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Registered number: 14627149










JTHIRTEEN LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JTHIRTEEN LIMITED
 
 
COMPANY INFORMATION


Director
Christopher Mark Jakeways 




Registered number
14627149



Registered office
68 Macrae Road Eden Office Park
Ham Green

Bristol

BS20 0DD




Independent auditors
MHA

Chartered Accountants and Statutory Auditor

MHA House

Charter Court

Swansea Enterprise Park

Swansea

SA7 9FS





 
JTHIRTEEN LIMITED
 

CONTENTS



Page
Group strategic report
1 - 5
Director's report
6 - 7
Independent auditors' report
8 - 11
Consolidated statement of comprehensive income
12
Consolidated balance sheet
13
Company balance sheet
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 32


 
JTHIRTEEN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Business review
 
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

Principal risks and uncertainties

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

Key performance indicators
 
The results for the year are set out in the Statement of Comprehensive Income on page 8, however the key performance indicators are:

2023
UNAUDITED
2022
      £000
      £000

Revenue

109,393

47,642

Gross profit

7,398

4,347

Gross profit margin %

7

9

Net current assets

4,392

2,871

Net assets

4,493

2,954


Energy and carbon reporting

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. 

Energy and Emissions Reporting

Our methodology to calculate our greenhouse gas emissions is based on the Government's policy on Streamlined Energy and Carbon Reporting’ (SECR).

2023
         
Total Energy Consumption – Used for Emissions Calculation (kWh)


129,363

Oil & Gas combustions, Scope 1 (tCO2e)

-

Purchased Electricity Emissions, Scope 2 (tCO2e)

14

Vehicle Fuel Combustion Emissions, Scope 1 (Tc02e)

-

Vehicle Fuel Combustion Emissions, Scope 3 (Tco2e)


14

Total Gross Reported Emissions (TC02e)


28

Turnover (£m)

109

Intensity Ratio: Turnover (tCO2e)

3.9


As this is the first year of reporting there is no requirement to disclose information for the previous year.

Page 3

 
JTHIRTEEN LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Director's statement of compliance with duty to promote the success of the Group
 
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.



Christopher Mark Jakeways
Director

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.

Director

The director who served during the year was:

Christopher Mark Jakeways (appointed 31 January 2023) 

Results and dividends

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.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Matters covered in the Group strategic report

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

Director's responsibilities statement

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.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006He 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.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 October 2024 and signed on its behalf.
 





Christopher Mark Jakeways
Director

Page 7

 
JTHIRTEEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTHIRTEEN LIMITED
 

Opinion


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 policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 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.


Conclusions relating to going concern


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)


Other information


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 ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's responsibilities statement set out on page 7, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
JTHIRTEEN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JTHIRTEEN LIMITED (CONTINUED)


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 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.


Other matters 
 

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)


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 2006Our 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.





Brian Garland BA ACA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Swansea
United Kingdom

17 October 2024
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

2023
UNAUDITED
2022
Note
£000
£000

  

Turnover
 4 
109,393
47,642

Cost of sales
  
(101,995)
(43,295)

Gross profit
  
7,398
4,347

Administrative expenses
  
(5,150)
(2,071)

Operating profit
  
2,248
2,276

Interest receivable and similar income
 8 
23
-

Interest payable and similar expenses
 9 
(61)
-

Profit before taxation
  
2,210
2,276

Tax on profit
 10 
(556)
(487)

Profit for the financial year
  
1,654
1,789

  

Total comprehensive income for the year
  
1,654
1,789

Profit for the year attributable to:
  

Non-controlling interests
  
891
840

Owners of the parent Company
  
763
949

  
1,654
1,789

The notes on pages 19 to 32 form part of these financial statements.

Page 12

 
JTHIRTEEN LIMITED
REGISTERED NUMBER: 14627149

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
UNAUDITED
2022
Note
£000
£000

Fixed assets
  

Tangible assets
  
132
101

  
132
101

Current assets
  

Stocks
  
11,574
5,636

Debtors: amounts falling due within one year
 14 
5,767
4,787

Cash at bank and in hand
 15 
1,310
1,054

  
18,651
11,477

Creditors: amounts falling due within one year
 16 
(14,259)
(8,606)

Net current assets
  
 
 
4,392
 
 
2,871

Total assets less current liabilities
  
4,524
2,972

Provisions for liabilities
  

Deferred taxation
  
(31)
(18)

  
 
 
(31)
 
 
(18)

Net assets
  
4,493
2,954


Capital and reserves
  

Profit and loss account
  
2,085
1,437

Equity attributable to owners of the parent Company
  
2,085
1,437

Non-controlling interests
  
2,408
1,517

  
4,493
2,954


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.




Christopher Mark Jakeways
Director

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

2023
UNAUDITED
Note
£000
£000

  

Current assets
  

Debtors: amounts falling due within one year
 14 
1,021
-

Cash at bank and in hand
 15 
406
-

  
1,427
-

Creditors: amounts falling due within one year
 16 
(1,385)
-

Net current assets
  
 
 
42
 
 
-

Total assets less current liabilities
  
42
-

  

  

Net assets
  
42
-


Capital and reserves
  

Profit for the year
  
80
-

Other changes in the profit and loss account

  

(38)
-

Profit and loss account carried forward
  
42
-

  
42
-


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.


Christopher Mark Jakeways
Director

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


Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£000
£000
£000
£000


At 1 January 2022 UNAUDITED
642
642
677
1,319



Profit for the year
949
949
-
949

Profit attributable to non-controlling interests
-
-
840
840

Dividends: Equity capital
(154)
(154)
-
(154)



At 1 January 2023 UNAUDITED
1,437
1,437
1,517
2,954



Profit for the year
763
763
-
763

Profit attributable to non-controlling interests
-
-
891
891

Dividends: Equity capital
(115)
(115)
-
(115)


At 31 December 2023
2,085
2,085
2,408
4,493


The notes on pages 19 to 32 form part of these financial statements.

Page 15

 
JTHIRTEEN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Profit and loss account
Total equity

£000
£000




Profit for the year
80
80

Dividends: Equity capital
(38)
(38)


At 31 December 2023
42
42


The notes on pages 19 to 32 form part of these financial statements.

Page 16

 
JTHIRTEEN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
UNAUDITED
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
2,210
2,276

Adjustments for:

Depreciation of tangible assets
58
15

(Increase) in stocks
(9,907)
(1,236)

(Increase) in debtors
(980)
(3,865)

Increase in creditors
9,953
2,647

Corporation tax (paid)
(874)
(266)

Net cash generated from operating activities

460
(429)


Cash flows from investing activities

Purchase of tangible fixed assets
(89)
(86)

Net cash from investing activities

(89)
(86)

Cash flows from financing activities

Dividends paid
(115)
(154)

Net cash used in financing activities
(115)
(154)

Net increase/(decrease) in cash and cash equivalents
256
(669)

Cash and cash equivalents at beginning of year
1,054
1,723

Cash and cash equivalents at the end of year
1,310
1,054


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,310
1,054

1,310
1,054


The notes on pages 19 to 32 form part of these financial statements.

Page 17

 
JTHIRTEEN LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
UNAUDITED
Cash flows
At 31 December 2023
£000

£000

£000

Cash at bank and in hand

1,054

256

1,310

Debt due within 1 year

(149)

141

(8)


905
397
1,302

The notes on pages 19 to 32 form part of these financial statements.

Page 18

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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)

  
2.2

Basis of consolidation

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)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 22

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial liabilities

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:

Derecognition of financial liabilities

A liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
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.

 
2.16

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 at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
UNAUDITED
2022
£000
£000

Sales of vehicles
107,705
46,749

Finance commission
1,688
893

109,393
47,642


All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
UNAUDITED
2022
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
36
-

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
3
-

All taxation advisory services not included above
4
-

All non-audit services not included above
3
-

Page 25

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
UNAUDITED
2023
2022
UNAUDITED
£000
£000
£000
£000


Wages and salaries
2,852
1,211
-
-

Social security costs
306
141
-
-

Cost of defined contribution scheme
22
49
-
-

3,180
1,401
-
-


The average monthly number of employees, including directors, during the year was 58 (2022 - 23).
The company has no employees.


7.


Director's remuneration

Director's remuneration consisted of salary of £13,000 (2022: £12,000) and company contributions to defined contribution pension schemes of £Nil (2022: £40,000).



During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.
 


8.


Interest receivable

2023
UNAUDITED
2022
£000
£000


Other interest receivable
23
-

23
-

Page 26

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
UNAUDITED
2022
£000
£000


Other interest payable
61
-

61
-


10.


Taxation


2023
UNAUDITED
2022
£000
£000

Corporation tax


Current tax on profits for the year
556
487


Total current tax
556
487


Tax on profit
556
487

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
UNAUDITED
2022
£000
£000


Profit on ordinary activities before tax
2,210
2,276


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
520
432

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
31
4

Capital allowances for year in excess of depreciation
(1)
18

Adjustments to tax charge in respect of prior periods
(1)
-

Other timing differences leading to an increase (decrease) in taxation
7
33

Total tax charge for the year
556
487

Page 27

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
14
30
51
60
155


Additions
4
19
18
48
89



At 31 December 2023

18
49
69
108
244



Depreciation


At 1 January 2023
2
1
26
24
53


Charge for the year on owned assets
4
23
12
20
59



At 31 December 2023

6
24
38
44
112



Net book value



At 31 December 2023
12
25
31
64
132



At 31 December 2022 UNAUDITED
11
29
25
36
101


12.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

J13 Holdings Limited
Ordinary
75%
Vehicle Holdings Limited
Ordinary
75%
Vanaways UK Limited
Ordinary
73%

The registered office address for each of these subsidiaries is 68 Macrae Road, Eden Office Park, Ham Green, Bristol BS20 0DD.

Page 28

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£000
£000

J13 Holdings Limited
668
-

Vehicle Holdings Limited
715
-

Vanaways UK Limited
3,070
1,654


13.


Stocks

Group
Group
2023
2022
UNAUDITED
£000
£000

Finished goods and goods for resale
11,574
5,636

11,574
5,636


The carrying value of stocks are stated net of provision totaling £0 (2022 - £0 ). Stock write-offs during the period amounted to £251,000 (2022 - £0 ).


14.


Debtors

Group
Group
Company
Company
2023
2022
UNAUDITED
2023
2022
UNAUDITED
£000
£000
£000
£000


Trade debtors
5,486
4,490
-
-

Amounts owed by group undertakings
1
-
1,000
-

Other debtors
256
235
21
-

Prepayments and accrued income
24
62
-
-

5,767
4,787
1,021
-


Page 29

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
UNAUDITED
2023
2022
UNAUDITED
£000
£000
£000
£000

Cash at bank and in hand
1,310
1,054
406
-

1,310
1,054
406
-



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
UNAUDITED
2023
2022
UNAUDITED
£000
£000
£000
£000

Payments received on account
347
246
-
-

Trade creditors
1,960
1,488
-
-

Amounts owed to group undertakings
1,048
-
1,385
-

Corporation tax
143
474
-
-

Other taxation and social security
101
249
-
-

Other creditors
24
1,574
-
-

Accruals and deferred income
10,636
4,575
-
-

14,259
8,606
1,385
-


Amounts owed to group undertakings are unsecured with an interest rate of 7% and no fixed terms for repayment.

Page 30

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Deferred taxation


Group



2023


£000






At beginning of year
(18)


Charged to profit or loss
(13)



At end of year
(31)

Company


2023






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
UNAUDITED
£000
£000

Accelerated capital allowances
(31)
(18)

(31)
(18)


18.


Share capital

2023
UNAUDITED
2022
£000
£000
Allotted, called up and fully paid



75 (2022 - ) A shares of £1.00 each
-
-
25 (2022 - ) B shares of £1.00 each
-
-

-

-


Page 31

 
JTHIRTEEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Pension commitments

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.


20.


Controlling party

The company is under the control of C M Jakeways.

Page 32