REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 29 February 2024 |
for |
JT GROUP (UK) LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 29 February 2024 |
for |
JT GROUP (UK) LIMITED |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Contents of the Financial Statements |
for the year ended 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 |
JT GROUP (UK) LIMITED |
Company Information |
for the year ended 29 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
The Pinnacle |
170 Midsummer Boulevard |
Milton Keynes |
MK9 1BP |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Strategic Report |
for the year ended 29 FEBRUARY 2024 |
The director presents his strategic report for the year ended 29 February 2024. The director in preparing the strategic report has complied with s414c of the Companies Act 2006. |
REVIEW OF BUSINESS |
The Company continues to be a non trading holding company. As the sole purpose of this company is as a parent company, the commentary which follows refers principally to the trading company below it, Just Trays Limited. |
During the year under review the business benefitted from a new improved price arrangement with a group company. Otherwise, it was a difficult market and turnover increased by 1.3%, largely due to an upturn in export sales. The gross profit percentage improved to 24.8% (2023 restated - 13.8%). |
This resulted in EBITDA for the year under review of £518,810 (2023 - restated - (£1,338,868). The business had net liabilities of £132,700 (2023 restated - £56,510) at the end of the year. |
The director expects the market to remain uncertain but will continue to focus efforts on export trade. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Strategic, financial, commercial, operational, social, environmental, and ethical risks are all considered as part of the group's controls, which are designed to manage rather than eliminate the risk of failure to achieve business objectives. Therefore, they can only provide reasonable, not absolute assurance against material misstatement or loss. |
Although at present there are no immediate risks considered likely to have a significant impact on the short- or long-term value of the company, the principal risks identified in respect of its trading subsidiary Just Trays Limited are as follows: |
o Liquidity Risks |
Just Trays Limited has net current liabilities of £2,513,606 (2023 - restated - £3,044,409). Management has reviewed future cash flows and considers that the company has access to sufficient cash facilities to enable it to continue to meet its |
liabilities as they fall due. |
o Market Risks |
Given the uncertain current economic climate, with the cost of living crisis particularly impacting the housebuilding |
and home improvement industry, Just Trays Limited has taken various measures to reduce its risk such as a focus on export sales. |
o Credit Risks |
Just Trays Limited credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet |
are net of allowances for doubtful debts, estimated by the management based on prior experience, the current |
economic environment or specific customer issues. |
The company has implemented policies that require appropriate credit checks on potential customers or review of |
existing customer credit history before a sale is made together with having in force a credit insurance policy. |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Strategic Report |
for the year ended 29 FEBRUARY 2024 |
KEY PERFORMANCE INDICATOR |
The Company is a holding company only and as such the board review the carrying value of the investment, based on the overall financial performance of its trading subsidiary, Just Trays Limited. The subsidiary's key performance indicators during the period were as follows: |
2024 | 2023 |
£'000 | £'000 |
Turnover | 23,553 | 23,245 |
Gross profit margin | 24.8% | 13.8% |
EBITDA | 519 | (1,339) |
Turnover increased by 1% (2023 - increase 8%) which reflects the difficult UK market during the year in home |
improvements. |
The improvement in the gross profit percentage was welcomed by the director, who is also pleased that the |
company has improved it's EBITDA. |
ON BEHALF OF THE BOARD: |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Report of the Director |
for the year ended 29 FEBRUARY 2024 |
The director presents his report with the financial statements of the company for the year ended 29 February 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 29 February 2024. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
JT Group (UK) Limited |
Opinion |
We have audited the financial statements of JT Group (UK) Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
JT Group (UK) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
JT Group (UK) 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: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates. |
Audit procedures performed by the engagement team included: |
- | discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud; |
- | gaining an understanding of management's controls designed to prevent and detect irregularities; and |
- | identifying and testing journal entries. |
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. For example, the further removed non-compliance with laws and regulations (irregularities) 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. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or 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. |
Report of the Independent Auditors to the Members of |
JT Group (UK) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
The Pinnacle |
170 Midsummer Boulevard |
Milton Keynes |
MK9 1BP |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Statement of Income and |
Retained Earnings |
for the year ended 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Reversal of impairment |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
RETAINED EARNINGS AT END OF YEAR |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Balance Sheet |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Treasury shares | 11 | ( |
) | ( |
) |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements |
for the year ended 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
JT Group (UK) 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 JT Group (UK) Limited is pounds sterling. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The 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 and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
Group financial statements |
The financial statements contain information about JT Group (UK) Limited as an individual company and do not contain consolidated financial information as the parent of the group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Brand K Holdings Limited, Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. This is both the smallest and largest group in which JT Group (UK) Limited's accounts are consolidated. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, on the grounds that consolidated financial statements for the year ended 29th February 2024 of its ultimate parent company, Brand K Holdings Limited are publicly available. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less impairment. For investments in subsidiaries acquired cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Finance costs |
Finance costs of debt are recognised in the Statement of Comprehensive Income over the term of such instruments at a constant rate on the carrying amount. |
Going concern |
The Company's business activities, together with the factors likely to affect its future development and position, are reliant on the results and activities of the group. |
These financial statements have been prepared on a going concern basis, which the directors believe to be appropriate. Some group companies have incurred losses in this financial period. Some members of the group provide cross-company guarantees to secure group debts. The owner of the group, who is also Managing Director, has confirmed the group will continue to provide financial support for loss-making companies in the group. The directors have reviewed the latest group forecasts for the following year and have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Income from shares in group undertakings |
Dividend income from group undertakings is recognised when the shareholders' rights to receive payments have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably). |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. |
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. |
(i) Financial assets and liabilities |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
Other debt instruments not meeting these conditions are measured at fair value through profit or loss. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some but not all of the significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Impairment of assets |
The directors regularly review factors likely to impact the value or recoverability of assets held by the Company. In conducting their review they consider both internal and external sources of information as well as past experiences and market conditions. |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 29 February 2024 (2023 - none). |
The average number of employees during the year was nil (2023 - nil). |
All directors' emoluments are charged through another group company, Just Trays Limited, no amounts are considered to be attributable in respect of qualifying services. |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
5. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Reversal of impairment | 2,127,210 | - |
6. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
PROVISIONS |
At 1 March 2023 | 8,839,000 |
Reversal of impairments | (2,127,210 | ) |
At 29 February 2024 | 6,711,790 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Units 1-4 Whitehall Industrial Estate, Ashfield Way, Farnley, Leeds, West Yorkshire, LS12 5JB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: Units 1-4 Whitehall Industrial Estate, Ashfield Way, Farnley, Leeds, West Yorkshire, LS12 5JB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: Units 1-4 Whitehall Industrial Estate, Ashfield Way, Farnley, Leeds, West Yorkshire, LS12 5JB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Shares are held by a subsidiary undertaking, Just Trays Limited. |
Registered office: Units 1-4 Whitehall Industrial Estate, Ashfield Way, Farnley, Leeds, West Yorkshire, LS12 5JB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Shares are held by a subsidiary undertaking, Choice Criteria Limited. |
Registered office: Units 1-4 Whitehall Industrial Estate, Ashfield Way, Farnley, Leeds, West Yorkshire, LS12 5JB |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
All companies above are incorporated in England and Wales. |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
The Company has the following securities at the balance sheet date: |
Shawbrook Bank Limited holds a fixed and floating charge over the assets of the Company in respect of the Brand K Group facility of up to £32.9m (2023 - £26.5m). The group facilities include invoice discounting over receivables of up to £29.5m (2023 - £21.5m), in aggregate with the inventory facility, which is up to £5m (2023 - £5m), a cashflow facility of up to £3.41m (2023 - £1.6m). The cashflow facility is repayable in 36 monthly instalments. The advance rate for the invoice discounting facility is 85%. There is a group cross company guarantee in place as security for the charge. The bank also holds a right of group set-off. |
Post year end, the group entered a new facility agreement up to £41.6m. It includes invoice discounting over receivables of up to £35m, in aggregate with the inventory facility up to £5m, and a cashflow facility of up to £6.6m. |
The total balances secured at the year end across the group are as follows: confidential invoice discounting facility: £13.1m (2023 - £14.1m), inventory facility: £2.6m (2023 - £3.2m) and cashflow facility: £2.6m (2023 - £1.2m). |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1p | 833,333 | 833,333 |
11. | RESERVES |
Retained Earnings |
The retained earnings reserve includes current and cumulative prior period profits and losses, less dividends. |
Share Capital |
The called-up share capital represents the nominal value of the shares that have been issued. |
Treasury Shares |
The treasury shares arose in connection with the Employee Benefit Trust (EBT), a discretionary trust established to facilitate the operation of the Group's long term incentive scheme for senior management. The amount of the reserve represents the deduction in arriving at shareholders' funds for the consideration paid for the Company's shares purchased by the trust which had not vested unconditionally in employees at the balance sheet date. |
None of these shares were under option to employees or had been conditionally gifted to them at the balance sheet date. |
JT GROUP (UK) LIMITED (REGISTERED NUMBER: 05803712) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
12. | RELATED PARTY DISCLOSURES |
The Company has taken advantage of the exemptions available under FRS102 section 33.1A not to report transactions with wholly owned group members. |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent company of the entity is JT Holdings (UK) Limited which owns 100% of the ordinary share capital of the company. This company is incorporated in the United Kingdom and registered in England and Wales. The registered office is the same as for the company. |
At 29 February 2024, the ultimate parent company was Brand K Holdings Limited. The registered office for the ultimate parent company was Thistle Down Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. The group accounts of Brand K Holdings Limited, which include the results of this company, can be obtained from Companies House. |
At 29 February 2024, Brand K Holdings Limited was under the control of Alex Norford. |