Company registration number 05627103 (England and Wales)
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
COMPANY INFORMATION
Directors
T Abraham
(Appointed 1 March 2024)
T K Hayward
(Appointed 1 March 2024)
Company number
05627103
Registered office
Chillington Works
Hickman Avenue
Wolverhampton
WV1 2HS
Auditor
Sumer Auditco Limited
The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 20
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 1 -
The directors present the strategic report for the period ended 29 February 2024.
Principal activities
The principal activity of the company in the period under review was that of waste removal and disposal.
Review of the business
During the period the Company continued to invest in Plant and Machinery in line with its strategic growth plans.
Financial performance for the period was in line with management expectations with revenue for the period to 29 February 2024 of £5.9m, compared to the revenue of £14.4m for the year to 30 September 2023
Operating profit before taxation for the period was £1.13m (18.9%) compared to £4.35m (30.0%) as the company experienced significant losses on disposal of fixed assets. Without these, the operating profit would have been 24.7% and in line with expectations
Principal risks and uncertainties
The company does not actively use financial instruments as parts of its financial risk management and during the year the company has been exposed to risks of supplier prices increases, credit risk, liquidity risk and cash flow risk. The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position. The strong cash position of the company along with its lack of external debt, means that the company is well prepared for market changes.
T Abraham
Director
21 January 2025
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 2 -
The directors present their annual report and financial statements for the period ended 29 February 2024.
Results and dividends
The results for the period are set out on page 7.
Ordinary dividends were paid amounting to £756,800. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
L Rushby
(Resigned 1 March 2024)
R Rushby
(Resigned 1 March 2024)
T Abraham
(Appointed 1 March 2024)
T K Hayward
(Appointed 1 March 2024)
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 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 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of:
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 3 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
T Abraham
Director
21 January 2025
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
- 4 -
Opinion
We have audited the financial statements of Jones Skip Hire (Wolverhampton) Limited (the 'company') for the period ended 29 February 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 29 February 2024 and of its profit for the period 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period 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.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JONES SKIP HIRE (WOLVERHAMPTON) LIMITED (CONTINUED)
- 5 -
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 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, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the industry in which it operates, we identified principal risks of non-compliance with laws and regulations related to breaches of waste management regulations, dealing with hazardous waste materials and employment laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. Additionally, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined the principal risks related to posting journal entries to manipulate financial performance, of management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions. Audit procedures performed by the engagement team included:
Discussions with management and those charged with governance including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Evaluation and testing of the operating effectiveness of management's entity level controls designed to prevent and detect irregularities;
Performing testing on month-end adjustments;
Incorporating unpredictability into the nature, timing and/or extent of our testing;
Challenging assumptions and judgements made by management in their significant accounting estimates;
Identifying and testing journal entries, in particular any journal entries posted by infrequent users or senior management or posted with descriptions indicating a higher level of risk.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JONES SKIP HIRE (WOLVERHAMPTON) LIMITED (CONTINUED)
- 6 -
Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Alan Jones FCCA
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
18 February 2025
Chartered Accountants
Statutory Auditor
The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
United Kingdom
RH6 0PA
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 7 -
Period
Year
ended
ended
29 February
30 September
2024
2023
Notes
£
£
Turnover
5,979,430
14,475,736
Cost of sales
(2,328,843)
(5,566,761)
Gross profit
3,650,587
8,908,975
Administrative expenses
(2,519,636)
(4,562,430)
Profit before taxation
1,130,951
4,346,545
Tax on profit
6
(288,888)
(945,364)
Profit for the financial period
842,063
3,401,181
Other comprehensive income
Adjustments to the fair value of financial assets
(20,000)
Tax relating to other comprehensive income
(7,129)
78,047
Total comprehensive income for the period
834,934
3,459,228
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 8 -
29 February 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Goodwill
8
24,000
Tangible assets
9
4,672,074
5,554,833
4,672,074
5,578,833
Current assets
Debtors
10
13,805,917
6,151,017
Cash at bank and in hand
2,106,551
9,606,235
15,912,468
15,757,252
Creditors: amounts falling due within one year
11
(791,002)
(1,591,262)
Net current assets
15,121,466
14,165,990
Total assets less current liabilities
19,793,540
19,744,823
Provisions for liabilities
Deferred tax liability
12
971,100
1,091,799
(971,100)
(1,091,799)
Net assets
18,822,440
18,653,024
Capital and reserves
Called up share capital
13
2
2
Revaluation reserve
14
2,354,754
2,270,601
Profit and loss reserves
15
16,467,684
16,382,421
Total equity
18,822,440
18,653,024
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
T Abraham
Director
Company registration number 05627103 (England and Wales)
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
2
2,212,554
14,276,403
16,488,959
Year ended 30 September 2023:
Profit
-
-
3,401,181
3,401,181
Other comprehensive income:
Adjustments to fair value of financial assets
-
(20,000)
-
(20,000)
Tax relating to other comprehensive income
-
78,047
78,047
Total comprehensive income
-
58,047
3,401,181
3,459,228
Dividends
7
-
-
(1,295,163)
(1,295,163)
Balance at 30 September 2023
2
2,270,601
16,382,421
18,653,024
Period ended 29 February 2024:
Profit
-
-
842,063
842,063
Other comprehensive income:
Tax relating to other comprehensive income
-
(7,129)
(7,129)
Total comprehensive income
-
(7,129)
842,063
834,934
Dividends
7
-
-
(756,800)
(756,800)
Other movements
-
91,282
-
91,282
Balance at 29 February 2024
2
2,354,754
16,467,684
18,822,440
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(6,088,980)
4,536,429
Income taxes paid
(915,184)
(600,422)
Net cash (outflow)/inflow from operating activities
(7,004,164)
3,936,007
Investing activities
Purchase of tangible fixed assets
(149,496)
(986,082)
Proceeds from disposal of tangible fixed assets
416,000
335,436
Repayment of loans
(5,224)
270,458
Net cash generated from/(used in) investing activities
261,280
(380,188)
Financing activities
Dividends paid
(756,800)
(1,295,163)
Net cash used in financing activities
(756,800)
(1,295,163)
Net (decrease)/increase in cash and cash equivalents
(7,499,684)
2,260,656
Cash and cash equivalents at beginning of period
9,606,235
7,345,579
Cash and cash equivalents at end of period
2,106,551
9,606,235
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 11 -
1
Accounting policies
Company information
Jones Skip Hire (Wolverhampton) Limited is a private company, limited by shares, registered in England and Wales. The company's registered address can be found on the Company Information page.
1.1
Reporting period
The company has shortened it's period end to 29th February 2024 to align with the change in ownership.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain other assets . The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Plant and machinery
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
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. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revaluation of Freehold land and buildings
Freehold land and buildings have been revalued during the period by an external valuer and the carrying value in the financial statements adjusted accordingly. As at the year end date the revaluation reserve was £2,354,754 (2023 £2,270,601).
3
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
10,000
Depreciation of owned tangible fixed assets
380,450
1,140,811
Loss/(profit) on disposal of tangible fixed assets
327,087
(42,643)
Amortisation of intangible assets
6,667
16,000
Loss on disposal of intangible assets
17,333
-
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 14 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Production
48
46
Administration
12
12
Total
60
58
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,212,519
2,546,718
Social security costs
100,705
192,026
Pension costs
22,165
43,989
1,335,389
2,782,733
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
28,252
68,798
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
416,716
971,243
Deferred tax
Origination and reversal of timing differences
(127,828)
(25,879)
Total tax charge
288,888
945,364
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
6
Taxation
(Continued)
- 15 -
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,130,951
4,346,545
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
282,738
956,240
Tax effect of expenses that are not deductible in determining taxable profit
150
70
Permanent capital allowances in excess of depreciation
(49,056)
(230,633)
Depreciation on assets not qualifying for tax allowances
182,884
245,566
Deferred tax adjustments
(127,828)
(25,879)
Taxation charge for the period
288,888
945,364
In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of assets
7,129
(78,047)
7
Dividends
2024
2023
£
£
Final paid
400,000
Interim paid
356,800
1,295,163
756,800
1,295,163
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 16 -
8
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023
160,000
Disposals
(160,000)
At 29 February 2024
Amortisation and impairment
At 1 October 2023
136,000
Amortisation charged for the period
6,667
Disposals
(142,667)
At 29 February 2024
Carrying amount
At 29 February 2024
At 30 September 2023
24,000
9
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2023
1,971,097
10,815,721
285,658
189,382
13,261,858
Additions
148,500
996
149,496
Disposals
(721,282)
(85,000)
(806,282)
Revaluation
91,282
91,282
At 29 February 2024
1,341,097
10,879,221
286,654
189,382
12,696,354
Depreciation and impairment
At 1 October 2023
7,401,696
212,760
92,569
7,707,025
Depreciation charged in the period
362,709
7,656
10,085
380,450
Eliminated in respect of disposals
(63,195)
(63,195)
At 29 February 2024
7,701,210
220,416
102,654
8,024,280
Carrying amount
At 29 February 2024
1,341,097
3,178,011
66,238
86,728
4,672,074
At 30 September 2023
1,971,097
3,414,025
72,898
96,813
5,554,833
Fixed assets were revalued by Towler Shaw Roberts in July 2023 and Sanderson Weatherall in November 2023.
The revaluation surplus is disclosed in note 13.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
9
Tangible fixed assets
(Continued)
- 17 -
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold Land and buildings
Plant and machinery
2024
2023
2024
2023
£
£
£
£
Cost
561,952
1,283,234
2,079,976
2,079,976
Accumulated depreciation
-
-
(1,264,976)
(1,202,176)
Carrying value
561,952
1,283,234
815,000
877,800
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,791,960
3,248,057
Other debtors
10,971,833
2,771,423
Prepayments and accrued income
42,124
131,537
13,805,917
6,151,017
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
116,614
274,966
Corporation tax
416,716
915,184
Other taxation and social security
163,094
350,433
Other creditors
22,873
11,403
Accruals and deferred income
71,705
39,276
791,002
1,591,262
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 18 -
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
607,830
662,610
Revaluations
363,270
429,189
971,100
1,091,799
2024
Movements in the period:
£
Liability at 1 October 2023
1,091,799
Credit to profit or loss
(127,828)
Charge to equity
7,129
Liability at 29 February 2024
971,100
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
200
2
2
2
During the period the 2 ordinary shares were sub-divided into 200 ordinary shares of £0.01 each.
14
Revaluation reserve
2024
2023
£
£
At the beginning of the period
2,270,601
2,212,554
Deferred tax on revaluation of tangible assets
(7,129)
78,047
Fair value adjustment to investments
(20,000)
Other movements
91,282
-
At the end of the period
2,354,754
2,270,601
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 19 -
15
Profit and loss reserves
2024
2023
£
£
At the beginning of the period
16,382,421
14,276,403
Profit for the period
842,063
3,401,181
Dividends declared and paid in the period
(756,800)
(1,295,163)
At the end of the period
16,467,684
16,382,421
16
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
7,223
7,223
Between two and five years
6,621
9,630
13,844
16,853
17
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
2,522,304
2,488,844
18
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
L Rushby
-
89,776
-
(3,362)
86,414
R Rushby
-
89,288
8,586
-
97,874
179,064
8,586
(3,362)
184,288
19
Ultimate controlling party
On 28 February 2024 the company's controlling party changed to Jones Skip Hire (Wolverhampton) Holdings Limited a company registered in England and Wales.
JONES SKIP HIRE (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 20 -
20
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the period after tax
842,063
3,401,181
Adjustments for:
Taxation charged
288,888
945,364
Loss/(gain) on disposal of tangible fixed assets
327,087
(42,643)
Loss on disposal of intangible assets
17,333
-
Amortisation and impairment of intangible assets
6,667
16,000
Depreciation and impairment of tangible fixed assets
380,450
1,140,811
Movements in working capital:
Increase in debtors
(7,649,676)
(1,144,661)
(Decrease)/increase in creditors
(301,792)
220,377
Cash (absorbed by)/generated from operations
(6,088,980)
4,536,429
21
Analysis of changes in net funds
1 October 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
9,606,235
(7,499,684)
2,106,551
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