Registered number |
Company Information |
Directors |
Auditors |
CHARTERED ACCOUNTANTS |
264 STONEY STANTON RD. |
COVENTRY. CV1 4FP |
Bankers |
Habib Bank |
Registered Office |
45, Lord Street |
Birmingham |
B7 4DQ |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The company was incorporated in March 2023. In September 2023 the company acquired 100% of the share capital of Fonz Leather Styles Limited and Fenlands Sheepskin Limited. These accounts are consolidated financial statements(merger accounting method) including the transactions of both subsidiaries. |
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Principal activities | |||||||
Future developments | |||||||
The company is seeking to expand on-line sales as well seeking more export markets. | |||||||
Dividends | |||||||
The directors recommend a final dividend of £ |
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Directors | |||||||
The following persons served as directors during the year: | |||||||
Political donations | |||||||
Directors' responsibilities |
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 company and of the profit or loss of the company 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 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 financial statements; | ||||||
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information. |
This report was approved by the board on |
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MR ARSHAD HAMEED | |||||||
Director | |||||||
JH 1 GROUP LIMITED | ||
Strategic Report | ||
The company acquired 100% of the share capital of Fonz Leather Styles Limited and Fenlands Sheepskin Limited. | ||
Fair review of business | ||
Fonz Leather Styles Limited continued to increase the turnover in what is becoming a difficult market for the sale of leatherwear and leather related products. Although the profits were high at £648,104 this is well below the profits achieved in recent years. The reason for this the constantly increasing overheads. Fenlands Sheepskin Ltd.rental incomes and profits were similar to the previous year. |
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Principal risks and uncertainties | ||
The United Kingdom market is the company's main market but unfortunately due to the current cost of living crisis and the very nature of the company's products the company struggles to maintain or significantly increase the turnover. Also, whilst the directors aim to increase the profitabilty by seeking suitable suppliers the company is mindful that the merchandise are purchased from sources which meet the 'environmental' and 'ethical' standards. Much of the purchases are imports and the company is therfore subject to fluctuations in the currency exchange rates. |
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Future strategy | ||
The overall profitablity is the key performance indicator and with this in mind the directors of Fonz Leather Styles Ltd. are seeking to use information technolgy and expand into the on-line sales. Also, the company is attending and participating in numerous exhibitions and fairs in order to seek export markets. Although Fenlands Sheepskin Ltd. disposed of one of the investment properties during the year, the directors are constantly seraching to purchase investments where the returns are relatively high. |
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Internal Control | ||
The directors acknowledge their responsibility for the implementation and checking effectiveness of the internal controls. The internal controls are constantly monitored to manage any operational or financial risks. | ||
Greenhouse Effects and Energy Consumption | ||
The company's annual consumption is less than 40,000kWh. | ||
This report was approved by the board on 23 December 2024 and signed by its order. | ||
MR ARSHAD HAMEED | ||
23rd December 2024 | ||
Director | ||
JH 1 GROUP LTD | ||
Independent auditor's report to the members of JH 1 GROUP LIMITED | ||
Opinion | ||
We have audited the financial statements of JH 1 GROUP LTD (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
● | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. | |
Basis for opinion | ||
The subsidiary company's stocks for resale are stated at £1,298,966 and £1,189,618 at 31st March 2023 and 31st March 2024 respectively. These figures are derived from the annual physical stock-takes that the company carries out. Our company were appointed auditors after 31st March 2024 and consequently we did not attend the physical stock-take at the balance sheet date. Although we were able to carry out some audit work regarding stocks,we were unable to obtain sufficient audit evidence with regards to stocks. 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 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. |
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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 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. | ||
Other information | ||
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. | ||
The financial statements for the year to 31st March 2023 were not audited, | ||
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 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. | |
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 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, 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 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 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 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Some of our procedures for detecting material misstatements included:- -Ascertaining the internal control procedures of the company -Agreeing in general the nominal ledgers with the underlying records -Examining the appropriateness of the accounting policies adapted and the reasonableness of accounting estimates and directors'related disclosures -Checking the journal entries and other adjustments -Making enquiries to the directors concerning pending and/or potential legal matters -Examining any transactions outside the normal course of business. |
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A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | ||
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 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. | ||
(Senior Statutory Auditor) | CHARTERED ACCOUNTANTS | |
for and on behalf of | 264 STONEY STANTON RD. | |
CRYSTAL BUSINESS SERVICES LTD | COVENTRY. CV1 4FP | |
Statutory Auditor | ||
Consolidated Income Statement | ||||||
for the year to |
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Notes | 2024 | |||||
£ | ||||||
Turnover | ||||||
Cost of sales | ( |
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Gross profit | ||||||
Investment property costs | ( |
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Administrative expenses | ( |
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Operating profit | 3 | |||||
Profit on sale of fixed assets | ||||||
Gain on revaluation of investment properties | ||||||
Gain on revaluation of fixed asset properties | ||||||
Income from investments | ||||||
Interest receivable | ||||||
Interest payable | ( |
|||||
Profit on ordinary activities before taxation | ||||||
Tax on profit on ordinary activities | 5 | ( |
||||
Profit for the financial year | ||||||
Holding company income statement: | £ | |||||
Dividend from subsidiary | 190,800 | |||||
Less: Expenses | (900) | |||||
189,900 | ||||||
Consolidated Statement of Financial Position | ||||
as at |
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Notes | 2024 | |||
£ | ||||
Fixed assets | ||||
Tangible assets | ||||
Investment properties | ||||
Current assets | ||||
Debtors | ||||
Investments held as current assets | 12 | |||
Cash at bank and in hand | ||||
Creditors: amounts falling due within one year | 15 | ( |
||
Net current liabilities | 5,428,584 | |||
Total assets less current liabilities | ||||
Provisions for liabilities | ||||
Deferred taxation | 16 | ( |
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Net assets | ||||
Capital and reserves | ||||
Called up share capital | 17 | |||
Revaluation reserves | 18 | 1,216,145 | ||
Merger relief reserve | ||||
Profit and loss account | 19 | |||
Total equity | ||||
MR ARSHAD HAMEED | ||||
Director | ||||
Approved by the board on |
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Statement of Changes in Equity | ||||||||||
for the year ended |
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Share | Rev. | Merger | Profit | Total | ||||||
capital | reserve | relief | and loss | |||||||
account | ||||||||||
£ | £ | £ | £ | £ | ||||||
At 1st April 2023 | - | - | - | |||||||
Profit for the financial year | ||||||||||
Gain on revaluation of land and buildings | 1,216,145 | - | (1,216,145) | |||||||
Merger relief reserve | - | |||||||||
Total comprehensive income for the financial year | - | |||||||||
Dividends | ( |
( |
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Shares issued | ||||||||||
At 31 March 2024 | ||||||||||
Statement of Cash Flows | |||
for the year ended |
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Notes | 2024 | ||
£ | |||
Operating activities | |||
Profit for the financial year | 1,708,983 | ||
Adjustments for: | |||
Profit on sale of fixed assets | (142,747) | ||
Gain on revaluation of investment property | (448,600) | ||
Gain on revaluation of investments | (767,545) | ||
Interest receivable | (9,620) | ||
Depreciation | 94,668 | ||
Amortisation of goodwill | 2,777 | ||
Decrease in stocks | 109,348 | ||
Decrease in debtors | 247,131 | ||
Increase in creditors | 163,394 | ||
Cash generated by operating activities | |||
Investing activities | |||
Payments to acquire tangible fixed assets | ( |
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Interest received | |||
Investments in joint venture | (491,148) | ||
Proceeds from sale of investment properties | |||
Cash used in investing activities | ( |
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Financing activities | |||
Equity dividends paid | ( |
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Cash used in financing activities | ( |
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Net cash generated | |||
Cash generated by operating activities | |||
Cash used in investing activities | ( |
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Cash used in financing activities | ( |
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Net cash generated | |||
Cash and cash equivalents at 1st April | 4,194,340 | ||
Cash and cash equivalents at 31 March | 4,560,307 | ||
Cash and cash equivalents comprise: | |||
Cash at bank | |||
JH 1 GROUP LIMITED | ||||||||
Notes to the Accounts | ||||||||
for the year ended 31 March 2024 | ||||||||
1 | Summary of significant accounting policies | |||||||
Information | ||||||||
Fonz Leather Styles Limited is a UK registered private company limited by shares. The registered office is 45, Lord Street, Birmingham. B7 4DQ. | ||||||||
Basis of preparation | ||||||||
The financial statements have been prepared under the historical cost convention (except for revaluations of properties) and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The presentation curreny is sterling. | ||||||||
Turnover | ||||||||
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. | ||||||||
Tangible fixed assets | ||||||||
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Freehold buildings | Revalued in January 2024 | |||||||
Plant and machinery | 25% reducing balance | |||||||
Fixtures, fittings, tools and equipment | 25% reducing balance | |||||||
Stocks | ||||||||
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. | ||||||||
Debtors | ||||||||
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. | ||||||||
Creditors | ||||||||
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. | ||||||||
Taxation | ||||||||
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. used. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. eferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions | ||||||||
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. | ||||||||
Foreign currency translation | ||||||||
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets | ||||||||
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. | ||||||||
Pensions | ||||||||
Contributions to pension plans are expensed in the period to which they relate. | ||||||||
2 | Critical accounting estimates and judgements | |||||||
The land and buildings are disclosed at the market valuation in January 2024 and no depreciation charge has been made in the year. The directors have estimated the depreciation charge for other non-current assets taking into consideration the net book value at 31st March 2024 | ||||||||
3 | Analysis of turnover | 2024 | ||||||
£ | ||||||||
Sale of goods | 11,356,361 | |||||||
By geographical market: | ||||||||
UK | 9,306,200 | |||||||
Europe | 870,964 | |||||||
Rest of world | 1,179,196 | |||||||
11,356,361 | ||||||||
4 | Operating profit | 2024 | ||||||
£ | ||||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | 94,668 | |||||||
Amortisation of goodwill | 2,777 | |||||||
Operating lease rentals - plant and machinery | 39,148 | |||||||
Auditors' remuneration for audit services | 6,650 | |||||||
Exchange differences | 9,488 | |||||||
Carrying amount of stock sold | 7,307,145 | |||||||
5 | Directors' emoluments | 2024 | ||||||
£ | ||||||||
Emoluments | 62,004 | |||||||
Highest paid director: | ||||||||
Emoluments | 12,000 | |||||||
Highest paid director: | 12,000 | |||||||
6 | Staff costs | 2024 | ||||||
£ | ||||||||
Wages and salaries | 1,038,228 | |||||||
Social security costs | 74,557 | |||||||
Other pension costs | 16,478 | |||||||
1,129,263 | ||||||||
Average number of employees during the year | ||||||||
As follows:- | ||||||||
Administration | 12 | |||||||
Sales | 46 | |||||||
58 | ||||||||
7 | Interest payable | 2024 | ||||||
£ | ||||||||
Other loans | 149 | |||||||
8 | Taxation | 2024 | ||||||
£ | ||||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | 239,261 | |||||||
Deferred tax: | ||||||||
Origination and reversal of timing differences | 279,036 | |||||||
Tax on profit on ordinary activities | 518,297 | |||||||
Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2024 | ||||||||
£ | ||||||||
Profit on ordinary activities before tax | 1,012,035 | |||||||
Standard rate of corporation tax in the UK | 25% | |||||||
£ | ||||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax | 253,009 | |||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | 1,723 | |||||||
Capital allowances for period in excess of depreciation | (15,471) | |||||||
Current tax charge for period | 239,261 | |||||||
Factors that may affect future tax charges | ||||||||
Recent changes in the Finance Acts have increased the corporation tax rates to 25% from 1st April 2023. | ||||||||
9 | Intangible fixed assets | £ | ||||||
Licences | ||||||||
Cost | ||||||||
At 1 April 2023 | 81,076 | |||||||
At 31 March 2024 | 81,076 | |||||||
Amortisation | ||||||||
At 1 April 2023 | 74,754 | |||||||
Provided during the year | 2,777 | |||||||
At 31 March 2024 | 77,531 | |||||||
Carrying amount | ||||||||
At 31 March 2024 | 3,545 | |||||||
At 31 March 2023 | 6,322 | |||||||
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. | ||||||||
The land and buildings were valued in January 2024 by Property Link, Chartered Surveyors and Valuers. The basis used is the current market valuation. | ||||||||
10 | Investment property | 2024 | ||||||
£ | ||||||||
Valuation | ||||||||
At 1 April 2023 | 2,863,035 | |||||||
Revaluation | 448,600 | |||||||
Disposals | (181,635) | |||||||
At 31 March 2024 | 3,130,000 | |||||||
The freehold investment properties were valued by Property Link (Chartered Surveyors and Valuers) on 10th January 2024 on a curent market value basis. | ||||||||
11 | Investments | |||||||
Investments in | ||||||||
subsidiary | Other | |||||||
undertakings | investments | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 31 March 2024 | - | - | - | |||||
The company holds 20% or more of the share capital of the following companies: | ||||||||
Capital and | Profit (loss) | |||||||
Company | Shares held | reserves | for the year | |||||
Class | % | £ | £ | |||||
Fonz Leather Styles Limited | Ordinary | 100 | 6,904,095 | - | ||||
Fenlands Sheepskin Limited | Ordinary | 100 | 4,953,518 | - | ||||
12 | Stocks | 2024 | ||||||
£ | ||||||||
Finished goods and goods for resale | 1,189,618 | |||||||
13 | Debtors | 2024 | ||||||
£ | ||||||||
Trade debtors | 1,237,106 | |||||||
Other debtors | 12,000 | |||||||
Prepayments and accrued income | 34,514 | |||||||
1,283,620 | ||||||||
14 | Creditors: amounts falling due within one year | 2024 | ||||||
£ | ||||||||
Trade creditors | 462,428 | |||||||
Corporation tax | 239,261 | |||||||
Other taxes and social security costs | (20,606) | |||||||
Other creditors | 279,571 | |||||||
Accruals and deferred income (including £600 for holding company). | 21,587 | |||||||
982,241 | ||||||||
15 | Deferred taxation | 2024 | ||||||
£ | ||||||||
Revaluation of investment property | 279,036 | |||||||
2024 | ||||||||
£ | ||||||||
Charged to the profit and loss account | 279,036 | |||||||
At 31 March | 279,036 | |||||||
16 | Share capital | Nominal | 2024 | 2024 | ||||
value | Number | £ | ||||||
Allotted, called up and fully paid: | ||||||||
Ordinary shares | £1 each | 300 | 300 | |||||
Nominal | Number | Amount | ||||||
value | £ | |||||||
Shares issued during the period: | ||||||||
Ordinary shares | £1 each | 300 | 300 | |||||
17 | Other reserves | 2024 | ||||||
Revaluation reserve | £ | |||||||
Gain on revaluation of land and buildings | 1,216,145 | |||||||
At 31 March | 1,216,145 | |||||||
18 | Profit and loss account | 2024 | ||||||
£ | ||||||||
At 1 April | 10,329,691 | |||||||
Profit for the financial year | 492,838 | |||||||
Dividends | (190,800) | |||||||
At 31 March | 10,631,729 | |||||||
19 | Dividends | 2024 | ||||||
£ | ||||||||
Dividends on ordinary shares (note 18) | 190,800 | |||||||
20 | Other financial commitments | |||||||
Total future minimum lease payments under non-cancellable operating leases for motor vehicles are:- | ||||||||
Land and buildings | Land and buildings | Other | ||||||
2024 | 2023 | 2024 | ||||||
£ | £ | £ | ||||||
Falling due: | ||||||||
within one year | - | - | 28,478 | |||||
21 | Related party transactions | |||||||
One of the subsidiaries paid £58,375 for computer maintenance and software development costs to a company controlled by one of the company director's brother. No amounts were outstanding at 31st March 2024. Also included in rents payable are payments of £48,000 for a business property which belongs to the parents of the shareholders. The property ceased to be rented by the company after 31st March 2024 and also there were no amounts outstanding at 31st March 2024. There is also an investment of £566,898 in a joint venture with 7M Investments Ltd., a company where one of the company's shareholders is a director and 50% holder of the ordinary share capital. |
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22 | Presentation currency | |||||||
The financial statements are presented in Sterling. | ||||||||
23 | Legal form of entity and country of incorporation | |||||||
JH 1 GROUP LIMITED is a private company limited by shares and incorporated in England. | ||||||||
24 | Principal place of business | |||||||
The address of the company's principal place of business and registered office is: | ||||||||
45, Lord Street | ||||||||
Birmingham | ||||||||
B7-4DQ |