REGISTERED NUMBER: SC619070 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Jet Press Holdings Limited |
REGISTERED NUMBER: SC619070 (Scotland) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Jet Press Holdings Limited |
Jet Press Holdings Limited (Registered number: SC619070) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
Jet Press Holdings Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Registered Auditor |
Cromwell House |
68 West Gate |
Mansfield |
Nottinghamshire |
NG18 1RR |
Jet Press Holdings Limited (Registered number: SC619070) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
The activity of the company is that of management consultancy and holding company and the principal activities of the group are the distribution of high quality specialist components and services, bespoke manufacture of fastening solutions and the letting and operating of real estate. |
REVIEW OF BUSINESS |
Strategic Management |
The group is run with a view to growing the capital asset value and producing stable returns to the shareholder on a sustainable long term basis. Decision making is influenced by these objectives and a desire to provide secure and well paid employment to all staff within the group. |
2024 was a year of consolidation. The structural changes within the group were completed in the prior year and the focus in 2024 was on improving operational capabilities within Jet Press Limited. Significant effort has gone into improving the marketing process within Jet Press Limited which will underpin the long term success of the overall group. |
At the same time, the directors have been looking forward to the next generation of products and how the components and fasteners market may evolve in the future. Attendance at Fastener Fair has enhanced our understanding of future trends in the market. |
The economic environment both in the UK and in EU countries has been challenging. The directors continue to manage the overall group with a view to producing long term sustainable growth, whilst reviewing short term risks driven by the current economic climate and mitigating these where possible. |
Business Environment |
The main trading business of the group 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. |
Within the trading business, increasing sales revenue was a challenge during this financial year with the UK cost of living crisis having a particular impact on its furniture and industrial sectors. Exporting was also impacted by the economic challenges faced by EU countries, which have been confirmed by discussions with the EU customer base. |
Review of Business |
The directors' efforts continue to be focused on driving sustainable growth. |
Profit before tax fell from £815,044 in the prior year to £196,508 for the year ending 30th April 2024. This includes a loss on the revaluation of assets of £41,400 (2023 : loss of £60,787). The loss in the current year was due to the revaluation of investment property. The loss in 2023 arose from the sale of investments held in equities. |
Jet Press Limited is the main driver of group performance. Sales in the subsidiary fell from £10,132,752 in 2023 to £9,887,954 in 2024. On the back of this, profit before tax fell from £834,345 in 2023 to £284,006 in 2024. This was largely as a result of the testing economic environment, which particularly affected the furniture and industrial sectors. |
Within Jet Press Property revenue increased by 5% (2023 : 10%) against the prior year. A loss on the revaluation of investment property of £41,400 was recognised (2023 : gain of £55,835). The loss was due to the revaluation of rental properties. |
Jet Press Holdings Limited (Registered number: SC619070) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks to the group faced in the financial year were being driven by the general economic environment. Global instability and political uncertainty in the UK contributed to a softening of customer demand as economic growth slowed. |
We are happy to report that one of the biggest service concerns within Jet Press Limited, 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. |
Inflationary pressures in the UK remain a key area of risk. The full effect of upward pressure on labour costs driven by increases to the national minimum wage and employer national insurance increases, are still to be felt. |
Within the main trading business the succession plan for two of the key senior managers who are moving towards retiral is progressing as planned. They have both been with the group for a significant length of time and ensuring that their combined knowledge and experience is not lost to the group is a key focus. |
The overall group is well funded and has minimal external debt in comparison to its overall net asset value. The |
directors will continue to focus on long term sustainable growth, whilst watching the market for strategic opportunities which would enhance long term value. |
KEY FINANCIAL PERFORMANCE INDICATORS |
The key financial indicators are those which are tied to the strategic objectives of providing sustainable long term increases to asset value, whilst maintaining the ability to preserve shareholder returns as and when required. |
To this extent, we would consider, profit before tax, cash and liquid investments and net asset value to be our key indicators. |
ON BEHALF OF THE BOARD: |
Jet Press Holdings Limited (Registered number: SC619070) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
150000 | - 6 July 2023 |
60000 | - 27 November 2023 |
60000 | - 1 March 2024 |
270000 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 April 2024 will be £ 270,000 . |
FUTURE DEVELOPMENTS |
The directors will continue to manage the group in a manner that will deliver upon its strategic objectives of enhancing shareholder value whilst maintaining secure employment for the staff within the group. Opportunities to enhance the group via acquisitions will be appraised as and when they arise, whilst growing the core business through deepening its product and service range and expanding into new markets remains a key focus. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
CHARITABLE AND POLITICAL DONATIONS |
The group made charitable donations of £1,270 (2023 : £4,546) during the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Jet Press Holdings Limited (Registered number: SC619070) |
Report of the Directors |
for the Year Ended 30 April 2024 |
AUDITORS |
The auditors, Barnett & Turner Accountants Ltd, 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 |
Jet Press Holdings Limited |
Opinion |
We have audited the financial statements of Jet Press Holdings 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 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 Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Jet Press Holdings Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Jet Press Holdings 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: |
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 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. The company did not inform us of 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 and the Companies Act 2006. |
- 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 the value of investments. |
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations. |
- Obtaining third-party confirmation of material bank and loan balances. |
- Documenting and verifying all significant related party and consolidated balances and transactions. |
- Reviewing documentation such as correspondence with solicitors for discussions of irregularities including fraud. |
- Testing all material consolidation adjustments. |
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. |
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. |
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 |
Jet Press Holdings 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 |
Chartered Accountants |
Registered Auditor |
Cromwell House |
68 West Gate |
Mansfield |
Nottinghamshire |
NG18 1RR |
Jet Press Holdings Limited (Registered number: SC619070) |
Consolidated Income Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 9,892,834 | 10,460,565 |
Cost of sales | 5,645,367 | 6,006,095 |
GROSS PROFIT | 4,247,467 | 4,454,470 |
Distribution costs | 415,304 | 455,147 |
Administrative expenses | 3,796,281 | 3,436,300 |
4,211,585 | 3,891,447 |
35,882 | 563,023 |
Other operating income | 36,534 | 233,086 |
OPERATING PROFIT | 5 | 72,416 | 796,109 |
Income from fixed asset investments | - | 6,941 |
Interest receivable and similar income | 166,034 | 73,397 |
166,034 | 80,338 |
238,450 | 876,447 |
Gain/loss on revaluation of assets | (41,400 | ) | (60,787 | ) |
197,050 | 815,660 |
Interest payable and similar expenses | 6 | 542 | 616 |
PROFIT BEFORE TAXATION | 196,508 | 815,044 |
Tax on profit | 7 | 30,991 | 166,274 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 165,517 | 648,770 |
Jet Press Holdings Limited (Registered number: SC619070) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 165,517 | 648,770 |
OTHER COMPREHENSIVE (LOSS)/INCOME |
Exchange movement on foreign subsidiary | - | (44,804 | ) |
Revaluation of pre-emption rights | - | 50,000 |
Revaluation of Freehold Property | (15,785 | ) | 1,788,118 |
Income tax relating to components of other comprehensive (loss)/income |
- |
(131,186 |
) |
OTHER COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR, NET OF INCOME TAX |
(15,785 |
) |
1,662,128 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
149,732 |
2,310,898 |
Total comprehensive income attributable to: |
Owners of the parent | 149,732 | 2,310,898 |
Jet Press Holdings Limited (Registered number: SC619070) |
Consolidated Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 400,762 | 420,534 |
Tangible assets | 11 | 3,700,316 | 3,625,334 |
Investments | 12 | - | - |
Investment property | 13 | 2,079,152 | 2,120,552 |
6,180,230 | 6,166,420 |
CURRENT ASSETS |
Stocks | 14 | 2,329,999 | 2,121,177 |
Debtors | 15 | 2,383,724 | 1,967,511 |
Cash at bank and in hand | 3,778,661 | 4,556,322 |
8,492,384 | 8,645,010 |
CREDITORS |
Amounts falling due within one year | 16 | 1,048,315 | 1,077,270 |
NET CURRENT ASSETS | 7,444,069 | 7,567,740 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
13,624,299 |
13,734,160 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(14,585 |
) |
(24,742 |
) |
PROVISIONS FOR LIABILITIES | 21 | (314,724 | ) | (294,160 | ) |
NET ASSETS | 13,294,990 | 13,415,258 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 2 | 2 |
Revaluation reserve | 23 | 1,696,314 | 1,736,376 |
Other reserves | 23 | 11,168,947 | - |
Fair value reserve | 23 | 245,193 | 279,319 |
Retained earnings | 23 | 184,534 | 11,399,561 |
SHAREHOLDERS' FUNDS | 13,294,990 | 13,415,258 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by: |
O C Guest - Director |
Jet Press Holdings Limited (Registered number: SC619070) |
Company Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 21 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 101,354 | 18,326,181 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Jet Press Holdings Limited (Registered number: SC619070) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 May 2022 | 2 | 30,056,144 | 29,444 |
Changes in equity |
Profit for the year | - | 648,770 | - |
Other comprehensive income | - | (194,127 | ) | 1,706,932 |
Total comprehensive income | - | 454,643 | 1,706,932 |
Dividends | - | (980,000 | ) | - |
Merger Reserve | - | (18,131,226 | ) | - |
Balance at 30 April 2023 | 2 | 11,399,561 | 1,736,376 |
Changes in equity |
Profit for the year | - | 165,517 | - |
Other comprehensive income | - | 58,403 | (40,062 | ) |
Total comprehensive income | - | 223,920 | (40,062 | ) |
Dividends | - | (270,000 | ) | - |
Non distributable retained |
earnings | - | (11,168,947 | ) | - |
Balance at 30 April 2024 | 2 | 184,534 | 1,696,314 |
Fair |
Other | value | Total |
reserves | reserve | equity |
£ | £ | £ |
Balance at 1 May 2022 | (18,131,226 | ) | 129,996 | 12,084,360 |
Changes in equity |
Profit for the year | - | - | 648,770 |
Other comprehensive income | - | 149,323 | 1,662,128 |
Total comprehensive income | - | 149,323 | 2,310,898 |
Dividends | - | - | (980,000 | ) |
Merger Reserve | 18,131,226 | - | - |
Balance at 30 April 2023 | - | 279,319 | 13,415,258 |
Changes in equity |
Profit for the year | - | - | 165,517 |
Other comprehensive income | - | (34,126 | ) | (15,785 | ) |
Total comprehensive income | - | (34,126 | ) | 149,732 |
Dividends | - | - | (270,000 | ) |
Non distributable retained |
earnings | 11,168,947 | - | - |
Balance at 30 April 2024 | 11,168,947 | 245,193 | 13,294,990 |
Jet Press Holdings Limited (Registered number: SC619070) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Non distributable retained |
earnings | - | (11,168,947 | ) | 11,168,947 | - |
Balance at 30 April 2024 |
Jet Press Holdings Limited (Registered number: SC619070) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 361,612 | 15,599 |
Interest paid | (542 | ) | (616 | ) |
Tax paid | (106,788 | ) | (9,236 | ) |
Net cash from operating activities | 254,282 | 5,747 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (308,534 | ) | (396,819 | ) |
Purchase of investment property | - | (274,165 | ) |
Sale of tangible fixed assets | 1,896 | 229,903 |
Sale of fixed asset investments | - | 2,913,995 |
Interest received | 158,752 | 73,073 |
Dividends received | - | 6,941 |
Net cash from investing activities | (147,886 | ) | 2,552,928 |
Cash flows from financing activities |
Loan repayments in year | (10,109 | ) | (10,032 | ) |
Amount introduced by directors | 395 | 562 |
Amount withdrawn by directors | (4,343 | ) | (3,512 | ) |
Loan repaid by shareholder | - | 704,137 |
Loan issue to shareholder | (480,000 | ) | - |
Loan issue to related parties | (515,000 | ) | (339,291 | ) |
Related party loans repaid | 395,000 | 309,291 |
Equity dividends paid | (270,000 | ) | (980,000 | ) |
Net cash from financing activities | (884,057 | ) | (318,845 | ) |
(Decrease)/increase in cash and cash equivalents | (777,661 | ) | 2,239,830 |
Cash and cash equivalents at beginning of year |
2 |
4,556,322 |
2,316,492 |
Cash and cash equivalents at end of year | 2 | 3,778,661 | 4,556,322 |
Jet Press Holdings Limited (Registered number: SC619070) |
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 |
£ | £ |
Profit before taxation | 196,508 | 815,044 |
Depreciation charges | 250,709 | 237,098 |
Loss/(profit) on disposal of fixed assets | 716 | (194,796 | ) |
Foreign currency conversion of sub | - | (44,804 | ) |
Revaluation of investments | - | 268,622 |
Investment property revaluation | 41,400 | (207,835 | ) |
Finance costs | 542 | 616 |
Finance income | (166,034 | ) | (80,338 | ) |
323,841 | 793,607 |
Increase in stocks | (208,822 | ) | (676,401 | ) |
Decrease in trade and other debtors | 125,281 | 367,815 |
Increase/(decrease) in trade and other creditors | 121,312 | (469,422 | ) |
Cash generated from operations | 361,612 | 15,599 |
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 | 3,778,661 | 4,556,322 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 4,556,322 | 2,316,492 |
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 | 4,556,322 | (777,661 | ) | 3,778,661 |
4,556,322 | (777,661 | ) | 3,778,661 |
Debt |
Debts falling due within 1 year | (9,677 | ) | (49 | ) | (9,726 | ) |
Debts falling due after 1 year | (24,742 | ) | 10,157 | (14,585 | ) |
(34,419 | ) | 10,108 | (24,311 | ) |
Total | 4,521,903 | (767,553 | ) | 3,754,350 |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Jet Press Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
At the time of signing the accounts there is some degree of uncertainty regarding the full economic impact of the wider geopolitical landscape. |
The directors have reviewed the working capital requirements of the business and anticipated cash flows for the period ended 31 January 2026. On the basis of their assessment of the group's financial position, the directors have a reasonable expectation that the group will be able to continue in operational existence for the foreseeable future. |
The wider group remains well funded with only a small amount of external debt and hence the directors believe it is appropriate to adopt the going concern basis of preparation of the financial statements. |
Basis of consolidation |
The group accounts have been prepared using the purchase accounting method for year ending 30th April 2024. This is a change from prior years, where the merger accounting method was used. The change is due to the dissolution of Jet Press Holdings B.V. which was the entity brought into the group under a group reconstruction in 2019. |
For year ending 30th April 2023, the group accounts were prepared using the merger accounting method, with the exception of Jet Press Property Limited which was acquired in July 2019 and Jet Press Shirebrook Limited (formerly Acorn Mouldings Limited) which was acquired in December 2021 both of which have been consolidated using purchase accounting. |
Results of the subsidiaries have been consolidated based on the activities for their most recent accounting period. |
Jet Press Holdings B.V. was dissolved on 14th July 2022. The results of this company from 1st May 2022 until its dissolution have been used when consolidating the results of the group to 30th April 2023. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
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 held at nil value.. |
Investment property |
The value of investment property is subject to prevailing market conditions and can be subject to short term fluctuations driven by local demand or macro economic conditions. The directors review the carrying value of the investment property in order to determine that it still reflects what would be an achievable market return on sale. Short term market fluctuations will not be adjusted for, where the directors believe that these will not be sustained. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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. |
Rental income |
Where properties are held for rental purposes, rental income is recognised in the period to which it relates. |
Goodwill |
Goodwill has arisen from a business acquired in December 2021. |
Goodwill acquired in December 2021 is being amortised on a straight line basis over 10 years, which has been assessed as the useful life by the directors. Goodwill acquired was the difference between the fair value of assets and liabilities acquired and the total acquisition cost. |
Pre emption rights |
The intangible asset is a pre-emption right for the purchase of land. No amortisation is being booked as the value of the pre-emption right is not expected to decline across the period of its life. Should the underlying value of the land fall below the pre-emption right value, an impairment adjustment would be recognised. |
The pre-emption is being held under the revaluation model. The revalued amount is its fair value at the date of revaluation less any subsequent accumulated amortisation and accumulated impairment losses. |
Changes to the revaluation value are shown in the statement of other comprehensive income. |
As at the balance sheet date, the directors believe that the underlying value of the land supports the value of the pre-emption right. |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property - 2% on cost. |
Long-term leasehold property - 2% on cost. |
Plant and machinery - 33% on cost, 12.5% on cost, 10% on cost and 20% reducing balance. |
Fixtures and fittings - 33 % on cost, 12.5% on cost, 10% on cost and 20% reducing balance. |
Motor vehicles - 25% on cost and 25% reducing balance. |
Computer equipments - 33% on cost and 33% reducing balance. |
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. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
Debt instruments (other than than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable are initially measured at transaction price and subsequently measured at amortised cost using the effective interest method. |
Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. |
Debtors receivable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
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. |
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 |
Functional and presentation currency |
The company's functional and presentational currency is GBP. |
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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Investments |
Investments are stated at market value at the balance sheet date. Increases or decreases in the market value each year are treated as unrealised gains or losses and shown in the Income Statement. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by geographical market is given below: |
30.4.24 | 30.4.23 |
£ | £ |
United Kingdom | 5,757,612 | 6,270,127 |
Europe | 3,469,577 | 3,562,898 |
Rest of World | 665,645 | 627,540 |
9,892,834 | 10,460,565 |
4. | EMPLOYEES AND DIRECTORS |
30.4.24 | 30.4.23 |
£ | £ |
Wages and salaries | 2,470,084 | 2,537,474 |
Social security costs | 266,396 | 242,789 |
Other pension costs | 519,049 | 290,138 |
3,255,529 | 3,070,401 |
The average number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
Directors of parent | 2 | 2 |
Directors of subsidiaries | 3 | 4 |
Other employees | 75 | 72 |
30.4.24 | 30.4.23 |
£ | £ |
Directors' remuneration | 262,212 | 458,814 |
Directors' pension contributions to money purchase schemes | 190,000 | 40,000 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Emoluments etc | 186,222 | 380,844 |
Pension contributions to money purchase schemes | 70,000 | - |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
£ | £ |
Other operating leases | 4,803 | 4,230 |
Depreciation - owned assets | 230,940 | 217,325 |
Loss/(profit) on disposal of fixed assets | 716 | (194,796 | ) |
Goodwill amortisation | 19,772 | 19,772 |
Auditors' remuneration | 26,118 | 26,465 |
Foreign exchange differences | 10,132 | (54,160 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
£ | £ |
Bank loan interest | 542 | 616 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Current tax: |
UK corporation tax | 26,212 | 164,860 |
Deferred tax | 4,779 | 1,414 |
Tax on profit | 30,991 | 166,274 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.4.24 | 30.4.23 |
£ | £ |
Profit before tax | 196,508 | 815,044 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.500 %) |
49,127 |
158,934 |
Effects of: |
Expenses not deductible for tax purposes | 5,631 | 21,590 |
Income not taxable for tax purposes | 1,955 | (2,517 | ) |
Capital allowances in excess of depreciation | (8,529 | ) | - |
Depreciation in excess of capital allowances | - | 743 |
Utilisation of tax losses | (4,985 | ) | (3,654 | ) |
Adjustments to tax charge in respect of previous periods | (38,664 | ) | (9,664 | ) |
Revaluation of investments | 10,350 | 11,853 |
Profit eliminated on intercompany stock | 11,327 | 3,380 |
Reversal of previously disallowed expenses | - | (15,804 | ) |
Deferred tax movements | 4,779 | 1,413 |
Total tax charge | 30,991 | 166,274 |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION - continued |
Tax effects relating to effects of other comprehensive income |
30.4.24 |
Gross | Tax | Net |
£ | £ | £ |
Exchange movement on foreign subsidiary |
Revaluation of pre-emption rights |
Revaluation of Freehold Property | (15,785 | ) | - | (15,785 | ) |
(15,785 | ) | - | (15,785 | ) |
30.4.23 |
Gross | Tax | Net |
£ | £ | £ |
Exchange movement on foreign subsidiary | (44,804 | ) | - | (44,804 | ) |
Revaluation of pre-emption rights | 50,000 | (12,500 | ) | 37,500 |
Revaluation of Freehold Property | 1,788,118 | (118,686 | ) | 1,669,432 |
1,793,314 | (131,186 | ) | 1,662,128 |
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. |
9. | DIVIDENDS |
30.4.24 | 30.4.23 |
£ | £ |
Ordinary shares of 1 each |
Interim | 270,000 | 980,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Pre-emption |
Goodwill | rights | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
and 30 April 2024 | 197,721 | 250,000 | 447,721 |
AMORTISATION |
At 1 May 2023 | 27,187 | - | 27,187 |
Amortisation for year | 19,772 | - | 19,772 |
At 30 April 2024 | 46,959 | - | 46,959 |
NET BOOK VALUE |
At 30 April 2024 | 150,762 | 250,000 | 400,762 |
At 30 April 2023 | 170,534 | 250,000 | 420,534 |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | INTANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 30 April 2024 is represented by: |
Pre-emption |
Goodwill | rights | Totals |
£ | £ | £ |
Valuation in 2022 | - | 36,350 | 36,350 |
Valuation in 2023 | - | 50,000 | 50,000 |
Cost | 197,721 | 163,650 | 361,371 |
197,721 | 250,000 | 447,721 |
The director of Jet Press Property Limited responsible for the pre-emption revaluation does not hold any relevant professional qualifications in respect of land and property valuations which underpin the value of the pre-emption right. However, he does have significant experience of property ownership and is a partner in a farming partnership, so he is well placed to make a fair value assessment of the pre-emption right, based on the underlying value of the land which it relates to. There has been no material change to the value of the land at the reporting date. |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 2,705,561 | 375,000 | 1,755,687 |
Additions | 139,795 | - | 95,827 |
Disposals | - | - | (591 | ) |
At 30 April 2024 | 2,845,356 | 375,000 | 1,850,923 |
DEPRECIATION |
At 1 May 2023 | 49 | - | 1,435,062 |
Charge for year | 59,112 | 7,500 | 79,373 |
Eliminated on disposal | - | - | (591 | ) |
At 30 April 2024 | 59,161 | 7,500 | 1,513,844 |
NET BOOK VALUE |
At 30 April 2024 | 2,786,195 | 367,500 | 337,079 |
At 30 April 2023 | 2,705,512 | 375,000 | 320,625 |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 989,861 | 80,234 | 10,501 | 5,916,844 |
Additions | 20,653 | 45,480 | 6,779 | 308,534 |
Disposals | - | (22,795 | ) | (2,282 | ) | (25,668 | ) |
At 30 April 2024 | 1,010,514 | 102,919 | 14,998 | 6,199,710 |
DEPRECIATION |
At 1 May 2023 | 804,740 | 49,068 | 2,591 | 2,291,510 |
Charge for year | 66,721 | 14,228 | 4,006 | 230,940 |
Eliminated on disposal | - | (21,327 | ) | (1,138 | ) | (23,056 | ) |
At 30 April 2024 | 871,461 | 41,969 | 5,459 | 2,499,394 |
NET BOOK VALUE |
At 30 April 2024 | 139,053 | 60,950 | 9,539 | 3,700,316 |
At 30 April 2023 | 185,121 | 31,166 | 7,910 | 3,625,334 |
Cost or valuation at 30 April 2024 is represented by: |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
Valuation in 2023 | 1,023,817 | 190,059 | - |
Cost | 1,821,539 | 184,941 | 1,850,923 |
2,845,356 | 375,000 | 1,850,923 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipments | Totals |
£ | £ | £ | £ |
Valuation in 2023 | - | - | - | 1,213,876 |
Cost | 1,010,514 | 102,919 | 14,998 | 4,985,834 |
1,010,514 | 102,919 | 14,998 | 6,199,710 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 1,821,539 | 1,681,744 |
Aggregate depreciation | 59,161 | 574,291 |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Computer |
fittings | equipments | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Shares in |
group |
undertakings |
£ |
Cost | 11,501,512 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW |
Nature of business: |
% |
Class of shares: | holding |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: An der Welle 10. 60322 Frankfurt am Main, Germany |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Nunn Close, Huthwaite, Sutton-In-Ashfield, NG17 2HW |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Kingfisher House, Portland Road, Shirebrook, Mansfield, England, NG20 8TY |
Nature of business: |
% |
Class of shares: | holding |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2023 | 2,120,552 |
Revaluations | (41,400 | ) |
At 30 April 2024 | 2,079,152 |
NET BOOK VALUE |
At 30 April 2024 | 2,079,152 |
At 30 April 2023 | 2,120,552 |
Included in fair value of investment property is freehold land of £630,000 (2023 - £630,000) which is not depreciated. |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | INVESTMENT PROPERTY - continued |
Group |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2022 | 160,490 |
Valuation in 2023 | 207,835 |
Valuation in 2024 | (41,400 | ) |
Cost | 1,752,227 |
2,079,152 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 1,752,227 | 1,752,227 |
Investment property was valued on an open market basis on 30 April 2024 by the director (Mr Oliver Guest) . |
Investment property held within Jet Press Property Limited |
The property held within Jet Press Property Limited is a mixture of residential lets and farming land. The director of Jet Press Property Limited responsible for the revaluation does not hold any relevant professional qualifications in respect of land and property valuations. However, he does have significant experience of property ownership and is a partner in a farming partnership, so he is well placed to make a fair value assessment of the land and property held. There has been no material change to the value of either at the reporting date. |
14. | STOCKS |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Stocks | 2,329,999 | 2,121,177 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Trade debtors | 1,263,908 | 1,494,684 |
Amounts owed by group undertakings | - | - |
Other debtors | 10,093 | 14,620 |
Loan to shareholder and other |
related parties | 839,493 | 232,211 | 839,493 | 232,211 |
Directors' current accounts | 11,273 | 7,325 | 11,273 | 6,930 |
Tax | - | 69,736 |
Prepayments and accrued income | 258,957 | 148,935 |
2,383,724 | 1,967,511 |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 9,726 | 9,677 |
Trade creditors | 641,185 | 457,162 |
Tax | 24,211 | 174,523 |
Social security and other taxes | 51,858 | 54,064 |
VAT | 151,480 | 34,094 | 18,458 | 15,929 |
Other creditors | 21,173 | 20,729 |
Directors' current accounts | 346 | 346 | - | - |
Accrued expenses | 148,336 | 326,675 |
1,048,315 | 1,077,270 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans (see note 18) | 14,585 | 24,742 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 9,726 | 9,677 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 10,197 | 10,006 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 4,388 | 14,736 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year | 21,687 | 47,550 |
Between one and five years | 9,321 | 28,614 |
31,008 | 76,164 |
20. | SECURED DEBTS |
The bank loan is an unsecured Bounce Back loan. |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Deferred tax | 314,724 | 294,160 | 2,088 | 2,010 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 294,160 |
Capital allowances timing | 4,779 |
Revaluation of inv'nt property | 15,785 |
Balance at 30 April 2024 | 314,724 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Capital allowances timing | 78 |
Balance at 30 April 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | 1 | 2 | 2 |
23. | RESERVES |
Group |
Fair |
Retained | Revaluation | Other | value |
earnings | reserve | reserves | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 11,399,561 | 1,736,376 | - | 279,319 | 13,415,256 |
Profit for the year | 165,517 | 165,517 |
Dividends | (270,000 | ) | (270,000 | ) |
Transfer to / from fair value |
reserve | 34,126 | - | - | (34,126 | ) | - |
Transfer to / from revaluation |
reserve | 24,277 | (40,062 | ) | - | - | (15,785 | ) |
Non distributable retained |
earnings | (11,168,947 | ) | - | 11,168,947 | - | - |
At 30 April 2024 | 184,534 | 1,696,314 | 11,168,947 | 245,193 | 13,294,988 |
Other reserves |
Jet Press Holdings B.V. was dissolved on the 14th July 2022. Upon its dissolution a final distribution was made to the parent company Jet Press Holdings Ltd. Due to the nature of the final distribution, it was not all classified as a qualifying distribution, i.e. cash, assets readily convertible to cash or the release of all or part of a liability of the receiving company. The portion of the distribution which was non distributable has been transferred to other reserves and is held as Non Distributable Retained Earnings. |
Jet Press Holdings Limited (Registered number: SC619070) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
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. There were no outstanding contributions at the balance sheet date (2023 - £nil). |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
£ | £ |
O C Guest |
Balance outstanding at start of year | 7,325 | 4,374 |
Amounts advanced | 4,343 | 3,512 |
Amounts repaid | (395 | ) | (561 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 11,273 | 7,325 |
Ms A F Guest |
Balance outstanding at start of year | (345 | ) | (345 | ) |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (345 | ) | (345 | ) |
Opening and closing balances shown in brackets are amounts owed to the director(s). |
26. | RELATED PARTY DISCLOSURES |
Other related parties |
30.4.24 | 30.4.23 |
£ | £ |
Amount due from related party | 839,493 | 232,211 |
Amounts due from other related parties |
The new loans issued were unsecured and interest is charged at the equivalent of the HMRC beneficial loan rate which was 2.25% for the period. |
Of the total £995,000 issued as new loans, £165,000 was repaid within the period. The loans are unsecured. |
Opening balance |
New loans issued |
Amounts repaid |
Interest Paid |
Interest charged |
Closing balance |
01.05.23 | 30.04.24 |
£ | £ | £ | £ | £ | £ |
Transactions with other related parties | 232,211 | 995,000 | (395,000 | ) | (3,657 | ) | 10,939 | 839,493 |
27. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Gustav Schwarz. |