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COMPANY REGISTRATION NUMBER: 12349867
J Bros (Investments) Limited
Financial Statements
For the year ended
30 April 2024
J Bros (Investments) Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
11
Statement of financial position
12
Notes to the financial statements
14
J Bros (Investments) Limited
Officers and Professional Advisers
Director
SR Sejpal
Registered office
Unit B1 Anglo House
Bell lane Office Village
Bell lane, Amersham
England
HP6 6FA
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
J Bros (Investments) Limited
Strategic Report
Year ended 30 April 2024
The principal activity of the company during the year was that of fuel retailing and ancillary related income. The company owns a number of branded petrol stations in the UK. The company acquired a further petrol station during the year. We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties we face. We consider our key performance indicators are those that communicate the financial performance of the company as a whole being turnover, gross margin and net profit. For the year ended 30 April 2024 turnover increased by 54% on 2023 at £50.6m (2023 - £32.9m), the gross margin was consistent 10% (2023 - 10%) and net profit was £1.2m (2023 £0.6m). As for many businesses of our size, the business environment in which we operate continues to be challenging, but we are confident that the company will maintain or increase its market share during financial year 2025. Our principal risk and uncertainty continues to be the fluctuations in the crude oil prices which are directly linked to global events such as the wars in Ukraine and Gaza. The impact of these and other events are closely monitored by the directors. With the risks noted below and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. The company's principal financial instruments comprise cash, bank borrowings and various items, such as trade debtors and trade creditors, that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks. The main risks arising from the company's financial risks are credit risk, liquidity risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. Health & safety risk The company seeks to manage its health & safety risk by placing great importance and focus upon the safety and health of its customers, its employees and all others whom may be affected by its business activities. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Liquidity risk The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities. Interest rate risk The company's exposure to market risk for the changes in interest rates relates primarily to its bank borrowings. The company seeks to manage this risk by keeping bank borrowings to a minimum. Future developments The company continues to seek further strategic locations which provide further benefits of scale.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
SR Sejpal
Director
Registered office:
Unit B1 Anglo House
Bell lane Office Village
Bell lane, Amersham
England
HP6 6FA
J Bros (Investments) Limited
Director's Report
Year ended 30 April 2024
The director presents his report and the financial statements of the company for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
SR Sejpal
Dividends
The director does not recommend the payment of a dividend.
Disclosure of information in the strategic report
The company has chosen to set out in the strategic report information about the results for the year, principal risks and uncertainties and the future developments of the company.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies 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 director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 30 January 2025 and signed on behalf of the board by:
SR Sejpal
Director
Registered office:
Unit B1 Anglo House
Bell lane Office Village
Bell lane, Amersham
England
HP6 6FA
J Bros (Investments) Limited
Independent Auditor's Report to the Members of J Bros (Investments) Limited
Year ended 30 April 2024
Opinion
We have audited the financial statements of J Bros (Investments) Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 director's 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 director 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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental, health and safety legislation and the Foods Standard Agency; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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. - 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. 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 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.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
31 January 2025
J Bros (Investments) Limited
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
4
50,559,568
32,896,331
Cost of sales
45,494,679
29,675,777
-------------
-------------
Gross profit
5,064,889
3,220,554
Administrative expenses
1,829,936
1,327,495
Other operating income
5
102,618
25,176
------------
------------
Operating profit
6
3,337,571
1,918,235
Other interest receivable and similar income
53,182
Interest payable and similar expenses
7
1,545,378
813,735
------------
------------
Profit before taxation
1,792,193
1,157,682
Tax on profit
8
647,481
529,521
------------
------------
Profit for the financial year and total comprehensive income
1,144,712
628,161
------------
------------
Retained earnings at the start of the year
811,646
183,485
------------
---------
Retained earnings at the end of the year
1,956,358
811,646
------------
---------
All the activities of the company are from continuing operations.
J Bros (Investments) Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
9
40,369,911
36,361,735
Investments
10
5,531,683
5,531,683
-------------
-------------
45,901,594
41,893,418
Current assets
Stocks
11
853,257
795,887
Debtors
12
2,744,345
7,049,215
Cash at bank and in hand
1,228,707
463,260
------------
------------
4,826,309
8,308,362
Creditors: amounts falling due within one year
13
17,853,615
14,361,429
-------------
-------------
Net current liabilities
13,027,306
6,053,067
-------------
-------------
Total assets less current liabilities
32,874,288
35,840,351
Creditors: amounts falling due after more than one year
14
18,985,569
23,144,419
Provisions
Taxation including deferred tax
15
2,196,667
2,148,592
-------------
-------------
Net assets
11,692,052
10,547,340
-------------
-------------
J Bros (Investments) Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
17
3
3
Share premium account
18
7,443,129
7,443,129
Revaluation reserve
18
2,292,562
2,292,562
Profit and loss account
18
1,956,358
811,646
-------------
-------------
Shareholders funds
11,692,052
10,547,340
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
SR Sejpal
Director
Company registration number: 12349867
J Bros (Investments) Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B1 Anglo House, Bell lane Office Village, Bell lane, Amersham, HP6 6FA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Platinum Retail Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Recoverability of intercompany debtor Amounts owed from group companies are assessed for their recoverability at each year end. The director believes these balances to be recoverable due to the companies continuing to trade profitably and having a net asset position at the year end. Valuation of property The property held within tangible fixed assets did not have any external valuation in the year and was valued using the director's valuation at year-end, on the same basis as the independent valuation completed on group properties in previous years. The director's valuation is based upon a FMOP multiple method, supplemented by the director's industry experience and economic factors. Depreciation on freehold building The company recognises depreciation at 2% straight line on its freehold building. The land value attributed to the company's property has been estimated at 10%, therefore depreciation is only charged on the remaining 90% which is the estimated cost of the building. This estimate is based on the expected value of the land element of the property based on the remedial work required and restrictions on development meaning the inherent value is significantly less than that of the building. Deferred tax Deferred tax is calculated at the expected future tax rate. Tax rates are subject to change and thus this estimate is subject to change in future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
The stock figure per the accounts is comprised of wet stock, i.e. fuel. Wet stock is valued at the most recent purchase cost, based on prevailing fuel prices at the year end. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
50,559,568
32,896,331
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Management charges receivable
75,000
Other operating income
27,618
25,176
---------
--------
102,618
25,176
---------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
867,313
602,215
Fees payable for the audit of the financial statements
22,577
10,339
---------
---------
7. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
1,545,378
813,735
------------
---------
8. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
599,406
329,068
Deferred tax:
Origination and reversal of timing differences
48,075
200,453
---------
---------
Tax on profit
647,481
529,521
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,792,193
1,157,682
------------
------------
Profit on ordinary activities by rate of tax
448,048
225,748
Effect of expenses not deductible for tax purposes
6,662
3,247
Effect of capital allowances and depreciation
192,771
300,589
Other tax adjustment to increase/(decrease) tax liability
(63)
------------
------------
Tax on profit
647,481
529,521
------------
------------
9. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
36,572,515
407,494
36,980,009
Additions
4,605,211
270,278
4,875,489
-------------
---------
-------------
At 30 April 2024
41,177,726
677,772
41,855,498
-------------
---------
-------------
Depreciation
At 1 May 2023
519,019
99,255
618,274
Charge for the year
781,207
86,106
867,313
-------------
---------
-------------
At 30 April 2024
1,300,226
185,361
1,485,587
-------------
---------
-------------
Carrying amount
At 30 April 2024
39,877,500
492,411
40,369,911
-------------
---------
-------------
At 30 April 2023
36,053,496
308,239
36,361,735
-------------
---------
-------------
The freehold properties were valued by the director at 30 April 2024 on the same basis as historic, independent valuations using the FMOP multiple method, supplemented by the director's industry experience and economic factors. The director believes that there is no amendment to the value of the properties this year. Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £27,495,613 (2023: £32,797,318), being cost £38,032,881 (2023: £33,427,670) and depreciation £1,326,846(2023: £630,352).
10. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
5,531,683
------------
Impairment
At 1 May 2023 and 30 April 2024
------------
Carrying amount
At 30 April 2024
5,531,683
------------
At 30 April 2023
5,531,683
------------
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Linvick Limited
Unit B1 Anglo House, Bell Lane Office Village, Bell Lane, Amersham, United Kingdom, HP6 6FA
Ordinary
100
R.O'Leary Limited
Unit B1 Anglo House, Bell Lane Office Village, Bell Lane, Amersham, United Kingdom, HP6 6FA
Ordinary
100
Dove Retail Limited
Unit B1 Anglo House, Bell Lane Office Village, Bell Lane, Amersham, United Kingdom, HP6 6FA
Ordinary
100
11. Stocks
2024
2023
£
£
Raw materials and consumables
853,257
795,887
---------
---------
12. Debtors
2024
2023
£
£
Trade debtors
1,316,492
903,580
Amounts owed by group undertakings
40,731
334,289
Prepayments and accrued income
19,902
63,735
Other debtors
1,367,220
5,747,611
------------
------------
2,744,345
7,049,215
------------
------------
13. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,103,523
1,320,133
Trade creditors
4,062,197
2,208,741
Amounts owed to group undertakings
10,489,443
9,668,724
Accruals and deferred income
60,972
27,175
Social security and other taxes
689,368
460,824
Director loan accounts
5,160
5,159
Other creditors
1,442,952
670,673
-------------
-------------
17,853,615
14,361,429
-------------
-------------
Within creditors are 3 bank loans which are secured by a legal charge over the company's freehold property, a fixed and floating charge over the assets of the company and a composite guarantee between the company and its subsidiary undertakings. The director has provided a personal guarantee of £1million and there is a cross guarantee in place between J Bros(Investments) Limited and its subsidiaries, Linvick Limited and R. O'Leary Limited.
14. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,985,569
23,144,419
-------------
-------------
Within creditors are 3 bank loans which are secured by a legal charge over the company's freehold property, a fixed and floating charge over the assets of the company and a composite guarantee between the company and its subsidiary undertakings. The director has provided a personal guarantee of £1million and there is a cross guarantee in place between J Bros(Investments) Limited and its subsidiaries, Linvick Limited and R. O'Leary Limited.
15. Provisions
Deferred tax (note 16)
£
At 1 May 2023
2,148,592
Additions
48,075
------------
At 30 April 2024
2,196,667
------------
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 15)
2,196,667
2,148,592
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
90,212
42,137
Revaluation of tangible assets
2,106,455
2,106,455
------------
------------
2,196,667
2,148,592
------------
------------
17. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
----
----
18. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
19. Related party transactions
The ultimate parent undertaking is Platinum Retail Limited, a company incorporated in the United Kingdom, whose registered address is Unit B1, Anglo House, Bell Lane Office Village, Bell Lane, Amersham, HP6 6FA . The ultimate controlling party is S R Sejpal The results of the company are included in the consolidated accounts of Platinum Retail Limited, which are publicly available from Companies House.