Company registration number 01248712 (England and Wales)
Jones Nuttall Limited
Unaudited financial statements
For the year ended 30 April 2024
Jones Nuttall Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Jones Nuttall Limited
Statement of financial position
As at 30 April 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
33,964
Tangible assets
4
806,371
763,940
840,335
763,940
Current assets
Stocks
861,085
951,228
Debtors
5
895,014
985,681
Cash at bank and in hand
90,265
52,408
1,846,364
1,989,317
Creditors: amounts falling due within one year
6
(661,569)
(585,305)
Net current assets
1,184,795
1,404,012
Total assets less current liabilities
2,025,130
2,167,952
Creditors: amounts falling due after more than one year
7
(108,333)
(243,422)
Provisions for liabilities
(3,735)
Net assets
1,913,062
1,924,530
Capital and reserves
Called up share capital
4,250
4,250
Capital redemption reserve
750
750
Profit and loss reserves
1,908,062
1,919,530
Total equity
1,913,062
1,924,530
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Jones Nuttall Limited
Statement of financial position (continued)
As at 30 April 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr M D Jones
Director
Company registration number 01248712 (England and Wales)
Jones Nuttall Limited
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information
Jones Nuttall 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.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover, which is stated net of value added tax, is recognised when the risks and rewards of ownership are transferred upon delivery.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33.3% on cost
Intangible fixed assets have been fully written down.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% on cost
Plant and equipment
15% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
33.3% on cost
Motor vehicles
25% on cost
Jones Nuttall Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and estimated fee chargeable less costs expected to be incurred to completion.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
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.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Jones Nuttall Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
44
48
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023
14,649
Additions
43,837
At 30 April 2024
58,486
Amortisation and impairment
At 1 May 2023
14,649
Amortisation charged for the year
9,873
At 30 April 2024
24,522
Carrying amount
At 30 April 2024
33,964
At 30 April 2023
Jones Nuttall Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
312,565
2,332,775
2,645,340
Additions
158,220
158,220
At 30 April 2024
312,565
2,490,995
2,803,560
Depreciation and impairment
At 1 May 2023
122,345
1,759,055
1,881,400
Depreciation charged in the year
6,251
109,538
115,789
At 30 April 2024
128,596
1,868,593
1,997,189
Carrying amount
At 30 April 2024
183,969
622,402
806,371
At 30 April 2023
190,220
573,720
763,940
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
698,162
845,437
Amounts owed by group undertakings
93,185
30,422
Other debtors
103,667
102,884
895,014
978,743
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
6,938
Total debtors
895,014
985,681
Jones Nuttall Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
100,000
Trade creditors
366,057
279,269
Corporation tax
16,718
16,314
Other taxation and social security
46,607
83,008
Other creditors
132,187
106,714
661,569
585,305
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
108,333
208,333
Obligations under finance leases
35,089
108,333
243,422
The hire purchase liability is secured against the assets to which the hire purchase relates.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,888
47,560
9
Related party transactions
Transactions with related parties
Dividends were raised during the year to the holding company amounting to £70,000 (2023: £55,000) This amount was paid during the year.
Jones Nuttall Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 8 -
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
2.25
48,339
59,716
1,480
(60,000)
49,535
48,339
59,716
1,480
(60,000)
49,535
11
Parent company
The ultimate controlling party is M D Jones.