Company registration number 01003647 (England and Wales)
JACOB,WHITE (PACKAGING) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
JACOB,WHITE (PACKAGING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JACOB,WHITE (PACKAGING) LIMITED (REGISTERED NUMBER: 01003647)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,857,685
2,905,919
Current assets
Stocks
1,465,338
1,320,409
Debtors
4
1,460,128
1,223,037
Cash at bank and in hand
22,668
10,205
2,948,134
2,553,651
Creditors: amounts falling due within one year
5
(1,411,540)
(947,193)
Net current assets
1,536,594
1,606,458
Total assets less current liabilities
4,394,279
4,512,377
Creditors: amounts falling due after more than one year
6
(259,148)
(281,040)
Provisions for liabilities
(74,880)
(99,351)
Net assets excluding pension liability
4,060,251
4,131,986
Defined benefit pension liability
(293,000)
(616,000)
Net assets
3,767,251
3,515,986
Capital and reserves
Called up share capital
10,000
10,000
Revaluation reserve
2,562,169
2,573,361
Distributable profit and loss reserves
1,195,082
932,625
Total equity
3,767,251
3,515,986
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.
JACOB,WHITE (PACKAGING) LIMITED (REGISTERED NUMBER: 01003647)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr P Colwell
Director
JACOB,WHITE (PACKAGING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Jacob,White (Packaging) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit F, Riverside Industrial Estate, Riverside Way, Dartford, Kent, DA1 5BY.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue is recognised by reference to the stage of completion for each order.
1.4
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:
Land and buildings Freehold
Land is not depreciated - Freehold buildings - 2% on cost
Plant and machinery
10% on reducing balance, 33.3% on cost, 25% on cost and 10% on cost
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 profit or loss.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JACOB,WHITE (PACKAGING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
37
JACOB,WHITE (PACKAGING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Total
£
£
£
Cost or valuation
At 1 April 2023
2,900,000
488,345
3,388,345
Additions
6,045
6,045
At 31 March 2024
2,900,000
494,390
3,394,390
Depreciation and impairment
At 1 April 2023
40,919
441,507
482,426
Depreciation charged in the year
41,268
13,011
54,279
At 31 March 2024
82,187
454,518
536,705
Carrying amount
At 31 March 2024
2,817,813
39,872
2,857,685
At 31 March 2023
2,859,081
46,838
2,905,919
The freehold property is held at fair value, which is based on an independent and professional revaluation by a qualified chartered surveyor holding the Royal Institution of Chartered Surveyors membership on 1 April 2022. In the directors' opinion, the property has not decreased in value since 1 April 2022.
If freehold properties were stated on an historical cost basis rather than a fair value basis, the amount would have been included as follows:
2024
2023
£
£
Cost
372,525
372,525
Accumulated depreciation
(196,666)
(191,410)
Carrying value
175,859
181,115
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,091,167
562,770
Other debtors
295,711
543,227
1,386,878
1,105,997
JACOB,WHITE (PACKAGING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
73,250
117,040
Total debtors
1,460,128
1,223,037
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
375,044
366,883
Trade creditors
353,298
292,854
Taxation and social security
118,511
58,587
Other creditors
564,687
228,869
1,411,540
947,193
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
259,148
281,040
7
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 unqualified.
Senior Statutory Auditor:
Stephen Hale
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
19 November 2024
JACOB,WHITE (PACKAGING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Financial commitments, guarantees and contingent liabilities
Bank loans and overdrafts (under and over 1 year) are secured by fixed and floating charges over all of the company's assets both present and future.
The company entered into a guarantee dated 4 February 2022 in favour of Saudi British Bank for £94,787 (2023 - £94,787)
The company also entered into a guarantee dated 14 June 2023 in favour of Renova for £52,5000 (2023 £Nil)
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
35,961
67,725