Company registration number 02526127 (England and Wales)
CJR PROPULSION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
CJR PROPULSION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
CJR PROPULSION LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
9,248
14,180
Tangible assets
3
6,530,997
6,159,353
Investments
5
7,201
7,201
6,547,446
6,180,734
Current assets
Stocks
551,396
818,934
Debtors
6
1,883,777
2,083,885
Cash at bank and in hand
1,117,328
873,027
3,552,501
3,775,846
Creditors: amounts falling due within one year
7
(3,301,501)
(2,987,323)
Net current assets
251,000
788,523
Total assets less current liabilities
6,798,446
6,969,257
Creditors: amounts falling due after more than one year
8
(1,005,864)
(699,734)
Provisions for liabilities
(1,161,034)
(846,678)
Net assets
4,631,548
5,422,845
Capital and reserves
Called up share capital
850
850
Capital redemption reserve
150
150
Profit and loss reserves
4,630,548
5,421,845
Total equity
4,631,548
5,422,845
CJR PROPULSION LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 10 January 2025 and are signed on its behalf by:
Mr. M J Russell
Director
Company registration number 02526127 (England and Wales)
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
CJR Propulsion Limited is a private company limited by shares incorporated in England and Wales. The registered office is 70-72 Quayside Road, Bitterne Manor, Southampton, Hampshire, SO18 1AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the results for the period post year end and the forecast results for a period of twelve months from the date of approval of these accounts. Based on this, the directors consider the company will have adequate resources to continue in operational existence for the foreseeable future and accordingly the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
straight line over lease term
Plant and machinery
10% and 25% on reducing balance
Office equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
Production tooling
straight line over three years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.8
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined using the standard costing method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
43
45
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Office equipment
Motor vehicles
Production tooling
Total
£
£
£
£
£
£
Cost
At 1 June 2023
258,423
10,933,213
446,549
114,254
899,181
12,651,620
Additions
978,550
14,039
35,000
19,224
1,046,813
Disposals
(2,160)
(2,160)
At 31 May 2024
258,423
11,909,603
460,588
149,254
918,405
13,696,273
Depreciation and impairment
At 1 June 2023
131,085
5,012,822
411,657
82,625
854,078
6,492,267
Depreciation charged in the year
23,160
594,488
18,472
7,927
28,962
673,009
At 31 May 2024
154,245
5,607,310
430,129
90,552
883,040
7,165,276
Carrying amount
At 31 May 2024
104,178
6,302,293
30,459
58,702
35,365
6,530,997
At 31 May 2023
127,338
5,920,391
34,892
31,629
45,103
6,159,353
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
4
Intangible fixed assets
Software
£
Cost
At 1 June 2023 and 31 May 2024
19,700
Amortisation and impairment
At 1 June 2023
5,520
Amortisation charged for the year
4,932
At 31 May 2024
10,452
Carrying amount
At 31 May 2024
9,248
At 31 May 2023
14,180
5
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
7,201
7,201
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,339,698
1,134,070
Amounts owed by group undertakings
46,474
684,282
Other debtors
302,210
69,869
Prepayments and accrued income
195,395
195,664
1,883,777
2,083,885
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
80,000
80,000
Obligations under hire purchase agreements
342,497
567,254
Trade creditors
2,466,309
2,109,074
Corporation tax
277,879
Other taxation and social security
35,217
34,945
Other creditors
24,667
42,183
Accruals and deferred income
74,932
153,867
3,301,501
2,987,323
Obligations under hire purchase agreements amounting to £342,497 (2023 - £567,254) are secured on the fixed assets being financed.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
93,334
173,333
Obligations under hire purchase agreements
912,530
526,401
1,005,864
699,734
Obligations under hire purchase agreements amounting to £912,530 (2023 - £526,401 ) are secured on the fixed assets being financed.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
251,381
230,258
CJR PROPULSION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
10
Parent company
The company is a wholly owned subsidiary of CJR Propulsion Holdings Limited.
CJR Propulsion Holdings Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 70-72 Quayside Road, Bitterne Manor, Southampton, Hampshire, SO18 1AD.
In accordance with FRS 102 Section 33.1A the company has taken exemption from disclosing transactions with CJR Propulsion Holdings Limited on the grounds that they are a wholly owned subsidiary.
The directors have considered the requirements of FRS 102 Section 1AC.35 and have concluded that there are no transactions with related parties which have not been undertaken under normal market conditions.