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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: O C Guest
Ms A F Guest





REGISTERED OFFICE: Drumsheugh Toll
2 Belford Road
Edinburgh
EH4 3BL





REGISTERED NUMBER: SC619070 (Scotland)





AUDITORS: Barnett & Turner Accountants Ltd
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:





O C Guest - Director


29 January 2025

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.

O C Guest
Ms A F Guest

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:





O C Guest - Director


29 January 2025

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.




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

29 January 2025

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 165,517 648,770
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 8,353 8,038
Investments 12 11,501,512 11,501,512
Investment property 13 - -
11,509,865 11,509,550

CURRENT ASSETS
Debtors 15 3,237,692 5,533,643
Cash at bank 2,721,524 775,029
5,959,216 6,308,672
CREDITORS
Amounts falling due within one year 16 94,066 274,639
NET CURRENT ASSETS 5,865,150 6,034,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,375,015

17,543,583

PROVISIONS FOR LIABILITIES 21 2,088 2,010
NET ASSETS 17,372,927 17,541,573

CAPITAL AND RESERVES
Called up share capital 22 2 2
Other reserves 11,168,947 -
Retained earnings 6,203,978 17,541,571
SHAREHOLDERS' FUNDS 17,372,927 17,541,573

Company's profit for the financial year 101,354 18,326,181

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

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)

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 2 195,390 - 195,392

Changes in equity
Dividends - (980,000 ) - (980,000 )
Total comprehensive income - 18,326,181 - 18,326,181
Balance at 30 April 2023 2 17,541,571 - 17,541,573

Changes in equity
Dividends - (270,000 ) - (270,000 )
Total comprehensive income - 101,354 - 101,354
Non distributable retained
earnings - (11,168,947 ) 11,168,947 -
Balance at 30 April 2024 2 6,203,978 11,168,947 17,372,927

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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
80 78

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 1,948 8,184 10,132
Additions - 5,804 5,804
Disposals - (2,282 ) (2,282 )
At 30 April 2024 1,948 11,706 13,654
DEPRECIATION
At 1 May 2023 1,192 902 2,094
Charge for year 649 3,696 4,345
Eliminated on disposal - (1,138 ) (1,138 )
At 30 April 2024 1,841 3,460 5,301
NET BOOK VALUE
At 30 April 2024 107 8,246 8,353
At 30 April 2023 756 7,282 8,038

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 May 2023
and 30 April 2024 11,501,512
NET BOOK VALUE
At 30 April 2024 11,501,512
At 30 April 2023 11,501,512

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


Jet Press Limited
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW
Nature of business: Distribution of Industrial fasteners
%
Class of shares: holding
Ordinary 100.00

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

Jet Press Aylesbury Limited
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW
Nature of business: Manufacturer of fasteners
%
Class of shares: holding
Ordinary 100.00

Components Direct Limited
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

JP Computer Services Limited
Registered office: Nunn Close, Huthwaite, Nottinghamshire, NG17 2HW
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Jet Press GmbH
Registered office: An der Welle 10. 60322 Frankfurt am Main, Germany
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Jet Press Property Limited
Registered office: Nunn Close, Huthwaite, Sutton-In-Ashfield, NG17 2HW
Nature of business: Letting and operating real estate
%
Class of shares: holding
Ordinary 100.00

Jet Press Shirebrook Limited
Registered office: Kingfisher House, Portland Road, Shirebrook, Mansfield, England, NG20 8TY
Nature of business: Manufacture of plastic products
%
Class of shares: holding
Ordinary 100.00


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 - - 2,295,940 5,285,361
Other debtors 10,093 14,620 4,327 9,141
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 86,659 -
2,383,724 1,967,511 3,237,692 5,533,643

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 11,820 2,800
Tax 24,211 174,523 17,793 17,922
Social security and other taxes 51,858 54,064 - -
VAT 151,480 34,094 18,458 15,929
Other creditors 21,173 20,729 200 200
Directors' current accounts 346 346 - -
Accrued expenses 148,336 326,675 45,795 237,788
1,048,315 1,077,270 94,066 274,639

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 2,010
Capital allowances timing 78
Balance at 30 April 2024 2,088

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
2 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.