REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 29 February 2024 |
for |
JUST TRAYS LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Audited Financial Statements for the Year Ended 29 February 2024 |
for |
JUST TRAYS LIMITED |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
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 | 6 |
Statement of Income and Retained Earnings | 10 |
Balance Sheet | 11 |
Notes to the Financial Statements | 12 |
JUST TRAYS 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 |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Strategic Report |
for the year ended 29 FEBRUARY 2024 |
The director presents his annual strategic report for the year ended 28 February 2024. The director in preparing the strategic report has complied with s414c of the Companies Act 2006. |
REVIEW OF BUSINESS |
The principal activity of the company during the year was the manufacture of shower trays. |
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 are as follows: |
o Liquidity Risks |
The company 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, the company has taken various measures to reduce its risk such as a focus on export sales. |
o Credit Risks |
The company's 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. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Strategic Report |
for the year ended 29 FEBRUARY 2024 |
KEY PERFORMANCE INDICATORS |
The company's key performance indicators include turnover (including sales product mix), gross profit margin, EBITDA (being result before tax, interest, depreciation, amortisation and exceptional items) and operating cash flow. |
The company's key financial and other performance indicators during the year were as follows; |
2024 | 2023 |
£'000 | £'000 |
Turnover (as per note 4) | 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: |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
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: |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen, in accordance with section 414C(11) of the Companies Act 2006, and as noted in the Report of the Directors, to include certain matters in its Strategic Report that would otherwise be required to be disclosed in the Report of the Directors. |
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. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Report of the Director |
for the year ended 29 FEBRUARY 2024 |
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 |
Just Trays Limited |
Opinion |
We have audited the financial statements of Just Trays 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 loss 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 |
Just Trays 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 |
Just Trays 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 |
Just Trays 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 |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Statement of Income and |
Retained Earnings |
for the year ended 29 FEBRUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
6,047,417 | 5,535,269 |
(206,174 | ) | (2,330,813 | ) |
Other operating income |
OPERATING LOSS | 7 | ( |
) | ( |
) |
Supplier credit | 8 |
503,092 | (1,955,813 | ) |
Interest payable and similar expenses | 9 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 10 | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Retained earnings at beginning of year as previously reported |
(858,148 |
) |
264,164 |
Prior year adjustment | 11 | (198,362 | ) | 159,148 |
RETAINED EARNINGS AT END OF YEAR | ( |
) | ( |
) |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Balance Sheet |
29 FEBRUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 | ( |
) | (1,056,510 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements |
for the year ended 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Just Trays Limited is a |
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The presentation currency is Pound Sterling. |
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 Just Trays 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 Just Trays 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. |
Turnover |
In accordance with the provisions of FRS 102, turnover represents the right to consideration for goods sold. Turnover is recognised on dispatch. |
Purchased goodwill & intangible assets |
Goodwill representing the excess of the purchase price compared with the fair value of net assets acquired and all other intangible assets are capitalised and written off evenly over 20 years as in the opinion of the directors this period represents the useful life of the asset. |
Trademarks and patents |
Trademarks and patents are capitalised and written off evenly over 20 years as in the opinion of the directors this period represents the useful life of the trademarks and patents. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixed assets are initially stated at historical cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - 15% on reducing balance |
Fixtures, fittings and equipment - 15% on reducing balance |
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. |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition on a first in first out basis. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal. |
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. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
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. |
Leases |
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liabilities. |
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Foreign currency |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transactions. Assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Income and Retained Earnings. |
Going concern |
The company has recorded a loss after taxation for the financial year of £76,190 and a loss after taxation in the previous year of £1,479,822, which has created a net liabilities position of £132,700. |
These financial statements have been prepared on a going concern basis, which the director believes to be appropriate. 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 director has reviewed the latest group forecasts for the following year and has 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. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Finance costs |
Finance costs of debt are recognised in the Statement of Income and Retained Earnings over the term of such instruments at a constant rate on the carrying amount. |
Confidential invoice discounting |
Amounts due in respect of invoice discounting are included within either cash at bank or within other loans, depending on if the balance is positive or negative. The company can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company. |
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, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be 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. |
Critical judgements in applying the Company's accounting policies |
The following are critical judgements, apart from those involving estimates (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amount recognised in the financial statements. |
Impairment of assets |
The directors constantly 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. As far as the directors are aware there are no prevailing indications that assets held without impairment require one, or where an impairment has already been made that the amount of that impairment requires adjustment. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: |
Rebate accruals |
The company estimates the accrual required for volume rebates to be paid after the year end. |
Depreciation |
The company estimates the residual value and useful economic life of fixed assets. |
Property dilapidations |
Under certain operating leases for land and buildings, the company is obligated to make repairs of dilapidations to the leased property upon the expiry of the lease. The company provides for the best estimate of the future unrecoverable costs of its obligations under these leases. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
4. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
as restated |
£ | £ |
United Kingdom |
Rest of Europe | 2,348,030 | 1,947,449 |
Rest of World | 177,508 | 256,158 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Office and management | 19 | 21 |
Production and warehousing | 130 | 132 |
6. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
7. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Goodwill amortisation |
Trademarks and licences amortisation |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
Rent of property |
8. | EXCEPTIONAL ITEMS |
2024 | 2023 |
as restated |
£ | £ |
Supplier credit |
The exceptional item relates to a court judgement in the company's favour, relating to over-charged costs, which resulted in the writing off of a significant supplier creditor balance. The net of VAT credit amounted to £810,940, less legal costs of £171,752. |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Invoice discounting interest |
Hire purchase interest |
Invoice financing charges |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
10. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Tax (over)/under provided for in earlier years | - | 5,960 |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) 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 |
as restated |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Adjustments to tax charge in respect of previous periods |
R&D enhanced expenditure less tax credit | - | (112,268 | ) |
Effect of change in rate on deferred tax balance | 12,476 | (115,206 | ) |
Tax effect of super deduction | - | (15,447 | ) |
Effect of prior year adjustment | - | (21,004 | ) |
Total tax charge/(credit) | 328,029 | (655,279 | ) |
The Finance Act 2021 has provided for increases in the main rate of corporation tax from 19% to 25% effective from 1 April 2023. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
11. | PRIOR YEAR ADJUSTMENT |
During the year, a new company was brought into the group which has a similar principal activity of the manufacture of shower trays. There has been a different method of accounting for shower tray moulds between the two companies and the group directors have decided to change the method applied by Just Trays Ltd to align with the other company. |
Previously, the cost of moulds used for the production of shower trays has been written off to the Profit and Loss Account at the time incurred. The accounts have been restated to recognise these items as fixed assets with a useful life of 5 years, which is regarded as more accurately reflecting the ongoing value of these assets to the business. |
Additionally, an accrual for sales credits was under-stated at 28 February 2023 by £624,081. |
The effect of this is as follows: |
Changes to the balance sheet | At 28 February 2023 |
Notes | As previously reported | Adjustment | As restated |
£ | £ | £ |
Fixed assets |
Tangible assets | 1 | 1,837,143 | 269,699 | 2,106,842 |
Debtors |
Deferred tax effect of accruals | 2 | 300,668 | 156,020 | 456,688 |
Creditors |
Accruals | 2 | 1,312,743 | 624,081 | 1,936,824 |
Net assets | 141,852 | (198,362 | ) | (56,510 | ) |
Capital and reserves |
Retained earnings | 1 | (858,148 | ) | (198,362 | ) | (1,056,510 | ) |
Total equity | 141,852 | (198,362 | ) | (56,510 | ) |
Changes to the profit and loss account | At 28 February 2023 |
As previously | Adjustment | As restated |
£ | £ | £ |
Sales | 2 | 23,869,085 | (624,081 | ) | 23,245,004 |
Cost of sales | 1 | 20,151,100 | (110,551 | ) | 20,040,549 |
Gross profit | 3,717,986 | (513,530 | ) | 3,204,456 |
Deferred tax effect of accruals | 2 | 505,218 | 156,020 | 661,238 |
Profit/(loss) for the financial period | (1,122,312 | ) | (357,510 | ) | (1,479,822 | ) |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
Reconciliation of changes in equity | 1 March | 28 February |
2022 | 2023 |
Notes | £ | £ |
Equity as previously reported | 1,264,164 | 141,852 |
Adjustments to prior year |
Introducing fixed assets | 1 | 235,526 | 425,530 |
Depreciation of fixed assets | 1 | (76,378 | ) | (155,830 | ) |
Increasing accruals | 2 | 0 | (624,081 | ) |
Deferred tax effect of accruals | 2 | 0 | 156,020 |
Equity as adjusted | 1,423,312 | (56,510 | ) |
Reconciliation of changes in profit/(loss) for the previous financial period | 2023 |
Notes | £ |
Loss as previously reported | (1,122,312 | ) |
Adjustments to prior year |
Introducing fixed assets | 1 | 110,551 |
Increasing accruals | 2 | (624,081 | ) |
Deferred tax effect of accruals | 2 | 156,020 |
Loss as adjusted | (1,479,822 | ) |
Notes to reconciliation |
1. Introducing fixed assets |
Correction to include assets previously written off to the profit and loss account when incurred, and the subsequent depreciation of the assets. |
2. Increasing accruals |
Correction to include provision for contract claims not provided for in the previous period, and the related effect on deferred tax. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
12. | INTANGIBLE FIXED ASSETS |
Trademarks |
and | Computer |
Goodwill | licences | software | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
13. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings, |
Plant and | and |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The net book value of tangible fixed assets includes £ 241,716 in respect of assets held under hire purchase contracts. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
14. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | 74,000 |
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 |
Solid Sights Limited is held by a subsidiary undertaking, Choice Criteria Limited. |
All companies above are incorporated in England and Wales. |
15. | STOCKS |
2024 | 2023 |
as restated |
£ | £ |
Raw materials |
Finished goods |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Deferred tax asset |
Prepayments |
Included within trade debtors is £3,830,354 (2023 - £4,047,370) which form part of a confidential invoice discounting facility. |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Other loans (see note 19) |
Hire purchase contracts (see note 20) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 269,638 | 316,761 |
Other creditors |
Accrued expenses |
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). |
The balance due on the Company's confidential invoice discounting facility at the balance sheet date was £3,000,846 (2023 - £3,451,997). No other facility was used by the Company during the year (2023 - none). |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts (see note 20) |
19. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Confidential invoice discounting | 3,000,846 | 3,451,997 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
Between one and five years |
21. | PROVISIONS FOR LIABILITIES |
2024 |
£ |
Deferred tax | 352,352 |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 March 2023 | ( |
) |
Provided during year |
Balance at 29 February 2024 |
The deferred tax balance consists principally of accelerated capital allowances. This is reduced in respect of corporation tax losses carried forward which are available for offset against the liability. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1,000,000 | 1,000,000 |
The called-up share capital represents the nominal value of the shares that have been issued. |
23. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2023 | ( |
) |
Prior year adjustment | ( |
) |
( |
) |
Deficit for the year | ( |
) |
At 29 February 2024 | ( |
) |
Retained Earnings |
The retained earnings reserve includes current and cumulative prior period profits and losses, less dividends. |
24. | RELATED PARTY DISCLOSURES |
During the year, the Company purchased raw materials totalling £288,731 (2023 £3,245,159) from a company with a common director that ceased to be a related party during the year. Subsequently, the Company received a credit of £973,128 relating to over-charged costs. There were no outstanding balances with this company at the reporting date. |
The Company has taken advantage of the exemptions available under FRS102 section 33.1A not to report transactions with wholly owned group members. |
JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567) |
Notes to the Financial Statements - continued |
for the year ended 29 FEBRUARY 2024 |
25. | ULTIMATE CONTROLLING PARTY |
The immediate parent company of the entity is JT Group (UK) Limited which owns 100% of the ordinary share capital of the company and is 100% owned itself by JT Holdings (UK) Limited. These companies are incorporated in the United Kingdom and registered in England and Wales. Their registered offices are the same as for the company. |
At 29 February 2024 the ultimate parent company was Brand K Holdings Limited. The registered office of the ultimate parent company is Thistledown Barn, Holcot Lane, Sywell, Northampton, NN6 0BG. The group accounts of Brand K Limited can be obtained from Companies House. |
At 29 February 2024, Brand K Holdings Limited was under the control of Alex Norford. |