trade finance agreement.
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,001
11,496
Trade creditors
579,906
665,981
Corporation tax
742
56,929
Social security and other taxes
160,246
212,410
Trade finance agreements
787,579
Other creditors
1,562,028
718,962
------------
------------
2,312,923
2,453,357
------------
------------
The balance for trade finance agreements of £Nil (2022 - £787,579) is secured upon the book debts of the company. Included within other creditors due within one year is £648,322 (2022 - £605,977) in relation to finance leases and hire purchase contracts. These balances are secured against the assets they relate to.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
84,426
92,932
Other creditors
1,073,318
832,081
------------
---------
1,157,744
925,013
------------
---------
Included within other creditors due after more than one year is £1,073,318 (2022 - £832,081) in relation to finance leases and hire purchase contracts. These balances are secured against the assets they relate to.
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included in other creditors/(debtors) due within one year is the following balance due to/(from) the directors:
2023 2022
£ £
Directors' Loan accounts 207,125 (155,684)
--------- ---------
The loans are interest free and repayable on demand. In respect of the loan accounts, the following transactions took place:
£
Opening balance (155,684)
Amounts drawn (406,583)
Amounts introduced 769,392
Closing balance 207,125
10. RELATED PARTY TRANSACTIONS
Included within other creditors is £657,897 (2022 - £78,500) due to parties where the directors have participating interests.