Company registration number 12505336 (England and Wales)
JEBB BROTHERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
JEBB BROTHERS LIMITED
COMPANY INFORMATION
Directors
Mr S Kenney
Mr P Kenney
Company number
12505336
Registered office
Jebb Metals (Newcastle) Limited
Station Road
Walker
Newcastle Upon Tyne
NE6 3PN
Auditor
Robson Laidler Accountants Limited
Mains House
143 Front Street
Chester le Street
Durham
DH3 3AU
JEBB BROTHERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
JEBB BROTHERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The company’s principal activities during the year continued to be the processing and sale of ferrous and non-ferrous metals.

 

The directors are satisfied with the performance of the company during the year. Capital investment in recent years has ensured the company continues to have a modern, well functioning site to provide quality products to its wide customer base.

 

During the year the metal prices dipped which impacted trading however they recovered towards the end of year.

 

The company’s policy of retaining significant cash reserves has ensured that there is ample liquidity to fund all trading operations, develop the site and plan for future capital expenditure.

Principal risks and uncertainties

The company has an established, structured approach to risk management.

 

Given the strong balance sheet and cash position the company is relatively safeguarded from certain trading risks that impact many businesses. The main risks and uncertainties facing the company are considered to be:

 

Deterioration in metal prices – given that some metal prices can shift significantly in a relatively short space of time the company continually assesses its potential exposure based on stock holdings and monitors market trends for any indicators of adverse movements.

 

Foreign currency fluctuations – the relative strength of the US dollar against Sterling in particular can have a significant impact on the margins the company can achieve on a number of transactions. The directors closely monitor exchange rate movements and economic forecasts to anticipate fluctuations and plan accordingly.

 

Health & safety and regulatory matters – given the nature of activities undertaken. The company devotes significant time and resource in ensuring that appropriate policies are in place and adhered to.

 

Financial risks – regular financial information is prepared and scrutinised to ensure that any associated risks are mitigated. The main objectives from the financial management policies in place are to ensure the company retains sufficient cash reserves to finance all plans in the short to medium term and to provide a sufficient buffer for any unexpected trading difficulties.

 

The directors are satisfied that existing risk assessments, covering all aspects of the business, are appropriate. Such assessments are continually reviewed and updated where appropriate.

Development and performance

The company’s site has operated very efficiently which has allowed for sufficient processing and throughput of metals. This is testament to the hard work of company staff as well as the high quality infrastructure and equipment used by the company.

 

Availability of sufficient working capital has also been key to allow the company to significantly increase turnover and profitability.

JEBB BROTHERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Key performance indicators

The key performance indicators during the year were:

 

Turnover - £16.2m (11% decrease)

 

Gross profit - £2.9m (33% decrease)

 

Gross profit margin – 18.2%, compared to 24.4% in the prior year

 

Operating profit - £1.2m, compared to £3.05m in the prior year

 

Cash holdings - £3.78m, compared to £2.60m in the prior year

 

Net assets - £4.47m, compared to £4.81m in the prior year

 

All of the above metrics are at levels at which the directors are satisfied with.

 

Although the gross profit margin has fallen compared to the prior year the margin still remained at a very healthy level above what has been achieved in earlier years.

Other information and explanations

The directors aim to help the workforce to continue to develop the business and provide a high level of service and product. The closing position at 31 March 2024 places the company in a strong position to achieve these goals.

 

In terms of going concern, the directors are satisfied that the company has adequate resources available to finance its trading and other obligations during the course of at least twelve months from the date of approval of these financial statements. This comment is made after factoring in current UK, EU and global economic and socio-political factors.

 

On behalf of the board

Mr P Kenney
Director
17 October 2024
JEBB BROTHERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of scrap metal merchants.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £640,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Kenney
Mr P Kenney
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

JEBB BROTHERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr P Kenney
Director
17 October 2024
JEBB BROTHERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JEBB BROTHERS LIMITED
- 5 -
Opinion

We have audited the financial statements of Jebb Brothers Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

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 directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

JEBB BROTHERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JEBB BROTHERS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit be performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JEBB BROTHERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JEBB BROTHERS LIMITED
- 7 -

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 auditor's 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.

Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
4 November 2024
Statutory Auditor
Mains House
143 Front Street
Chester le Street
Durham
DH3 3AU
JEBB BROTHERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,175,848
18,066,983
Cost of sales
(13,233,319)
(13,646,262)
Gross profit
2,942,529
4,420,721
Distribution costs
(508,921)
(506,684)
Administrative expenses
(1,228,007)
(857,682)
Operating profit
4
1,205,601
3,056,355
Interest receivable and similar income
7
84,702
20,322
Interest payable and similar expenses
8
(877)
-
0
Profit before taxation
1,289,426
3,076,677
Tax on profit
9
(341,853)
(580,020)
Profit for the financial year
21
947,573
2,496,657
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
JEBB BROTHERS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,158,661
1,708,794
Current assets
Stocks
14
1,056,517
1,552,021
Debtors
15
1,272,479
1,868,077
Cash at bank and in hand
6,444,112
5,919,171
8,773,108
9,339,269
Creditors: amounts falling due within one year
16
(1,485,182)
(2,016,938)
Net current assets
7,287,926
7,322,331
Total assets less current liabilities
9,446,587
9,031,125
Provisions for liabilities
Provisions
17
933,818
941,084
Deferred tax liability
18
531,315
416,160
(1,465,133)
(1,357,244)
Net assets
7,981,454
7,673,881
Capital and reserves
Called up share capital
20
9,002
9,002
Profit and loss reserves
21
7,972,452
7,664,879
Total equity
7,981,454
7,673,881

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
17 October 2024
Mr P Kenney
Director
Company registration number 12505336 (England and Wales)
JEBB BROTHERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
9,002
9,002
Current assets
Debtors
15
999,987
-
0
Cash at bank and in hand
2,668,397
3,316,727
3,668,384
3,316,727
Creditors: amounts falling due within one year
16
(165,272)
(451,715)
Net current assets
3,503,112
2,865,012
Net assets
3,512,114
2,874,014
Capital and reserves
Called up share capital
20
9,002
9,002
Profit and loss reserves
21
3,503,112
2,865,012
Total equity
3,512,114
2,874,014

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,278,100 (2023 - £1,505,055 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
17 October 2024
Mr P Kenney
Director
Company registration number 12505336 (England and Wales)
JEBB BROTHERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
9,002
5,808,222
5,817,224
Year ended 31 March 2023:
Profit and total comprehensive income
-
2,496,657
2,496,657
Dividends
10
-
(640,000)
(640,000)
Balance at 31 March 2023
9,002
7,664,879
7,673,881
Year ended 31 March 2024:
Profit and total comprehensive income
-
947,573
947,573
Dividends
10
-
(640,000)
(640,000)
Balance at 31 March 2024
9,002
7,972,452
7,981,454
JEBB BROTHERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
9,002
1,999,957
2,008,959
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,505,055
1,505,055
Dividends
10
-
(640,000)
(640,000)
Balance at 31 March 2023
9,002
2,865,012
2,874,014
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,278,100
1,278,100
Dividends
10
-
(640,000)
(640,000)
Balance at 31 March 2024
9,002
3,503,112
3,512,114
JEBB BROTHERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,531,515
3,340,576
Interest paid
(877)
-
0
Income taxes paid
(650,573)
(833,878)
Net cash inflow from operating activities
1,880,065
2,506,698
Investing activities
Purchase of tangible fixed assets
(936,666)
(357,299)
Proceeds from disposal of tangible fixed assets
136,840
10,000
Interest received
84,702
20,322
Net cash used in investing activities
(715,124)
(326,977)
Financing activities
Dividends paid to equity shareholders
(640,000)
(640,000)
Net cash used in financing activities
(640,000)
(640,000)
Net increase in cash and cash equivalents
524,941
1,539,721
Cash and cash equivalents at beginning of year
5,919,171
4,379,450
Cash and cash equivalents at end of year
6,444,112
5,919,171
JEBB BROTHERS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(1,292,961)
449,360
Income taxes paid
(1,184)
-
0
Net cash (outflow)/inflow from operating activities
(1,294,145)
449,360
Investing activities
Interest received
35,815
7,284
Dividends received
1,250,000
1,500,000
Net cash generated from investing activities
1,285,815
1,507,284
Financing activities
Dividends paid to equity shareholders
(640,000)
(640,000)
Net cash used in financing activities
(640,000)
(640,000)
Net (decrease)/increase in cash and cash equivalents
(648,330)
1,316,644
Cash and cash equivalents at beginning of year
3,316,727
2,000,083
Cash and cash equivalents at end of year
2,668,397
3,316,727
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Jebb Brothers Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Jebb Metals (Newcastle) Ltd, Station Road, Walker, Newcastle upon Tyne, Tyne and Wear, NE6 3PN.

 

The group consists of Jebb Brothers Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jebb Brothers Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straightline basis over term of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially 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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Scrap Metal
16,175,848
18,066,983
2024
2023
£
£
Other revenue
Interest income
84,702
20,322
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
349,163
177,918
Loss on disposal of tangible fixed assets
796
-
Operating lease charges
138,775
136,900
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,600
9,500
10,600
9,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
20
20
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
578,562
531,204
-
0
-
0
Social security costs
46,845
44,686
-
-
Pension costs
131,400
10,286
-
0
-
0
756,807
586,176
-
0
-
0
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
83,640
15,382
Other interest income
1,062
4,940
Total income
84,702
20,322
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
83,640
15,382
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
877
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
226,698
544,564
Deferred tax
Origination and reversal of timing differences
115,155
35,456
Total tax charge
341,853
580,020
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,289,426
3,076,677
Expected tax charge based on the standard rate of corporation tax in the UK of 24.90% (2023: 19.00%)
321,026
584,569
Tax effect of expenses that are not deductible in determining taxable profit
18,798
12,552
Permanent capital allowances in excess of depreciation
(113,126)
(52,549)
Deferred tax movement
115,155
35,456
Losses utilised
-
0
(8)
Taxation charge
341,853
580,020
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
640,000
640,000
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
305,172
2,266,755
41,774
496,375
3,110,076
Additions
-
0
928,104
8,562
-
0
936,666
Disposals
-
0
(247,590)
(7,692)
(10,550)
(265,832)
At 31 March 2024
305,172
2,947,269
42,644
485,825
3,780,910
Depreciation and impairment
At 1 April 2023
200,352
973,144
29,841
197,945
1,401,282
Depreciation charged in the year
15,900
260,255
1,850
71,158
349,163
Eliminated in respect of disposals
-
0
(115,749)
(5,698)
(6,749)
(128,196)
At 31 March 2024
216,252
1,117,650
25,993
262,354
1,622,249
Carrying amount
At 31 March 2024
88,920
1,829,619
16,651
223,471
2,158,661
At 31 March 2023
104,820
1,293,611
11,933
298,430
1,708,794
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Tangible fixed assets
(Continued)
- 25 -
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Long leasehold
13,276
14,935
-
0
-
0
Short leasehold
75,644
89,885
-
0
-
0
88,920
104,820
-
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
9,002
9,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
9,002
Carrying amount
At 31 March 2024
9,002
At 31 March 2023
9,002
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Jebb Metals (Newcastle) Limited
England & Wales
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,056,517
1,552,021
-
-
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
686,159
1,217,454
-
0
-
0
Corporation tax recoverable
131,895
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
999,987
-
Other debtors
132,468
297,965
-
0
-
0
Prepayments and accrued income
321,957
352,658
-
0
-
0
1,272,479
1,868,077
999,987
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
871,362
544,491
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
13
Corporation tax payable
7,584
299,564
7,584
1,176
Other taxation and social security
388,564
473,554
-
-
Other creditors
164,746
557,437
157,688
450,526
Accruals and deferred income
52,926
141,892
-
0
-
0
1,485,182
2,016,938
165,272
451,715
17
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
933,818
941,084
-
-
Movements on provisions:
Group
£
At 1 April 2023
941,084
Utilisation of provision
(7,266)
At 31 March 2024
933,818
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
531,315
416,160
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
416,160
-
Charge to profit or loss
115,155
-
Liability at 31 March 2024
531,315
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
131,400
10,286

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
8,992
8,992
8,992
8,992
A Ordinary of £1 each
1
1
1
1
B Ordinary of £1 each
1
1
1
1
C Ordinary of £1 each
1
1
1
1
D Ordinary of £1 each
1
1
1
1
E Ordinary of £1 each
1
1
1
1
F Ordinary of £1 each
1
1
1
1
G Ordinary of £1 each
1
1
1
1
H Ordinary of £1 each
1
1
1
1
I Ordinary of £1 each
1
1
1
1
J Ordinary of £1 each
1
1
1
1
9,002
9,002
9,002
9,002
21
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
7,664,879
5,808,222
2,865,012
1,999,957
Profit for the year
947,573
2,496,657
1,278,100
1,505,055
Dividends
(640,000)
(640,000)
(640,000)
(640,000)
At the end of the year
7,972,452
7,664,879
3,503,112
2,865,012
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
129,737
138,244
-
-
Between two and five years
517,600
537,137
-
-
In over five years
97,117
245,317
-
-
744,454
920,698
-
-
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
943,853
943,853
-
-
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
947,573
2,496,657
Adjustments for:
Taxation charged
341,853
580,020
Finance costs
877
-
0
Investment income
(84,702)
(20,322)
Loss on disposal of tangible fixed assets
796
-
Depreciation and impairment of tangible fixed assets
349,163
177,918
Decrease in provisions
(7,266)
(304,916)
Movements in working capital:
Decrease in stocks
495,504
180,911
Decrease/(increase) in debtors
727,493
(238,461)
(Decrease)/increase in creditors
(239,776)
468,769
Cash generated from operations
2,531,515
3,340,576
25
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,278,100
1,505,055
Adjustments for:
Taxation charged
7,592
1,176
Investment income
(1,285,815)
(1,507,284)
Movements in working capital:
Increase in debtors
(999,987)
-
(Decrease)/increase in creditors
(292,851)
450,413
Cash (absorbed by)/generated from operations
(1,292,961)
449,360
JEBB BROTHERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
26
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,919,171
524,941
6,444,112
27
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
3,316,727
(648,330)
2,668,397
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