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REGISTERED NUMBER: 05113567 (England and Wales)














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: A D Norford





REGISTERED OFFICE: Units 1-4
Whitehall Industrial Estate
Ashfield Way, Farnley
Leeds
West Yorkshire
LS12 5JB





REGISTERED NUMBER: 05113567 (England and Wales)





AUDITORS: Mercer & Hole LLP
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:





A D Norford - Director


29 November 2024

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
A D Norford has held office during the whole of the period from 1 March 2023 to the date of this report.

Other changes in directors holding office are as follows:

P A Haigh - resigned 26 June 2023
J Maxwell - appointed 10 May 2023
C C Wilkins - appointed 10 May 2023 - resigned 26 June 2023

L M Walker and J Maxwell ceased to be directors after 29 February 2024 but prior to the date of this report.

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:



A D Norford - Director


29 November 2024

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.




Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
for and on behalf of Mercer & Hole LLP
Chartered Accountants and Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP

29 November 2024

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 23,553,487 23,245,004

Cost of sales 17,712,244 20,040,548
GROSS PROFIT 5,841,243 3,204,456

Distribution costs 1,407,611 1,555,112
Administrative expenses 4,639,806 3,980,157
6,047,417 5,535,269
(206,174 ) (2,330,813 )

Other operating income 70,078 375,000
OPERATING LOSS 7 (136,096 ) (1,955,813 )

Supplier credit 8 639,188 -
503,092 (1,955,813 )


Interest payable and similar expenses 9 251,253 179,288
PROFIT/(LOSS) BEFORE TAXATION 251,839 (2,135,101 )

Tax on profit/(loss) 10 328,029 (655,279 )
LOSS FOR THE FINANCIAL YEAR (76,190 ) (1,479,822 )

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 (1,132,700 ) (1,056,510 )

JUST TRAYS LIMITED (REGISTERED NUMBER: 05113567)

Balance Sheet
29 FEBRUARY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 117,940 351,241
Tangible assets 13 2,270,054 2,106,842
Investments 14 529,816 529,816
2,917,810 2,987,899

CURRENT ASSETS
Stocks 15 1,740,273 1,855,438
Debtors 16 6,031,562 6,126,038
Cash at bank 13,620 71,078
7,785,455 8,052,554
CREDITORS
Amounts falling due within one year 17 10,299,061 11,096,963
NET CURRENT LIABILITIES (2,513,606 ) (3,044,409 )
TOTAL ASSETS LESS CURRENT LIABILITIES 404,204 (56,510 )

CREDITORS
Amounts falling due after more than one
year

18

(184,552

)

-

PROVISIONS FOR LIABILITIES 21 (352,352 ) -
NET LIABILITIES (132,700 ) (56,510 )

CAPITAL AND RESERVES
Called up share capital 22 1,000,000 1,000,000
Retained earnings 23 (1,132,700 ) (1,056,510 )
SHAREHOLDERS' FUNDS (132,700 ) (56,510 )

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





A D Norford - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 21,027,949 21,041,397
Rest of Europe 2,348,030 1,947,449
Rest of World 177,508 256,158
23,553,487 23,245,004

5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 5,123,746 5,546,035
Social security costs 382,262 453,733
Other pension costs 205,168 156,213
5,711,176 6,155,981

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
149 153

6. DIRECTORS' EMOLUMENTS
2024 2023
as restated
£    £   
Directors' remuneration 110,776 200,217
Directors' pension contributions to money purchase schemes 20,861 32,611

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

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 82,995 85,930
Other operating leases 94,098 93,461
Depreciation - owned assets 406,505 382,810
Depreciation - assets on hire purchase contracts 16,114 2,012
Loss/(profit) on disposal of fixed assets 6,203 (180 )
Goodwill amortisation 228,245 228,245
Trademarks and licences amortisation 2,877 2,877
Computer software amortisation 2,179 2,179
Auditors' remuneration 32,000 25,222
Foreign exchange differences (2,626 ) (13,160 )
Rent of property 369,920 358,873

8. EXCEPTIONAL ITEMS
2024 2023
as restated
£    £   
Supplier credit 639,188 -

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 250,240 177,861
Hire purchase interest - 249
Invoice financing charges 1,013 1,178
251,253 179,288

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 (481,012 ) (1 )
Tax (over)/under provided for in earlier years - 5,960
Total current tax (481,012 ) 5,959

Deferred tax 809,041 (661,238 )
Tax on profit/(loss) 328,029 (655,279 )

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 251,839 (2,135,101 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 24.490% (2023 - 19%)

61,675

(405,669

)

Effects of:
Expenses not deductible for tax purposes 55,058 8,355
Income not taxable for tax purposes (17,162 ) -
Capital allowances in excess of depreciation (473 ) -
Adjustments to tax charge in respect of previous periods 216,455 5,960
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 sheetAt 28 February 2023


Notes
As previously
reported

Adjustment

As restated
£££
Fixed assets
Tangible assets1 1,837,143 269,699 2,106,842
Debtors
Deferred tax effect of accruals2300,668156,020456,688
Creditors
Accruals21,312,743624,0811,936,824
Net assets 141,852 (198,362) (56,510)
Capital and reserves
Retained earnings1 (858,148) (198,362) (1,056,510)
Total equity 141,852 (198,362) (56,510)

Changes to the profit and loss accountAt 28 February 2023
As previously AdjustmentAs restated
£££
Sales223,869,085(624,081)23,245,004
Cost of sales1 20,151,100 (110,551) 20,040,549
Gross profit3,717,986 (513,530) 3,204,456
Deferred tax effect of accruals2505,218156,020661,238
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
20222023
Notes££
Equity as previously reported 1,264,164 141,852
Adjustments to prior year
Introducing fixed assets1 235,526 425,530
Depreciation of fixed assets1 (76,378) (155,830)
Increasing accruals20(624,081)
Deferred tax effect of accruals20156,020
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 assets1 110,551
Increasing accruals2(624,081)
Deferred tax effect of accruals2156,020
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 4,564,904 57,531 43,579 4,666,014
AMORTISATION
At 1 March 2023 4,260,546 33,179 21,048 4,314,773
Amortisation for year 228,245 2,877 2,179 233,301
At 29 February 2024 4,488,791 36,056 23,227 4,548,074
NET BOOK VALUE
At 29 February 2024 76,113 21,475 20,352 117,940
At 28 February 2023 304,358 24,352 22,531 351,241

13. TANGIBLE FIXED ASSETS
Fixtures,
fittings,
Plant and and
machinery equipment Totals
£    £    £   
COST
At 1 March 2023 5,153,057 1,189,210 6,342,267
Additions 550,479 41,555 592,034
Disposals (8,385 ) - (8,385 )
At 29 February 2024 5,695,151 1,230,765 6,925,916
DEPRECIATION
At 1 March 2023 3,503,085 732,340 4,235,425
Charge for year 351,049 71,570 422,619
Eliminated on disposal (2,182 ) - (2,182 )
At 29 February 2024 3,851,952 803,910 4,655,862
NET BOOK VALUE
At 29 February 2024 1,843,199 426,855 2,270,054
At 28 February 2023 1,649,972 456,870 2,106,842

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 603,816
PROVISIONS
At 1 March 2023
and 29 February 2024 74,000
NET BOOK VALUE
At 29 February 2024 529,816
At 28 February 2023 529,816

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Choice Criteria Limited (04190831)
Registered office: Units 1-4 Whitehall Industrial Estate, Ashfield Way, Farnley, Leeds, West Yorkshire, LS12 5JB
Nature of business: Intermediate holding company (non-trading)
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 529,816 529,816

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 1,291,252 1,360,291
Finished goods 449,021 495,147
1,740,273 1,855,438

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 4,011,083 4,083,023
Amounts owed by group undertakings 1,585,622 1,198,041
Deferred tax asset - 456,689
Prepayments 434,857 388,285
6,031,562 6,126,038

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) 3,000,846 3,451,997
Hire purchase contracts (see note 20) 88,736 -
Trade creditors 3,516,488 4,622,844
Amounts owed to group undertakings 686,174 686,174
Social security and other taxes 85,313 77,363
VAT 269,638 316,761
Other creditors 690 5,000
Accrued expenses 2,651,176 1,936,824
10,299,061 11,096,963

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) 184,552 -

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 88,736 -
Between one and five years 184,552 -
273,288 -

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 481,751 618,576
Between one and five years 1,727,611 229,352
2,209,362 847,928

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 (456,689 )
Provided during year 809,041
Balance at 29 February 2024 352,352

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
£    £   
1,000,000 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 (858,148 )
Prior year adjustment (198,362 )
(1,056,510 )
Deficit for the year (76,190 )
At 29 February 2024 (1,132,700 )

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.