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REGISTERED NUMBER: 02887007 (England and Wales)















JEROBOAMS GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 7

Consolidated Statement of Comprehensive Income 8

Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash Flows 14

Notes to the Consolidated Financial Statements 15 to 27


JEROBOAMS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Peter C Rich
Hugh F D Sturges
Edward I Rich
Matthew F Tipping
Peter J B Mitchell
Stephen J Cornwell
Lucie V Parker


SECRETARY: Caroline A Hall


REGISTERED OFFICE: 43 Portland Road
London
W11 4LJ


REGISTERED NUMBER: 02887007 (England and Wales)


SENIOR STATUTORY AUDITOR: Theo Banos BA FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF


BANKERS: HSBC Bank Plc
69 Pall Mall,
London
SW1Y 5EY

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
As detailed in the group's statement of comprehensive income on page 8, the group made a profit before tax of £647,173 (2023: £658,711)

The directors are satisfied with the performance for 2024.

Business revenue increased to £41.3m, whilst gross profit of £9.7m has increased compared to last year (£8.7m). These growths are both due to successful business investment made in prior years. The business has been impacted by input cost inflation but has managed its position by cost control and margin management.

The group continues to reinvest free cashflow back into the business to build for the future. This includes retail shops, investment in online sales and fulfilment, and additional recruitment and development of team members. The group will not be paying a dividend.

Group net assets remain healthy and have improved to just under £2.6m.

DEVELOPMENT AND PERFORMANCE
The group continually reviews the marketplaces it operates within and is committed to future investment, even in times of economic uncertainty. The group will invest in areas with the most potential, and where it can see suitable returns. It expects to see a longer-term improvement in returns as the impact of this investment pays off whilst also controlling the cost base.

Competition in the retail, trade, and private client markets remains intense; however, the business's extensive knowledge and experience of the UK wine market will allow the business to continue growing organically.

The directors are pleased with the current balance sheet position which shows both strong net current assets and cash positions. This will allow the company to build on its current business whilst looking out for opportunities for growth as they arise.

KEY PERFORMANCE INDICATORS

2024 2023 % inc/(dec)
£'000 £'000
Revenue 41,339 35,473 16.5
Gross profit 9,714 8,706 11.6
Gross profit % 23.5 24.5
Net profit before taxation 647 659 (0.2 )
Earnings before exceptional items, interest, tax,
depreciation and amortisation


1,257


1,283

(2.0

)


JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Financial instruments
The group's operations expose it to a variety of financial risks including the effect of changes interest rates on debts, foreign exchange rates, credit risk and liquidity risks.

The group's principal financial instruments comprise sterling cash and bank deposits, together with trade debtors and trade creditors that arise directly from its operations

The main risk arising from the group's financial instruments can be analysed as follows:

Foreign currency risk
The group is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The group buys a significant amount of its goods from Europe and these purchases are transacted in Euros. The group enters forward exchange contracts with its bankers in order to protect the business against adverse currency movements in £/Euro.

Liquidity risk
The group's policy has been to ensure continuity of funding through arranging funding for operations via medium-term loans and additional revolving credit facilities to aid short-term flexibility.

Credit risk
The group's principal financial assets are bank balances and cash which represent the group's maximum exposure to credit risk in relation to financial assets.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

ON BEHALF OF THE BOARD:





Matthew F Tipping - Director


4 November 2024

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITY
The principal activities of the group are that of wine and spirit merchants and the retailing of cheese and fine foods.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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

Peter C Rich
Hugh F D Sturges
Edward I Rich
Matthew F Tipping
Peter J B Mitchell
Stephen J Cornwell

Other changes in directors holding office are as follows:

Lucie V Parker - appointed 3 May 2023

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

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Matthew F Tipping - Director


4 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JEROBOAMS GROUP LIMITED

Opinion
We have audited the financial statements of Jeroboams Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
JEROBOAMS GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JEROBOAMS GROUP LIMITED


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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Alcohol Licensing, Employment laws and Health and Safety regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included a review of legal and professional fees for evidence of non-compliance, review of up-to-date alcohol licencing documentation and an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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.




Theo Banos BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

4 November 2024

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 41,339,053 35,472,630

Cost of sales 31,625,054 26,767,118
GROSS PROFIT 9,713,999 8,705,512

Distribution costs 2,047,409 1,814,702
Administrative expenses 7,119,925 6,222,381
9,167,334 8,037,083
546,665 668,429

Other operating income 256,980 254,253
OPERATING PROFIT 4 803,645 922,682

Exceptional bad debts 5 - (209,971 )
Exceptional stock provision 5 - 65,339
Revaluation of investment
properties 5 77,674 -
881,319 778,050

Loss/(profit) on derivative
forward contracts 6 40,249 12,830
841,070 765,220

Interest payable and similar expenses 7 193,897 106,509
PROFIT BEFORE TAXATION 647,173 658,711

Tax on profit 8 197,727 90,952
PROFIT FOR THE FINANCIAL YEAR 449,446 567,759

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 449,446 567,759

Profit attributable to:
Owners of the parent 449,446 567,759

Total comprehensive income attributable to:
Owners of the parent 449,446 567,759

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 81,996 55,046
Tangible assets 11 1,267,041 966,298
Investments 12 - -
Investment property 13 3,800,000 -
5,149,037 1,021,344

CURRENT ASSETS
Stocks 14 7,913,365 6,635,708
Debtors 15 6,951,357 4,413,114
Cash at bank 1,669,853 1,752,120
16,534,575 12,800,942
CREDITORS
Amounts falling due within one year 16 13,032,283 9,304,637
NET CURRENT ASSETS 3,502,292 3,496,305
TOTAL ASSETS LESS CURRENT LIABILITIES 8,651,329 4,517,649

CREDITORS
Amounts falling due after more than one year 17 (5,816,968 ) (2,300,000 )

PROVISIONS FOR LIABILITIES 21 (263,641 ) (96,375 )
NET ASSETS 2,570,720 2,121,274

CAPITAL AND RESERVES
Called up share capital 22 3,750,000 3,750,000
Share premium 340,000 340,000
Fair value adjustment reserve 58,256 -
Retained earnings (1,577,536 ) (1,968,726 )
SHAREHOLDERS' FUNDS 2,570,720 2,121,274

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





Matthew F Tipping - Director


JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 2,600,999 2,599,999
Investment property 13 - -
2,600,999 2,599,999

CURRENT ASSETS
Debtors 15 2,272,460 2,468,360
Cash at bank 500,719 404,819
2,773,179 2,873,179
CREDITORS
Amounts falling due within one year 16 209,217 109,217
NET CURRENT ASSETS 2,563,962 2,763,962
TOTAL ASSETS LESS CURRENT LIABILITIES 5,164,961 5,363,961

CREDITORS
Amounts falling due after more than one year 17 2,101,000 2,300,000
NET ASSETS 3,063,961 3,063,961

CAPITAL AND RESERVES
Called up share capital 22 3,750,000 3,750,000
Share premium 340,000 340,000
Retained earnings (1,026,039 ) (1,026,039 )
SHAREHOLDERS' FUNDS 3,063,961 3,063,961

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





Matthew F Tipping - Director


JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Fair
Called up value
share Retained Share adjustment Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 3,750,000 (2,536,485 ) 340,000 - 1,553,515

Changes in equity
Total comprehensive income - 567,759 - - 567,759
Balance at 31 March 2023 3,750,000 (1,968,726 ) 340,000 - 2,121,274

Changes in equity
Total comprehensive income - 391,190 - 58,256 449,446
Balance at 31 March 2024 3,750,000 (1,577,536 ) 340,000 58,256 2,570,720

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 3,750,000 (1,026,039 ) 340,000 3,063,961

Changes in equity
Balance at 31 March 2023 3,750,000 (1,026,039 ) 340,000 3,063,961

Changes in equity
Balance at 31 March 2024 3,750,000 (1,026,039 ) 340,000 3,063,961

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,084,189 488,991
Tax paid (39,759 ) (187,441 )
Net cash from operating activities 1,044,430 301,550

Cash flows from investing activities
Purchase of intangible fixed assets (82,650 ) -
Purchase of tangible fixed assets (727,824 ) (609,810 )
Purchase of investment property (3,722,326 ) -
Net cash from investing activities (4,532,800 ) (609,810 )

Cash flows from financing activities
Group loan repayments in year (100,000 ) (75,000 )
Interest paid (193,897 ) (106,509 )
Group loan received 3,700,000 -
Net cash from financing activities 3,406,103 (181,509 )

Decrease in cash and cash equivalents (82,267 ) (489,769 )
Cash and cash equivalents at beginning of year 2 1,752,120 2,241,889

Cash and cash equivalents at end of year 2 1,669,853 1,752,120

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

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

2024 2023
£    £   
Profit before taxation 647,173 658,711
Depreciation charges 424,427 373,076
Loss on disposal of fixed assets 58,354 -
Revaluation of investment property (77,674 ) -
Finance costs 193,897 106,509
1,246,177 1,138,296
(Increase)/decrease in stocks (1,277,657 ) 243,350
Increase in trade and other debtors (2,538,243 ) (1,874,497 )
Increase in trade and other creditors 3,653,912 981,842
Cash generated from operations 1,084,189 488,991

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,669,853 1,752,120
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,752,120 2,241,889


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 1,752,120 (82,267 ) 1,669,853
1,752,120 (82,267 ) 1,669,853
Total 1,752,120 (82,267 ) 1,669,853

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Jeroboams Group Limited 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The financial reporting standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain assets and financial instruments as specified in the accounting policies below.

The financial statements are presented in Sterling (£).

The group financial statements consolidate the financial statements of Jeroboams Group Limited and its subsidiary undertakings drawn up to 31 March each year. The parent company has taken advantage of section 408 of the Companies House Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's loss for the year was £nil (2023: £nil).

Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess between the cost of the business combination and the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated statement of financial position immediately below goodwill.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK":

- the requirements of Section 7 Statement of Cash Flows;

-
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A

The disclosures above are incorporated within these consolidated financial statements.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include net realisable value of stock and slow moving stock provisions.

Investment in subsidiary undertakings
The consolidated financial statements incorporate the financial statements of the group and entities (including special purpose entities) controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents revenue earned from the sale of goods.

Turnover from the sale of goods is recognised when the goods are confirmed as available by the supplier and the customer order is confirmed.

Revenue in respect of En Primeur sales is recognised when invoiced and the amount is payable by the customer. The cost of the goods to be delivered is included in cost of sales and creditors. Payment has usually been made to the supplier before delivery of the goods. Payment on account have been recorded as a reduction in the related creditor. The commercial risk of the goods passes from the company to the customer once ordered and therefore the directors believe it is applicable to recognise En Primeur revenue on invoicing.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Website development costs are recognised as an intangible asset when all of the following criteria are demonstrated:

-How the website will generate probable future economic benefit.
-The ability to use the website.
-The ability to measure reliably the expenditure attributable to the website during its development.
-
The availability of adequate technical, financial and other resources to complete the development and use the
website

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives using the straight-line method.

Website development5 years

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Tangible fixed assets
Tangible fixed assets are recognised at cost less depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery3 - 15 years
Short leasehold propertyOver the length of the lease

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost, including customs duty, if any, and net realisable value. Included within stocks are goods held by overseas third parties which the company has contracted to purchase.

Stocks are accounted for on a weighted average cost basis.

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

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. Accounts 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.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profit.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax
Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed for tax in in a future period, except where:

-the company is able to control the reversal of the timing difference; and
-it is probable that the timing difference will not reverse in the foreseeable future.

A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).
Deferred tax liabilities are present within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if:

-the company has a legally enforceable right to set off current tax assets against current tax liabilities; and
-the deferred tax assets and deferred tax liability relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

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

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Short-term employee benefits
Short-term employment benefits are recognised as an expense in the period in which they are incurred.

Pension contributions
The company makes pension contributions to individuals' personal pension plans. These contributions are charged to the statement of comprehensive income in the year in which they are incurred.

Leased assets and obligations
All leases are "operating leases" and the annual rentals are charged to the statement of comprehensive income on a straight line basis over the lease term.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Derivative financial instruments
The group's primary objective in holding derivative financial instruments is to manage currency exchange rate risk. The group is exposed to currency exchange rate risk due to a significant proportion of its purchases being denominated in non-Sterling currencies. The group utilises forward currency contracts to offset this risk, all such contracts mature within 12 months. These forward contracts are recognised at fair value on each reporting date with any gains or losses being reported in the statement of comprehensive income.

Impairment of assets
At each reporting date, tangible fixed assets not carried at fair value, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected assets (or group of related assets) is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the statement of comprehensive income.

Similarly, at each reporting date, stocks are assessed for impairment by comparing the amount of each item of stock (or group of similar items) with its selling price less costs to complete and sell. If an item of stock (or group of similar items) is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the statement of comprehensive income.

If an impairment loss subsequently reverses, the carrying amount of the assets (or group of related assets) is increased to the revised estimate of its recoverable amount (selling price less costs to complete and sell, in the case of stocks), but not in the excess of the amount that would have been determined had no impairment loss been recognised for the asset (group of related assets) in prior years. A reversal of an impairment loss is recognised immediately in the statement of comprehensive income.

Provisions for liabilities
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, its is probable that the group will be required to settle the 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 end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.


JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date.

Exchange differences are recognised in the statement of comprehensive income in the period in which they arise.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,867,745 3,428,601
Social security costs 422,583 384,674
Other pension costs 339,342 259,942
4,629,670 4,073,217

The average number of employees during the year was as follows:
2024 2023

Office and management 37 32
Shops 42 38
Distribution 3 3
82 73

2024 2023
£    £   
Directors' remuneration 849,725 568,725
Directors' pension contributions to money purchase schemes 28,455 41,949

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 239,064 182,177

4. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 394,496 298,566
Loss on disposal of fixed assets 69,623 -
Goodwill amortisation - 45,000
Website development amortisation 29,931 29,240
Foreign exchange differences (442,039 ) (280,507 )
Operating lease payments 655,416 407,750
Auditors remuneration - audit services 37,500 28,485
Auditors remuneration - other services 5,000 6,500

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional bad debts - (209,971 )
Exceptional stock provision - 65,339
Revaluation of investment
properties 77,674 -
77,674 (144,632 )

In the prior year, the company increased the bad debt provision in relation to a very small number of trade customers that were experiencing cash flow difficulties due to current inflationary pressures.

6. LOSS/(PROFIT) ON DERIVATIVE
FORWARD CONTRACTS
2024 2023
£    £   
Loss/(profit) on derivative
forward contracts 40,249 12,830

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable to related parties 193,897 106,509

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 40,316 58,073
Adjustment re previous years (9,855 ) 20,937
Total current tax 30,461 79,010

Deferred tax 167,266 11,942
Tax on profit 197,727 90,952

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. 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:

2024 2023
£    £   
Profit before tax 647,173 658,711
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19 %)

161,793

125,155

Effects of:
Expenses not deductible for tax purposes 35,010 12,628
Income not taxable for tax purposes (105,863 ) -
Capital allowances in excess of depreciation (58,992 ) (44,890 )
Utilisation of tax losses 8,408 (8,344 )
Adjustments to tax charge in respect of previous periods (9,855 ) 20,937
Movement in deferred tax 167,266 11,942
Other (40 ) (26,476 )
Total tax charge 197,727 90,952

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Website
Goodwill development Totals
£    £    £   
COST
At 1 April 2023 150,000 349,589 499,589
Additions - 82,650 82,650
Disposals - (123,039 ) (123,039 )
At 31 March 2024 150,000 309,200 459,200
AMORTISATION
At 1 April 2023 150,000 294,543 444,543
Amortisation for year - 29,931 29,931
Eliminated on disposal - (97,270 ) (97,270 )
At 31 March 2024 150,000 227,204 377,204
NET BOOK VALUE
At 31 March 2024 - 81,996 81,996
At 31 March 2023 - 55,046 55,046

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and
leasehold fittings Totals
£    £    £   
COST
At 1 April 2023 1,989,916 1,816,243 3,806,159
Additions 595,033 132,791 727,824
Disposals (132,918 ) (84,827 ) (217,745 )
At 31 March 2024 2,452,031 1,864,207 4,316,238
DEPRECIATION
At 1 April 2023 1,498,992 1,340,869 2,839,861
Charge for year 232,530 161,966 394,496
Eliminated on disposal (126,007 ) (59,153 ) (185,160 )
At 31 March 2024 1,605,515 1,443,682 3,049,197
NET BOOK VALUE
At 31 March 2024 846,516 420,525 1,267,041
At 31 March 2023 490,924 475,374 966,298

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023 4,400,203
Additions 1,000
At 31 March 2024 4,401,203
PROVISIONS
At 1 April 2023
and 31 March 2024 1,800,204
NET BOOK VALUE
At 31 March 2024 2,600,999
At 31 March 2023 2,599,999

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Jeroboams Shops Limited
Registered office: England and Wales
Nature of business: Wine Merchant
%
Class of shares: holding
Ordinary 100.00

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. FIXED ASSET INVESTMENTS - continued

Jeroboams Trade Limited
Registered office: England and Wales
Nature of business: Wine Merchant
%
Class of shares: holding
Ordinary 100.00

Jeroboams Limited
Registered office: England and Wales
Nature of business: Wine Merchant
%
Class of shares: holding
Ordinary 100.00

Mr Christian's Limited
Registered office: England and Wales
Nature of business: Delicatessen
%
Class of shares: holding
Ordinary 100.00

Jeroboams Wines Limited
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Jeroboams Properties Limited
Registered office: England and Wales
Nature of business: Investment property
%
Class of shares: holding
Ordinary 100.00


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 3,722,326
Revaluations 77,674
At 31 March 2024 3,800,000
NET BOOK VALUE
At 31 March 2024 3,800,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 77,674
Cost 3,722,326
3,800,000

At 31 March 2024, an internal valuation was prepared which resulted in a market valuation for the investment properties of £3,800,000.

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. STOCKS

Group
2024 2023
£    £   
Finished goods 7,913,365 6,635,708

15. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 6,409,350 3,893,167 - -
Amounts owed by group undertakings - - 200,000 100,000
Other debtors 223,542 208,302 - -
Prepayments and accrued income 318,465 311,645 - -
6,951,357 4,413,114 200,000 100,000

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 2,072,460 2,368,360

Aggregate amounts 6,951,357 4,413,114 2,272,460 2,468,360

Included within company debtors is £2,072,460 (2023: £2,368,360) which is due in more than one year. This amount is separately disclosed in the current year.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 3,961,741 3,365,144 - -
Amounts owed to group undertakings 200,000 100,000 200,000 100,000
Taxation 48,775 58,073 - -
Other taxes and social security 496,757 521,751 - -
VAT 2,391 - - -
Other creditors 3,476,308 2,883,922 9,217 9,217
Derivative financial
liabilities 45,377 5,129 - -
Accruals and deferred income 4,800,934 2,370,618 - -
13,032,283 9,304,637 209,217 109,217

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts owed to group undertakings 5,816,968 2,300,000 2,101,000 2,300,000

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 435,763 597,113
Between one and five years 1,391,909 1,270,998
In more than five years 433,182 461,330
2,260,854 2,329,441

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Group loan 2,300,000 2,400,000

The loan is secured by a fixed and floating charge over the group's assets.

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

20. FINANCIAL INSTRUMENTS

The group has the following financial instruments:

2024 2023
£ £
Financial assets at fair value through profit or loss
Derivative financial instrument - -

Financial assets that are debt instruments measured at amortised cost
Trade debtors 6,409,350 3,893,167
Other debtors 223,542 208,302

Financial liabilities at fair value through profit or loss
Derivative financial instrument 45,377 5,129

Financial liabilities measured at amortised cost
Trade creditors 3,961,741 3,365,144
Other creditors 3,476,308 2,883,922
Amounts owed to group undertakings 6,016,968 2,400,000

The income, expenses, net gains and net losses attributable to the company's financial instruments are summarised as follows:

Net (gains) and losses (including changes in fair value)

Financial assets at fair value through profit or loss 40,249 12,830
Financial liabilities measured at fair value through profit or loss - -

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £nil (2023: £nil) and £193,898 (2023: £106,509) respectively.

Derivative financial instruments

The group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency debtors. At 31 March 2024, the outstanding contracts all mature within 9 months of the year end. The group is committed to buy £4,254,720 (2023: £4,069,270) in euros at a rate recorded in each contract.

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for GBP:EUR.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 263,641 96,375

Group
Deferred
tax
£   
Balance at 1 April 2023 96,375
Provided during year 167,266
Charge to statement of
comprehensive income
Balance at 31 March 2024 263,641

JEROBOAMS GROUP LIMITED (REGISTERED NUMBER: 02887007)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,750,000 Ordinary £1 3,750,000 3,750,000

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Other related parties

The group paid rent to a company in which one of the directors has a material interest amounting to £165,000 (2023: £166,182).

Key management personnel compensation is considered to be the same as reported under directors' remuneration disclosed in note 3.

24. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Holland Trading Limited, a company incorporated in Bermuda. The ultimate controlling party is Peter C Rich.