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REGISTERED NUMBER: 03315645 (England and Wales)















JEROBOAMS TRADE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






JEROBOAMS TRADE LIMITED (REGISTERED NUMBER: 03315645)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


JEROBOAMS TRADE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







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


SECRETARY: Caroline A Hall


REGISTERED OFFICE: 43 Portland Road
London
W11 4LJ


REGISTERED NUMBER: 03315645 (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 TRADE LIMITED (REGISTERED NUMBER: 03315645)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 2,478,510 2,171,720
Cash at bank 332,740 441,782
2,811,250 2,613,502
CREDITORS
Amounts falling due within one year 5 3,485,220 3,298,355
NET CURRENT LIABILITIES (673,970 ) (684,853 )
TOTAL ASSETS LESS CURRENT LIABILITIES (673,970 ) (684,853 )

CREDITORS
Amounts falling due after more than one year 6 653,335 715,556
NET LIABILITIES (1,327,305 ) (1,400,409 )

CAPITAL AND RESERVES
Called up share capital 8 1,251,000 1,251,000
Retained earnings (2,578,305 ) (2,651,409 )
SHAREHOLDERS' FUNDS (1,327,305 ) (1,400,409 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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 TRADE LIMITED (REGISTERED NUMBER: 03315645)

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

1. STATUTORY INFORMATION

Jeroboams Trade 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 Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. The company incurred a significant reduction in trade following the government restrictions imposed following the COVID-19 pandemic. The company has utilised the government support schemes where necessary and a return to normal trading conditions is expected in the near future. A letter of support has been received from Jeroboams Limited to confirm that the intercompany creditor will not be recalled within 12 months of the accounts signing date and further support will be forthcoming if required. The company therefore continues to adopt the going concern basis in preparing its financial statement despite net current liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of order.

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.


JEROBOAMS TRADE LIMITED (REGISTERED NUMBER: 03315645)

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

2. ACCOUNTING POLICIES - continued
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 company makes pension contributions to individuals' personal pension plans. These contributions are charged to the profit and loss account in the year in which they are incurred.

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

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price.

Government grants
Cash grants are recognised in the period in which they are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - NIL ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,433,600 2,155,174
Other debtors 44,910 16,546
2,478,510 2,171,720

JEROBOAMS TRADE LIMITED (REGISTERED NUMBER: 03315645)

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

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 2,915,406 2,807,048
Other taxes and social security 23,011 21,084
Other creditors 6,837 62,877
Accruals and deferred income 539,966 407,346
3,485,220 3,298,355

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 653,335 715,556

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Group loan 715,556 746,667

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,004,000 Ordinary 25p 1,251,000 1,251,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Theo Banos BA FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

10. 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.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Jeroboams Group Limited. The principal place of business of Jeroboams Group Limited is:

7-9 Elliott's Place
London
N1 8HX