Company registration number SC038002 (Scotland)
JWF PROCESS SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JWF PROCESS SOLUTIONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 11
JWF PROCESS SOLUTIONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
D Gemmell
K Fairbairn
R Allan
Secretary
D Gemmell
Company number
SC038002
Registered office
85 Seaward Street
Glasgow
United Kingdom
G41 1HJ
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
JWF PROCESS SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,121,607
1,016,897
Investments
7
1,040,191
1,040,191
2,161,798
2,057,088
Current assets
Stocks
578,304
368,634
Debtors
9
2,883,093
2,686,328
Cash at bank and in hand
1,712,903
1,681,536
5,174,300
4,736,498
Creditors: amounts falling due within one year
10
(2,257,798)
(2,044,508)
Net current assets
2,916,502
2,691,990
Total assets less current liabilities
5,078,300
4,749,078
Creditors: amounts falling due after more than one year
11
(11,288)
(15,158)
Provisions for liabilities
(92,925)
(56,642)
Net assets
4,974,087
4,677,278
Capital and reserves
Called up share capital
13
7,252
7,252
Capital redemption reserve
2,750
2,750
Profit and loss reserves
4,964,085
4,667,276
Total equity
4,974,087
4,677,278

The notes on pages 3 to 11 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
D Gemmell
Director
Company Registration No. SC038002
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

JWF Process Solutions Limited is a private company limited by shares incorporated in Scotland. The registered office is 85 Seaward Street, Glasgow, United Kingdom, G41 1HJ. The company's registration number is SC038002.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

JWF Process Solutions Limited is a wholly owned subsidiary of JWF Group Holdings Limited and the results of JWF Process Solutions Limited are included in the consolidated financial statements of JWF Group Holdings Limited which are available from Companies House.

1.2
Turnover

The turnover shown in the profit and loss account represents the sales value (exclusive of Value Added Tax) of instrumentation, metering equipment and associated services delivered in the year. Turnover also includes commission receivable for the year.

1.3
Tangible fixed assets

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

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

Freehold property
0% -2% straight line
Plant & Machinery
12.5% - 25% straight line
Demo Equipment
10% - 50% straight line
Fixtures & Fittings
10% - 20% straight line
Vehicles
25% - 50% straight line
Computer Equipment
20% - 33% straight line

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

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

1.5
Impairment of fixed assets

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

 

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

1.6
Stocks

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

 

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

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

1.7
Financial instruments

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

 

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

 

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

Basic financial assets

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

Classification of financial liabilities

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

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

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

 

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

 

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

1.8
Equity instruments

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

1.9
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.10
Employee benefits

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

 

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

 

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

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

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

1.12
Leases

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

2
Exceptional item
2023
2022
£
£
Income
Exceptional Item
-
58,647
-
58,647
In the prior year, the exceptional item comprises settlement income from HMRC in relation to Accelerated Payment Notices regarding PAYE tax assessed on the company in respect of its use of Employee Benefit Trusts in prior years.
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
615
2,043
Depreciation of owned tangible fixed assets
82,429
96,817
Loss/(profit) on disposal of tangible fixed assets
22,801
(441)
Operating lease charges
3,074
1,020
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,950
-
0
5
Employees

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

2023
2022
Total
26
27
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Tangible fixed assets
Freehold property
Plant & Machinery
Fixtures & Fittings
Computer equipment
Vehicles
Demo Equipment
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
879,164
62,251
147,607
264,958
280,072
112,987
1,747,039
Additions
23,738
3,092
13,358
6,463
219,638
18,173
284,462
Disposals
-
0
-
0
-
0
(20,342)
(145,468)
(1,192)
(167,002)
At 31 December 2023
902,902
65,343
160,965
251,079
354,242
129,968
1,864,499
Depreciation and impairment
At 1 January 2023
179,670
43,261
107,436
221,519
72,636
105,620
730,142
Depreciation charged in the year
16,459
6,597
8,799
21,632
49,366
(20,424)
82,429
Eliminated in respect of disposals
-
0
-
0
-
0
(20,342)
(49,132)
(205)
(69,679)
At 31 December 2023
196,129
49,858
116,235
222,809
72,870
84,991
742,892
Carrying amount
At 31 December 2023
706,773
15,485
44,730
28,270
281,372
44,977
1,121,607
At 31 December 2022
699,494
18,990
40,171
43,439
207,436
7,367
1,016,897
Included within freehold property is land valued at £80,000 which is not depreciated.
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,040,191
1,040,191
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stream Measurement Limited
Elder Road, St. John's Industrial Estate, Lees, Oldham, England, OL4 3DZ
Ordinary
100.00
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,164,521
2,379,459
Amounts owed by group undertakings
1,531,265
16,415
Other debtors
187,307
290,454
2,883,093
2,686,328
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,760,231
1,603,861
Amounts owed to group undertakings
124,696
-
0
Taxation and social security
253,711
338,215
Other creditors
119,160
102,432
2,257,798
2,044,508
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
11,288
15,158
JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Deferred taxation

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

2023
2022
Balances:
£
£
Accelerated capital allowances
92,925
56,642
2023
Movements in the year:
£
Liability at 1 January 2023
56,642
Charge to profit or loss
36,283
Liability at 31 December 2023
92,925

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

13
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
616,250 Ordinary shares of 1p
6,163
6,163
36,250 'A' shares of 1p
363
363
36,250 'B' shares of 1p
363
363
36,250 'C' shares of 1p
363
363
7,252
7,252

Each class of share rank pari passu. When declaring dividends, each class of shares is entitled to dividends to the exclusion of the other and differing amounts may be declared in respect of each class. 'A', 'B' and 'C' shares carry no right to vote on a resolution for the removal of a director.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Audit report information
(Continued)
- 10 -

Qualified Opinion

We have audited the financial statements of JWF Process Solutions Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the Company until after 31 December 2022 as prior to 31 December 2023 there was no requirement for the company to be audited. As such, we did not observe the counting of physical inventories at the end of the year to 31 December 2022. We were unable to satisfy ourselves by alternative means concerning these inventory quantities, which were included in the balance sheet at £368,634.

 

Consequently, we were unable to determine whether any adjustment to this amount at 31 December 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified opinion.

Senior Statutory Auditor:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,033
168,147

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

JWF PROCESS SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
16
Operating lease commitments
Lessee

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

2023
2022
£
£
13,911
-
0
17
Related party transactions

The Company has taken advantage of the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose transactions with other wholly owned group companies as the Company is included in the consolidated financial statements of JWF Group Holdings Limited.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

18
Ultimate Controlling Party

The Company was under control of the shareholders of the holders of the ordinary share capital in the ultimate parent company, JWF (Group) Limited. Post 10th March, the Company is under the control of the shareholders of the newly formed parent company JWF Group Holdings Limited. No individual shareholder has a controlling interest.

The company is included by full consolidation in the consolidated financial statements of its ultimate controlling party, JWF Group Holdings Limited, registered in Scotland, at the same address as the company.

Copies of the consolidated financial statements are available from Companies House.

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