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REGISTERED NUMBER: 01168979 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

J. AND J. NEGUS LIMITED

J. AND J. NEGUS LIMITED (REGISTERED NUMBER: 01168979)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


J. AND J. NEGUS LIMITED

Company Information
for the year ended 31 May 2024







Directors: P Negus
C J Elwell
Mrs S Elwell
Mrs B A Negus





Secretary: Mrs S Elwell





Registered office: 15 Hammond Close
Attleborough Fields
Nuneaton
Warwickshire
CV11 6RY





Registered number: 01168979 (England and Wales)





Accountants: Duncan & Toplis Limited
3rd Floor, Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

J. AND J. NEGUS LIMITED (REGISTERED NUMBER: 01168979)

Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 319,315 203,358
Investments 6 123,924 100,924
443,239 304,282

Current assets
Stocks 402,882 404,871
Debtors 7 616,137 522,214
Investments 8 140,867 140,687
Cash at bank and in hand 672,336 670,617
1,832,222 1,738,389
Creditors
Amounts falling due within one year 9 1,058,439 1,006,423
Net current assets 773,783 731,966
Total assets less current liabilities 1,217,022 1,036,248

Provisions for liabilities 30,402 30,402
Net assets 1,186,620 1,005,846

Capital and reserves
Called up share capital 10 100 100
Retained earnings 1,186,520 1,005,746
1,186,620 1,005,846

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2024 and were signed on its behalf by:





P Negus - Director


J. AND J. NEGUS LIMITED (REGISTERED NUMBER: 01168979)

Notes to the Financial Statements
for the year ended 31 May 2024


1. Statutory information

J. and J. Negus 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
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 arose on the acquisition of two businesses in 2009 and 2011. Goodwill is amortised over its estimated useful life of 5 years and at the balance sheet date was fully amortised.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

J. AND J. NEGUS LIMITED (REGISTERED NUMBER: 01168979)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. Employees and directors

The average number of employees during the year was 56 (2023 - 45 ) .

J. AND J. NEGUS LIMITED (REGISTERED NUMBER: 01168979)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


4. Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023
and 31 May 2024 194,530
Amortisation
At 1 June 2023
and 31 May 2024 194,530
Net book value
At 31 May 2024 -
At 31 May 2023 -

5. Tangible fixed assets
Improvements Plant and Motor Computer
to property machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1 June 2023 31,527 931,714 84,501 363,369 1,411,111
Additions - 179,523 4,050 39,150 222,723
Disposals - (24,000 ) - - (24,000 )
At 31 May 2024 31,527 1,087,237 88,551 402,519 1,609,834
Depreciation
At 1 June 2023 31,527 755,021 72,273 348,932 1,207,753
Charge for year - 67,957 4,531 17,861 90,349
Eliminated on disposal - (7,583 ) - - (7,583 )
At 31 May 2024 31,527 815,395 76,804 366,793 1,290,519
Net book value
At 31 May 2024 - 271,842 11,747 35,726 319,315
At 31 May 2023 - 176,693 12,228 14,437 203,358

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£
Cost
At 1 June 2023
and 31 May 2024 32,500
Depreciation
At 1 June 2023 21,504
Charge for year 1,676
At 31 May 2024 23,180
Net book value
At 31 May 2024 9,320
At 31 May 2023 10,996

J. AND J. NEGUS LIMITED (REGISTERED NUMBER: 01168979)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


6. Fixed asset investments
Shares in
group Interest in
undertakings associate Totals
£ £ £
Cost
At 1 June 2023 10,075 90,849 100,924
Additions 15,847 7,153 23,000
At 31 May 2024 25,922 98,002 123,924
Net book value
At 31 May 2024 25,922 98,002 123,924
At 31 May 2023 10,075 90,849 100,924

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 425,864 313,434
Other debtors 190,273 208,780
616,137 522,214

8. Current asset investments
2024 2023
£ £
Other 140,867 140,687

The investment consists of a Prudential Investment Plan shown at market value (cost: £48,750).

9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 75,000
Trade creditors 332,167 240,837
Taxation and social security 94,503 60,112
Other creditors 631,769 630,474
1,058,439 1,006,423

10. Called up share capital

11. Related party disclosures

The company rents premises from the pension fund in which the directors are trustees and members at an annual rent of £55,000 (2023: £55,000).

Other creditors due within one year includes an amount of £21,105 (2023: £21,105) due from The Microfilm Factory Limited, a subsidiary.

Other debtors includes an amount of £149,814 (2023: £187,022) due from Pizza and Baguette Limited, a subsidiary.

Loans to or from subsidiaries are interest free and have no fixed term of repayment.