Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the strategic report for the year ended 31 December 2023.
JThirteen Limited and its subsidiaries (the ‘Group’) is a leading provider of commercial vehicles, catering to a diverse range of industries. Our mission is to deliver flexible, cost-effective, and reliable vehicle solutions that enable businesses to operate efficiently and sustainably.
Like many companies in the commercial vehicle industry, the year under review was met with numerous challenges. The global cost of living crisis and other influencing factors have significantly impacted the commercial vehicle sector, and the Group was no exception. The financial squeeze, particularly due to the sharp increase in interest rates in the UK, has exerted additional pressure on the market. This, coupled with inflationary pressures, has led to increased costs for vehicle procurement, with prices rising significantly since the start of the year. In response to these challenges, we took decisive action in the final quarter of 2023, writing down stock by £251,000 to facilitate the sale of vans and ensure we were not holding onto any stock at a loss. This proactive approach has helped us manage inventory efficiently and maintain our financial stability during these turbulent times. Despite numerous challenges, we are pleased to report a remarkable 130% increase in revenue. Operating profits have remained steady, even in the face of significant obstacles such as the stock write-downs. This strong financial performance provides a solid foundation for our future growth. Looking ahead, we are confident that our continued investment in technology, data analytics, and marketing will position us to maintain our leadership in the market. Specifically, our focus on harnessing the power of tools like PowerBI allows us to drive data-driven decision-making, enhance operational efficiency, and better serve our customers. Additionally, our strategic investments in marketing are set to strengthen our brand presence and expand our reach in the competitive landscape. These initiatives, coupled with our resilient financial performance, lay a robust foundation for sustained growth and success in the future.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group serves a diverse range of markets and effectively manages the inherent risks associated with each. Key external risks include general economic conditions, government policies, competitor actions, legislative impacts, credit and liquidity risk, and business continuity challenges. To identify these risks, the Group employs both top-down and bottom-up review approaches. Once identified, risks are evaluated based on their impact and probability, with each risk scored on a gross basis (before mitigation) and net basis (after mitigation). These scores are documented in a comprehensive risk register. The risk register is dynamic, evolving as new risks emerge and others diminish. It is continually reviewed in response to ongoing business activities. Mitigation action plans for each risk are monitored regularly to ensure effectiveness and prompt response to any changes. This structured approach ensures that the Group remains proactive in risk management, safeguarding its operations and supporting sustained growth.
Market and competition risk The Group manages risks related to economic conditions, government policies, and competition by delivering exceptional service to a broad and diverse customer base. The Group consistently monitors its market share, market conditions, and competitor performance to stay ahead of industry trends and challenges. With the financial strength derived from not carrying any external debt, The Group is well-positioned to seize opportunities and enhance its market presence. This strategic approach ensures the Group remains resilient, adaptable, and competitive in a constantly evolving market landscape. Credit Risk Credit risk represents the potential for financial loss if a customer or counterparty to a financial instrument fails to fulfil their contractual obligations. This risk primarily arises from the Group's receivables from customers. To manage credit risk, The Group employs robust operational management and credit control processes. These measures include thorough credit assessments, setting appropriate credit limits, and continuous monitoring of receivables to ensure timely collection and mitigate the risk of default. Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they come due. The Group's approach to managing liquidity involves ensuring, to the greatest extent possible, that sufficient liquidity is always available to meet liabilities on time, both under normal and stressed conditions, without incurring unacceptable losses or harming the Group’s reputation. This risk is managed by securing appropriate funding and maintaining robust cash flow forecasting and management practices to ensure liquidity needs are consistently met. Considering the effectiveness of our risk mitigation strategies, the Group's exposure to market, liquidity, and credit risk is well managed and maintained within acceptable thresholds.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The results for the year are set out in the Statement of Comprehensive Income on page 8, however the key performance indicators are:
Environmental Matters
Regarding the business strategy going forward, the Group recognises that it has a responsibility to consider concerns over the environment and their employees relating to climate change and ESG matters. The Board are currently in early discussions regarding a net zero plan but have not yet incorporated into their strategic plan currently in place.
Our methodology to calculate our greenhouse gas emissions is based on the Government's policy on Streamlined Energy and Carbon Reporting’ (SECR).
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Directors' Duties - Section 172 Statement
The directors are aware of their duty under Section 172(1) of the Companies Act 2006, to act in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: The likely consequence of any decision in the long term; The interests of the Group's employees; The need to foster the Group's business relationships with suppliers, customers and others; The impact of the Group's operations on the community and the environment' The desirability of the Group maintaining a reputation for high standards of business conduct: The need to act fairly as between members of the Group. The following disclosure describes how the directors have had regard to the matters set out in Section 172(1)(a) to (f) and forms the directors' statement under section 414CZA of the Companies Act 2006. Throughout the year, the Board has engaged with stakeholders through various channels, including: • Dialogue with employees through employee forums and regular updates. • Customer feedback mechanisms to understand their needs and expectations. • Collaboration with suppliers to maintain mutually beneficial relationships. • Compliance with regulatory requirements and engagement with relevant authorities. • Participation in community initiatives and support for local causes. Decision-Making Process In fulfilling their duties, the directors have considered the long-term consequences of their decisions, the interests of stakeholders, and the Group's reputation. Key considerations include: • Financial Performance: Balancing short-term financial goals with long-term sustainability and growth to ensure shareholder value. • Employee Well-being: Promoting a safe and inclusive workplace, fostering career development, and ensuring fair remuneration. • Customer Satisfaction: Delivering high-quality products and services that meet customer expectations while maintaining ethical standards. • Supplier Relationships: Engaging with suppliers to promote responsible sourcing practices and fair trade. • Environmental Impact: Mitigating environmental risks and promoting sustainability initiatives aligned with regulatory requirements. • Community Relations: Supporting local communities through responsible business practices and corporate social responsibility initiatives. The directors believe that by prioritising the interests of stakeholders and maintaining transparent and ethical business practices, the Group enhances its long-term success and sustainability. We are committed to continuing our engagement with stakeholders and fulfilling our duties under Section 172 to promote the success of the Group for the benefit of all stakeholders.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 17 October 2024 and signed on its behalf.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director who served during the year was:
The profit for the year, after taxation, amounted to £1,654,987 (2022 - £1,789,214).
Dividends of £115,253 (2022 - £154,468) have been distributed during the year ending 31 December 2023.
There have been no significant events affecting the Group since the year end.
In accordance with section 414C(11) of the Companies Act 2005 (Strategic and Directors' Report) Regulations 2013, the directors have opted to set out the following information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 within the Strategic Report: - Principal activities and locations - Future developments for the business - Financial risk management objectives and policies
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTHIRTEEN LIMITED
We have audited the financial statements of JThirteen Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTHIRTEEN LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTHIRTEEN LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. - Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness. - Reviewing accounting estimates for bias. - Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud. - Discussions with management over any potential or suspected fraud. - Performing audit work over the recognition of revenue on deliveries of goods/income/services occurring at the year end to provide assurance over cut-off. - Performing substantive tests of detail over the completeness/existence of income within the financial system.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
In the previous accounting period, the directors of the company took advantage of the audit exemption under section 477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to an audit.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTHIRTEEN LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Swansea
United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
REGISTERED NUMBER: 14627149
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.
The notes on pages 19 to 32 form part of these financial statements.
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
REGISTERED NUMBER: 14627149
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 32 form part of these financial statements.
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JThirteen Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 14627149 registered office is 68 Macrae Road Eden Office Park, Ham Green, Bristol, England.
The presentation currency of the financial statements is Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £
2.Accounting policies
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Comparatives in the company balance sheet are shown as NIL as the parent company was incorporated on 31 January 2023 and the individual financial statements of the parent company have been prepared for the period from 31 January 2023 to 31 December 2023.
On 31January 2023, the entire issued share capital of J13 Holdings Limited was acquired by Jthirteen Limited. The consideration payable in respect of this transaction was settled via a share for share exchange, whereby the ordinary shares in J13 Holdings Limited were exchanged for ordinary shares in Jthirteen Limited. The group reconstruction that took place on 31 January 2023 has been accounted for using merger accounting principles. Although the consolidated information presented in this report has been presented in the name of the parent undertaking Jthirteen Limited, it represents in substance a continuation of the financial information of J13 Holdings Limited and its subsidiaries. The following treatment has been applied in respect of the business combination. 1. The assets and liabilities of the legal subsidiary J13 Holdings Limited and its subsidiaries are recognized and measured in the consolidated financial information at their pre-combination carrying amounts without restatement to fair value. 2. The retained profit recognized in the consolidated financial information reflects the retained earnings of J13 Holdings Limited and its subsidiaries immediately before the business combination. However, the equity structure appearing in the financial information represents the equity structure of the legal parent Jthirteen Limited including the equity instruments issued to the shareholders of J13 Holdings Limited to effect the business combination. 3. Comparative financial information presented in the consolidated financial statements represents that reported for the legal subsidiary J13 Holdings Limited and its subsidiaries. The comparative information comprises the unaudited financial statements for the year ended 31 Dec 2023. The consolidated financial statements include the results of Jthirteen Limited and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. All subsidiary undertakings have the same year end as the company and apply common accounting principles in the preparation of their financial statements.
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs. Subsequently, the measurement of financial liabilities depends on their classification as follows: Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
Page 29
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 30
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 31
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JTHIRTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £22,275 (2022 - £8,874). Contributions totaling £8,302 (2022 - £3,194) were payable to the fund at the balance sheet date and are included in creditors.
The company has no employees and hence no pension scheme.
The company is under the control of C M Jakeways.
Page 32
|