REGISTERED NUMBER: 10515582 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 May 2024 |
for |
JUKES GROUP LIMITED |
REGISTERED NUMBER: 10515582 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 May 2024 |
for |
JUKES GROUP LIMITED |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
JUKES GROUP LIMITED |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditors |
7 Marconi Gate |
Stafford |
Staffordshire |
ST18 0FZ |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
The directors present their strategic report of the company and the group for the year ended 31 May 2024. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
The group's business objective is to provide coffins and caskets to the funeral industry. |
The supply issues alluded to in the previous report have stabilised to become the new normal alongside inflation returning to treasury target levels, and so it is to future developments that we now turn our attention. The main concern now is with the significant increase in payroll costs arising from the new government's maiden budget, which is widely acknowledged will drive a sustained rise in costs for all businesses, including our own, with the unavoidable consequences for inflation leading to rises in the cost of bought-in materials as well. |
Demand for our products remains high despite the backdrop of a reduced national death rate, against which we have held our market share. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The risks faced by the group are reviewed by the board and appropriate processes are put into place to monitor and mitigate them. In common with many businesses of this size, the business environment can be challenging, the market is highly competitive and as a result there is always pressure on prices. With the continued investment in first class products, general outward looking and dynamic management the directors consider the company and its subsidiaries well placed to take advantage of the market opportunities as they arise, hence mitigating this risk. |
The directors recognise that the group, as with any other business, is subject to risk and uncertainties that are beyond its control. In this regard, the biggest concern now is with the significant increase in payroll costs arising from the new government's maiden budget, which is widely acknowledged will drive a sustained rise in costs for all businesses, including our own, with the unavoidable consequences for inflation leading to rises in the cost of bought-in materials as well. |
It is the management's assessment that Brexit has still shown no discernible effect on the business. |
FINANCIAL RISK MANAGEMENT |
The groups operations expose it to a variety of financial risks that include the effect of credit risk and liquidity risk. The group has in place policies that seek to limit the adverse effects on the financial performance of the company by monitoring levels of liquidity and the related finance costs. The policies set by the board are implemented by the groups finance department. |
CREDIT RISK |
The group has implemented policies that require appropriate credit assessment on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to review by the groups financial department. |
LIQUIDITY RISK |
The group actively maintains a mixture of cash balances and loan finance that is designed to ensure the group has sufficient available funds for operations and planned expansions. Invoice discounting is used by all trading companies as is a valuable source of cashflow. Interest rate fluctuations impact on our results however in the current and preceding year the group has benefited from a stable rate of interest borrowings. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
We consider our key performance indicators are those that communicate the financial performance and strength of the group as a whole and they are:- |
Turnover |
Gross margins |
Group net assets |
EBITDA |
ON BEHALF OF THE BOARD: |
12 December 2024 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
PRINCIPAL ACTIVITIES |
The manufacture of wood and veneer sets, the manufacture of coffins and caskets and property rental. |
DIVIDENDS |
Dividends have been paid as follows:- |
Share Type | Date | Value £ |
Ordinary A | 05/04/2024 | 65,000 |
31/05/2024 | 80,000 |
Ordinary B | 05/04/2024 | 65,000 |
31/05/2024 | 80,000 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Report of the Directors |
for the Year Ended 31 May 2024 |
AUDITORS |
The auditors, Lawton Bradford Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Jukes Group Limited |
Opinion |
We have audited the financial statements of Jukes Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Jukes Group Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Jukes Group Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtain an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; |
- We obtain an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance. |
- Identify which laws and regulations are of significance in the context of the entity; |
- We obtain an understanding of the entity’s risk assessment process, including the risk of fraud; |
- We assess the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; |
- Identify and test unusual or unexpected journal entries; |
- Use Data Analytics to review the client data for unusual trends/anomalies; |
- Evaluate the assumptions and judgements used by management within significant accounting estimates and assess if these indicate evidence of management bias; |
- Test significant transactions, in particular evaluate the business rationale for any which appear unusual or outside the company’s normal course of business; |
- Review the financial statements and test the disclosures against supporting documentation; |
- Communicate relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these. |
In order to ascertain the above and relative to the specific risks identified, the procedures followed included: |
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims; |
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
Review of financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations. |
Perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Jukes Group Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants and |
Statutory Auditors |
7 Marconi Gate |
Stafford |
Staffordshire |
ST18 0FZ |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated |
Income Statement |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 16,037,185 | 16,120,288 |
Cost of sales | 11,050,417 | 11,565,234 |
GROSS PROFIT | 4,986,768 | 4,555,054 |
Distribution costs | 486,020 | 445,368 |
Administrative expenses | 3,401,766 | 2,695,231 |
3,887,786 | 3,140,599 |
1,098,982 | 1,414,455 |
Other operating income | 21,000 | 35,820 |
OPERATING PROFIT | 5 | 1,119,982 | 1,450,275 |
Interest receivable and similar income | 6,145 | 5,982 |
1,126,127 | 1,456,257 |
Interest payable and similar expenses | 6 | 198,662 | 135,007 |
PROFIT BEFORE TAXATION | 927,465 | 1,321,250 |
Tax on profit | 7 | 830,846 | 270,057 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 94,409 | 1,043,794 |
Non-controlling interests | 2,210 | 7,399 |
96,619 | 1,051,193 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 96,619 | 1,051,193 |
OTHER COMPREHENSIVE INCOME |
Revaluation of property | 2,499,001 | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
2,499,001 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,595,620 |
1,051,193 |
Total comprehensive income attributable to: |
Owners of the parent | 2,593,410 | 1,043,794 |
Non-controlling interests | 2,210 | 7,399 |
2,595,620 | 1,051,193 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 3,522 | (719 | ) |
Tangible assets | 11 | 7,587,822 | 3,137,690 |
Investments | 12 | - | - |
Investment property | 13 | 560,000 | 651,104 |
8,151,344 | 3,788,075 |
CURRENT ASSETS |
Stocks | 14 | 1,685,048 | 1,590,955 |
Debtors | 15 | 2,880,326 | 3,048,189 |
Cash at bank and in hand | 619,746 | 667,949 |
5,185,120 | 5,307,093 |
CREDITORS |
Amounts falling due within one year | 16 | 3,460,516 | 3,368,891 |
NET CURRENT ASSETS | 1,724,604 | 1,938,202 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
9,875,948 |
5,726,277 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,501,595 |
) |
(1,206,844 |
) |
PROVISIONS FOR LIABILITIES | 21 | (782,612 | ) | (224,387 | ) |
NET ASSETS | 6,591,741 | 4,295,046 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 372 | 372 |
Revaluation reserve | 23 | 2,557,503 | 58,500 |
Fair value reserve | 23 | (372,555 | ) | (58,900 | ) |
Retained earnings | 23 | 4,340,472 | 4,167,595 |
SHAREHOLDERS' FUNDS | 6,525,792 | 4,167,567 |
NON-CONTROLLING INTERESTS | 24 | 65,949 | 127,479 |
TOTAL EQUITY | 6,591,741 | 4,295,046 |
The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by: |
Mr S Jukes - Director |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Company Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 55,379 | 666,658 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 June 2022 | 372 | 3,666,401 | 58,500 |
Changes in equity |
Dividends | - | (542,600 | ) | - |
Total comprehensive income | - | 1,043,794 | - |
Balance at 31 May 2023 | 372 | 4,167,595 | 58,500 |
Changes in equity |
Purchase of Minority Interest | - | 63,740 | - |
Dividends | - | (298,925 | ) | - |
Total comprehensive income | - | 408,062 | 2,499,003 |
372 | 4,340,472 | 2,557,503 |
Acquisition of non-controlling interest |
- |
- |
- |
Balance at 31 May 2024 | 372 | 4,340,472 | 2,557,503 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | (58,900 | ) | 3,666,373 | 120,080 | 3,786,453 |
Changes in equity |
Dividends | - | (542,600 | ) | - | (542,600 | ) |
Total comprehensive income | - | 1,043,794 | 7,399 | 1,051,193 |
Balance at 31 May 2023 | (58,900 | ) | 4,167,567 | 127,479 | 4,295,046 |
Changes in equity |
Purchase of Minority Interest | - | 63,740 | - | 63,740 |
Dividends | - | (298,925 | ) | - | (298,925 | ) |
Total comprehensive income | (313,655 | ) | 2,593,410 | 2,210 | 2,595,620 |
(372,555 | ) | 6,525,792 | 129,689 | 6,655,481 |
Acquisition of non-controlling interest |
- |
- |
(63,740 |
) |
(63,740 |
) |
Balance at 31 May 2024 | (372,555 | ) | 6,525,792 | 65,949 | 6,591,741 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Company Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2024 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,739,034 | 2,159,410 |
Interest paid | (170,124 | ) | (118,269 | ) |
Interest element of hire purchase payments paid |
(28,538 |
) |
(16,738 |
) |
Tax paid | (260,402 | ) | (542,968 | ) |
Net cash from operating activities | 1,279,970 | 1,481,435 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (2,502,148 | ) | (422,960 | ) |
Purchase of investment property | (222,549 | ) | (1,104 | ) |
Sale of tangible fixed assets | 428,109 | 102,294 |
Purchase of subsidiary shares | (14,000 | ) | - |
Interest received | 6,145 | 5,982 |
Net cash from investing activities | (2,304,443 | ) | (315,788 | ) |
Cash flows from financing activities |
New loans in year | 2,639,000 | - |
Loan repayments in year | (1,257,662 | ) | (145,820 | ) |
Capital repayments in year | (180,802 | ) | (112,399 | ) |
Amount introduced by directors | 395,612 | 472,799 |
Amount withdrawn by directors | (397,918 | ) | (477,455 | ) |
Minority Interest reduction | 76,259 | - |
Equity dividends paid | (298,925 | ) | (542,600 | ) |
Net cash from financing activities | 975,564 | (805,475 | ) |
(Decrease)/increase in cash and cash equivalents | (48,909 | ) | 360,172 |
Cash and cash equivalents at beginning of year |
2 |
667,949 |
307,777 |
Cash and cash equivalents at end of year | 2 | 619,040 | 667,949 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.5.24 | 31.5.23 |
£ | £ |
Profit before taxation | 927,465 | 1,321,250 |
Depreciation charges | 307,738 | 343,225 |
Profit on disposal of fixed assets | (5,230 | ) | (10,500 | ) |
Loss on revaluation of fixed assets | 313,653 | - |
Finance costs | 198,662 | 135,007 |
Finance income | (6,145 | ) | (5,982 | ) |
1,736,143 | 1,783,000 |
(Increase)/decrease in stocks | (94,093 | ) | 150,686 |
Decrease/(increase) in trade and other debtors | 170,169 | (325,448 | ) |
(Decrease)/increase in trade and other creditors | (73,185 | ) | 551,172 |
Cash generated from operations | 1,739,034 | 2,159,410 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 619,746 | 667,949 |
Bank overdrafts | (706 | ) | - |
619,040 | 667,949 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 667,949 | 307,777 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.6.23 | Cash flow | changes | At 31.5.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 667,949 | (48,203 | ) | 619,746 |
Bank overdrafts | - | (706 | ) | (706 | ) |
667,949 | (48,909 | ) | 619,040 |
Debt |
Finance leases | (338,105 | ) | 180,802 | - | (403,402 | ) |
Debts falling due |
within 1 year | (148,376 | ) | (136,425 | ) | - | (284,801 | ) |
Debts falling due |
after 1 year | (1,007,318 | ) | (1,244,914 | ) | - | (2,252,232 | ) |
(1,493,799 | ) | (1,200,537 | ) | - | (2,940,435 | ) |
Total | (825,850 | ) | (1,249,446 | ) | - | (2,321,395 | ) |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Jukes Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus cost directly attributable to the business combination. The excess of the value of the business combination acquired over the cost of the assets is recognised as negative goodwill. Investments in subsidiaries are accounted for at cost less impairment. |
The financial statements consolidate the accounts of Jukes Group Limited and all of its material subsidiary undertakings ("subsidiaries"). |
The company is exempt from the requirement to present its own profit and loss account under the provisions of Section 408 of the Companies Act 2006. |
Significant judgements and estimates |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation, investment valuation and provisions are its critical accounting policies. |
Turnover |
Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. |
Goodwill |
Negative goodwill, resulting in the net assets acquired exceeding purchase consideration on acquisition of a subsidiary is being amortised over its useful life on ten years. |
The positive goodwill on a subsidiary aquisition on 25 June 2021 is also being amortised over its useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
The Investment property is held to earn rentals, capital appreciation or both. The Investment property is initially measured at cost, including transaction costs. Subsequently the investment property whose fair value can be measured reliably without undue cost or effect on an on-going basis is measured at fair value. Gains and losses arising from changes in the fair value are included in profit or loss in the period in which they arise. Any unrealised profits or losses are subsequently transferred to the fair value reserve. |
Stocks |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost of finished goods and work in progress comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern and covid-19 |
Having emerged from the post Covid-19 era, we can report that when taken in aggregate across all sites and including group transactions, turnover was increased for the year with sales performance exceeding the previous year month on month for all but the month of December. |
The supply issues alluded to in the previous annual report have eased, however raw material prices have not returned to pre-pandemic levels, and these have had to be absorbed by price increases to our customers. |
As 2023 progresses we still see the pressures of inflation, along with energy costs, which have not reduced to any discernible degree. Demand for our products remains high. |
It is the management's assessment that Brexit has still shown no discernible effect on the business. |
On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by geographical market is given below: |
31.5.24 | 31.5.23 |
£ | £ |
United Kingdom | 16,037,185 | 16,120,288 |
16,037,185 | 16,120,288 |
4. | EMPLOYEES AND DIRECTORS |
31.5.24 | 31.5.23 |
£ | £ |
Wages and salaries | 4,555,563 | 4,040,511 |
Social security costs | 366,181 | 335,180 |
Other pension costs | 87,114 | 78,235 |
5,008,858 | 4,453,926 |
The average number of employees during the year was as follows: |
31.5.24 | 31.5.23 |
Directors | 2 | 2 |
Factory and administration | 145 | 143 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
31.5.24 | 31.5.23 |
£ | £ |
Directors' remuneration | 363,797 | 171,080 |
Information regarding the highest paid director for the year ended 31 May 2024 is as follows: |
31.5.24 |
£ |
Emoluments etc | 227,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.5.24 | 31.5.23 |
£ | £ |
Other operating leases | 12,504 | 9,316 |
Depreciation - owned assets | 371,218 | 340,128 |
Depreciation - assets on hire purchase contracts | 3,020 | 9,734 |
Profit on disposal of fixed assets | (5,230 | ) | (10,500 | ) |
Goodwill amortisation | (66,500 | ) | (6,636 | ) |
Auditors' remuneration | 37,440 | 36,417 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.5.24 | 31.5.23 |
£ | £ |
Factoring interest | 59,324 | 42,180 |
Bank loan interest | 108,776 | 70,365 |
Other loan interest | 2,024 | 5,724 |
Hire purchase | 28,538 | 16,738 |
198,662 | 135,007 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.5.24 | 31.5.23 |
£ | £ |
Current tax: |
UK corporation tax | 272,621 | 278,873 |
Deferred tax | 558,225 | (8,816 | ) |
Tax on profit | 830,846 | 270,057 |
UK corporation tax has been charged at 25 % (2023 - 20 %). |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.5.24 | 31.5.23 |
£ | £ |
Profit before tax | 927,465 | 1,321,250 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20 %) |
231,866 |
264,250 |
Effects of: |
Expenses not deductible for tax purposes | 106,266 | 2,970 |
Income not taxable for tax purposes | (1,308 | ) | (2,100 | ) |
Capital allowances in excess of depreciation | (67,472 | ) | - |
Depreciation in excess of capital allowances | - | 17,465 |
Utilisation of tax losses | - | (3,712 | ) |
Deferred tax | 558,225 | (8,816 | ) |
Tax losses carried forward | 3,269 | - |
Total tax charge | 830,846 | 270,057 |
Tax effects relating to effects of other comprehensive income |
31.5.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property | 2,499,001 | - | 2,499,001 |
31.5.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.5.24 | 31.5.23 |
£ | £ |
Ordinary A shares of £1 each |
Interim | 153,925 | 257,600 |
Ordinary B shares of £1 each |
Interim | 145,000 | 285,000 |
298,925 | 542,600 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 June 2023 | (66,354 | ) |
Additions | (62,259 | ) |
At 31 May 2024 | (128,613 | ) |
AMORTISATION |
At 1 June 2023 | (65,635 | ) |
Amortisation for year | (66,500 | ) |
At 31 May 2024 | (132,135 | ) |
NET BOOK VALUE |
At 31 May 2024 | 3,522 |
At 31 May 2023 | (719 | ) |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | to |
property | leasehold | property |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 1,953,551 | 6,191 | 261,893 |
Additions | 2,286,108 | - | 30,476 |
Disposals | (451,248 | ) | (6,191 | ) | (28,848 | ) |
Revaluations | 2,499,002 | - | - |
At 31 May 2024 | 6,287,413 | - | 263,521 |
DEPRECIATION |
At 1 June 2023 | 23,250 | 1,505 | 181,441 |
Charge for year | 19,375 | 4,686 | 9,699 |
Eliminated on disposal | (42,625 | ) | (6,191 | ) | (28,849 | ) |
At 31 May 2024 | - | - | 162,291 |
NET BOOK VALUE |
At 31 May 2024 | 6,287,413 | - | 101,230 |
At 31 May 2023 | 1,930,301 | 4,686 | 80,452 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 2,967,744 | 74,378 | 408,570 | 5,672,327 |
Additions | 383,321 | 13,392 | 34,950 | 2,748,247 |
Disposals | (187,420 | ) | (12,254 | ) | (22,650 | ) | (708,611 | ) |
Revaluations | - | - | - | 2,499,002 |
At 31 May 2024 | 3,163,645 | 75,516 | 420,870 | 10,210,965 |
DEPRECIATION |
At 1 June 2023 | 2,111,524 | 20,052 | 196,865 | 2,534,637 |
Charge for year | 255,863 | 14,948 | 69,667 | 374,238 |
Eliminated on disposal | (181,248 | ) | (8,699 | ) | (18,120 | ) | (285,732 | ) |
At 31 May 2024 | 2,186,139 | 26,301 | 248,412 | 2,623,143 |
NET BOOK VALUE |
At 31 May 2024 | 977,506 | 49,215 | 172,458 | 7,587,822 |
At 31 May 2023 | 856,220 | 54,326 | 211,705 | 3,137,690 |
Cost or valuation at 31 May 2024 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2022 | 58,500 | - | - |
Valuation in 2024 | 2,499,002 | - | - |
Cost | 3,729,911 | 263,521 | 3,163,645 |
6,287,413 | 263,521 | 3,163,645 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 58,500 |
Valuation in 2024 | - | - | 2,499,002 |
Cost | 75,516 | 420,870 | 7,653,463 |
75,516 | 420,870 | 10,210,965 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold property had not been revalued it would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 3,729,911 | 406,500 |
Aggregate depreciation | 73,746 | 84,943 |
Freehold land was valued on an open market basis on 31 May 2023 by Sanderson Weatherall, Chartered Surveyors . |
The freehold property was valued at market value by Sanderson Weatherall, Chartered Surveyors, on 5th April 2024 and S Jukes, the director, considers this value to be the appropriate value at 31 May 2024. |
If the freehold property had not been revalued, it would have been included at £3,729,911 cost. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 359,741 | 22,650 | 382,391 |
Disposals | - | (22,650 | ) | (22,650 | ) |
At 31 May 2024 | 359,741 | - | 359,741 |
DEPRECIATION |
At 1 June 2023 | 126,167 | 4,153 | 130,320 |
Charge for year | - | 3,020 | 3,020 |
Eliminated on disposal | - | (7,173 | ) | (7,173 | ) |
At 31 May 2024 | 126,167 | - | 126,167 |
NET BOOK VALUE |
At 31 May 2024 | 233,574 | - | 233,574 |
At 31 May 2023 | 233,574 | 18,497 | 252,071 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
On 6 October 2023 Jukes Group Limited acquired a further 5% of Brian Reid and Son Limited |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: New Dyke Industrial Development, Stapleton Road, Annan, Dumfriesshire, Scotland, DG12 6JP |
Nature of business: |
% |
Class of shares: | holding |
31.5.24 | 31.5.23 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 June 2023 | 651,104 |
Additions | 222,549 |
Revaluations | (313,653 | ) |
At 31 May 2024 | 560,000 |
NET BOOK VALUE |
At 31 May 2024 | 560,000 |
At 31 May 2023 | 651,104 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2020 | (58,900 | ) |
Valuation in 2024 | (313,653 | ) |
Cost | 932,553 |
560,000 |
Jukes Properties Limited |
The investment property was valued at open market value by Sanderson Weatherall, Chartered surveyors, on 5th April 2024 and S Jukes, the director, considers this value to be the appropriate value at 31 May 2024. |
If the investment property had not been revalued, it would have been included at £932,553 cost. |
14. | STOCKS |
Group |
31.5.24 | 31.5.23 |
£ | £ |
Stocks | 1,685,048 | 1,590,955 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Trade debtors | 2,247,762 | 2,622,604 |
Amounts owed by group undertakings | - | - |
Other debtors | 276,941 | 82,192 |
Directors' current accounts | 205,445 | 203,139 | 99,833 | 97,527 |
Tax | 58,903 | 58,903 |
Prepayments and accrued income | 6,169 | - |
Prepayments | 85,106 | 81,351 |
2,880,326 | 3,048,189 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 285,507 | 148,376 |
Hire purchase contracts (see note 19) | 154,039 | 138,579 |
Invoice finance | 716,520 | 656,655 |
Trade creditors | 1,171,147 | 1,138,810 |
Amounts owed to group undertakings | - | - |
Tax | 204,552 | 192,333 |
Social security and other taxes | 99,662 | 105,132 |
Net wages | 716 | 4,817 | - | - |
Pension control | - | 248 | - | - |
VAT | 430,974 | 351,766 | 6,866 | 4,913 |
Other creditors | 160,859 | 416,395 |
Accruals and deferred income | 21,305 | 20,610 |
Accrued expenses | 215,235 | 195,170 |
3,460,516 | 3,368,891 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Bank loans (see note 18) | 2,252,232 | 1,007,318 |
Hire purchase contracts (see note 19) | 249,363 | 199,526 |
2,501,595 | 1,206,844 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 706 | - |
Bank loans | 284,801 | 148,376 |
285,507 | 148,376 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 2,240,565 | 630,225 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 11,667 | 124,593 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 252,500 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.5.24 | 31.5.23 |
£ | £ |
Net obligations repayable: |
Within one year | 154,039 | 138,579 |
Between one and five years | 249,363 | 199,526 |
403,402 | 338,105 |
Company |
Hire purchase contracts |
31.5.24 | 31.5.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
31.5.24 | 31.5.23 |
£ | £ |
Within one year | 127,708 | 23,320 |
Between one and five years | 178,596 | 80,501 |
306,304 | 103,821 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Bank overdraft | 706 | - |
Bank loans | 2,537,033 | 1,155,694 |
Hire purchase contracts | 403,402 | 338,105 | 80,501 | 103,821 |
Invoice financing | 796,420 | 648,867 | - | - |
3,737,561 | 2,142,666 |
The hire purchase liabilities are secured over the assets to which they relate. |
The invoice discounting loans are secured by way of a charge over the related trade debtors. |
The bank loans are secured by way of charges over real estate lying to the North of Elwell Street, West Bromwich; 26 Tamworth Street, Lichfield; real estate on the North side of Grovehill Road, Beverley; land lying to the south of The Lindens, Upton-Upon-Severn; unit 15 Barn Close, Plymouth and an unlimited debenture dated 5 December 2014. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Deferred tax | 782,612 | 224,387 | 2,907 | 8,070 |
Group |
Deferred |
tax |
£ |
Balance at 1 June 2023 | 224,387 |
Provided during year | 558,225 |
Balance at 31 May 2024 | 782,612 |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 May 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary A | £1 | 223 | 223 |
Ordinary B | £1 | 149 | 149 |
372 | 372 |
23. | RESERVES |
Group |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 June 2023 | 4,167,595 | 58,500 | (58,900 | ) | 4,167,195 |
Profit for the year | 94,409 | 94,409 |
Dividends | (298,925 | ) | (298,925 | ) |
Transfer revaluation | 313,653 | - | - | 313,653 |
Revaluations | - | 2,499,003 | (313,655 | ) | 2,185,348 |
SoCIE line item with acc967/32 | 63,740 | - | - | 63,740 |
At 31 May 2024 | 4,340,472 | 2,557,503 | (372,555 | ) | 6,525,420 |
Company |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 May 2024 |
24. | NON-CONTROLLING INTERESTS |
Minority interests were 10% shareholding in Brian Reid & Son Limited until 5th October 2023 and then 5% shareholding thereafter. |
JUKES GROUP LIMITED (REGISTERED NUMBER: 10515582) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
25. | CAPITAL COMMITMENTS |
31.5.24 | 31.5.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | 459,761 | 144,614 |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the end of the period the directors owed the group £205,445 (2023 - £203,140). The loan was repayable on demand and at a standard rate of interest. |
27. | RELATED PARTY DISCLOSURES |
Jukes Properties Limited |
The investment property is rented to a company owned and controlled by an individual connected with the directors, at below market value. Market value is estimated to be in the region of £32,000 per annum and the company has agreed a rental of £15,000. |
At the year end, the company owed £953,458 (2023 - £843,458) to Brian Reid and Son Limited, a subsidiary undertaking. The amount is unsecured and represents a trading balance that is due on demand. In the year, the company made sales of £10,000 (2023 - £10,000) to Brian Reid and Son Limited. |
28. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr S Jukes. |