Company registration number 11481333 (England and Wales)
JAMES ROBINSON GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
JAMES ROBINSON GROUP LTD
COMPANY INFORMATION
Directors
Mr N Rahim
Mr S Varalwar
Secretary
Mr N Rahim
Company number
11481333
Registered office
Unit 5 St Andrews Court
Leeds Road
Huddersfield
HD1 6QB
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
England
LS2 7PN
JAMES ROBINSON GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
JAMES ROBINSON GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their strategic report on the affairs of the Company, together with the audited financial statements for the year ended 31 March 2023.
Results and performance
Turnover for the year ended 31 March 2023 was £12,365k compared with sales of £16,077k for the previous 12 months as much of the Company's business to mainland Europe has been fulfilled by its fellow subsidiary company, James Robinson Speciality Ingredients B.V, since 1 January 2021.
Loss before tax for the year ended 31 March 2023 was £883k compared with a profit of £1,633k in the previous 12 months as a result of reduced turnover and a loss on foreign exchange in the year of £376k (2022: loss of £531k).
The Statement of financial position on page 10 shows the Company's net assets to be £2.1m (2022: £3m).
Principal risks and uncertainties
The Company remains at risk from competitive pressure mainly from low cost economies. The Company manages this risk by keeping up to date on market information, maintaining strong relationships and providing a value added service to its customers.
Foreign exchange risk
A significant amount of sales, which are in part offset by purchases of product, are denominated in foreign currencies (USD $ & Euro €) and therefore the Company is exposed to a rate change in these currencies. Risk is reduced by managing income and expenditure in the same denomination with a small conversion to GBP to cover UK expenditure in sterling.
Credit risk
The Company's credit risk is primarily attributable to its trade debtors. The Company has no significant concentration of credit risk, with exposure spread over a number of customers. The amounts presented in this balance sheet for trade debtors are net of allowances for doubtful debts.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The use of an overdraft facility and working capital is used to manage the risk.
Mr S Varalwar
Director
29 November 2024
JAMES ROBINSON GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company is a holding company of a group whose principal activity is the sale of fine chemicals.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Rahim
Mr S Varalwar
Auditor
Henton & Co LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
JAMES ROBINSON GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
On behalf of the board
Mr S Varalwar
Director
29 November 2024
JAMES ROBINSON GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAMES ROBINSON GROUP LTD
- 4 -
Opinion
We have audited the financial statements of James Robinson Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's 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.
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 group and parent 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 directors' 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 group's and parent 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
JAMES ROBINSON GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES ROBINSON GROUP LTD
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Reviewed the nature of the industry and sector, the control environment and business performance for the year.
Identifying the laws and regulations the company operates within and enquiring with management if they are aware of any non compliance issues.
Discussed how and where fraud may occur with all members of the audit engagement team.
In line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management override. We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if any bias, and assessed the rationale behind any significant or unusual transactions.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
JAMES ROBINSON GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES ROBINSON GROUP LTD
- 6 -
Chris Howitt
For and on behalf of
29 November 2024
Henton & Co LLP
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
England
LS2 7PN
JAMES ROBINSON GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
11,847,436
12,365,883
Cost of sales
(6,560,382)
(5,736,586)
Gross profit
5,287,054
6,629,297
Distribution costs
(879,639)
(2,150,044)
Administrative expenses
(3,573,750)
(4,634,189)
Other operating income
166,714
300,261
Operating profit
5
1,000,379
145,325
Interest receivable and similar income
8
3,193
6,922
Interest payable and similar expenses
9
(1,482,211)
(935,750)
Loss before taxation
(478,639)
(783,503)
Tax on loss
10
232,908
(164,963)
Loss for the financial year
(245,731)
(948,466)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The notes on pages 13 to 28 form part of these financial statements.
JAMES ROBINSON GROUP LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,361,000
4,003,000
Tangible assets
12
876,172
1,001,440
4,237,172
5,004,440
Current assets
Stocks
15
5,445,958
5,799,244
Debtors
16
12,129,625
11,023,177
Cash at bank and in hand
704,248
723,542
18,279,831
17,545,963
Creditors: amounts falling due within one year
17
(20,411,977)
(19,607,788)
Net current liabilities
(2,132,146)
(2,061,825)
Total assets less current liabilities
2,105,026
2,942,615
Creditors: amounts falling due after more than one year
18
(273,351)
(635,403)
Provisions for liabilities
Deferred tax liability
21
10,731
242,267
(10,731)
(242,267)
Net assets
1,820,944
2,064,945
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
1,820,844
2,064,845
Total equity
1,820,944
2,064,945
The notes on pages 13 to 28 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr S Varalwar
Director
Company registration number 11481333 (England and Wales)
JAMES ROBINSON GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
19,438,223
19,438,223
Current assets
-
-
Creditors: amounts falling due within one year
17
(20,715,474)
(20,715,474)
Net current liabilities
(20,715,474)
(20,715,474)
Net liabilities
(1,277,251)
(1,277,251)
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
(1,277,351)
(1,277,351)
Total equity
(1,277,251)
(1,277,251)
The notes on pages 13 to 28 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).
These financial statements have been prepared 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 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr S Varalwar
Director
Company registration number 11481333 (England and Wales)
JAMES ROBINSON GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
3,013,311
3,013,411
Year ended 31 March 2023:
Loss and total comprehensive income
-
(948,466)
(948,466)
Balance at 31 March 2023
100
2,064,845
2,064,945
Year ended 31 March 2024:
Loss and total comprehensive income
-
(245,731)
(245,731)
Issue of share capital
23
-
-
123,438
Balance at 31 March 2024
100
1,820,844
1,820,944
The notes on pages 13 to 28 form part of these financial statements.
JAMES ROBINSON GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
(1,277,351)
(1,277,251)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
Balance at 31 March 2023
100
(1,277,351)
(1,277,251)
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
Balance at 31 March 2024
100
(1,277,351)
(1,277,251)
The notes on pages 13 to 28 form part of these financial statements.
JAMES ROBINSON GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
2,341,507
(1,295,524)
Interest paid
(1,482,211)
(935,750)
Income taxes paid
(44,531)
(121,035)
Net cash inflow/(outflow) from operating activities
814,765
(2,352,309)
Investing activities
Purchase of tangible fixed assets
(52,957)
(172,685)
Interest received
3,193
6,922
Net cash used in investing activities
(49,764)
(165,763)
Financing activities
Repayment of bank loans
(661,085)
3,041,101
Payment of finance leases obligations
(123,210)
(156,080)
Net cash (used in)/generated from financing activities
(784,295)
2,885,021
Net (decrease)/increase in cash and cash equivalents
(19,294)
366,949
Cash and cash equivalents at beginning of year
723,542
356,593
Cash and cash equivalents at end of year
704,248
723,542
The notes on pages 13 to 28 form part of these financial statements.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information
James Robinson Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 5 St Andrews Court, Leeds Road, Huddersfield, HD1 6QB.
The group consists of James Robinson Group Ltd and all of its subsidiaries.
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.
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 is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company James Robinson Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
The financial position of the Group, its cash flows, liquidity position and borrowing facilities are also described in the Consolidated Strategic report.
The Group has prepared detailed forecasts and projections, which have been subject to scrutiny and sensitivity analysis, which show that the Group will generate positive cash flows for the foreseeable future and should be able to continue to operate profitably for the remainder of the year ending 31 March 2024 and beyond. No matters have been drawn to the attention of the directors that may cast significant doubt about the ability of the Group to meet its financial obligations for at least the twelve month period ending on the date of the approval of these financial statements.
The directors therefore believe that the group has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Research and development expenditure
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliable measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Product development costs
5 years straight line
REACH expenses
5 years straight line
Intellectual property
5 years straight line
1.9
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:
Leasehold land and buildings
10& per annum
Plant and equipment
5% - 33% per annum, primarily 10% per annum
Computers
Enter depreciation rate via StatDB - cd198
Motor vehicles
25% per annum
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 recognised in the profit and loss account.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.12
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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Equity instruments
Equity instruments issued by the group 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 group.
1.16
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 group’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 if, and only if, there is 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.
1.17
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leased asset are consumed.
1.20
Foreign exchange
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income with 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgements
Intangible fixed assets
Management assesses whether there are any indications of impairment of intangible fixed assets and performs an impairment review, using forecast cash flows and a suitable discount rate to calculate present value. Any impairment of intangible fixed assets is charge to the income profit and loss.
Stock
Management estimates the net realisable values of stock and provisions required against slow moving stocks, taking into account the most reliable evidence available at each reporting date. Further details are included in the stock note.
Bad debt provision
Management is required to make judgement on the recoverability of amounts due from customers. A provision is only recognised when it is probable that amounts will not be recoverable and a reliable estimate can be made of the unrecoverable amount.
3
Turnover and other revenue
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
77,481
132,528
Rest of Europe
4,449,370
3,693,639
Asia and Middle East
2,724,850
4,853,238
North America
3,980,568
1,587,629
Rest of World
615,167
2,098,849
11,847,436
12,365,883
2024
2023
£
£
Other revenue
Interest income
3,193
6,922
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item
136,955
60,023
136,955
60,023
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(198,593)
375,589
Research and development costs
185,479
143,517
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
178,225
147,649
Amortisation of intangible assets
642,000
642,000
Operating lease charges
144,385
140,349
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,000
17,000
Audit of the financial statements of the company's subsidiaries
9,000
38,000
20,000
55,000
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Auditor's remuneration
(Continued)
- 21 -
For other services
Taxation compliance services
2,000
-
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and distribution
17
18
-
-
Administration
2
2
-
-
Total
19
20
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
908,433
893,325
Social security costs
57,900
72,095
-
-
Pension costs
50,664
57,685
1,016,997
1,023,105
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,193
6,922
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,431,963
881,115
Interest on finance leases and hire purchase contracts
39,895
40,838
Other interest
10,353
13,797
Total finance costs
1,482,211
935,750
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
12,426
69,429
Adjustments in respect of prior periods
(13,859)
Total current tax
(1,433)
69,429
Deferred tax
Origination and reversal of timing differences
(231,475)
95,534
Total tax (credit)/charge
(232,908)
164,963
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(478,639)
(783,503)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
(90,941)
(148,866)
Unutilised tax losses carried forward
574,961
201,577
Under/(over) provided in prior years
(704,502)
Foreign tax
(12,426)
112,252
Taxation (credit)/charge
(232,908)
164,963
11
Intangible fixed assets
Group
Goodwill
Product development costs
REACH expenses
Intellectual property
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
6,410,000
533,000
98,000
2,181,000
9,222,000
Amortisation and impairment
At 1 April 2023
2,407,000
533,000
98,000
2,181,000
5,219,000
Amortisation charged for the year
642,000
-
642,000
At 31 March 2024
3,049,000
533,000
98,000
2,181,000
5,861,000
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 31 March 2024
3,361,000
-
3,361,000
At 31 March 2023
4,003,000
-
4,003,000
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
12
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
300,000
2,335,509
122
15,089
2,650,720
Additions
12,003
40,954
52,957
At 31 March 2024
300,000
2,347,512
122
56,043
2,703,677
Depreciation and impairment
At 1 April 2023
300,000
1,343,921
15
5,344
1,649,280
Depreciation charged in the year
170,122
65
8,038
178,225
At 31 March 2024
300,000
1,514,043
80
13,382
1,827,505
Carrying amount
At 31 March 2024
833,469
42
42,661
876,172
At 31 March 2023
991,588
107
9,745
1,001,440
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
19,438,223
19,438,223
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
19,438,223
Carrying amount
At 31 March 2024
19,438,223
At 31 March 2023
19,438,223
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
James Robinson Speciality Ingredients Ltd
PO Box B3, Leeds Road, Huddersfield, West Yorkshire, HD1 6BU
Ordinary
100.00
James Robinson Speciality Ingredients B.V.
Netherlands
Ordinary
100.00
James Robinson Specialities Private Limited
India
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
339,144
964,083
-
-
Work in progress
102,328
48,125
-
-
Finished goods and goods for resale
5,004,486
4,787,036
5,445,958
5,799,244
-
-
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,890,012
4,710,915
Corporation tax recoverable
13,824
66,810
Other debtors
5,883,434
6,056,637
Prepayments and accrued income
331,729
178,612
12,118,999
11,012,974
-
-
Amounts falling due after more than one year:
Other debtors
10,626
10,203
Total debtors
12,129,625
11,023,177
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
15,978,212
16,377,467
Obligations under finance leases
20
137,317
160,305
Trade creditors
2,438,847
1,452,434
Amounts owed to group undertakings
20,702,349
20,702,349
Corporation tax payable
(100,618)
Other taxation and social security
19,329
25,593
-
-
Other creditors
113,068
1,116,589
Accruals and deferred income
1,825,822
475,400
13,125
13,125
20,411,977
19,607,788
20,715,474
20,715,474
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
160,990
422,820
Obligations under finance leases
20
112,361
212,583
273,351
635,403
-
-
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
16,139,202
16,800,287
Payable within one year
15,978,212
16,377,467
Payable after one year
160,990
422,820
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
169,412
160,305
In two to five years
80,266
212,583
249,678
372,888
-
-
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
(165,874)
124,656
Tax losses
176,605
117,611
10,731
242,267
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
242,267
-
Credit to profit or loss
(231,536)
-
Liability at 31 March 2024
10,731
-
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Deferred taxation
(Continued)
- 27 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,664
57,685
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
24
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(245,731)
(948,466)
Adjustments for:
Taxation (credited)/charged
(232,908)
164,963
Finance costs
1,482,211
935,750
Investment income
(3,193)
(6,922)
Amortisation and impairment of intangible assets
642,000
642,000
Depreciation and impairment of tangible fixed assets
178,225
147,649
Movements in working capital:
Decrease/(increase) in stocks
353,286
(2,341,762)
Increase in debtors
(1,159,434)
(1,292,334)
Increase in creditors
1,327,050
1,403,598
Cash generated from/(absorbed by) operations
2,341,506
(1,295,524)
JAMES ROBINSON GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
25
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
723,542
(19,294)
704,248
Borrowings excluding overdrafts
(16,800,287)
661,085
(16,139,202)
Obligations under finance leases
(372,888)
123,210
(249,678)
(16,449,633)
765,001
(15,684,632)
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr S VaralwarMr S VaralwarMr N 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