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Company registration number:
05082587
JP&S Servicess Limited
Financial statements
31 January 2024
JP&S Servicess Limited
Contents
Director and other information
Strategic report
Director's report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
JP&S Servicess Limited
Directors and other information
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Director |
Mr V Yoganathan |
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Secretary |
Mrs J Yoganathan |
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Company number |
05082587 |
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Registered office |
797 Harrow Road |
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Sudbury Town |
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Wembley |
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HA0 2LP |
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Business address |
875 Harrow Road |
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London |
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NW10 5NG |
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Auditor |
King & King |
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Chartered Accountants |
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65-67 Wembley Hill Road |
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Wembley |
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Middlesex |
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HA9 8DP |
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Accountants |
Accountancy Solutions |
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797 Harrow Road |
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Sudbury Town |
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Wembley |
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HA0 2LP |
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Bankers |
Barclays Bank |
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1st Floor, Acorn House |
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36-38 Park Royal Road |
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London |
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NW10 7JA |
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JP&S Servicess Limited
Strategic report
Year ended 31 January 2024
Principal Activity and Business Review
The principal activity of the company continues to be that of operating petrol service stations with convenience stores.
The performance of the company, the state of affairs at the balance sheet date and the future prospects are considered to be satisfactory. The company's turnover for the year increased by 1% to £87,417,091 (2023: £86,499,340). Gross profit margin for the year remained at 12% (2023: 12%). Capital investment of £511,377 (2023: £273,364) was incurred on refurbishment and updating new and existing properties and equipment. The administrative expenses increased by 26%, due to inflation and growth. All refurbished sites became fully operational by the year end, which is expected to increase future turnover. At the Balance sheet date the net assets of the company increased to £11,268,617 (2023: £8,653,355).
The director reviews the business strategy on an ongoing basis to address the key business risks and to secure the company's business. This ensures steady growth over the financial years.
Future developments
The company continually reviews its strategy and business models to sustain and improve profitability and growth. This is achieved by refining the business model to enhance customer care, profit margins,and resource efficiency. The company strives to improve the offering in each branch by maintaining good relationship with the key suppliers.
Principal Risk and Uncertainties
The principal risks and uncertainties facing the company are environmental risks, general economic conditions and increased competition. The environmental risk facing the company is general hydro carbon pollution associated with the petroleum forecourts. The director has taken steps to minimise this risk by employing external environmental specialist to continuously monitor and report such risks. The company also regularly maintains the fuel storage and dispensing equipment to very high standards to mitigate risks. The company operates in challenging conditions due to increased competition from supermarkets, weak economic condition, weaker pound and increased price of fuel and cost of the goods sold. The company addresses these risks by negotiating better prices with its fuel suppliers, sourcing products competitively from wholesalers, obtaining bulk buying discounts, and regularly reviewing selling prices and margins.
Financial risk management objectives and policies
The company is exposed to financial risks arising from its normal business activities. Company's policies on financial risk management are implemented by its director. The main risks and the companies approach to dealing with these risks is as follows:
Price risk
The price risk is the potential exposure of the company to the volatility in wholesale oil prices. The company manages this risk by negotiating a volume based supply agreement with fixed margins and closely monitoring the wholesale oil prices before placing purchase orders.
Credit risk
Credit risk is the potential exposure of the company to loss in the event of non-performance by a counterpart. The company is not exposed to credit risk.
Liquidity risk
Liquidity risk is the risk that insufficient working capital will be generated by the company's business activities and in this event suitable sources of funding may not be available. The company mitigates this risk by exercising effective credit management and negotiating favourable terms with its suppliers.
Cash flow risk
The company finances its operations from its reserves. Short term cash flow need is monitored on a daily and weekly basis to ensure commitments are met on a timely basis. Longer term cash flow risk is mitigated by strategically negotiating competitive interest rate at fixed margins.
Key performance indicators ("KPIs")
The director uses financial and non-financial performance indicators to monitor and control performance of the company and to manage the risks. These indicators are regularly reviewed to ensure that they remain appropriate and relevant to monitor the challenges, complexities and improvements in the business. An analysis using KPIs for an understanding of the development, performance and position of the business has been prepared. Due to commercial sensitivity these are not disclosed in the accounts. In any event the director is of the opinion that underlying financial statements would enable key financial KPI's to be evaluated. An indication of key performance indicators used by the director is as follows:
- Gross profit margins of fuel and shop sales for each branch compared to expectations set by the director
- Fuel volume and shop sales monitored against the budgets
- Regular qualitative assessment reports prepared by external specialist are used to monitor the quality of the
service offered at each branch
Section 172(1) Statement
The director is required to explain how they consider the interests of key stakeholders, and the broader matters set out in section 172(1) (A) to (F) of the companies Act 2006 ('S172'), when performing their duty to promote the success of the company. The section 172 statement explains who the company's stakeholder groups are and their material issues and how the director engage with them on principal decisions taken by the company during the financial year. The S172 statement focuses on matters of strategic importance and the level of information disclosed is consistent with the size and the complexity of the business. The objective of the director is aligned with the expectations of our employees, customers, suppliers, shareholders, communities and society.
Employees
The health, safety and well-being of the people is one of the primary priorities in the way company conducts its business. The company pays above average market salary to retain high calibre staff and maintain low staff turnover. For the business to succeed company manages the employees performances ensuring it operates as efficiently as possible. All employees complete business conduct training relevant to their specific roles, which are refreshed periodically. The employees with the aptitude for challenges are selected for further training for growth and higher responsibilities.
Business Relationships (Customers and Suppliers)
Retaining existing customers and obtaining new customers is a key objective in delivering high standards of service. Company works on developing its customer relationships, continuously reviewing and enhancing customer experience and product offerings at each site. At the same time the company works closely with suppliers to optimise its supply chain and implement efficient processes. The company maintains strong relationships with its key suppliers, ensuring that they are paid within the pre agreed credit terms.
Fairness
The director understands the need to act fairly between the members of the company and believe that his actions as a director should lead to responsible behaviour towards all members and treat them fairly and equally, therefore they also benefit from the successful delivery of the company's strategic goals.
Environment and communities
The company operates in a regulated oil sector. To ensure its impact on the environment and the community is as innocuous as possible, the company closely monitors any fuel loss, using complex electronic monitoring systems and ensures all equipment and storage facilities are well maintained updated regularly. Also, the company works closely with its suppliers to cut down on waste and reduce the amount of unnecessary packaging.
This report was approved by the board of directors on 29 October 2024 and signed on behalf of the board by:
Mr V Yoganathan
Director
JP&S Servicess Limited
Director's report
Year ended 31 January 2024
The director presents his report and the financial statements of the company for the year ended 31 January 2024.
Incorporation
JP & S Servicess Limited is a company limited by shares, incorporated in England and Wales. Its registered office is 797, Harrow Road, Sudbury Town, Wembley HA0 2LP.
Director
The director who served the company during the year was as follows:
Dividends
Details of dividends are set out in the note 12 to the financial statement.
Greenhouse gas emissions and energy consumption
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Unit |
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2024 |
Emissions resulting from activities for which the company is responsible |
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tCO2e |
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42 |
Emissions resulting from the purchase of electricity by the company |
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for its own use |
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tCO2e |
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260 |
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Total emissions |
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tCO2e |
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302 |
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Total energy consumed |
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kWh |
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1,413,552 |
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Total tCO2e per £M Turnover |
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Total tCO2e per £M Turnover |
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3.47 |
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_______ |
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Methodologies for energy and emissions calculations
The table above summarises the GHG emissions for reporting year: 1st February 2023 - 31st January 2024. This is the first year company has assessed its emissions, and this will set the baseline for future assessments.
The company appointed Carbon Footprint Ltd, a leading carbon and energy management company, 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 has used the 2023 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the GHG Protocol reporting both location and market-based emissions for Scope 2 electricity usage. The operational control approach has been used.
Principal measures taken to increase energy efficiency
As well as ensuring all new electricity contracts are from renewable energy, the company's continued programme to convert old lighting system to new energy efficient LED Lights and sensors for the non retail areas, adding doors to all chillers, replacing the old condensers to new energy efficient units and modernising the equipments will reduce the overall electricity usage.
Despite the delay to the mandatory timeline for EV adaptation to 2035, the company is planning to roll out new EV charging stations on the fourcourts where feasible. First charging station is planned for installation in 2025.
Events after the end of the reporting period
Particulars of events after the reporting period are detailed in note 28 to the financial statements.
Disclosure of information in the strategic report.
Director s required to prepare "Strategic report" under section 414a of Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013. Under this law directors have prepared the strategic report for the company. The directors have chosen to present the business review, future development and the principal risk and uncertainties in the strategic report.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
29 October 2024
and signed on behalf of the board by:
Mr V Yoganathan
Director
JP&S Servicess Limited
Independent auditor's report to the members of
JP&S Servicess Limited
Year ended 31 January 2024
Opinion
We have audited the financial statements of JP&S Servicess Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and 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 FRS 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 January 2024 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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
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the information given in the 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
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the strategic report and the director's report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. 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 the 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, 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 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 company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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:
Fraud and breaches of laws and regulations and ability to detect Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the petroleum licenses, environment protection, food safety and safety at workplace, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, direct and indirect taxes. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to financial reporting fraud and misappropriation of assets facilitated through the posting of fraudulent journal entries. Audit procedures performed by the engagement team included: - made enquiries with the directors to determine if there were any discussions involving actual frauds or alleged frauds, or non-compliance with laws and regulations. - performing inquiries of management to determine if they were aware of any actual frauds, alleged frauds or non-compliance with laws or regulations. - performing testing of journal entries using a risk-based criteria to determine if any unusual journal entries had been posted that would have had the impact of overstating turnover or concealing the misappropriation of cash at bank and in hand; and - obtaining third party confirmation of bank balances. - documenting and verifying all significant related party transaction. - reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve deliberate concealment by, for example, forgery or Intentional misrepresentations, or through collusion. 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 auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
Mr R Patel
(Senior Statutory Auditor)
For and on behalf of
King & King
Chartered Accountants and Statutory Auditors
65-67 Wembley Hill Road
Wembley
Middlesex
HA9 8DP
29 October 2024
JP&S Servicess Limited
Statement of income and retained earnings
Year ended 31 January 2024
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|
2024 |
|
2023 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
87,417,091 |
|
86,499,340 |
|
|
Cost of sales |
|
|
|
(
76,835,286) |
|
(
76,105,069) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
10,581,805 |
|
10,394,271 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
6,636,219) |
|
(
5,262,908) |
|
|
Other operating income |
|
5 |
|
197,197 |
|
198,799 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
6 |
|
4,142,783 |
|
5,330,162 |
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income |
|
9 |
|
45,346 |
|
3,228 |
|
|
Interest payable and similar expenses |
|
10 |
|
(
280,320) |
|
(
213,380) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit before taxation |
|
|
|
3,907,809 |
|
5,120,010 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
11 |
|
(
1,042,546) |
|
(
1,130,326) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year and total comprehensive income |
|
|
|
2,865,263 |
|
3,989,684 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared and paid or payable during the year |
|
12 |
|
(
250,000) |
|
(
250,000) |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
8,653,255 |
|
4,913,571 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Retained earnings at the end of the year |
|
|
|
11,268,518 |
|
8,653,255 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
JP&S Servicess Limited
Statement of financial position
31 January 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
13 |
660,714 |
|
|
|
901,428 |
|
|
Tangible assets |
|
14 |
9,385,060 |
|
|
|
9,548,267 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
10,045,774 |
|
|
|
10,449,695 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
15 |
1,575,444 |
|
|
|
1,530,927 |
|
|
Debtors |
|
16 |
5,438,120 |
|
|
|
1,562,862 |
|
|
Cash at bank and in hand |
|
|
6,058,798 |
|
|
|
8,193,789 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
13,072,362 |
|
|
|
11,287,578 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
17 |
(
9,759,529) |
|
|
|
(
8,678,110) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
3,312,833 |
|
|
|
2,609,468 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
13,358,607 |
|
|
|
13,059,163 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
18 |
|
|
(
1,681,325) |
|
|
|
(
4,003,826) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
20 |
|
|
(
408,664) |
|
|
|
(
401,982) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
11,268,618 |
|
|
|
8,653,355 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
23 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
24 |
|
|
11,268,518 |
|
|
|
8,653,255 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
11,268,618 |
|
|
|
8,653,355 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2024
, and are signed on behalf of the board by:
Mr V Yoganathan
Director
Company registration number:
05082587
JP&S Servicess Limited
Statement of cash flows
Year ended 31 January 2024
|
|
2024 |
|
2023 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
2,865,263 |
|
3,989,684 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
674,584 |
|
707,072 |
|
Amortisation of intangible assets |
|
240,714 |
|
285,186 |
|
Other interest receivable and similar income |
|
(
45,346) |
|
(
3,228) |
|
Interest payable and similar expenses |
|
280,320 |
|
213,380 |
|
Gain/(loss) on disposal of tangible assets |
|
- |
|
24,046 |
|
Tax on profit |
|
1,042,546 |
|
1,130,326 |
|
Accrued expenses/(income) |
|
(
49,755) |
|
62,552 |
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Stocks |
|
(
44,517) |
|
38,120 |
|
Trade and other debtors |
|
(
3,875,258) |
|
(
614,561) |
|
Trade and other creditors |
|
1,036,218 |
|
1,490,397 |
|
|
|
_______ |
|
_______ |
|
Cash generated from operations |
|
2,124,769 |
|
7,322,974 |
|
|
|
|
|
|
|
Interest paid |
|
(
280,320) |
|
(
213,380) |
|
Interest received |
|
45,346 |
|
3,228 |
|
Tax paid |
|
(
1,396,384) |
|
(
682,673) |
|
|
|
_______ |
|
_______ |
|
Net cash from operating activities |
|
493,411 |
|
6,430,149 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
(
511,377) |
|
(
273,364) |
|
|
|
_______ |
|
_______ |
|
Net cash used in investing activities |
|
(
511,377) |
|
(
273,364) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from borrowings |
|
(
1,867,025) |
|
(
764,550) |
|
Payment of finance lease liabilities |
|
- |
|
(
6,420) |
|
Equity dividends paid |
|
(
250,000) |
|
(
250,000) |
|
|
|
_______ |
|
_______ |
|
Net cash used in financing activities |
|
(
2,117,025) |
|
(
1,020,970) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
2,134,991) |
|
5,135,815 |
|
Cash and cash equivalents at beginning of year |
|
8,193,789 |
|
3,057,974 |
|
|
|
_______ |
|
_______ |
|
Cash and cash equivalents at end of year |
|
6,058,798 |
|
8,193,789 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
JP&S Servicess Limited
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 797 Harrow Road, Sudbury Town, Wembley, HA0 2LP.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Significant judgements,estimation or assumptions that have had to be made by management in preparing these financial statements is as follows:
Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
Goodwill |
- |
Over useful economic life of 7 years |
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property |
- |
Not depreciated |
|
|
Long leasehold property |
- |
2% straight line |
|
|
Short leasehold property |
- |
over 10 years |
|
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
20 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Freehold Property
Land and buildings are not depreciated. This is a departure from FRS 102. Due to extensive maintenance, the residual life of the building is expected to be infinitive. Therefore the value of depreciation would be immaterial.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase on a first in first out basis and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Going Concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
4.
Turnover
The whole of the turnover is derived from the United Kingdom. An analysis of turnover by business operation is given below:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Fuel sales |
|
75,714,385 |
75,381,745 |
|
Shop sales |
|
11,508,442 |
10,961,299 |
|
Car wash and vacuum |
|
194,264 |
156,296 |
|
|
|
_______ |
_______ |
|
|
|
87,417,091 |
86,499,340 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Other operating income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Rental income |
|
110,043 |
110,311 |
|
Commission receivable |
|
58,734 |
70,158 |
|
Other operating income |
|
28,420 |
18,330 |
|
|
|
_______ |
_______ |
|
|
|
197,197 |
198,799 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
240,714 |
285,186 |
|
Depreciation of tangible assets |
|
|
674,584 |
707,072 |
|
(Gain)/loss on disposal of tangible assets |
|
|
- |
24,046 |
|
Impairment of trade debtors |
|
|
25,154 |
27,444 |
|
Operating lease rentals |
|
|
635,337 |
500,610 |
|
Fees payable for the audit of the financial statements |
|
|
18,000 |
16,300 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
|
|
|
2024 |
2023 |
|
Administrative staff |
|
4 |
4 |
|
Director |
|
1 |
1 |
|
Managers |
|
12 |
11 |
|
Retail assistance |
|
108
|
77
|
|
|
|
_______ |
_______ |
|
|
|
125 |
93 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
2,657,149 |
2,066,628 |
|
Social security costs |
|
204,440 |
163,128 |
|
Other pension costs |
|
428,112 |
31,770 |
|
|
|
_______ |
_______ |
|
|
|
3,289,701 |
2,261,526 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Remuneration |
|
12,300 |
9,925 |
|
Company contributions to pension schemes in respect of qualifying services |
|
96,919 |
- |
|
|
|
_______ |
_______ |
|
|
|
109,219 |
9,925 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
|
|
2024 |
2023 |
|
|
|
Number |
Number |
|
Defined contribution plans |
|
1 |
1 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Interest receivable and similar income
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank deposits |
|
24,811 |
- |
|
Other interest receivable and similar income |
|
20,535 |
3,228 |
|
|
|
_______ |
_______ |
|
|
|
45,346 |
3,228 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
269,199 |
211,886 |
|
Other interest payable and similar expenses |
|
|
11,121 |
1,494 |
|
|
|
|
_______ |
_______ |
|
|
|
|
280,320 |
213,380 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax expense
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
1,035,863 |
1,119,240 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
6,683 |
11,086 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
1,042,546 |
1,130,326 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2023: higher than) the
standard rate of corporation tax in the UK
of
24.00
% (2023: 19.00%).
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
3,907,809 |
5,120,010 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
937,874 |
972,802 |
|
Effect of expenses not deductible for tax purposes |
|
297 |
89 |
|
Effect of capital allowances and depreciation |
|
97,692 |
146,349 |
|
Deferred taxation |
|
6,683 |
11,086 |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
1,042,546 |
1,130,326 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Dividends
Equity dividends
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
250,000 |
250,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 February 2023 and 31 January 2024 |
3,028,053 |
3,028,053 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 February 2023 |
2,126,625 |
2,126,625 |
|
|
|
|
|
Charge for the year |
240,714 |
240,714 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
2,367,339 |
2,367,339 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 January 2024 |
660,714 |
660,714 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2023 |
901,428 |
901,428 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
14.
Tangible assets
|
|
Freehold property |
Long leasehold property |
Short leasehold property |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2023 |
5,028,662 |
2,149,249 |
950,791 |
5,371,031 |
25,065 |
13,524,798 |
|
|
Additions |
44,181 |
- |
71,514 |
395,682 |
- |
511,377 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 January 2024 |
5,072,843 |
2,149,249 |
1,022,305 |
5,766,713 |
25,065 |
14,036,175 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2023 |
- |
544,830 |
311,623 |
3,105,280 |
14,798 |
3,976,531 |
|
|
Charge for the year |
- |
42,985 |
97,257 |
532,289 |
2,053 |
674,584 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 January 2024 |
- |
587,815 |
408,880 |
3,637,569 |
16,851 |
4,651,115 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2024 |
5,072,843 |
1,561,434 |
613,425 |
2,129,144 |
8,214 |
9,385,060 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2023 |
5,028,662 |
1,604,419 |
639,168 |
2,265,751 |
10,267 |
9,548,267 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
The company granted first legal charge over (four of the freehold and two long leasehold) properties to secure the bank facilities.
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Fixtures, fittings and equipment |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
At 31 January 2024 |
- |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 January 2023 |
10,267 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Stocks |
|
1,575,444 |
1,530,927 |
|
|
|
_______ |
_______ |
|
|
|
|
|
16.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
645,108 |
663,901 |
|
Prepayments and accrued income |
|
304,931 |
83,285 |
|
Other debtors |
|
4,488,081 |
815,676 |
|
|
|
_______ |
_______ |
|
|
|
5,438,120 |
1,562,862 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
28,697 |
28,697 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The other debtors include related party loans of £4,053,378 (2023: £778,228), as described in the "Related party transactions" in note 30 to the accounts.
17.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
2,322,500 |
1,731,108 |
|
Trade creditors |
|
6,240,990 |
5,044,677 |
|
Accruals and deferred income |
|
198,523 |
247,762 |
|
Corporation tax |
|
454,469 |
720,735 |
|
Social security and other taxes |
|
334,715 |
616,852 |
|
Obligations under finance leases |
|
320 |
320 |
|
Director loan accounts |
|
- |
135,916 |
|
Other creditors |
|
208,012 |
180,740 |
|
|
|
_______ |
_______ |
|
|
|
9,759,529 |
8,678,110 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
1,681,325 |
4,003,826 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is secured by a legal mortgage over the properties owned by the company, the mortgage debentures over JP& S Servicess Limited, legal charge over a land owned by the director and his wife and a personal guarantee, limited to £1 million, by the director and his wife. The bank loan was for the term of 5 years from September 2018, the loan was extended to February 2024, when £2, 003,825 was repaid and the balance of £2 million was renewed for further 5 years. The interest on above loan is charged at an interest margin of 1.7% over bank base rate.
In addition, the company has a credit card facility of £50,000, secured as above.
Included within creditors: amounts falling due after more than one year is an amount of £ 25,993
(2023 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
19.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
- |
320 |
|
|
|
_______ |
_______ |
|
Present value of minimum lease payments |
|
- |
320 |
|
|
|
_______ |
_______ |
|
|
|
|
|
20.
Provisions
|
|
Deferred tax (note 21) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 February 2023 |
401,981 |
401,981 |
|
|
|
|
Additions |
6,683 |
6,683 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 January 2024 |
408,664 |
408,664 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
21.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Included in provisions (note 20) |
|
408,664 |
401,982 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
408,664 |
401,982 |
|
|
|
_______ |
_______ |
|
|
|
|
|
22.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution pension plans was £428,112 (2023: £31,770).
23.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
Each "Ordinary Share" is entitled to full voting, dividend and capital distribution rights including distributions arising on winding up of the company.
24.
Reserves
Company only has Profit and loss account reserve at year end. This reserve records retained earnings and accumulated losses.
25.
Analysis of changes in net debt
|
|
At 1 February 2023 |
Cash flows |
At 31 January 2024 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
8,193,789 |
(2,134,991) |
6,058,798 |
|
|
|
|
Debt due within one year |
(1,867,344) |
(455,476) |
(2,322,820) |
|
|
|
|
Debt due after one year |
(4,003,826) |
2,322,501 |
(1,681,325) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
2,322,619 |
(
267,966) |
2,054,653 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
26.
Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Tangible assets |
|
2,700,000 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
At year end the company entered into a contract to acquire a petrol station.
27.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
811,349 |
516,853 |
Later than 1 year and not later than 5 years |
2,699,264 |
1,424,854 |
Later than 5 years |
5,903,058 |
5,776,833 |
|
_______ |
_______ |
|
9,413,671 |
7,718,540 |
|
_______ |
_______ |
|
|
|
28.
Events after the end of the reporting period
As mentioned in Note 26, the company had committed to purchasing a new petrol station for £3 million. This acquisition was completed in March 2024, and after refurbishment, the site was opened in May 2024. Additionally, two more petrol stations were acquired after the reporting date, in July 2024 and August 2024. The total cost of purchasing and refurbishing these two new petrol stations is expected to be £3.5million. The company borrowed £4 million in October 2024, to fund these new capital investments.
29.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance carried forward |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr V Yoganathan |
(
135,916) |
967,722 |
(
552,533) |
279,273 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the director |
Amounts repaid |
Balance carried forward |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Mr V Yoganathan |
(
431,646) |
1,261,146 |
(
965,416) |
(
135,916) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
At year end the director owed £279,273 to the company (2023: £135,916 owed by the company). The unsecured director's loan is repayable on demand and subject to an interest rate of 3% per annum.
Mr and Mrs Yoganathan had provided a joint guarantee of £1,000,000 to support the bank loan for the company.
30.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
JP& S Investment Ltd |
2,050,000 |
- |
2,400,000 |
350,000 |
|
Goldline Fuel (Hutton) Ltd |
390,000 |
250,000 |
640,000 |
250,000 |
|
JP& S Pension Scheme |
555,877 |
178,228 |
734,105 |
178,228 |
|
Directors Loan |
415,189 |
295,730 |
279,273
|
(
135,916) |
|
Rent paid to director Shareholders
|
150,000
|
110,000
|
- |
- |
|
Rent paid to Company Pension scheme |
170,000
|
155,167
|
- |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
During the year the company had above loans with connected companies, director of the company and with the company pension fund. The loans to JP& S Investments Ltd and Goldline Fuel (Hutton) Ltd are interest free and repayable on demand. The loan made to JP& S Pension fund is for a term of 5 years from drawdown and at an interest of 2% above Bank of England base rate. The unsecured director loan is repayable on demand and subject to an interest rate of 3% per annum.
annum.
31.
Controlling party
Mr V Yoganathan
controls the majority of the issued share capital of the company.