Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31Sales of vehicle parts and sparesfalse61false2024-01-0157falsefalse 01640124 2024-01-01 2024-12-31 01640124 2023-01-01 2023-12-31 01640124 2024-12-31 01640124 2023-12-31 01640124 2023-01-01 01640124 1 2024-01-01 2024-12-31 01640124 1 2023-01-01 2023-12-31 01640124 2 2024-01-01 2024-12-31 01640124 2 2023-01-01 2023-12-31 01640124 5 2024-01-01 2024-12-31 01640124 5 2023-01-01 2023-12-31 01640124 6 2024-01-01 2024-12-31 01640124 6 2023-01-01 2023-12-31 01640124 d:Director1 2024-01-01 2024-12-31 01640124 d:Director1 2024-12-31 01640124 d:Director2 2024-01-01 2024-12-31 01640124 d:Director3 2024-01-01 2024-12-31 01640124 d:Director4 2024-01-01 2024-12-31 01640124 d:Director4 2024-12-31 01640124 d:Director5 2024-01-01 2024-12-31 01640124 d:Director6 2024-01-01 2024-12-31 01640124 d:Director7 2024-01-01 2024-12-31 01640124 d:Director7 2024-12-31 01640124 d:RegisteredOffice 2024-01-01 2024-12-31 01640124 d:Agent1 2024-01-01 2024-12-31 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Registered number: 01640124










JURATEK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
JURATEK LIMITED
 
 
COMPANY INFORMATION


Directors
M Clegg 
T Whewell 
A Incerti 
A Pontalti 
G R Adami (appointed 16 August 2024)




Registered number
01640124



Registered office
Unit 3 Rockingham Way
Redhouse Interchange

Doncaster

South Yorkshire

DN6 7FB




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA




Bankers
HSBC Bank Plc





 
JURATEK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 23


 
JURATEK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
The directors report that the market in which the business operates remains competitive in the current economic climate, impacting on the margins achieved on many product line and pre-tax profitability.

Principal risks and uncertainties
 
Sales and Profit risk - the Company operates in a competitive market but retains a good market share and continues to out perform some of it rivals. The Company's aim is to continue growing its turnover by introducing new products and adding to existing ranges whilst promoting the Juratek's own brand.
Credit Risk - where the Company extends credit to its customers it insures against the possibility of the debt not being paid, mitigating the impact of potential bad debts.
Liquidity Risk - the directors control and monitor the cash flow of the Company on a regular basis.
Foreign Exchange Rate Risk - the Company is not immune to changes in the global economic environment and subsequent fluctuations in foreign exchange rates. The directors reduce foreign exchange rate risk to an acceptably low level using forward currency contracts, which fix the exchange rate on goods purchased and therefore maintain a consistent gross profit margin.
Employees
In order to meet its objective it is essential that the Company recruits and retains the higher calibre of employees at every level of the organisation. The employment policies of the Company embody the principles of equal opportunity. The Company gives full and fair consideration to employment for disabled persons. If an employee became disabled, arrangements would be made wherever practicable by identifying employment suited to that person's capabilities and provided necessary retraining.

Financial key performance indicators
 
The company's key performance indicators for the year are as follows:
Turnover - £24,754,741 (2023 £23,859,560)
Gross profit - £11,421,610 (2023: £9,238,235)
Gross margin - 46.1% (2023: 38.7%)
Profit before tax - £2,728,615 (2023: £2,807,473)

Future developments and future strategy
 
The company continues to operate a sales strategy based on providing new model ranges and increasing and improving existing model ranges. The company continues to review and improve the performance of its products to ensure they remain one of the leading suppliers in the market. The company continues to look to increase its geographical market share by trading in a large number of countries. 

Page 1

 
JURATEK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board on 7 February 2025 and signed on its behalf.



M Clegg
Director

Page 2

 
JURATEK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,034,446 (2023 - £2,127,659).

The total distribution of dividends for the year ended 31 December 2024 was nil (2023: £823,121).

Directors

The directors who served during the year were:

M S Robinson (resigned 29 February 2024)
M Clegg 
T Whewell 
H Fernando De Souza (resigned 16 August 2024)
A Incerti 
A Pontalti 
G R Adami (appointed 16 August 2024)

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudlently or dishonestly.

Page 3

 
JURATEK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 February 2025 and signed on its behalf.
 





M Clegg
Director

Page 4

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED
 

Opinion


We have audited the financial statements of Juratek Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED (CONTINUED)


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 an Auditors' 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 team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the clients business, we identified the laws and regulations applicable to the Company; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

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 regulation.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
reviewed journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates 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 and 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. 

Page 7

 
JURATEK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JURATEK LIMITED (CONTINUED)


Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors 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.


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





Andy Irvine (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA

7 February 2025
Page 8

 
JURATEK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,754,741
23,859,560

Cost of sales
  
(13,333,131)
(14,621,324)

Gross profit
  
11,421,610
9,238,236

Distribution costs
  
(2,937,052)
(1,745,895)

Administrative expenses
  
(5,733,430)
(4,454,893)

Operating profit
 5 
2,751,128
3,037,448

Interest receivable and similar income
  
524
842

Interest payable and similar expenses
 9 
(23,037)
(230,817)

Profit before tax
  
2,728,615
2,807,473

Tax on profit
 10 
(694,169)
(679,814)

Profit for the financial year
  
2,034,446
2,127,659

Other comprehensive income for the year
  

Income tax relating to other comprehensive income
  
(24,557)
581

Movement in foreign exchange reserve
  
266,896
(2,323)

Other comprehensive income for the year
  
242,339
(1,742)

Total comprehensive income for the year
  
2,276,785
2,125,917

The notes on pages 12 to 23 form part of these financial statements.

Page 9

 
JURATEK LIMITED
REGISTERED NUMBER: 01640124

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
155,051
195,618

Current assets
  

Stocks
 12 
5,801,741
3,795,032

Debtors: amounts falling due within one year
 13 
8,751,963
11,356,291

Cash at bank and in hand
  
1,633,311
433,404

  
16,187,015
15,584,727

Creditors: amounts falling due within one year
 14 
(6,698,666)
(8,409,064)

Net current assets
  
 
 
9,488,349
 
 
7,175,663

Total assets less current liabilities
  
9,643,400
7,371,281

Creditors: amounts falling due after more than one year
 15 
-
(4,666)

  

Net assets
  
9,643,400
7,366,615


Capital and reserves
  

Called up share capital 
 17 
200,100
200,100

Foreign exchange reserve
 18 
105,436
(136,903)

Profit and loss account
 18 
9,337,864
7,303,418

  
9,643,400
7,366,615


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 February 2025.




M Clegg
Director

The notes on pages 12 to 23 form part of these financial statements.

Page 10

 
JURATEK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
200,100
(135,161)
5,998,880
6,063,819


Comprehensive income for the year

Profit for the year
-
-
2,127,659
2,127,659

Income tax relating to other comprehensive income
-
581
-
581

Movement in foreign exchange reserve
-
(2,323)
-
(2,323)
Total comprehensive income for the year
-
(1,742)
2,127,659
2,125,917


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(823,121)
(823,121)


Total transactions with owners
-
-
(823,121)
(823,121)



At 1 January 2024
200,100
(136,903)
7,303,418
7,366,615


Comprehensive income for the year

Profit for the year
-
-
2,034,446
2,034,446

Income tax relating to other comprehensive income
-
(24,557)
-
(24,557)

Movement in foreign exchange reserve
-
266,896
-
266,896
Total comprehensive income for the year
-
242,339
2,034,446
2,276,785


At 31 December 2024
200,100
105,436
9,337,864
9,643,400


The notes on pages 12 to 23 form part of these financial statements.

Page 11

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Juratek Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01640124). Its registered office is Unit 3 Rockingham Way, Redhouse Interchange, Doncaster, South Yorkshire, England, DN6 7FB. The principal activity throughout the year continued to be that of the sale of vehicle parts and spares.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The company, being a member of a group which prepares publicly available consolidated financial statements, has taken advantage of the exemption granted in FRS 102 not to present cash flow statement and certain information about financial instruments. The consolidated financial statements in which this company's accounts are included are those of Fras-Le, a company incorporated in Brazil, and they may be obtained from its registered office at Avenida Rubem Bento Alves, No 1469, Room 6, Bairro Interlagos. 

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 12

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 13

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
30% Straight line
Motor vehicles
-
25-33% Straight line
Office equipment
-
33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an average cost.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

Creditors

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

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially andsubsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.However,if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Any gains or losses are reported in the statement of other comprehensive income.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting  estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:

(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. The amount of trade debtors after making such provision is shown on note 13.

(ii) Stock provisioning
The company makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, aging profile of stock and historical experience. The amount of stock after making such provision is shown on note 12. 


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company. 
The information in respect of turnover required to be disclosed by The large and Medium-sized Companies and Groups (Accounts and Reports) Regulations has not been provided as, in the opinion of the directors, such disclosure would be seriously prejudicial of the Company.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation - owned assets
72,939
80,443

Depreciation - assets on hire purchase contracts
12,924
12,924

(Profit)/Loss on disposal of fixed assets
(14,216)
-

Operating Lease rentals
366,500
369,370


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
29,250
23,590

Page 16

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,727,979
2,310,580

Social security costs
270,205
229,089

Cost of defined contribution scheme
97,461
68,281

3,095,645
2,607,950


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
14
14



Sales
16
13



Warehouse
31
30

61
57


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
402,315
370,272

Company contributions to defined contribution pension schemes
42,427
23,724

444,742
393,996


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

Page 17

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
21,884
100,893

Other loan interest payable
-
38,178

Finance leases and hire purchase contracts
1,153
5,133

Other interest payable
-
86,613

23,037
230,817


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
692,960
673,533


Total current tax
692,960
673,533

Deferred tax


Origination and reversal of timing differences
1,209
5,454

Movement in provisions
-
827

Total deferred tax
1,209
6,281


Tax on profit
694,169
679,814
Page 18

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,728,615
2,807,473


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
682,152
660,333

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
12,017
19,109

Remeasurement of deferred tax for changes in tax rates
-
372

Total tax charge for the year
694,169
679,814


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
604,040
91,844
250,594
946,478


Additions
58,314
-
2,266
60,580


Disposals
-
(91,844)
-
(91,844)



At 31 December 2024

662,354
-
252,860
915,214



Depreciation


At 1 January 2024
498,327
74,008
178,525
750,860


Charge for the year on owned assets
42,968
2,552
27,419
72,939


Charge for the year on financed assets
12,924
-
-
12,924


Disposals
-
(76,560)
-
(76,560)



At 31 December 2024

554,219
-
205,944
760,163



Net book value



At 31 December 2024
108,135
-
46,916
155,051



At 31 December 2023
105,713
17,836
72,069
195,618

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


2024
2023
£
£



Plant and machinery
10,077
23,001

10,077
23,001


12.


Stocks

2024
2023
£
£

Raw materials and consumables
5,801,741
3,795,032


Page 20

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Debtors

2024
2023
£
£


Trade debtors
2,987,390
6,558,963

Amounts owed by group undertakings
4,876,152
4,475,783

Other debtors
593,674
-

Prepayments and accrued income
279,890
280,922

Deferred taxation
14,857
40,623

8,751,963
11,356,291



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
2,618,720

Trade creditors
3,033,532
2,481,884

Corporation tax
-
471,033

Other taxation and social security
593,285
566,788

Obligations under finance lease and hire purchase contracts
4,666
9,106

Other creditors
-
182,563

Accruals and deferred income
3,067,183
2,078,970

6,698,666
8,409,064



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
4,666


Amounts due under finance leases and hire purchase contracts in creditors due within one year and after more than one year are secured over the related assets.

Page 21

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Deferred taxation




2024


£






At beginning of year
40,623


Charged to profit or loss
(25,766)



At end of year
14,857

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,227)
(5,018)

Fair value movement on foreign exchange reserve
21,084
45,641

14,857
40,623


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200,100 (2023 - 200,100)  shares of £1.00 each
200,100
200,100



18.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents fair value movements arising from hedging instruments.

Profit and loss account

The profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £97,461 (2023 - £68,281).

Page 22

 
JURATEK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
478,143
481,899

Later than 1 year and not later than 5 years
1,620,015
1,567,675

Later than 5 years
375,180
373,200

2,473,338
2,422,774


21.Other financial commitments

At 31 December 2024 the company has forward extra contracts with a value of $15,000,000, these will only become an obligation to the company if the exchange rate reaches the barrier rate of $1.32 / £1 on $4,500,000 and $1.34 / £1 on $10,500,000.


22.


Related party transactions

The Company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the group.

23.


Controlling party

The immediate parent undertaking is AML Juratek Limited, a company registered in England and Wales.

The ultimate parent undertaking is Fras-Le, Avenida Rubem Bento Alves, No 1469, Room 6, Bairro Interlagos.

 
Page 23