Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01truetruetruetruetruetrue58falseDistribution of industrial fasteners and components60truefalsefalse 01884896 2023-05-01 2024-04-30 01884896 2022-05-01 2023-04-30 01884896 2024-04-30 01884896 2023-04-30 01884896 2022-05-01 01884896 4 2023-05-01 2024-04-30 01884896 4 2022-05-01 2023-04-30 01884896 5 2022-05-01 2023-04-30 01884896 d:CompanySecretary1 2023-05-01 2024-04-30 01884896 d:Director2 2023-05-01 2024-04-30 01884896 d:Director3 2023-05-01 2024-04-30 01884896 d:Director4 2023-05-01 2024-04-30 01884896 d:Director5 2023-05-01 2024-04-30 01884896 d:Director5 2024-04-30 01884896 d:Director6 2023-05-01 2024-04-30 01884896 d:RegisteredOffice 2023-05-01 2024-04-30 01884896 e:Buildings 2023-05-01 2024-04-30 01884896 e:Buildings 2024-04-30 01884896 e:Buildings 2023-04-30 01884896 e:Buildings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01884896 e:PlantMachinery 2023-05-01 2024-04-30 01884896 e:PlantMachinery 2024-04-30 01884896 e:PlantMachinery 2023-04-30 01884896 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01884896 e:MotorVehicles 2023-05-01 2024-04-30 01884896 e:MotorVehicles 2024-04-30 01884896 e:MotorVehicles 2023-04-30 01884896 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01884896 e:FurnitureFittings 2023-05-01 2024-04-30 01884896 e:FurnitureFittings 2024-04-30 01884896 e:FurnitureFittings 2023-04-30 01884896 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01884896 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01884896 e:CurrentFinancialInstruments 2024-04-30 01884896 e:CurrentFinancialInstruments 2023-04-30 01884896 e:Non-currentFinancialInstruments 2024-04-30 01884896 e:Non-currentFinancialInstruments 2023-04-30 01884896 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 01884896 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 01884896 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 01884896 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 01884896 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-04-30 01884896 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-04-30 01884896 f:UnitedKingdom 2023-05-01 2024-04-30 01884896 f:UnitedKingdom 2022-05-01 2023-04-30 01884896 f:RestEuropeOutsideUK 2023-05-01 2024-04-30 01884896 f:RestEuropeOutsideUK 2022-05-01 2023-04-30 01884896 f:RestWorldOutsideUK 2023-05-01 2024-04-30 01884896 f:RestWorldOutsideUK 2022-05-01 2023-04-30 01884896 e:UKTax 2023-05-01 2024-04-30 01884896 e:UKTax 2022-05-01 2023-04-30 01884896 e:ShareCapital 2024-04-30 01884896 e:ShareCapital 2023-04-30 01884896 e:ShareCapital 2022-05-01 01884896 e:RevaluationReserve 2023-05-01 2024-04-30 01884896 e:RevaluationReserve 2024-04-30 01884896 e:RevaluationReserve 2023-04-30 01884896 e:RevaluationReserve 2022-05-01 01884896 e:RevaluationReserve 5 2022-05-01 2023-04-30 01884896 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 01884896 e:RetainedEarningsAccumulatedLosses 2024-04-30 01884896 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01884896 e:RetainedEarningsAccumulatedLosses 2023-04-30 01884896 e:RetainedEarningsAccumulatedLosses 2022-05-01 01884896 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-30 01884896 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 01884896 e:FinancialAssetsAmortisedCost 2024-04-30 01884896 e:FinancialAssetsAmortisedCost 2023-04-30 01884896 e:FinancialLiabilitiesAmortisedCost 2024-04-30 01884896 e:FinancialLiabilitiesAmortisedCost 2023-04-30 01884896 d:OrdinaryShareClass1 2023-05-01 2024-04-30 01884896 d:OrdinaryShareClass1 2024-04-30 01884896 d:OrdinaryShareClass1 2023-04-30 01884896 d:FRS102 2023-05-01 2024-04-30 01884896 d:Audited 2023-05-01 2024-04-30 01884896 d:FullAccounts 2023-05-01 2024-04-30 01884896 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01884896 e:Subsidiary1 2023-05-01 2024-04-30 01884896 e:Subsidiary1 1 2023-05-01 2024-04-30 01884896 e:Subsidiary2 2023-05-01 2024-04-30 01884896 e:Subsidiary2 1 2023-05-01 2024-04-30 01884896 e:Subsidiary3 2023-05-01 2024-04-30 01884896 e:Subsidiary3 1 2023-05-01 2024-04-30 01884896 e:Subsidiary4 2023-05-01 2024-04-30 01884896 e:Subsidiary4 1 2023-05-01 2024-04-30 01884896 e:Subsidiary5 2023-05-01 2024-04-30 01884896 e:Subsidiary5 1 2023-05-01 2024-04-30 01884896 e:WithinOneYear 2024-04-30 01884896 e:WithinOneYear 2023-04-30 01884896 e:BetweenOneFiveYears 2024-04-30 01884896 e:BetweenOneFiveYears 2023-04-30 01884896 5 2023-05-01 2024-04-30 01884896 6 2023-05-01 2024-04-30 01884896 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 01884896 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 01884896 g:PoundSterling 2023-05-01 2024-04-30 01884896 e:RetainedEarningsAccumulatedLosses 5 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01884896









JET PRESS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
JET PRESS LIMITED
 
 
COMPANY INFORMATION


Directors
S R Cusick 
A F Guest 
O G Guest 
A J Mitchell (resigned 30 April 2024)
R Johnson 




Company secretary
S R Cusick



Registered number
01884896



Registered office
Nunn Close
Huthwaite

Nottinghamshire

NG17 2HW




Independent auditors
Barnett & Turner Accountants Ltd
Chartered Accountants & Registered Auditor

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR





 
JET PRESS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26


 
JET PRESS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
We aim to present a balanced and broad view of the performance and development of our business during the year and of its position at the year end.

Business review
 
The company retains its expertise and positioning in the services of design, distribution, technical engineering support and manufacturing of a vast range of specialist components and fasteners to a wide array of geographically diverse markets within automotive, industrial, furniture and many other industry sectors. The timely supply of high-quality products is complemented with several value-added services such as contract manufacturing, problem solving and design expertise, kitting and assemblies and vendor-managed inventories.
 
Increasing sales revenue was a challenge during this financial year with the UK cost of living crisis having a particular impact on our furniture and industrial sectors. Our exporting was also impacted by EU countries economic challenges, which have been confirmed by discussions with our EU customer base. With regard to EU transactions, our continuing warehousing partnership in the Czech Republic has continued to simplify our delivery processes in relation to the complex EU trading conditions, which has allowed us to support our EU customer base so that we can build as economic conditions improve.
 
As always, our focus is solely on satisfying customer demand to the best of our ability and working closely, and productively, with all our partners. As part of this process, we have added additonal product ranges to our offering, selected in relation to feedback received from our customer base regarding products which will enhance the customer experience.
Plastic injection moudling, at Jet Press Shirebrook, is now a crucial process offering experience in contract manufacturing, to support the diverse needs of our customers across various industries, including automotive, aerospace, medical, military, furniture and toys. Our state-of-the-art facilities at Shirebrook are equiped to handle projects of all sizes, ensuring top-quality products every time.

Along with the management team at Jet Press Limited, the directors of Jet Press Holdings Limited have set the welfare of employees as a priority and the values of our businesses reflect our consistent focus on care for our people, partners, and the longevity of our family-owned business. 

Principal risks and uncertainties
 
Our main uncertainty for the financial year has been industry activity across our customer base and the many markets we are involved in. Global instability has impacted on many economies and has been highlighted by our customers as the main reason for constrained economic growth. We hope that 2024/2025 brings an end to conflict, and the recent election provides economic confidence for businesses to increase production.
We are happy to report that one of the biggest service concerns relating to shipping goods to our EU customers, has been alleviated by the implementation of a strong and successful plan to use an EU based transit warehouse to remove any negative customer impacts and maintain high standards of supply. Feedback received confirms this plan is working and both our customers' and potential opportunity connections' confidence in the process has steadily grown since the implementation.
The diversity of our products, customers and markets continues to be a significant contributor to business resilience where we have had challenges over the last twelve months. Our strategy of widening market interaction will only help in the years to come.

Page 1

 
JET PRESS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
We consider that our key financial indicators are those that communicate our financial performance and the strength of the company as a whole, these being turnover, cost of sales, selling and administration expenses as reported in these financial statements. 


This report was approved by the board on 4 November 2024 and signed on its behalf.



S R Cusick
Director

Page 2

 
JET PRESS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results

The profit for the year, after taxation, amounted to £247,780 (2023 - £704,484).

Directors

The directors who served during the year were:

S R Cusick 
A F Guest 
O G Guest 
A J Mitchell (resigned 30 April 2024)
R Johnson 

Future developments

The company continues to partner with both existing and new customers to broaden and deepen its product and service ranges whilst expanding into new markets, delivering the quality and reliability for which the company is renowned in its sector.

Page 3

 
JET PRESS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnett & Turner Accountants Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 November 2024 and signed on its behalf.
 





S R Cusick
Director

Page 4

 
JET PRESS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JET PRESS LIMITED
 

Opinion


We have audited the financial statements of Jet Press Limited (the 'company') for the year ended 30 April 2024, which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
JET PRESS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JET PRESS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 set out on page 3, 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.


Page 6

 
JET PRESS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JET PRESS LIMITED (CONTINUED)


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 an auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, the Companies Act 2006 and current tax legislation.

We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and stock valuation.

Testing key revenue lines, in particular cut-off, for evidence of management bias.

Performing a physical verification of key assets and stock items (including testing of the stock system).

Obtaining third-party confirmation of material bank balances.

Documenting and verifying all significant related party balances and transactions.

Reviewing documentation such as the company board minutes, correspondence with solicitors, for
Page 7

 
JET PRESS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JET PRESS LIMITED (CONTINUED)


discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.


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 auditors' 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 2006Our 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 auditors' 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.





Jonathan Wilson FCA CTA (senior statutory auditor)
  
for and on behalf of
Barnett & Turner Accountants Ltd
 
Chartered Accountants
Registered Auditor
  
Cromwell House
68 West Gate
Mansfield
Nottinghamshire
NG18 1RR

4 November 2024
Page 8

 
JET PRESS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,887,954
10,132,752

Cost of sales
  
(5,868,008)
(5,953,234)

Gross profit
  
4,019,946
4,179,518

Distribution costs
  
(415,304)
(455,147)

Administrative expenses
  
(3,336,539)
(2,901,717)

Operating profit
 5 
268,103
822,654

Interest receivable and similar income
 9 
15,903
11,691

Profit before tax
  
284,006
834,345

Tax on profit
 10 
(36,226)
(129,861)

Profit for the financial year
  
247,780
704,484

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
JET PRESS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£


Profit for the financial year

  

247,780
704,484

Other comprehensive income
  


Unrealised surplus on revaluation of tangible fixed assets
  
-
1,248,156

Other comprehensive income for the year
  
-
1,248,156

Total comprehensive income for the year
  
247,780
1,952,640

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
JET PRESS LIMITED
REGISTERED NUMBER: 01884896

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 12 
2,357,339
2,319,292

Investments
 13 
1,030,677
1,030,677

  
3,388,016
3,349,969

Current assets
  

Stocks
 14 
2,227,722
1,968,697

Debtors
 15 
2,341,452
2,186,322

Cash at bank and in hand
 16 
1,006,239
3,618,395

  
5,575,413
7,773,414

Creditors: amounts falling due within one year
 17 
(1,125,167)
(557,717)

Net current assets
  
 
 
4,450,246
 
 
7,215,697

Total assets less current liabilities
  
7,838,262
10,565,666

Creditors: amounts falling due after more than one year
 18 
(862,983)
(3,848,052)

Provisions for liabilities
  

Deferred tax
 21 
(66,441)
(56,556)

Net assets
  
6,908,838
6,661,058


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Revaluation reserve
 23 
1,234,678
1,248,156

Profit and loss account
 23 
5,664,160
5,402,902

  
6,908,838
6,661,058


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 November 2024.




S R Cusick
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
JET PRESS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
10,000
-
5,098,418
5,108,418



Profit for the year
-
-
704,484
704,484

Surplus on revaluation of freehold property
-
1,248,156
-
1,248,156

Dividends: Equity capital
-
-
(400,000)
(400,000)



At 1 May 2023
10,000
1,248,156
5,402,902
6,661,058



Profit for the year
-
-
247,780
247,780

Transfer to/from profit and loss account
-
(13,478)
13,478
-


At 30 April 2024
10,000
1,234,678
5,664,160
6,908,838


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Jet Press Limited is a company incorporated and domiciled in England.  Its registered office and principal place of business is situated at Nunn Close, Huthwaite, Nottinghamshire NG17 2HW.
The principal activity of the company is the distribution of industrial fasteners and components.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

Group accounts have not been prepared as all of the company's subsidiaries are permitted to be excluded from group accounts by virtue of sections 402 and 405 of the Companies Act 2006.  These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Jet Press Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House (company number SC619070).

Page 13

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

At the time of signing the accounts there is some degree of uncertainty regarding the full economic impact of the current geopolitical landscape.
The directors have reviewed the working capital requirements of the business and anticipated cash flows until 30 November 2025. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of preparation of the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 14

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 15

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
12.5% or 33.33% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10%, 12.5% or 33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value being fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
Depreciation of tangible fixed assets
Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value.  The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock valuation
Stock is valued at the lower of cost and net realisable value.  Cost is determined on a first in, first out basis. 
Provision is made to reduce the value of stock for slow moving and obsolete stock.  Stock is deemed to be slow moving if there have been no sales of that stock within the last 3 years or they are parts that are no longer used (i.e. parts for a specific item that is no longer manufactured). Obsolete stock is valued at £Nil. 


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,752,732
5,942,915

Rest of Europe
3,469,577
3,562,297

Rest of the world
665,645
627,540

9,887,954
10,132,752



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
2,489
(2,774)

Other operating lease rentals
44,898
45,532

Depreciation
155,961
167,473

Page 18

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
10,500
10,000


7.


Employees

2024
2023
£
£

Wages and salaries
1,980,386
1,798,899

Social security costs
206,250
173,290

Cost of defined contribution scheme
309,944
228,560

2,496,580
2,200,749


The average monthly number of employees, including directors, during the year was 58 (2023 - 60).


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
446,024
420,828

Company contributions to defined contribution pension schemes
100,611
68,116

546,635
488,944


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £163,008 (2023 - £152,025).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £46,626 (2023 - £61,744).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
15,903
11,691

Page 19

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
47,084
156,602

Adjustments in respect of previous periods
(20,743)
-


Deferred tax


Origination and reversal of timing differences
9,885
(26,741)


Taxation on profit on ordinary activities
36,226
129,861

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
284,006
834,345


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023-19.5%)
71,002
162,697

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
267
232

Capital allowances for year in excess of depreciation
501
13,989

Adjustments to tax charge in respect of prior periods
(20,743)
-

Book profit on chargeable assets
9,885
(26,741)

Group relief
(24,686)
(20,316)

Total tax charge for the year
36,226
129,861


11.


Dividends

2024
2023
£
£


Dividends paid
-
400,000

Page 20

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
2,055,560
833,203
57,437
807,741
3,753,941


Additions
127,329
2,811
45,480
18,387
194,007


Disposals
-
(591)
-
-
(591)



At 30 April 2024

2,182,889
835,423
102,917
826,128
3,947,357



Depreciation


At 1 May 2023
46
755,818
27,906
650,878
1,434,648


Charge for the year on owned assets
45,885
34,955
14,063
61,058
155,961


Disposals
-
(591)
-
-
(591)



At 30 April 2024

45,931
790,182
41,969
711,936
1,590,018



Net book value



At 30 April 2024
2,136,958
45,241
60,948
114,192
2,357,339



At 30 April 2023
2,055,514
77,385
29,530
156,863
2,319,292


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
1,030,677



At 30 April 2024
1,030,677




Page 21

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Jet Press Aylesbury Limited
Nunn Close, Huthwaite, Notts, UK NG17 2HW
Manufacturer of fasteners
Ordinary
100%
Components Direct Limited
Nunn Close, Huthwaite, Notts, UK NG17 2HW
Dormant
Ordinary
100%
JP Computer Services Limited
Nunn Close, Huthwaite, Notts, UK NG17 2HW
Dormant
Ordinary
100%
Jet Press GmbH
An der Welle 10. 60322 Frankfurt am Main, Germany
Dormant
Ordinary
100%
Jet Press Shirebrook Limited (formerly Acorn Mouldings Limited)
Kingfisher House, Portland Road, Shirebrook, Mansfield, Notts, UK, NG20 8TY
Manufacturer of plastics products
Ordinary
100%


14.


Stocks

2024
2023
£
£

Raw materials and consumables
3,266
6,707

Finished goods and goods for resale
2,224,456
1,961,990

2,227,722
1,968,697


Page 22

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors


2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
330,000
330,000

Due within one year

Trade debtors
1,252,420
1,375,979

Amounts owed by group undertakings
546,691
357,669

Other debtors
4,574
4,628

Prepayments and accrued income
207,767
118,046

2,341,452
2,186,322



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,006,239
3,618,395



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
584,158
333,109

Amounts owed to group undertakings
4,842
4,842

Corporation tax
6,418
86,866

Other taxation and social security
153,587
50,547

Other creditors
20,744
20,254

Accruals and deferred income
355,418
62,099

1,125,167
557,717



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
862,983
3,848,052


Page 23

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Other loans
862,983
3,848,052


Other loans from the parent company are unsecured.  There are no fixed repayment terms but the parent company directors consider this to be a long term financing arrangement and have indicated that they do not intend calling any amounts in during the coming year.


20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,006,239
3,618,395

Financial assets that are debt instruments measured at amortised cost
2,129,111
2,063,648

3,135,350
5,682,043


Financial liabilities


Financial liabilities measured at amortised cost
131,380
4,268,358


Financial assets measured at fair value through profit or loss comprise cash and bank balances.


Financial assets measured at amortised cost comprise trade and group debtors.


Financial liabilities measured at amortised cost comprise trade and group creditors, and accruals. 

Page 24

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Deferred taxation




2024


£






At beginning of year
56,556


Charged/(credited) to profit or loss
9,885



At end of year
66,441

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
66,441
56,556


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary Shares shares of £1.00 each
10,000
10,000



23.


Reserves

Revaluation reserve

Unrealised gains and losses on revaluation of fixed assets, net of the related deferred tax charge, are held separately in the asset revaluation reserve. These gains are not distributable. The difference between depreciation calculated on the valuation of the the relevant assets and on their historical cost is released to the profit and loss account each year.

Profit and loss account

Profits after dividends are accumulated and carried forward in the profit and loss account.


24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £309,944 (2023: £228,559)  contributions of £19,914 (2023: £17,803) were outstanding at the balance sheet date.

Page 25

 
JET PRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
19,293
45,156

Later than 1 year and not later than 5 years
9,321
28,614

28,614
73,770


26.


Controlling party

The company is a wholly owned subsidiary of Jet Press Holdings Limited, a private limited company incorporated and domiciled in Scotland.
The company's results are included in the group financial statements prepared by Jet Press Holdings Limited, which can be obtained from Companies House (company number SC619070).
G Schwarz holds the controlling interest in Jet Press Holdings Limited and is therefore the ultimate controlling party of Jet Press Limited.

 
Page 26