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Registered number: 04670647










Four Jays Limited










Directors' report and financial statements

For the period ended 30 April 2024

 
Four Jays Limited
 

Company Information


Directors
N R Heathcote 
S Willy 




Registered number
04670647



Registered office
Stanford Bridge Farm
Station Road

Ashford

TN27 0RU




Independent auditor
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Four Jays Limited
 

Contents



Page
Directors' report
 
1
Directors' responsibilities statement
 
2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 20


 
Four Jays Limited
 

 
Directors' report
For the period ended 30 April 2024

The directors present their report and the financial statements for the period 1 March 2023 to 30 April 2024.

Directors

The directors who served during the period were:

N R Heathcote (appointed 19 April 2024)
S Willy (appointed 19 April 2024)
J P Worsfold (resigned 16 April 2024)
J G Worsfold (resigned 31 March 2023)
J G V Worsfold (resigned 19 April 2024)
S M Worsfold (resigned 19 April 2024)

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, Kreston Reeves LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 29 January 2025 and signed on its behalf.
 





N R Heathcote
Director

Page 1

 
Four Jays Limited
 

Directors' responsibilities statement
For the period ended 30 April 2024

The directors are responsible for preparing 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.

Page 2

 
Four Jays Limited
 

 
Independent auditor's report to the members of Four Jays Limited
 

Opinion


We have audited the financial statements of Four Jays Limited (the 'Company') for the period ended 30 April 2024, which comprise 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 period 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 Auditor's 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditor's 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.


Page 3

 
Four Jays Limited
 

 
Independent auditor's report to the members of Four Jays Limited (continued)


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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 2, 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 4

 
Four Jays Limited
 

 
Independent auditor's report to the members of Four Jays Limited (continued)


Auditor's 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 auditor's 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:

Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud;
Assessment of identified fraud risk factors;
Challenging assumptions and judgments made by management in its significant accounting estimates;
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
Physical inspection of tangible fixed assets susceptible to fraud or irregularity;
Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
 
Page 5

 
Four Jays Limited
 

 
Independent auditor's report to the members of Four Jays Limited (continued)


Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Other matters 
 

In the previous accounting period the directors of the company took advantage of audit exemption under section 477 and 479 of the Companies Act 2006.  Therefore the prior period financial statements were not subject to audit.


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 auditor's 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.





Tracey Becker (senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Statutory Auditor
Chartered Accountants
  
Canterbury

30 January 2025
Page 6

 
Four Jays Limited
 

Statement of comprehensive income
For the period ended 30 April 2024

As restated
14 months to 30 April 2024
12 months to 28 February 2023
£
£


Turnover
6,024,993
5,084,800

Cost of sales
(2,858,952)
(2,847,970)

Gross profit
3,166,041
2,236,830

Administrative expenses
(2,032,260)
(1,116,394)

Operating profit
1,133,781
1,120,436

Income from shares in group undertakings
-
240,164

Interest receivable and similar income
56,500
8,207

Interest payable and similar expenses
(27,974)
(31,355)

Profit before tax
1,162,307
1,337,452

Tax on profit
(290,332)
(386,902)

Profit for the financial period
871,975
950,550

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 20 form part of these financial statements.

Page 7

 
Four Jays Limited
Registered number: 04670647

Balance sheet
As at 30 April 2024

30 April
As restated
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
3,117,512
3,283,434

Investments
 6 
-
150

  
3,117,512
3,283,584

Current assets
  

Stocks
  
30,500
30,500

Debtors: amounts falling due within one year
 7 
587,167
617,566

Cash at bank and in hand
 8 
2,323,310
2,612,463

  
2,940,977
3,260,529

Creditors: amounts falling due within one year
 9 
(895,538)
(798,035)

Net current assets
  
 
 
2,045,439
 
 
2,462,494

Total assets less current liabilities
  
5,162,951
5,746,078

Creditors: amounts falling due after more than one year
 10 
(97,292)
(1,476,013)

Provisions for liabilities
  

Deferred tax
  
(768,362)
(788,743)

Net assets
  
4,297,297
3,481,322


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,297,197
3,481,222

  
4,297,297
3,481,322


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2025.



N R Heathcote
Director

The notes on pages 10 to 20 form part of these financial statements.

Page 8

 
Four Jays Limited
 

Statement of changes in equity
For the period ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022 (as previously stated)
100
2,665,655
2,665,755

Prior year adjustment - correction of error (note 13)
-
(39,103)
(39,103)


At 1 March 2022 (as restated)
100
2,626,552
2,626,652


Comprehensive income for the year

Profit for the year
-
950,550
950,550


Contributions by and distributions to owners

Dividends
-
(95,880)
(95,880)



At 1 March 2023 (as previously stated)
100
3,561,715
3,561,815

Prior year adjustment - correction of error (note 13)
-
(80,493)
(80,493)


At 1 March 2023 (as restated)
100
3,481,222
3,481,322


Comprehensive income for the period

Profit for the period
-
871,975
871,975


Contributions by and distributions to owners

Dividends
-
(56,000)
(56,000)


At 30 April 2024
100
4,297,197
4,297,297


Page 9

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

1.


General information

Four Jays Limited is a private company limited by shares and was incorporated in England and Wales, with the registration number 04670647.
The address of the company's registered office is Stanford Bridge Farm Station Road, Pluckley, Ashford, Kent, United Kingdom, TN27 0RU.
The financial statements are presented in pound Sterling and rounded to the nearest pound.  The current period covers the 1 March 2023 to 30 April 2024, whilst the comparative covers the 1 March 2022 to 28 February 2023. The financial statements for the period ended 31 March 2023 were unaudited. 

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.

The following principal accounting policies have been applied:

 
2.2

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 10

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the period 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 11

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

Depreciation is provided on the following basis:

Freehold property
-
0-25% reducing balance
Plant and machinery
-
15-25% reducing balance / 16.7-20% straight line basis
Motor vehicles
-
25% reducing balance
Office equipment
-
15-25% reducing balance / 33% straight line basis

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 12

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 13

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
 
Page 14

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 50 (2023 - 49).


4.


Intangible assets






Goodwill

£





At 1 March 2023
398,618


Disposals
(398,618)



At 30 April 2024

-





At 1 March 2023
398,618


On disposals
(398,618)



At 30 April 2024

-



Net book value



At 30 April 2024
-



At 28 February 2023
-



Page 15

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

5.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
109,225
4,510,219
2,140,826
53,337
6,813,607


Additions
-
373,083
737,003
19,928
1,130,014


Disposals
(109,225)
(446,136)
(819,161)
(12,912)
(1,387,434)



At 30 April 2024

-
4,437,166
2,058,668
60,353
6,556,187



Depreciation


At 1 March 2023
7,033
2,327,953
1,157,309
37,878
3,530,173


Charge for the period
7,333
571,017
371,107
9,023
958,480


Disposals
(14,366)
(357,073)
(665,784)
(12,755)
(1,049,978)



At 30 April 2024

-
2,541,897
862,632
34,146
3,438,675



Net book value



At 30 April 2024
-
1,895,269
1,196,036
26,207
3,117,512



At 28 February 2023
102,192
2,182,266
983,517
15,459
3,283,434

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


30 April
28 February
2024
2023
£
£



Plant and machinery
326,659
487,441

Motor vehicles
190,969
336,525

517,628
823,966

Page 16

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

6.


Fixed asset investments








Other fixed asset investments

£





At 1 March 2023
150


Disposals
(150)



At 30 April 2024
-





7.


Debtors

30 April
28 February
2024
2023
£
£


Trade debtors
570,770
565,879

Other debtors
1,060
600

Prepayments and accrued income
15,337
51,087

587,167
617,566



8.


Cash and cash equivalents

30 April
28 February
2024
2023
£
£

Cash at bank and in hand
2,323,310
2,612,463


Page 17

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

9.


Creditors: Amounts falling due within one year

30 April
As restated
28 February
2024
2023
£
£

Trade creditors
73,277
118,403

Amounts owed to group undertakings
8,651
-

Corporation tax
310,713
95,888

Other taxation and social security
161,675
122,737

Obligations under finance lease and hire purchase contracts
190,010
298,630

Other creditors
3,482
50,000

Accruals and deferred income
147,730
112,377

895,538
798,035



10.


Creditors: Amounts falling due after more than one year

30 April
28 February
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
97,292
328,663

Other creditors
-
297,350

Share capital treated as debt
-
850,000

97,292
1,476,013


Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 April
28 February
2024
2023
£
£


Within one year
190,010
298,630

Between 1-5 years
97,292
328,663

287,302
627,293

Page 18

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

12.


Share capital

30 April
28 February
2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



49 (2023 - 49) Ordinary shares of £1.00 each
49
49
51 (2023 - 51) B Ordinary shares of £1.00 each
51
51

100

100

Shares classified as debt

Allotted, called up and fully paid



0 (2023 - 850,000) Redeemable preference shares of £1.00 each
-
850,000


On the 28 February 2024 £100,000 of the preference shares were redeemed.  The remaining preference shares were redeemed on 23 April 2024.


13.


Prior year adjustment

To appropriately account for revenue invoiced for a future period of time, deferred income as at 28 February 2023, was increased by £80,493.  As a result of a corresponding increase in deferred revenue as at 28 February 2022 of £39,103, the impact upon the revenue to 28 February 2023 was a decrease of £41,390.


14.


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 £259,013 (2023 - £193,169) . Contributions totalling £2,241 (2023 - £1,510) were payable to the fund at the balance sheet date and are included in creditors.


15.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
All other related party transactions during the current and prior periods were made under normal market conditions. 

Page 19

 
Four Jays Limited
 

 
Notes to the financial statements
For the period ended 30 April 2024

16.


Controlling party

Mr & Mrs J G V Worsfold had control of the company.  From the 19 April 2024, the immediate parent company is FGS Plant Limited, a company incorporated in England and Wales.
The ultimate parent company is Heathcote Holdings Limited due to its 100% shareholding of FGS Plant Limited. The ultimate controlling party is T L Heathcote by virtue of his majority shareholding.
Four Jays Limited are included in the consolidated financial statements of Heathcote Holdings Limited which are available from Stanford Bridge Farm, Station Road, Pluckley, Ashford, Kent, TN27 0RU.


Page 20