REGISTERED NUMBER: 04518696 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Proper Job Superstores Limited |
REGISTERED NUMBER: 04518696 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Proper Job Superstores Limited |
Proper Job Superstores Limited (Registered number: 04518696) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Proper Job Superstores Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Matthew Dobbins FCA |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Woodlands Grange |
Woodlands Lane |
Bradley Stoke |
Bristol |
BS32 4JY |
Proper Job Superstores Limited (Registered number: 04518696) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The Directors are confident about the continuing financial performance of the business and continue to review opportunities provided. |
The principal performance indicators used by the board are as follows: |
2024 | 2023 (revised) |
£ | £ |
Turnover from stores | 32,128,454 | 28,845,439 |
Turnover from subsidiary | 751,357 | 741,984 |
Gross profit/(loss) margin from stores | 20.3% | 20.2% |
Gross profit/(loss) margin from subsidiary | 73.0% | 69.1% |
Increase/(decrease) in store turnover | 11.38% | 27.13% |
Stores opened, including head office | 20 | 19 |
Total staff costs for stores | 6,287,971 | 5,602,515 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company seeks to minimise financial risk and appropriate terms are negotiated with lenders, suppliers and customers. Management reviews the terms and the relationships and manages the exposure as appropriate. |
A major risk facing the company is the risk of theft of stock and cash. The management continuously introduce and revise security features and controls, designed to reduce this risk to an acceptable level. |
ENVIRONMENTAL FACTORS |
The director is aware of the environmental impacts the day to day running of the business has. To help reduce the carbon footprint of the company, solar panels are in place on some of the owned properties. Careful logistical planning takes place to reduce the emissions caused from stock movements between sites. The director investigates further opportunities to reduce the carbon footprint of the company. |
ON BEHALF OF THE BOARD: |
27 November 2024 |
Proper Job Superstores Limited (Registered number: 04518696) |
Report of the Director |
for the Year Ended 30 April 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
Interim dividends totalling £6000 per share were paid during the year. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 30 April 2024 will be £ 240,000 . |
Some shareholders waived their rights to certain dividend issues, resulting in a reduction in the total dividend paid. |
FUTURE DEVELOPMENTS |
After consolidating their position, the Company now continues to seek new opportunities in which to expand its retail activities. |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The company's financial instruments comprise of cash and liquid resources, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. |
EMPLOYMENT OF DISABLED PERSONS |
The directors have worked to establish employment roles that focus on the needs of the employees. |
This has allowed the company to benefit from employees who would otherwise not have been able to join Proper Job. |
Part of these arrangements result in a larger proportion of employment contracts being part-time. |
ENGAGEMENT WITH EMPLOYEES |
The directors operate a policy of equal opportunity employment, and do not discriminate on the grounds of race, sex, ethnicity, religion, gender or similar identifiers. |
The company operates targets and a bonus scheme for the employees based on meeting set targets, allowing the employees to track the success of the business and to share in the profits. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group'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 group's auditors are aware of that information. |
Proper Job Superstores Limited (Registered number: 04518696) |
Report of the Director |
for the Year Ended 30 April 2024 |
AUDITORS |
The auditors, Dunkley's, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Proper Job Superstores Limited |
Opinion |
We have audited the financial statements of Proper Job Superstores Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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 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 Group 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 Group 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 Group 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 |
Proper Job Superstores Limited |
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 three, 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 group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Proper Job Superstores 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: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets; |
- any matters we identified, having obtained and reviewed the company's documentation of their policies and procedures relating to: |
o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- enquiring of management, concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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 |
Proper Job Superstores Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Woodlands Grange |
Woodlands Lane |
Bradley Stoke |
Bristol |
BS32 4JY |
Proper Job Superstores Limited (Registered number: 04518696) |
Consolidated Income Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ |
TURNOVER | 3 | 32,827,082 | 29,546,722 |
Cost of sales | (25,811,376 | ) | (23,239,898 | ) |
GROSS PROFIT | 7,015,706 | 6,306,824 |
Administrative expenses | (4,940,161 | ) | (4,434,083 | ) |
2,075,545 | 1,872,741 |
Other operating income | 203,333 | 18,908 |
OPERATING PROFIT | 5 | 2,278,878 | 1,891,649 |
Interest receivable and similar income | 34,776 | 3,745 |
2,313,654 | 1,895,394 |
Interest payable and similar expenses | 6 | (836 | ) | (16,092 | ) |
PROFIT BEFORE TAXATION | 2,312,818 | 1,879,302 |
Tax on profit | 7 | (628,396 | ) | 49,277 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,671,215 | 1,918,600 |
Non-controlling interests | 13,207 | 9,979 |
1,684,422 | 1,928,579 |
Proper Job Superstores Limited (Registered number: 04518696) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,684,422 | 1,928,579 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,684,422 | 1,928,579 |
Note |
Prior year adjustment | 10 | 39,933 | 319,549 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,724,355 |
2,248,128 |
Total comprehensive income attributable to: |
Owners of the parent | 1,711,148 | 2,238,149 |
Non-controlling interests | 13,207 | 9,979 |
1,724,355 | 2,248,128 |
Proper Job Superstores Limited (Registered number: 04518696) |
Consolidated Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 | 1.5.22 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 20,037 | 35,987 | 73,357 |
Tangible assets | 12 | 6,618,856 | 6,462,947 | 8,296,836 |
Investments | 13 | - | - | - |
Investment property | 14 | 2,274,554 | 2,274,554 | 639,554 |
8,913,447 | 8,773,488 | 9,009,747 |
CURRENT ASSETS |
Stocks | 15 | 3,484,584 | 3,566,734 | 3,183,176 |
Debtors | 16 | 1,095,143 | 1,181,958 | 644,214 |
Cash at bank and in hand | 3,869,360 | 2,088,270 | 1,338,391 |
8,449,087 | 6,836,962 | 5,165,781 |
CREDITORS |
Amounts falling due within one year | 17 | (3,090,190 | ) | (2,737,886 | ) | (2,571,299 | ) |
NET CURRENT ASSETS | 5,358,897 | 4,099,076 | 2,594,482 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 14,272,344 | 12,872,564 | 11,604,229 |
CREDITORS |
Amounts falling due after more than one year | 18 | (13,239 | ) | (53,381 | ) | (642,524 | ) |
PROVISIONS FOR LIABILITIES | 21 | - | - | (87,275 | ) |
NET ASSETS | 14,259,105 | 12,819,183 | 10,874,430 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 100 | 100 |
Fair value reserve | 23 | (209,466 | ) | (209,466 | ) | (35,740 | ) |
Retained earnings | 23 | 14,420,469 | 12,989,254 | 10,877,379 |
SHAREHOLDERS' FUNDS | 14,211,103 | 12,779,888 | 10,841,739 |
NON-CONTROLLING INTERESTS | 48,002 | 39,295 | 32,691 |
14,259,105 | 12,819,183 | 10,874,430 |
The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by: |
P C Tilley - Director |
Proper Job Superstores Limited (Registered number: 04518696) |
Company Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 | 1.5.22 |
as restated |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 | 533,175 |
Cash at bank and in hand |
4,788,950 |
CREDITORS |
Amounts falling due within one year | 17 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 18 | ( |
) | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Fair value reserve | 23 | ( |
) | ( |
) | ( |
) |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS | 14,058,500 | 12,672,129 | 10,789,262 |
Company's profit for the financial year | 1,626,371 | 1,863,318 |
The financial statements were approved by the director and authorised for issue on |
Proper Job Superstores Limited (Registered number: 04518696) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up | Fair |
share | Retained | value |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 May 2022 | 100 | 10,877,379 | (35,740 | ) |
Prior year adjustment | - | 319,549 | - |
As restated | 100 | 11,196,928 | (35,740 | ) |
Changes in equity |
Dividends | - | (300,000 | ) | - |
Total comprehensive income | - | 2,052,393 | (173,726 | ) |
Balance at 30 April 2023 | 100 | 12,949,321 | (209,466 | ) |
Prior year adjustment | - | 39,933 | - |
As restated | 100 | 12,989,254 | (209,466 | ) |
Changes in equity |
Dividends | - | (240,000 | ) | - |
Total comprehensive income | - | 1,671,215 | - |
Balance at 30 April 2024 | 100 | 14,420,469 | (209,466 | ) |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 May 2022 | 10,841,739 | 32,691 | 10,874,430 |
Prior year adjustment | 319,549 | - | 319,549 |
As restated | 11,161,288 | 32,691 | 11,193,979 |
Changes in equity |
Dividends | (300,000 | ) | (3,375 | ) | (303,375 | ) |
Total comprehensive income | 1,878,667 | 9,979 | 1,888,646 |
Balance at 30 April 2023 | 12,739,955 | 39,295 | 12,779,250 |
Prior year adjustment | 39,933 | - | 39,933 |
As restated | 12,779,888 | 39,295 | 12,819,183 |
Changes in equity |
Dividends | (240,000 | ) | (4,500 | ) | (244,500 | ) |
Total comprehensive income | 1,671,215 | 13,207 | 1,684,422 |
Balance at 30 April 2024 | 14,211,103 | 48,002 | 14,259,105 |
Proper Job Superstores Limited (Registered number: 04518696) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | ( |
) |
Prior year adjustment | - | - |
As restated | 100 | 11,144,451 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 April 2023 | ( |
) |
Prior year adjustment | - | - |
As restated | 100 | 12,881,495 | (209,466 | ) |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 | ( |
) |
Proper Job Superstores Limited (Registered number: 04518696) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,979,002 | 2,223,323 |
Interest paid | (836 | ) | (16,092 | ) |
Tax paid | (573,443 | ) | (543,790 | ) |
Net cash from operating activities | 2,404,723 | 1,663,441 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (414,529 | ) | (93,327 | ) |
Sale of tangible fixed assets | 1,125 | 22,000 |
Sale of investment property | - | 183,867 |
Interest received | 34,776 | 3,745 |
Net cash from investing activities | (378,628 | ) | 116,285 |
Cash flows from financing activities |
Loan repayments in year | - | (732,717 | ) |
New loan to participator/employee | - | (90,000 | ) |
Net amount introduced by directors | - | 160,000 |
Loan from participator repaid | - | (65,000 | ) |
Equity dividends paid | (240,000 | ) | (300,000 | ) |
Dividends paid to minority interests | (4,500 | ) | (3,375 | ) |
Net cash from financing activities | (244,500 | ) | (1,031,092 | ) |
Increase in cash and cash equivalents | 1,781,595 | 748,634 |
Cash and cash equivalents at beginning of year | 2 | 2,087,025 | 1,338,391 |
Cash and cash equivalents at end of year | 2 | 3,868,620 | 2,087,025 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Profit before taxation | 2,312,818 | 1,879,302 |
Depreciation charges | 274,571 | 281,841 |
Profit on disposal of fixed assets | (1,125 | ) | (16,344 | ) |
Loss on revaluation of fixed assets | - | 177,768 |
Finance costs | 836 | 16,092 |
Finance income | (34,776 | ) | (3,745 | ) |
2,552,324 | 2,334,914 |
Decrease/(increase) in stocks | 82,150 | (383,558 | ) |
Decrease/(increase) in trade and other debtors | 81,600 | (44,653 | ) |
Increase in trade and other creditors | 262,928 | 316,620 |
Cash generated from operations | 2,979,002 | 2,223,323 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 3,869,360 | 2,088,270 |
Bank overdrafts | (740 | ) | (1,245 | ) |
3,868,620 | 2,087,025 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
as restated |
£ | £ |
Cash and cash equivalents | 2,088,270 | 1,338,391 |
Bank overdrafts | (1,245 | ) | - |
2,087,025 | 1,338,391 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,088,270 | 1,781,090 | 3,869,360 |
Bank overdrafts | (1,245 | ) | 505 | (740 | ) |
2,087,025 | 1,781,595 | 3,868,620 |
Total | 2,087,025 | 1,781,595 | 3,868,620 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Proper Job Superstores Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is broken down by the following trades, each having the detailed turnover policies. |
- Sale of goods. Sale of goods turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
- Sale of software and software licenses. Sale of software and software licenses turnover is measured at fair value of the consideration received spread across the length of the license. |
- Sale of hardware and equipment. Sales of hardware equipment turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
- Sale of support services. Sale of support services turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated amortisation, in accordance with the above, and any accumulated impairment losses |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Sale of goods - Stores | 32,178,455 | 28,845,439 |
EPOS system deliveries | 648,627 | 701,283 |
32,827,082 | 29,546,722 |
An analysis of turnover by geographical market is given below: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
United Kingdom | 32,827,082 | 29,546,722 |
32,827,082 | 29,546,722 |
4. | EMPLOYEES AND DIRECTORS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Wages and salaries | 6,088,022 | 5,471,655 |
Social security costs | 463,250 | 422,284 |
Other pension costs | 105,832 | 94,611 |
6,657,104 | 5,988,550 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
as restated |
Directors | 1 | 1 |
Administrators | 51 | 54 |
Other employees | 248 | 232 |
The average number of employees by undertakings that were proportionately consolidated during the year was 9 (2023 - 11 ) . |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Director's remuneration | 12,500 | 12,500 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Depreciation - owned assets | 258,620 | 244,471 |
Profit on disposal of fixed assets | (1,125 | ) | (16,344 | ) |
Goodwill amortisation | 15,950 | 37,370 |
Auditors' remuneration | 14,694 | 10,450 |
Auditors' remuneration for non audit work | 6,103 | 7,519 |
Foreign exchange differences | (2,440 | ) | (1,083 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Bank interest | 8 | - |
Bank loan interest | 97 | 16,092 |
HMRC interest | 731 | - |
836 | 16,092 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 574,411 | 425,103 |
Prior year tax charge | 17,852 | (21,543 | ) |
Total current tax | 592,263 | 403,560 |
Deferred tax | 36,133 | (452,837 | ) |
Tax on profit | 628,396 | (49,277 | ) |
UK corporation tax was charged at 19.49 %) in 2023. |
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: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Profit before tax | 2,312,818 | 1,879,302 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
578,205 |
469,826 |
Effects of: |
Expenses not deductible for tax purposes | 94 | 866 |
Income not taxable for tax purposes | - | (13,467 | ) |
Depreciation in excess of capital allowances | 28,319 | 49,141 |
Adjustments to tax charge in respect of previous periods | 17,852 | 47,924 |
Other timing differences | (10,058 | ) | 5,702 |
R&D enhanced expenditure | (22,149 | ) | (39,738 | ) |
Consolidation adjustments | - | 1,312 |
Marginal relief | - | (32 | ) |
Deferred tax provision movement | 36,133 | (452,837 | ) |
Chargeable gains | - | 11,354 |
Change in tax rates | - | (125,242 | ) |
(Profit)/Loss on disposal of assets | - | (4,086 | ) |
Total tax charge/(credit) | 628,396 | (49,277 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | DIVIDENDS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Interim | 240,000 | 300,000 |
10. | PRIOR YEAR ADJUSTMENT |
The director has recognised that a property previously held wholly as freehold property in tangible fixed assets has elements of investment property, and has restated the comparative information to show this correctly. |
The impacts of the restatement are as follows: |
£ |
Depreciation brought forwards at 1 May 2022 | 319,549 |
Depreciation charge for the year ended 30 April 2023 | 39,933 |
Revaluation of investment property for the year ended 30 April 2023 | (231,635 | ) |
Impact of deferred tax on revaluation as at 30 April 2023 | 57,909 |
Net increase in reserves | 185,756 |
Decrease in net book value of tangible fixed assets as at 30 April 2023 | (1,637,153 | ) |
Increase in fair value of investment properties as at 30 April 2023 | 1,765,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 694,993 |
AMORTISATION |
At 1 May 2023 | 659,006 |
Amortisation for year | 15,950 |
At 30 April 2024 | 674,956 |
NET BOOK VALUE |
At 30 April 2024 | 20,037 |
At 30 April 2023 | 35,987 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | INTANGIBLE FIXED ASSETS - continued |
Company |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 May 2023 | 6,857,571 | 525,067 | 487,998 |
Additions | 252,481 | - | 124,666 |
Disposals | - | - | - |
At 30 April 2024 | 7,110,052 | 525,067 | 612,664 |
DEPRECIATION |
At 1 May 2023 | 794,369 | 376,705 | 348,807 |
Charge for year | 140,518 | 33,021 | 39,527 |
Eliminated on disposal | - | - | - |
At 30 April 2024 | 934,887 | 409,726 | 388,334 |
NET BOOK VALUE |
At 30 April 2024 | 6,175,165 | 115,341 | 224,330 |
At 30 April 2023 | 6,063,202 | 148,362 | 139,191 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 725,572 | 34,434 | 196,689 | 8,827,331 |
Additions | 1,632 | 4,000 | 31,750 | 414,529 |
Disposals | - | (34,434 | ) | - | (34,434 | ) |
At 30 April 2024 | 727,204 | 4,000 | 228,439 | 9,207,426 |
DEPRECIATION |
At 1 May 2023 | 635,238 | 34,434 | 174,831 | 2,364,384 |
Charge for year | 22,833 | 4,000 | 18,721 | 258,620 |
Eliminated on disposal | - | (34,434 | ) | - | (34,434 | ) |
At 30 April 2024 | 658,071 | 4,000 | 193,552 | 2,588,570 |
NET BOOK VALUE |
At 30 April 2024 | 69,133 | - | 34,887 | 6,618,856 |
At 30 April 2023 | 90,334 | - | 21,858 | 6,462,947 |
Company |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Ibex House Ferro Fields, Scaldwell Road, Brixworth, Northants, NN6 9UA |
Nature of business: |
% |
Class of shares: | holding |
30.4.24 | 30.4.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 | 2,274,554 |
NET BOOK VALUE |
At 30 April 2024 | 2,274,554 |
At 30 April 2023 | 2,274,554 |
The directors have valued the property on the open market basis as at 30 April 2024. |
The investment properties have not been valued by an independent valuer since their respective purchase in the financial year ended 30 April 2018 and 30 April 2015. |
Company |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The directors have valued the property on the open market basis as at 30 April 2024. |
The investment properties have not been valued by an independent valuer since their respective purchase in the financial year ended 30 April 2018 and 30 April 2015. |
15. | STOCKS |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
as restated | as restated |
£ | £ | £ | £ |
Stocks | 3,484,584 | 3,566,734 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | DEBTORS |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 98,606 | 143,721 |
Amounts owed by group undertakings | - | - |
Other debtors | 437,412 | 429,933 |
Tax | 30,918 | 42,416 |
Deferred tax asset | 329,430 | 365,563 | 329,430 | 365,563 |
Prepayments | 128,777 | 110,325 |
1,025,143 | 1,091,958 |
Amounts falling due after more than one year: |
Other debtors | 70,000 | 90,000 |
Aggregate amounts | 1,095,143 | 1,181,958 |
Deferred tax asset |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
as restated | as restated |
£ | £ | £ | £ |
Accelerated capital allowances | 257,533 | 322,595 |
Other timing differences | 71,897 | 42,968 | 71,897 | 42,968 |
329,430 | 365,563 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 740 | 1,245 |
Trade creditors | 2,043,765 | 1,749,586 |
Amounts owed to group undertakings | - | - |
Tax | 249,953 | 242,631 |
Social security and other taxes | 87,551 | 77,435 |
VAT | 444,250 | 348,259 | 413,962 | 316,009 |
Other creditors | 25,669 | 56,464 |
Credit card | 2,130 | 1,554 | - | - |
Directors' current accounts | 160,000 | 160,000 | 160,000 | 160,000 |
Accruals and deferred income | 24,100 | 50,858 |
Accrued expenses | 52,032 | 49,854 |
3,090,190 | 2,737,886 |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
as restated | as restated |
£ | £ | £ | £ |
Accruals and deferred income | 13,239 | 53,381 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 740 | 1,245 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Company |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Within one year |
Between one and five years |
21. | DEFERRED TAX |
Group |
£ |
Balance at 1 May 2023 | (365,563 | ) |
Charge to Income Statement during year | 36,133 |
Balance at 30 April 2024 | (329,430 | ) |
Company |
£ |
Balance at 1 May 2023 | ( |
) |
Charge to Income Statement during year |
Balance at 30 April 2024 | ( |
) |
Proper Job Superstores Limited (Registered number: 04518696) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
23. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 12,949,321 | (209,466 | ) | 12,739,855 |
Prior year adjustment | 39,933 | 39,933 |
12,989,254 | 12,779,788 |
Profit for the year | 1,671,215 | 1,671,215 |
Dividends | (240,000 | ) | (240,000 | ) |
At 30 April 2024 | 14,420,469 | (209,466 | ) | 14,211,003 |
Company |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | ( |
) | 12,632,096 |
Prior year adjustment |
12,672,029 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | ( |
) | 14,058,400 |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is P C Tilley. |