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Registered number: 02844015









JORDAN REFLECTORS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JORDAN REFLECTORS LIMITED
 
 
COMPANY INFORMATION


Directors
Ulrich Jordan 
Paul Michael Shoobridge 
Maria Baker 




Registered number
02844015



Registered office
10 Seax Way
Southfields Industrial Park

Laindon

Essex

SS15 6SW




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
National Westminster Bank Plc
29 East Walk

Basildon

Essex

SS14 1HQ





 
JORDAN REFLECTORS LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated balance sheet
 
9 - 10
Company balance sheet
 
11 - 12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 35


 
JORDAN REFLECTORS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their group strategic report to accompany the financial statements for the year ended 31 December 2023. 

Business review
 
The UK building sector, on which both businesses are very dependent, showed signs of improvement compared to 2022. But the rising cost of living together with high interest rates dampened investment confidence. To manage the rising operational costs, an ambitious plan of cost reduction was formulated and executed, the benefits of which will begin to be released from Q4 2024. Despite Jordan Reflectors winning a few large public sector projects, orders overall for the year were patchy coupled with demands for reduced in lead times.  There has been a general easing of the supply chain issues witnessed throughout 2022 and the beginning of 2023, although supply of some specific electronic components remains erratic. ELP has maintained its policy of holding local stock in order to maintain expected levels of customer service.  

Principal risks and uncertainties
 
To manage supply chain risks, where viable, Jordan continues in its strategy of onshoring components, in particular extruded aluminium which, in recent years, has become core to the business. The earlier supply chain issues have highlighted the importance pro-active design criteria for electronic assemblies. To mitigate the risks of short supply or obsolescence, ELP’s range of emergency control gear is being redesigned to utilise next generation I.C. chips which have an expected availability of eight to ten years. 
The increase in the minimum living wage brought additional demands on the wage bill along with increased material costs forcing both businesses to review prices.
Various issues surrounding BREXIT still affect trade across European borders and the continued conflict in Ukraine makes it impossible to forecast when export trade might improve. The situation around the Red Sea continues to impact both shipping times and cost, although rates have now dropped back from the initial peak at the start of the conflict and settled to what has become a new normal.

Financial key performance indicators
 
The Jordan businesses remained active within trade associations and are very close to all suppliers. Both operations monitor customer retention and carry out thorough competitor analysis. Therefore, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance, or position of the business.

Other key performance indicators
 
The directors are of the opinion that analysis using other KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 1 November 2024 and signed on its behalf.



P M Shoobridge Esq
Director

Page 1

 
JORDAN REFLECTORS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £986,348 (2022 - £1,041,496).

Dividends amounting to £817,707 (2022: 848,972) were voted during the year.

Directors

The directors who served during the year were:

Ulrich Jordan 
Paul Michael Shoobridge 
Maria Baker (resigned 20 September 2024) 

Future developments

There are no future developments that the directors are aware of. 

Page 2

 
JORDAN REFLECTORS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director 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.

Post balance sheet events

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

Auditors

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

This report was approved by the board on 1 November 2024 and signed on its behalf.
 





P M Shoobridge Esq
Director

Page 3

 
JORDAN REFLECTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS LIMITED
 

Opinion


We have audited the financial statements of Jordan Reflectors 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
JORDAN REFLECTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS 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 directors are 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 Directors' 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 Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 5

 
JORDAN REFLECTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JORDAN REFLECTORS 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows;
 o Companies Act 2006.
 o FRS102.
 o ISO standard 9001.
 o Health and Safety legislation.
 o Employment legislation
 o Tax legislation
  o Product Standards BS EN 60598, BS EN 55015, BS EN 61000, BS EN 611547 & BS EN 62493.
• We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes and inspecting legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit; and 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
 
Page 6

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


The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
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.


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
4 November 2024
Page 7

 
JORDAN REFLECTORS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,561,774
12,397,069

Cost of sales
  
(8,476,072)
(8,581,142)

Gross profit
  
4,085,702
3,815,927

Administrative expenses
  
(2,779,450)
(2,516,035)

Other operating income
 5 
-
308

Operating profit
 6 
1,306,252
1,300,200

Interest receivable and similar income
 10 
17,063
795

Interest payable and similar expenses
 11 
(10,653)
(3,154)

Profit before taxation
  
1,312,662
1,297,841

Tax on profit
 12 
(326,314)
(256,345)

Profit for the financial year
  
986,348
1,041,496

  

Profit for the year attributable to:
  

Owners of the parent company
  
986,348
1,041,496

  
986,348
1,041,496

Total comprehensive income for the year attributable to:
  

Owners of the parent company
  
986,348
1,041,496

  
986,348
1,041,496

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 35 form part of these financial statements.

Page 8

 
JORDAN REFLECTORS LIMITED
REGISTERED NUMBER: 02844015

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
505,380
225,245

  
505,380
225,245

Current assets
  

Stocks
 16 
2,786,670
3,150,874

Debtors: amounts falling due within one year
 17 
2,435,244
2,090,846

Cash at bank and in hand
 18 
1,470,725
925,894

  
6,692,639
6,167,614

Creditors: amounts falling due within one year
 19 
(1,704,664)
(1,382,703)

Net current assets
  
 
 
4,987,975
 
 
4,784,911

Total assets less current liabilities
  
5,493,355
5,010,156

Creditors: amounts falling due after more than one year
 20 
(281,369)
(18,756)

Provisions for liabilities
  

Deferred taxation
 22 
(117,025)
(49,152)

Other provisions
 23 
(33,294)
(49,222)

  
 
 
(150,319)
 
 
(98,374)

Net assets
  
5,061,667
4,893,026


Capital and reserves
  

Called up share capital 
 24 
211,111
211,111

Capital redemption reserve
  
200,001
200,001

Profit and loss account
  
4,650,555
4,481,914

  
5,061,667
4,893,026


Page 9

 
JORDAN REFLECTORS LIMITED
REGISTERED NUMBER: 02844015
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P M Shoobridge Esq
Director

Date: 1 November 2024

The notes on pages 17 to 35 form part of these financial statements.

Page 10

 
JORDAN REFLECTORS LIMITED
REGISTERED NUMBER: 02844015

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
433,670
177,917

Investments
 15 
736,892
736,892

  
1,170,562
914,809

Current assets
  

Stocks
 16 
569,610
539,575

Debtors: amounts falling due within one year
 17 
454,306
414,907

Cash at bank and in hand
 18 
113,186
30,802

  
1,137,102
985,284

Creditors: amounts falling due within one year
 19 
(1,332,143)
(842,611)

Net current (liabilities)/assets
  
 
 
(195,041)
 
 
142,673

Total assets less current liabilities
  
975,521
1,057,482

  

Creditors: amounts falling due after more than one year
 20 
(281,369)
(18,756)

Provisions for liabilities
  

Deferred taxation
 22 
(102,998)
(41,551)

Other provisions
 23 
(33,294)
(49,222)

  
 
 
(136,292)
 
 
(90,773)

Net assets
  
557,860
947,953


Capital and reserves
  

Called up share capital 
 24 
211,111
211,111

Capital redemption reserve
  
200,001
200,001

Profit and loss account carried forward
  
146,748
536,841

  
557,860
947,953


Page 11

 
JORDAN REFLECTORS LIMITED
REGISTERED NUMBER: 02844015
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P M Shoobridge Esq
Director

Date: 1 November 2024

The notes on pages 17 to 35 form part of these financial statements.

Page 12

 
JORDAN REFLECTORS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
211,111
200,001
4,481,914
4,893,026



Profit for the year
-
-
986,348
986,348

Dividends: Equity capital
-
-
(817,707)
(817,707)


At 31 December 2023
211,111
200,001
4,650,555
5,061,667



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
211,111
200,001
4,289,390
4,700,502



Profit for the year
-
-
1,041,496
1,041,496

Dividends: Equity capital
-
-
(848,972)
(848,972)


At 31 December 2022
211,111
200,001
4,481,914
4,893,026


The notes on pages 17 to 35 form part of these financial statements.

Page 13

 
JORDAN REFLECTORS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
211,111
200,001
536,841
947,953



Profit for the year
-
-
427,614
427,614

Dividends: Equity capital
-
-
(817,707)
(817,707)


At 31 December 2023
211,111
200,001
146,748
557,860



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
211,111
200,001
895,595
1,306,707



Profit for the year
-
-
490,218
490,218

Dividends: Equity capital
-
-
(848,972)
(848,972)


At 31 December 2022
211,111
200,001
536,841
947,953


The notes on pages 17 to 35 form part of these financial statements.

Page 14

 
JORDAN REFLECTORS LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
986,348
1,041,496

Adjustments for:

Depreciation of tangible assets
89,852
107,661

Profit on disposal of tangible assets
-
(4,875)

Government grants
-
(308)

Interest paid
10,653
3,154

Interest received
(17,063)
(795)

Taxation charge
326,314
256,345

Decrease/(increase) in stocks
364,204
(268,518)

Decrease in debtors
101,714
198,819

(Increase)/decrease in amounts owed by groups
(446,112)
-

Increase/(decrease) in creditors
261,718
(530,807)

(Decrease)/increase in provisions
(15,928)
22,500

Corporation tax (paid)
(258,863)
(226,894)

Net cash generated from operating activities

1,402,837
597,778


Cash flows from investing activities

Purchase of tangible fixed assets
(369,987)
(15,661)

Sale of tangible fixed assets
-
20,000

Government grants received
-
308

Interest received
17,063
795

HP interest paid
(463)
-

Net cash from investing activities

(353,387)
5,442
Page 15

 
JORDAN REFLECTORS LIMITED
 

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


2023
2022

£
£



Cash flows from financing activities

New secured loans
298,112
-

Repayment of loans
-
(30,377)

Repayment of/new finance leases
25,166
-

Dividends paid
(817,707)
(848,972)

Interest paid
(10,190)
(3,154)

Net cash used in financing activities
(504,619)
(882,503)

Net increase/(decrease) in cash and cash equivalents
544,831
(279,283)

Cash and cash equivalents at beginning of year
925,894
1,205,177

Cash and cash equivalents at the end of year
1,470,725
925,894


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,470,725
925,894

1,470,725
925,894


The notes on pages 17 to 35 form part of these financial statements.

Page 16

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

1.


General information

Jordan Reflectors Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.
The principal activity of the group continued to be that of the manufacture of lighting louvres and the production of emergency lighting products. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 17

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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

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.

Page 18

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

2.Accounting policies (continued)

  
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

 
2.6

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.13

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.

Page 20

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

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:.


Land and buildings
-
8.3/10% - Straight line
Plant and machinery
-
10/20% - Straight line
Motor vehicles
-
25% - Straight line
Fixtures and fittings
-
20% - Straight line
Office equipment
-
20/33% - Straight line
Other fixed assets
-
33% - Straight line

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks and Work in Progress

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.

 
2.16

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.

 
2.17

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.

Page 21

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

2.Accounting policies (continued)

 
2.18

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.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit and loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 
 
When payments are made, they are charged to the provision carried in the balance sheet. 

 
2.20

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are intially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. 

 
2.21

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.

Page 22

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the values 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. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment  to the carrying amounts of assets and liabilities within the next financial year are as follows:
- Stock Valuation
The group exercises judgement regarding any slow moving stock held at the year end based on the last date that specific items were sold and whether they are still items that are in use or are likely to be in the future. 
- Bad Debt Provision
Estimates relating to outstanding trade debtor balances from customers that management believes are unlikely to pay their debts. Their determination is based on discussions with customers and their knowledge of their payment plans and business situation. 
- Useful economic lives of tangible assets
Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The group exercises judgement to determine these useful lives and residual values. The depreciation policy is as stated in Note 2.13 above. There has been no change to the policies used during the year. 
 


4.


Turnover

The whole of the turnover is attributable to the principal activity of the group. 
          Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
10,526,929
10,413,850

Rest of Europe
1,747,751
1,722,792

Rest of the world
287,094
260,427

12,561,774
12,397,069


Page 23

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

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
308

-
308



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
86,514
100,428

Exchange differences
(21,043)
(21,548)

Other operating lease rentals
208,042
175,944


7.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£



Fees payable to the company's auditors in relation to the audit of the consolidated and parent company's financial statements
14,062
12,760

Fees payable to the group's auditors in respect of all other services
10,123
10,399

Page 24

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

8.


Employees

Staff costs, including directors' remuneration, were as follows:


group
group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,615,950
2,551,638
1,149,014
1,014,923

Social security costs
81,358
79,031
-
-

Cost of defined contribution scheme
88,434
79,023
49,291
45,705

2,785,742
2,709,692
1,198,305
1,060,628


The average monthly number of employees, including the directors, during the year was as follows:



group
group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production
53
53
26
26



Sales and Distribution
11
11
3
3



Administration
13
13
6
6

77
77
35
35


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
132,318
134,449

Group contributions to defined contribution pension schemes
11,177
8,346

143,495
142,795


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

Page 25

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

10.


Interest receivable

2023
2022
£
£


Other interest receivable
17,063
795

17,063
795


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
8,899
2,312

Other loan interest payable
52
842

Interest payable on finance leases and hire purchase contracts
463
-

Other interest payable on taxation
1,239
-

10,653
3,154


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
258,522
263,529

Adjustments in respect of previous periods
(81)
(3,289)


258,441
260,240


Total current tax
258,441
260,240

Deferred tax


Origination and reversal of timing differences
67,873
(3,895)

Total deferred tax
67,873
(3,895)


Tax on profit
326,314
256,345
Page 26

 
JORDAN REFLECTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


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 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,312,662
1,297,841


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 23.5% (2022 - 19%)
309,656
246,590

Effects of:


Expenses not deductible for tax purposes/(income note chargeable),
 other than goodwill amortisation and impairment
(1,031)
922

Depreciation for year (less than)/in excess of capital allowances
(49,968)
16,017

Adjustments to tax charge in respect of prior periods
(81)
(3,289)

Deferred tax movements
67,873
(3,895)

Group relief
(135)
-

Total tax charge for the year
326,314
256,345


Factors that may affect future tax charges

There were no factors that may affect future tax charges. 


13.


Dividends

2023
2022
£
£


Equity dividends
817,707
848,972

817,707
848,972

Page 27

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

14.


Tangible fixed assets

group






Short-term leasehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
254,981
2,272,224
2,527,205


Additions
179,206
190,781
369,987



At 31 December 2023

434,187
2,463,005
2,897,192



Depreciation


At 1 January 2023
229,368
2,072,592
2,301,960


Charge for the year on owned assets
8,691
80,481
89,172


Charge for the year on financed assets
-
680
680



At 31 December 2023

238,059
2,153,753
2,391,812



Net book value



At 31 December 2023
196,128
309,252
505,380



At 31 December 2022
25,613
199,632
225,245




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold property
196,128
25,613

196,128
25,613


Page 28

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

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2023
2022
£
£



Plant and machinery
26,537
-

26,537
-

Page 29

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

           14.Tangible fixed assets (continued)


Company






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£

Cost or valuation


At 1 January 2023
35,189
1,408,707
304,839
202,778
1,951,513


Additions
154,213
161,773
5,274
1,400
322,660



At 31 December 2023

189,402
1,570,480
310,113
204,178
2,274,173



Depreciation


At 1 January 2023
14,173
1,298,461
259,500
201,462
1,773,596


Charge for the year on owned assets
5,353
35,013
24,527
1,334
66,227


Charge for the year on financed assets
-
680
-
-
680



At 31 December 2023

19,526
1,334,154
284,027
202,796
1,840,503



Net book value



At 31 December 2023
169,876
236,326
26,086
1,382
433,670



At 31 December 2022
21,016
110,246
45,339
1,316
177,917





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
169,876
21,016

169,876
21,016


Page 30

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
736,892



At 31 December 2023
736,892





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Emergency Lighting Products Limited
a)
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Emelux Limited
a)
Ordinary
100%

a) 10 Seax Way, Southfields Industrial Park, Basildon, SS15 6SW


16.


Stocks

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
2,292,245
2,608,662
398,553
322,141

Work in progress (goods to be sold)
330,560
338,199
7,192
13,421

Finished goods and goods for resale
163,865
204,013
163,865
204,013

2,786,670
3,150,874
569,610
539,575


Page 31

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

17.


Debtors

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,766,406
1,824,747
320,134
224,614

Amounts owed by group undertakings
446,112
-
-
-

Other debtors
-
-
1
-

Prepayments and accrued income
222,726
266,099
134,171
190,293

2,435,244
2,090,846
454,306
414,907



18.


Cash and cash equivalents

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,470,725
925,894
113,186
30,802

1,470,725
925,894
113,186
30,802



19.


Creditors: Amounts falling due within one year

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
79,028
31,499
79,028
31,499

Trade creditors
1,179,930
827,995
277,787
202,151

Amounts owed to group undertakings
-
-
854,330
408,434

Corporation tax
93,268
93,690
-
-

Other taxation and social security
149,410
214,622
64,590
143,570

Obligations under finance lease and hire purchase contracts
13,136
-
13,136
-

Other creditors
14,980
14,062
14,980
14,062

Accruals and deferred income
174,912
200,835
28,292
42,895

1,704,664
1,382,703
1,332,143
842,611


Page 32

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

20.


Creditors: Amounts falling due after more than one year

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
269,339
18,756
269,339
18,756

Net obligations under finance leases and hire purchase contracts
12,030
-
12,030
-

281,369
18,756
281,369
18,756


Bank loans are secured by the way of a fixed and floating charge over all the present and future business property and assets, and by way of an unlimited intercompany guarantee with the subsidary company, Emergency Lighting Products. 


21.


Loans


Analysis of the maturity of loans is given below:


group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
79,028
31,499
79,028
31,499

Amounts falling due 1-2 years

Bank loans
269,339
18,756
269,339
18,756


348,367
50,255
348,367
50,255



22.


Deferred taxation


group



2023
2022


£

£






At beginning of year
(49,152)
(53,047)


(Charged)/Credited to profit or loss
(67,873)
3,895



At end of year
(117,025)
(49,152)

Page 33

 
JORDAN REFLECTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
22.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
(41,551)
(42,632)


Charged to profit or loss
(61,447)
1,081



At end of year
(102,998)
(41,551)

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(117,025)
(49,152)
(102,998)
(41,551)

(117,025)
(49,152)
(102,998)
(41,551)


23.


Provisions


Group and Company



Dilapidation Provision

£





At 1 January 2023
49,222


Credited to profit or loss
(15,928)



At 31 December 2023
33,294


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,000 (2022 - 200,000) Ordinary shares of £1.00 each
200,000
200,000

Allotted, called up and partly paid



22,222 (2022 - 22,222) Ordinary shares of £1.00 each
11,111
11,111


Page 34

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

25.


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 £49,291 (2022: £45,705). 


26.


Commitments under operating leases

At 31 December 2023 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Land and buildings

Not later than 1 year
47,875
186,889
47,875
186,889

47,875
186,889
47,875
186,889

group
group
Company
Company
2023
2022
2023
2022
£
£
£
£

Plant and machinery
  

Not later than 1 year
  
12,182
11,347
12,182
11,347

Later than 1 year and not later than 5 years
  
7,333
1,182
7,333
1,182

  
19,515
12,529
19,515
12,529


27.


Related party transactions

The company has taken the excemption not to disclose related party transactions with wholly owned subsidaries as prescribed by FRS 102 s33, as consolidated financial statements are publicly avaliable. 


28.


Controlling party

The ultimate parent company and controlling entity is Jordan Reflektoren GmbH & Co, a company registered in Germany. The accounts of the ultimate parent company are not publicly avaliable. 

 
Page 35