REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Jaylow Supplies Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Jaylow Supplies Limited |
Jaylow Supplies Limited (Registered number: 00463864) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Energy and Greenhouse Gas Report forming part of the Report of the Directors |
6 |
Report of the Independent Auditors | 8 |
Statement of Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
Jaylow Supplies Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
5 North End Road |
London |
NW11 7RJ |
Jaylow Supplies Limited (Registered number: 00463864) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company remains that of electrical cable distributors. |
REVIEW OF BUSINESS |
Key financial and other performance indicators during the year were as follows:- |
2023 | 2022 |
Turnover | £165m | £162.6m |
Profit after Tax | £1m | £9.7m |
Gross Margin | 8.2% | 13.75% |
Shareholders Funds | £36.5m | £35.5m |
Shareholders funds increased due to the year's profits. |
The company's margin has decreased during the year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company possesses the required management expertise to monitor and manage risk. The principal risks and uncertainties facing the company are as follows: |
Economic Risks |
Any economic downturn is likely to lead to a reduction in the number of infrastructure projects as many companies prepare to consolidate and slowdown investment in the tougher economic climate. |
Price Risks |
Price risks arise on the company's product range due to changes in commodity prices. There is a management team dedicated to monitoring product prices to ensure exposure is limited. |
Financial Risks |
The company reduces its exposure to variability of foreign exchange rates by mostly buying and selling its product in the same currency. This limits the risk to any surplus which collects in foreign currency accounts. |
Credit risk |
A risk that one party will cause financial loss to another party by failing to discharge an obligation. It is the company's policy to minimise such losses by ensuring deferred terms are only granted to those customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. At the balance sheet date most of the trade debtors were within assigned terms. |
Liquidity risk |
The risk that the company will encounter difficulty in meeting its obligations associated with financial liabilities. |
Operational Risks |
The company manages this risk by providing value added services to its client, having fast response time not only in supplying the goods but also in handling customer queries and by maintaining strong relationship with customers. |
Jaylow Supplies Limited (Registered number: 00463864) |
Strategic Report |
for the Year Ended 31 December 2023 |
SECTION 172(1) STATEMENT |
The directors have always paid due regard to the effect of their actions on various stakeholders who have an interest in the business. Section 172 of the Companies Act requires us to report each year on the steps taken to fulfil these obligations towards our stakeholders. There are various parties who may be affected by the decisions made by the Board of Directors in the day to day running of the business and as such can be considered stakeholders. It is the responsibility of the board of directors to consider these interests in order to deliver the best possible outcome. |
Employees & Suppliers |
We actively engage with our suppliers and the employees who form an integral part of our operation and are considered key strategic partners. |
The company has a loyal team of employees, most of whom have been employed by us for many years. Their efforts are highly valued and the company seeks to offer an environment in which the employees can thrive.Training, pension and other benefits are offered. Health and safety and employee welfare are the key areas which management insist upon. |
Customers |
We focus on providing best experience to our customers and are always seeking ways to add value by investing in the future. |
We value the strategic relationships we have with our key customers who have been with us for a long period of time based on reliability and trust. |
GOING CONCERN |
The company is reliant on housebuilding for the sale of cable. During 2023, there was a 9% reduction in house building and this resulted in very difficult trading conditions during the year. |
As a result of the above, the company has taken a cautious approach in obtaining orders and mitigating risk where possible by forward planning with the supply chain and the customers. |
Furthermore, the directors believe that the strength of the company and its experience in the field along with the strong reputation and name will enable the company to move forward, particularly as successive governments have indicated house building as one of the prime concerns for the country, and proposed easing of planning restrictions. |
ON BEHALF OF THE BOARD: |
Jaylow Supplies Limited (Registered number: 00463864) |
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. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
CHARITABLE DONATIONS AND EXPENDITURE |
During the year, the company made charitable donations amounting to £1,040,520 (2022: £888,000) to various UK registered charities. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Jaylow Supplies Limited (Registered number: 00463864) |
Report of the Directors |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Jaylow Supplies Limited (Registered number: 00463864) |
Energy and Carbon Report |
forming part of the Report of the Directors |
for the Year Ended 31 December 2023 |
ENVIRONMENTAL ACTIONS STATEMENT |
The Jaylow Supplies Limited Board is committed to the continual improvement of good environmental practices within the business, especially those that result in carbon emissions. Activities such as monitoring and measuring our impacts, minimising energy and fuel consumption, minimising our resource use and implementing tight operational controls in our premises, will support our environmental and carbon reduction strategy and enhance the reputation of the company. |
UK ENERGY CONSUMPTION AND GREENHOUSE GAS DISCLOSURE |
The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires Jaylow Supplies Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources. |
Jaylow Supplies Ltd. have appointed Rachel Widdows Associates (Lead Verifier) to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’. The GHG emissions have been assessed following the ISO 14064-1:2018 standard and the 2023 emission conversion factors - ‘UK Government GHG Conversion Factors for Company Reporting’ have been used. Both the location-based and market-based approaches have been used for assessing Scope 2 emissions from electricity usage. Energy and GHG emissions are reported from buildings and transport where operational control is held –this includes electricity, LPG gas, and vehicle fuel. |
Table 1 details the regulated SECR energy and GHG emission sources for the current reporting year from 1st January 2023 to 31st December 2023. |
Jaylow Supplies Limited is committed to reducing its environmental impact and contribution to climate change. During the reporting year, we have assessed and measured our carbon footprint, and have set up data collation and reporting mechanisms for this going forward. Following our initial assessment of our carbon emissions in 2023; we will include some additional Scope 3 emissions to improve our reporting for the 2024 reporting period. |
2023 is our baseline year for monitoring and reporting on our energy usage and carbon emissions and therefore we will report on changes in the next reporting period. |
In the forthcoming reporting year, we plan to: |
- Continue to refine our carbon data quality and the Scope 3 emissions that are included in our carbon footprint, these include: |
Purchased Goods and Services |
- Conduct energy audits of our premises and identify areas of improvement for us to implement as part of our energy reduction strategy. |
- Start to consider our ‘Carbon Road Map’ to outline how we can work towards Net Zero by 2050, in line with current best practice |
Jaylow Supplies Limited (Registered number: 00463864) |
Energy and Carbon Report |
forming part of the Report of the Directors |
for the Year Ended 31 December 2023 |
TABLE 1 - SECR SUMMARY - 2023 |
Carbon(Tonnes CO2e) | SECR Data(kWh) | SECR Data(MWh) |
Gas - LPG | 20.64 | 96,314.40 | 96.31 |
Vehicle Fuel - Diesel | 10.22 | 42,755.84 | 42.76 |
Vehicle Fuel - Lubricant | - | 50.65 | 0.05 |
Scope 1 - Total | 31 | - | 139 |
Carbon(Tonnes CO2e) | SECR Data(kWh) | SECR Data(MWh) |
Electricity - Head Office | 31.39 | 91,228.70 | 91.23 |
Scope 2 - Total | 31 | - | 91 |
Carbon(Tonnes CO2e) | SECR Data(kWh) | SECR Data(MWh) |
Electricity - Head Office | 2 | - | - |
Scope 3 - Total | 2 | - | - |
Carbon(Tonnes CO2e) | SECR Data(kWh) | SECR Data(MWh) |
Total Emissions (All Scopes) | 64 | - | 230 |
Intensity Metric for the year is as follows: |
Turnover | £165m |
tCO2e per £m of turnover | 0.38 |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
Jaylow Supplies Limited |
Opinion |
We have audited the financial statements of Jaylow Supplies Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of 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 |
forming part of the Report of the Directors |
Jaylow Supplies 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 Statement of Directors' Responsibilities set out on page four, 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: |
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the |
financial statements. We discussed with management the extent of compliance with those laws and regulations as |
part of our audit procedures. |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial |
reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as |
part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in |
respect of these was limited to enquiry of the directors. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of |
non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of |
journal entries and other adjustments, assessing whether the judgements made in making accounting estimates |
are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are |
unusual or outside the normal course of business. |
- Our audit procedures were designed to identify and assess risks of material misstatement in the financial |
statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher |
than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, |
misrepresentations, or management override of controls. |
- There are inherent limitations in the audit procedures performed. Our responsibility is to conclude whether the |
financial statements represent the underlying financial position and activities of the company and to ensure that |
the overall content and presentation of the financial statements gives a fair view. |
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. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
Jaylow Supplies Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
5 North End Road |
London |
NW11 7RJ |
Jaylow Supplies Limited (Registered number: 00463864) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
10,800,863 | 9,563,973 |
OPERATING PROFIT | 6 |
Profit/loss on sale of |
tangible fixed assets | 8 |
2,793,282 | 12,791,031 |
Interest receivable and similar income |
2,824,867 | 12,821,780 |
Interest payable and similar expenses | 9 |
PROFIT BEFORE TAXATION |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Jaylow Supplies Limited (Registered number: 00463864) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
Jaylow Supplies Limited (Registered number: 00463864) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
Jaylow Supplies Limited (Registered number: 00463864) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
(25,404,353 |
) |
(29,261,839 |
) |
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
Jaylow Supplies Limited (Registered number: 00463864) |
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 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 1,499,524 | 822,217 |
Finance income | (31,585 | ) | (30,749 | ) |
2,817,651 | 12,818,304 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 252,046 | 368,124 |
Bank overdrafts | ( |
) | ( |
) |
(19,286,174 | ) | (25,404,353 | ) |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 368,124 | 218,573 |
Bank overdrafts | ( |
) | ( |
) |
(25,404,353 | ) | (29,261,839 | ) |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 368,124 | (116,078 | ) | 252,046 |
Bank overdrafts | (25,772,477 | ) | 6,234,257 | (19,538,220 | ) |
(25,404,353 | ) | (19,286,174 | ) |
Total | (25,404,353 | ) | 6,118,179 | (19,286,174 | ) |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Jaylow Supplies Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling (£) and figures are rounded to the nearest £1. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include: |
Trade debtors |
The majority of trade debtors are paid within the agreed conditions. Management makes judgements regarding recoverability of aged debtors using external evidence of the credit status of the counterparty and where necessary will impair the carrying values. |
Turnover |
Turnover represents the net value of electrical cable sold to customers excluding VAT. The net value takes into account trade discounts, settlement discounts and rebates. |
Revenue from sale of goods is recognised when significant risks & rewards of the ownership has been transferred to the buyer (on despatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Fixtures & fittings | - |
Stocks |
The principal raw material elements of stock are copper and PVC. Due to the fluctuating nature of copper and PVC markets the stock is stated at the lower of cost and selling price less estimated costs to sell. |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for as either debt instruments or financial liabilities, according to the contractual arrangements entered into. |
Basic financial instruments |
Debtors |
Trade and other debtors are recognised initially at transaction price and subsequently at amortised cost. |
Creditors |
Trade and other creditors are recognised initially at transaction price and subsequently at amortised cost. Other financial liabilities, including bank overdrafts, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
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. |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. |
Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on despatch of goods. |
Going concern |
The accounts have been prepared on the going concern basis. The directors consider that there are no material uncertainties regarding the company's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements. |
Provisions |
Provisions are recognised when there is a present obligation arising from past events, and the settlement of this obligation will result in an outflow of economic benefits from an entity. |
Provisions are recognised as a liability in the statement of financial position and the amount of 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 the profit or loss unless the provision was originally recognised as part of an asset. When the 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 in the finance costs in profit or loss in the period it arises. |
4. | 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 |
£ | £ |
United Kingdom |
5. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Administration | 33 | 33 |
Warehouse | 35 | 31 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
7. | AUDITORS' REMUNERATION |
31.12.23 | 31.12.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
25,000 |
23,000 |
Total audit fees | 25,000 | 23,000 |
Other non- audit services |
Total non-audit fees | 1,117 | - |
Total fees payable | 26,117 | 23,000 |
8. | EXCEPTIONAL ITEMS |
31.12.23 | 31.12.22 |
£ | £ |
Profit/loss on sale of |
tangible fixed assets |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank loan interest |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
deductible for tax purposes |
Depreciation and loss on disposal for the period in excess of capital allowances | 8,544 |
(426 |
) |
in previous years |
Total tax charge | 320,000 | 2,279,491 |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Fixtures & |
machinery | vehicles | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Finished goods and goods for |
resale |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors | 2,051,193 | 2,051,193 |
Directors' current accounts | 4,215 | 4,215 |
Prepayments & Accrued Income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 4,151,814 | 4,795,283 |
Accrued expenses |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The above relates to a lease for land and buildings and leases for vehicles and forklifts. The lease for land and buildings was renewed on 30 September 2020 for 10 years. Rent is paid on a quarterly basis and is charged to the profit and loss account on a straight-line basis over the lease term. |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank overdrafts |
Bank facilities are secured by a debenture, fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
"A" Ordinary Shares | £1 | 25,000 | 25,000 |
"B" Ordinary Shares | £1 | 1,000 | 1,000 |
26,000 | 26,000 |
Jaylow Supplies Limited (Registered number: 00463864) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
20. | RELATED PARTY DISCLOSURES |
Mr M Lobenstein is also a director of Margstein Property Ltd, Bridgeholt Ltd, Blackfair Ltd and Belljoe Tzedoko Ltd. |
As at the balance sheet date, the balance owing from Margstein Property Ltd was £70,993 (2022: £70,993). The amount is interest free and repayable on demand. |
As at the balance sheet date, the balance owing from Bridgeholt Ltd was £1,698,520 (2022: £1,698,520). The amount is interest free and repayable on demand. |
As at the balance sheet date, the balance owing from Blackfair Ltd was £210,000 (2022: £210,000). The amount is interest free and repayable on demand. |
Belljoe Tzedoko Ltd is a charitable company which owns the warehouse used by Jaylow Supplies Limited. During the year, the company paid rent for the warehouse, at market rate, of £ 625,000 (2022: £550,000). |
21. | ULTIMATE CONTROLLING PARTY |
There is no controlling party in this company. |
The persons with significant control at the year end are: |
Mrs B Lobenstein - holds 25-50% of the Share Capital |
Mr M Lobenstein - holds 25-50% of the Share Capital |
22. | FINANCIAL INSTRUMENTS |
2023 | 2022 |
£ | £ |
Financial assets measured at amortized cost | 45,012,384 | 48,577,983 |
Financial liabilities measured at amortized cost | 22,500,301 | 29,369,428 |
Financial assets measured at amortized cost are comprised of trade debtors of £42,704,930 (2022: £46,154,451) and other debtors of £2,055,408 (2022: £2,055,408) |
Financial liabilities measured at amortized cost are comprised of short term bank loans and overdrafts of £19,538,220 (2022: £25,772,477), trade creditors of £1,103,351 (2022: £2,118,251) and other creditors of £1,858,730 (2022: £1,478,700). During the year, the company paid interest amounting to £1,467,939 (2022: £822,217) on the short term bank loan. |