REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
C. L. Jones Ltd. |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants, Statutory Auditor |
2nd Floor Refuge House |
33-37 Watergate Row |
Chester |
CH1 2LE |
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 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
5,174,961 | 4,389,648 |
1,366,125 | 1,348,653 |
Other operating income |
OPERATING PROFIT | 7 |
Interest receivable and similar income |
1,367,684 | 1,351,343 |
Interest payable and similar expenses | 9 |
PROFIT BEFORE TAXATION |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
C. L. Jones Ltd. (Registered number: 03923685) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | - | (2,926 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
(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 | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) |
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 | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | GOING CONCERN |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Social security costs |
Other pension costs |
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 |
6. | DIRECTORS' EMOLUMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( |
) |
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 |
Hire purchase |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Deferred tax provision movement | 4,010 | (34,594 | ) |
Total tax charge | 362,794 | 262,247 |
11. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Interim |
12. | TANGIBLE FIXED ASSETS |
Long |
Property | leasehold | Office |
improvements | improvements | equipment |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
13. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
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 |
Amounts owed by group undertakings |
Other debtors |
Prepayments | 6,000 | 71,210 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Hire purchase contracts (see note 18) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 130,072 | 133,798 |
Other creditors |
Accrued expenses |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 17) |
Hire purchase contracts (see note 18) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable | operating leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Hire purchase contracts | 290,545 | 433,445 |
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 |
Provided during year |
Balance at 31 March 2024 |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
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) |
31.3.24 | 31.3.23 |
£ | £ |
Sales |
Trading amount due from related party |
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. |