IRIS Accounts Production v24.3.0.553 03923685 Board of Directors 1.4.23 31.3.24 31.3.24 a Builders merchant. true false true true false false true false Ordinary 1.00000 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REGISTERED NUMBER: 03923685 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

C. L. Jones Ltd.

C. L. Jones Ltd. (Registered number: 03923685)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


C. L. Jones Ltd.

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr A Jones
Mrs C Jones
Mr M R Jones





SECRETARY: Mr M R Jones





REGISTERED OFFICE: Parc Caseg
High Street
Bethesda
Bangor
Gwynedd
LL57 3BX





REGISTERED NUMBER: 03923685 (England and Wales)





AUDITORS: Champion Accountants LLP
Chartered Accountants, Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE

C. L. Jones Ltd. (Registered number: 03923685)

Strategic Report
for the Year Ended 31 March 2024

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

This review is written to present a balanced and comprehensive review of the development and performance of our business and its position at the year end. Our review is consistent with the size and nature of our business and it includes an assessment of the risks and uncertainties that we face.

REVIEW OF BUSINESS
2023/4 was a less complex trading year, the stock supply and availability issues in the building material market have eased and supply has returned to normal levels. The soaring fuel and energy costs seem to be behind us.

The company was able to fully implement its growth & improvement strategy and was able to continue to develop its branches trading. As a result of this, the directors are pleased to report the steady development of turnover and year end profit, with this being reflected in the Key Performance Indicators shown below.

The company's continued membership of national buying groups and constant review of overhead costs by the directors have all contributed to the results in the year ending 31 March 2024. The aim of course is to expand our operational capability, provide excellent opportunities for growth, increase our brand recognition, and create additional skilled employment within our local community.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks & challenges facing the company are as under.

FINANCE RISK
The Company finances its activities through a combination of director's loans, bank loans, hire purchase contracts and cash deposits. Overdrafts are used to satisfy short-term cash flow requirements. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the Company's operating activities.

Currently, the Company does not trade outside the United Kingdom and is not exposed to any significant foreign currency risk.

The main risks associated with the Company's financial assets and liabilities are set out below, together with the policies adopted by the board for their management.

INTEREST RATE & CREDIT RISK
Interest Rate Risk
The Company pays fixed rates of interest on most of its borrowings. As a result, the board takes the view that the current level of loan debt does not necessitate any hedging action to reduce the risk. This policy is kept under review.

Credit Risk
The board's objective is to actively manage the risk of financial loss due to bad debts. Standard credit terms call for regular monthly payments in full within 30 days of the month end. The credit worthiness of new customers is assessed before a contract to supply is entered into. The Company actively manages the collection of payments to ensure that they are received promptly and in accordance with agreed terms.


C. L. Jones Ltd. (Registered number: 03923685)

Strategic Report
for the Year Ended 31 March 2024

MARKET AND INFORMATION TECHNOLOGY RISKS
Market Risk
The greater part of our business depends on the general health of the economy, and in particular, the house building and repair, maintenance and improvement market. Consequently, demand for our products fluctuates with the prevailing market conditions. In order to minimise this risk, the company conducts rolling reviews and risk analysis procedures to assist in the assessing of stock demand and customer credit levels.

It is also true to say that the restrictions put in place in response to covid and brexit has also placed a strain on the company's supply chain during the past few years. The company has therefore worked hard to source products from alternative sources, when required, and with the opening of the new branches, our need for regular deliveries, quality products at sufficient quantities has only increased.

Information Technology
Our information technology systems are an integral part of the company's operations. In order to ensure continuity and reliability, the company maintains the systems, ensures that there are adequate and appropriate backup and storage, and has put in place a disaster recovery plan, with this being regularly revisited to ensure its continued suitability and reliability.

FINANCIAL KEY PERFORMANCE INDICATORS
Key financial performance indicators were:-

Turnover decreased by £242,729 (1.2%) to £21,447,735 (2023 increased by £3,536,363 (19.48%) to
£21,690,464)

Gross margin increased slightly to 30.5% from 26.46%

Earnings before finance costs, tax, depreciation and amortisation increased from £1,914,828 to £1,935,636

Return on capital invested is reported on in the consolidated financial statements of the parent company, C L Jones (Holding) Company Limited.

ON BEHALF OF THE BOARD:





Director


31 October 2024

C. L. Jones Ltd. (Registered number: 03923685)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
A total interim distribution of £500,000 was declared and paid on the 31 March 2024 (2023: £500,000).

The directors recommended that no final dividend be paid in the year.

FUTURE DEVELOPMENTS
The long-term outlook for the Company remains robust with strong ongoing demand for its products & services. The Company will continue to focus on its core activities whilst continuing its membership of the H&B Buying Group LLP.

Performance to date in 2024 has followed a similar trend to that seen in the last three months of the previous trading period, while the earlier challenges of product availability have abated. We are actively seeking new product ranges, and additional branch opportunities, that can add to and strengthen our business.

The Company will do all it can to retain its strong, independent, family orientated values, towards its staff and its customers, and will continue to strengthen and broaden the core business and help drive and further develop the building trades and services sector in the North Wales region.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr A Jones
Mrs C Jones
Mr M R Jones

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen to set out in the strategic report some information required by medium sized companies to be contained in the report of the directors. It has done so in respect of the business review and principal risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each of the persons who were directors at the time when this Report of the Directors was approved have confirmed that so far as they were aware, the undersigned director has taken all the steps that he ought to have taken as the operational director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

C. L. Jones Ltd. (Registered number: 03923685)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, Champion Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M R Jones - Director


31 October 2024

Report of the Independent Auditors to the Members of
C. L. Jones Ltd.

Opinion
We have audited the financial statements of C. L. Jones Ltd. (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
C. L. Jones Ltd.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and 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 Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
C. L. Jones Ltd.


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 a Report of the Auditors 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 responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.

Audit procedures

We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.

Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework ((FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.

Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.

We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Susan Harris MA ACA (Senior Statutory Auditor)
for and on behalf of Champion Accountants LLP
Chartered Accountants, Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE

31 October 2024

C. L. Jones Ltd. (Registered number: 03923685)

Income Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 4 21,447,735 21,690,464

Cost of sales 14,906,649 15,952,163
GROSS PROFIT 6,541,086 5,738,301

Distribution costs 1,307,151 1,131,850
Administrative expenses 3,867,810 3,257,798
5,174,961 4,389,648
1,366,125 1,348,653

Other operating income - 2,404
OPERATING PROFIT 7 1,366,125 1,351,057

Interest receivable and similar income 1,559 286
1,367,684 1,351,343

Interest payable and similar expenses 9 51,913 53,492
PROFIT BEFORE TAXATION 1,315,771 1,297,851

Tax on profit 10 362,794 262,247
PROFIT FOR THE FINANCIAL YEAR 952,977 1,035,604

C. L. Jones Ltd. (Registered number: 03923685)

Other Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 952,977 1,035,604


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

952,977

1,035,604

C. L. Jones Ltd. (Registered number: 03923685)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 1,028,225 1,147,587

CURRENT ASSETS
Stocks 13 3,407,113 3,001,095
Debtors 14 3,369,108 3,093,336
Cash at bank and in hand 1,303,163 1,133,950
8,079,384 7,228,381
CREDITORS
Amounts falling due within one year 15 4,201,864 3,444,456
NET CURRENT ASSETS 3,877,520 3,783,925
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,905,745

4,931,512

CREDITORS
Amounts falling due after more than one
year

16

(168,398

)

(651,152

)

PROVISIONS FOR LIABILITIES 20 (197,565 ) (193,555 )
NET ASSETS 4,539,782 4,086,805

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 4,539,682 4,086,705
SHAREHOLDERS' FUNDS 4,539,782 4,086,805

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Mr M R Jones - Director


C. L. Jones Ltd. (Registered number: 03923685)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 100 3,551,101 3,551,201

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 1,035,604 1,035,604
Balance at 31 March 2023 100 4,086,705 4,086,805

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 952,977 952,977
Balance at 31 March 2024 100 4,539,682 4,539,782

C. L. Jones Ltd. (Registered number: 03923685)

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,940,903 1,264,214
Interest paid (40,370 ) (36,977 )
Interest element of hire purchase payments
paid

(11,543

)

(16,515

)
Tax paid (296,841 ) (148,942 )
Net cash from operating activities 1,592,149 1,061,780

Cash flows from investing activities
Purchase of tangible fixed assets (271,845 ) (163,124 )
Sale of tangible fixed assets 10,250 923,615
Interest received 1,559 286
Net cash from investing activities (260,036 ) 760,777

Cash flows from financing activities
Loan repayments in year (520,000 ) (160,000 )
Capital repayments in year (142,900 ) (145,943 )
Amount withdrawn by directors - (2,926 )
Equity dividends paid (500,000 ) (500,000 )
Net cash from financing activities (1,162,900 ) (808,869 )

Increase in cash and cash equivalents 169,213 1,013,688
Cash and cash equivalents at beginning of
year

2

1,133,950

120,262

Cash and cash equivalents at end of year 2 1,303,163 1,133,950

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 1,315,771 1,297,851
Depreciation charges 391,208 328,346
(Profit)/loss on disposal of fixed assets (10,250 ) 58,037
(Increase)/Decrease in the group balance (164,210 ) (1,047,445 )
Finance costs 51,913 53,492
Finance income (1,559 ) (286 )
1,582,873 689,995
(Increase)/decrease in stocks (406,018 ) 1,160,235
Increase in trade and other debtors (111,563 ) (103,246 )
Increase/(decrease) in trade and other creditors 875,611 (482,770 )
Cash generated from operations 1,940,903 1,264,214

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,303,163 1,133,950
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,133,950 483,243
Bank overdrafts - (362,981 )
1,133,950 120,262


C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,133,950 169,213 1,303,163
1,133,950 169,213 1,303,163
Debt
Finance leases (433,445 ) 142,900 (290,545 )
Debts falling due within 1 year (160,000 ) 160,000 -
Debts falling due after 1 year (360,000 ) 360,000 -
(953,445 ) 662,900 (290,545 )
Total 180,505 832,113 1,012,618

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

C. L. Jones Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. GOING CONCERN

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. At the time of approving the financial statements, the directors have reasonable expectation that the company 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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying value of assets and liabilities are:

Stock valuation

Stocks are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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:

Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- The company has transferred the significant risks and rewards of ownership to the buyer.
- The company 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 company will receive the consideration due under the transaction; and
- The costs incurred in respect of the transaction can be measured reliably.

Tool hire
Rental income on assets hired under hire contracts is recognised on a straight-line basis over the period of the hire.

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

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.

Tangible fixed asset additions are capitalised if they cost more than £2,000 and can be used for more than one year.

Depreciation is provided at the following annual rates in order to allocate the cost of the assets, less their residual value, over their estimated useful lives, or if held under a finance lease, over the lease term, whichever is shorter.

- Property improvements - 10% straight line
- Third party leased property improvements - 10% straight line
- Plant and machinery - 20% straight line
- Motor vehicles - 20% straight line
- Fixtures & fittings - 10%, 15% & 20% straight line
- Office equipment - 33% straight line
- Computer equipment - 10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively as appropriate, or if there is an indication of a significance 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 the profit & loss.

Stocks
Stocks are stated at the lower of cost & net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks held at each branch are assessed for impairment on a line-by-line basis. If stocks are impaired, judged to be slow moving or obsolete, the carrying amount is reduced based on how long it has been in stock, when the last sale was made. Generally, therefore each affected line is reduced to its selling price less costs to complete and sell. The impairment loss is recognised in the profit & loss immediately.

Financial instruments
The company 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Finance & borrowing
Finance costs
Finance costs are charged to the profit & loss over the term of the debt using the effective interest method. Issue costs are recognised as they are incurred.

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

Provision for liabilities
Provisions are made where an event has taken place that gives the company 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 the profit & loss in the year that the company 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 eventually made, they are charged to the provision carried in the balance sheet.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors & creditors
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 impairments.

Creditors
Short term creditors are measured at 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.

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

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.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about 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 as well as future periods, where the revision affects both current and future periods.

4. TURNOVER

All turnover arose within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,876,047 2,540,424
Social security costs 285,170 256,411
Other pension costs 87,419 62,805
3,248,636 2,859,640

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors 1 1
Senior Management 4 3
Other staff 84 82
89 86

6. DIRECTORS' EMOLUMENTS
31.3.24 31.3.23
£    £   
Directors' remuneration 67,917 64,837

During the year retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes.

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Other operating leases 49,654 26,400
Depreciation - owned assets 226,640 162,580
Depreciation - assets on hire purchase contracts 164,567 165,767
(Profit)/loss on disposal of fixed assets (10,250 ) 58,037

8. AUDITORS' REMUNERATION
31.3.24 31.3.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

13,500

5,500

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest 40,370 36,977
Hire purchase 11,543 16,515
51,913 53,492

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 358,784 296,841

Deferred tax 4,010 (34,594 )
Tax on profit 362,794 262,247

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 1,315,771 1,297,851
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

328,943

246,592

Effects of:
Expenses not deductible for tax purposes - 11,027
Income not taxable for tax purposes (2,562 ) -
Depreciation in excess of capital allowances 32,403 39,222
Deferred tax provision movement 4,010 (34,594 )
Total tax charge 362,794 262,247

11. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim 500,000 500,000

12. TANGIBLE FIXED ASSETS
Long
Property leasehold Office
improvements improvements equipment
£    £    £   
COST
At 1 April 2023 321,262 116,185 142,673
Additions - - -
Disposals - - -
At 31 March 2024 321,262 116,185 142,673
DEPRECIATION
At 1 April 2023 192,384 116,185 135,655
Charge for year 32,126 - 4,678
Eliminated on disposal - - -
At 31 March 2024 224,510 116,185 140,333
NET BOOK VALUE
At 31 March 2024 96,752 - 2,340
At 31 March 2023 128,878 - 7,018

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 1,226,450 132,339 1,391,078 3,329,987
Additions 176,250 - 95,595 271,845
Disposals (41,350 ) - - (41,350 )
At 31 March 2024 1,361,350 132,339 1,486,673 3,560,482
DEPRECIATION
At 1 April 2023 885,051 113,294 739,831 2,182,400
Charge for year 112,513 7,451 234,439 391,207
Eliminated on disposal (41,350 ) - - (41,350 )
At 31 March 2024 956,214 120,745 974,270 2,532,257
NET BOOK VALUE
At 31 March 2024 405,136 11,594 512,403 1,028,225
At 31 March 2023 341,399 19,045 651,247 1,147,587

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 75,000 753,833 828,833
DEPRECIATION
At 1 April 2023 44,517 328,336 372,853
Charge for year 13,800 150,767 164,567
At 31 March 2024 58,317 479,103 537,420
NET BOOK VALUE
At 31 March 2024 16,683 274,730 291,413
At 31 March 2023 30,483 425,497 455,980

13. STOCKS
31.3.24 31.3.23
£    £   
Stocks 3,407,113 3,001,095

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,758,839 2,603,406
Amounts owed by group undertakings 339,446 175,235
Other debtors 264,823 243,485
Prepayments 6,000 71,210
3,369,108 3,093,336

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 17) - 160,000
Hire purchase contracts (see note 18) 122,147 142,293
Trade creditors 2,500,461 2,273,064
Tax 358,784 296,841
Social security and other taxes 65,166 54,258
VAT 130,072 133,798
Other creditors 1,008,784 376,252
Accrued expenses 16,450 7,950
4,201,864 3,444,456

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 17) - 360,000
Hire purchase contracts (see note 18) 168,398 291,152
168,398 651,152

17. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 160,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 160,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 200,000

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 122,147 142,293
Between one and five years 168,398 291,152
290,545 433,445

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 61,400 26,100
Between one and five years 222,267 104,400
In more than five years 77,000 54,900
360,667 185,400

The minimum lease payments due under non-cancellable operating leases related to land & buildings.

19. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans - 520,000
Hire purchase contracts 290,545 433,445
290,545 953,445

Hire purchase debts are secured to the assets concerned and bank borrowings are secured over the assets of the company, and a guarantee given by the parent company. Full details of recorded charges, of which there were 3 as at March 2024 (2023: 3), is provided on the company's record at Companies House.

20. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 197,565 193,555

Deferred
tax
£   
Balance at 1 April 2023 193,555
Provided during year 4,010
Balance at 31 March 2024 197,565

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

22. RESERVES
Retained
earnings
£   

At 1 April 2023 4,086,705
Profit for the year 952,977
Dividends (500,000 )
At 31 March 2024 4,539,682

The profit & loss account is made up of accumulated undistributed profits.

23. CONTINGENT LIABILITIES

The company has guaranteed the loans from HSBC to the parent company, C L Jones (Holding) Company Limited. The board are of the opinion that no provision is needed in these financial statements.

24. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounts to £88,739 (2023: £64,125). Contributions totalling £21,033 (2023: £11,298) were payable to the fund at the balance sheet date.

25. RELATED PARTY DISCLOSURES

Rent was paid during the year to the company's parent, C L Jones (Holding) Company Limited, for sites amounting to £49,654 (2023: £26,400).

Management Charges of £561.229 were paid during the year to the companys's parent C L Jones (Holding) Company Limited (2023: £561,240)

Other related parties
31.3.24 31.3.23
£    £   
Sales 214,789 237,526
Trading amount due from related party 6,071 1,909

The directors are deemed to be the key management personnel. Details of their remuneration are disclosed in note 5.

C. L. Jones Ltd. (Registered number: 03923685)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

26. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of C L Jones (Holding) Company Limited, a company registered at Companies House under the reference 07393551.

The ultimate controlling party is, by virtue of his control over C L Jones (Holding) Company Limited, Mr M R Jones.