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REGISTERED NUMBER: 06866012 (England and Wales)








Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for


JBG Holdings Limited


JBG Holdings Limited (Registered number: 06866012)


Contents of the Consolidated Financial Statements

for the Year Ended 31 March 2024











Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

4




Consolidated Income Statement  

8




Consolidated Other Comprehensive Income  

9




Consolidated Balance Sheet  

10




Company Balance Sheet  

11




Consolidated Statement of Changes in Equity  

12




Company Statement of Changes in Equity  

13




Consolidated Cash Flow Statement  

14




Notes to the Consolidated Cash Flow Statement

15




Notes to the Consolidated Financial Statements

16




JBG Holdings Limited


Company Information

for the Year Ended 31 March 2024









DIRECTORS:

B W Cox


J T Cox







REGISTERED OFFICE:

c/o Lindley Adams Ltd


28 Prescott Street


Halifax


West Yorkshire


HX1 2LG







REGISTERED NUMBER:

06866012 (England and Wales)







AUDITORS:

Lindley Adams Limited Chartered Accountants


Statutory Auditor


28 Prescott Street


Halifax


West Yorkshire


HX1 2LG


JBG Holdings Limited (Registered number: 06866012)


Group Strategic Report

for the Year Ended 31 March 2024



The directors present their strategic report of the company and the group for the year ended 31 March 2024.


JBG Holdings Limited is an investment holding company. The principal activity of the trading subsidiaries of the group is the retail sale of second hand goods and pawnbroking services.


REVIEW OF BUSINESS

The results of the group for the year show a total profit after tax for the group of £2,900,466 (2023 - £2,464,111). The shareholders' funds of the group total £6,262,904 (2023 - £5,761,876).


STRATEGY


The continuing success of the group is dependent upon the proper selection, pricing and ongoing management of stock and personnel. We have continued to consolidate our position in the North of England and consider that it is important to retain a diversified portfolio of risk in order to achieve maximum profitability in a highly competitive market.


The group will continue to consolidate its existing chain of stores whilst also looking to expand its position through both acquisition of suitable stores or by organic growth where possible.



KEY PERFORMANCE INDICATORS


The directors consider that our key financial performance indicators are those which communicate the financial performance and strength of the group as a whole. The group uses its IT systems to measure several key performance indicators against its targets including turnover, sales margins, aged stock, street values and employee performance.


The gross profit margin of the company is 32% (2023 - 33%).


The return on capital employed is 61% (2023 - 48%).  Return on capital employed is calculated as profit before interest and taxation divided by capital employed, which constitutes total assets less current liabilities.


The directors consider that the group is continuing to perform in line with the expectations of the board and consider that the results for the year ended 31 March 2024 continue to show that the group remains an influential figure in the industry.


PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies procedures and internal controls.  All policies are subject to management approval and ongoing review.


The group has developed a framework for identifying risks to which it is exposed and the impact on economic capital of each of those risks.


The principal risks that the directors consider the group faces are from inaccurate pricing and competition.


The directors maintain a system of monitoring the key risks to the group and the key performance indicators.  This ensures that the group complies with the strict regulatory controls under which it operates.


FUTURE DEVELOPMENTS

The directors are confident in the company's ability to achieve sustained profitability in the foreseeable future and have implemented strategic measures to mitigate potential challenges that may affect the business.


ON BEHALF OF THE BOARD:






Director



7 February 2025


JBG Holdings Limited (Registered number: 06866012)


Report of the Directors

for the Year Ended 31 March 2024



The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.


DIVIDENDS

No dividends will be distributed for the year ended 31 March 2024.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.


B W Cox

J T Cox


Other changes in directors holding office are as follows:


G W Cox - resigned 24 April 2023

Mrs J M E Cox - resigned 24 April 2023


DISCLOSURE IN THE STRATEGIC REPORT

The business review and other mandatory disclosures which the directors consider to be of strategic importance are disclosed in the strategic 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;

-

state whether applicable accounting standards have been followed, subject to any material departures disclosed and

explained in the financial statements;

-

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:





J T Cox - Director



7 February 2025


Report of the Independent Auditors to the Members of

JBG Holdings Limited



Opinion

We have audited the financial statements of JBG Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 March 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

JBG Holdings 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 three, 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

JBG Holdings 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.


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:


As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.


We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.


The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.


We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit procedures including:


- Agreeing financial statement disclosures to supporting documentation.

- Analytical procedures to identify any unusual or unexpected relationships.

- Testing appropriateness of journal entries.

- Review of accounting estimates for potential bias.

- Review of minutes of meetings of those charged with governance.

- Enquire with management as to actual and potential litigation and claims.

- Review of correspondence.



We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.


There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected

material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement.


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

JBG Holdings 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.





David C Adams FCA (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG


7 February 2025


JBG Holdings Limited (Registered number: 06866012)


Consolidated

Income Statement

for the Year Ended 31 March 2024



31.3.24


31.3.23


Notes

£   

£   



TURNOVER

49,676,863


43,305,622




Cost of sales

(33,545,471

)

(28,791,863

)


GROSS PROFIT

16,131,392


14,513,759




Administrative expenses

(12,220,142

)

(11,362,396

)


3,911,250


3,151,363




Other operating income

90,681


20,255



OPERATING PROFIT

4,001,931


3,171,618




Interest receivable and similar income

41,840


7,677



4,043,771


3,179,295




Interest payable and similar expenses

4

(169,860

)

(123,267

)


PROFIT BEFORE TAXATION

5

3,873,911


3,056,028




Tax on profit

6

(973,445

)

(591,917

)


PROFIT FOR THE FINANCIAL YEAR

2,900,466


2,464,111



Profit attributable to:

Owners of the parent

2,900,466


2,464,111




JBG Holdings Limited (Registered number: 06866012)


Consolidated

Other Comprehensive Income

for the Year Ended 31 March 2024



31.3.24


31.3.23


Notes

£   

£   



PROFIT FOR THE YEAR

2,900,466


2,464,111





OTHER COMPREHENSIVE INCOME  


Property Revaluation

-


126,750



Income tax relating to other comprehensive

income

-


-



OTHER COMPREHENSIVE INCOME FOR

THE YEAR

-


126,750



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

2,900,466


2,590,861




Total comprehensive income attributable to:

Owners of the parent

2,900,466


2,590,861




JBG Holdings Limited (Registered number: 06866012)


Consolidated Balance Sheet

31 March 2024



31.3.24

31.3.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

-


133



Tangible assets

9

839,223


358,358



Investments

10

-


-



Investment property

11

474,307


474,307



1,313,530


832,798




CURRENT ASSETS

Stocks

12

4,872,395


4,314,320



Debtors

13

2,921,988


4,508,471



Cash at bank and in hand

3,055,808


1,362,510



10,850,191


10,185,301



CREDITORS

Amounts falling due within one year

14

5,705,280


4,474,175



NET CURRENT ASSETS

5,144,911


5,711,126



TOTAL ASSETS LESS CURRENT

LIABILITIES

6,458,441


6,543,924




CREDITORS

Amounts falling due after more than one

year

15

-


(665,456

)



PROVISIONS FOR LIABILITIES

19

(195,537

)

(116,592

)


NET ASSETS

6,262,904


5,761,876




CAPITAL AND RESERVES

Called up share capital

20

344


1,027



Share premium

21

527,566


527,566



Capital redemption reserve

21

1,028


343



Fair value reserve

21

126,750


126,750



Retained earnings

21

5,607,216


5,106,190



SHAREHOLDERS' FUNDS

23

6,262,904


5,761,876




The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2025 and were signed on its behalf by:






J T Cox - Director



JBG Holdings Limited (Registered number: 06866012)


Company Balance Sheet

31 March 2024



31.3.24

31.3.23



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

-


-



Tangible assets

9

-


-



Investments

10

123,545


123,545



Investment property

11

-


-



123,545


123,545




CURRENT ASSETS

Debtors

13

1,835,664


2,387,500



Cash at bank

727


1,721



1,836,391


2,389,221



CREDITORS

Amounts falling due within one year

14

1,256,762


1,798,177



NET CURRENT ASSETS

579,629


591,044



TOTAL ASSETS LESS CURRENT

LIABILITIES

703,174


714,589




CAPITAL AND RESERVES

Called up share capital

20

344


1,027



Share premium

21

527,566


527,566



Capital redemption reserve

21

1,028


343



Retained earnings

21

174,236


185,653



SHAREHOLDERS' FUNDS

23

703,174


714,589




Company's profit/(loss) for the financial year

2,388,023


(11,129

)



The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:






J T Cox - Director



JBG Holdings Limited (Registered number: 06866012)


Consolidated Statement of Changes in Equity

for the Year Ended 31 March 2024



Called up



share


Retained


Share


capital


earnings


premium

£   

£   

£   


Balance at 1 April 2022

1,027


2,642,079


527,566




Changes in equity

Profit for the year

-


2,464,111


-



Other comprehensive income

-


-


-



Total comprehensive income

-


2,464,111


-



Balance at 31 March 2023

1,027


5,106,190


527,566




Changes in equity

Profit for the year

-


2,900,466


-



Total comprehensive income

-


2,900,466


-



Increase in share capital

2


-


-



Buyback of subsidiary's shares

(685

)

(2,399,440

)

-



Balance at 31 March 2024

344


5,607,216


527,566




Capital


Fair



redemption


value


Total


reserve


reserve


equity

£   

£   

£   


Balance at 1 April 2022

343


-


3,171,015




Changes in equity

Profit for the year

-


-


2,464,111



Other comprehensive income

-


126,750


126,750



Total comprehensive income

-


126,750


2,590,861



Balance at 31 March 2023

343


126,750


5,761,876




Changes in equity

Profit for the year

-


-


2,900,466



Total comprehensive income

-


-


2,900,466



Increase in share capital

-


-


2



Buyback of subsidiary's shares

685


-


(2,399,440

)


Balance at 31 March 2024

1,028


126,750


6,262,904




JBG Holdings Limited (Registered number: 06866012)


Company Statement of Changes in Equity

for the Year Ended 31 March 2024



Called up


Capital



share


Retained


Share


redemption


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 April 2022

1,027


196,782


527,566


343


725,718




Changes in equity

Total comprehensive income

-


(11,129

)

-


-


(11,129

)


Balance at 31 March 2023

1,027


185,653


527,566


343


714,589




Changes in equity

Increase in share capital

2


-


-


-


2



Buyback of subsidiary's shares

(685

)

(2,399,440

)

-


685


(2,399,440

)


Total comprehensive income

-


2,388,023


-


-


2,388,023



Balance at 31 March 2024

344


174,236


527,566


1,028


703,174




JBG Holdings Limited (Registered number: 06866012)


Consolidated Cash Flow Statement

for the Year Ended 31 March 2024



31.3.24


31.3.23


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

6,673,969


1,031,874



Interest paid

(169,860

)

(123,267

)


Government grants

-


1,755



Tax paid

(715,110

)

(417,713

)


Net cash from operating activities

5,788,999


492,649




Cash flows from investing activities

Purchase of tangible fixed assets

(875,075

)

(375,593

)


Purchase of investment property

-


(347,557

)


Sale of tangible fixed assets

249,449


-



Interest received

41,840


7,676



Net cash from investing activities

(583,786

)

(715,474

)



Cash flows from financing activities

New bank loan

-


507,555



Capital repayments in year

(873,913

)

(190,459

)


Related party loans

-


(968,053

)


Amount introduced by directors

-


577,500



Amount withdrawn by directors

(238,564

)

-



Share issue

2


-



Buyback of own shares

(2,399,440

)

-



Net cash from financing activities

(3,511,915

)

(73,457

)



Increase/(decrease) in cash and cash equivalents

1,693,298


(296,282

)


Cash and cash equivalents at beginning

of year

2

1,362,510


1,658,792




Cash and cash equivalents at end of year

2

3,055,808


1,362,510




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 March 2024



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



31.3.24


31.3.23

£   

£   



Profit before taxation

3,873,911


3,056,028




Depreciation charges

150,727


176,535




Profit on disposal of fixed assets

(5,833

)

-




Government grants

-


(1,755

)



Finance costs

169,860


123,267




Finance income

(41,840

)

(7,677

)


4,146,825


3,346,398




Increase in stocks

(558,075

)

(647,178

)



Decrease/(increase) in trade and other debtors

1,736,451


(2,840,747

)



Increase in trade and other creditors

1,348,768


1,173,401




Cash generated from operations

6,673,969


1,031,874




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 March 2024


31.3.24


1.4.23

£   

£   



Cash and cash equivalents

3,055,808


1,362,510




Year ended 31 March 2023


31.3.23


1.4.22

£   

£   



Cash and cash equivalents

1,362,510


1,658,792





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.4.23

Cash flow

At 31.3.24

£   

£   

£   



Net cash



Cash at bank and in hand

1,362,510


1,693,298


3,055,808



1,362,510


1,693,298


3,055,808




Debt


Debts falling due within 1 year

(208,457

)

208,457


-




Debts falling due after 1 year

(665,456

)

665,456


-



(873,913

)

873,913


-




Total

488,597


2,567,211


3,055,808




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements

for the Year Ended 31 March 2024



1.

STATUTORY INFORMATION



JBG Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


The presentation currency of the financial statements is the Pound Sterling (£).



The company's principal activity is that of a holding company.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of consideration received net of value added tax as follows:
Sale of goods is recognised at the point of sale with the exception of reserved goods ("laybys") which are recognised as a sale when the customer has paid in full for the item.
Commissions received from cash advances, cheque cashing, log book and personal loans are recognised when received.
Pawnbroking interest is recognised when the customer repays the loan in full.


Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of four 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.


Patents and licences are being amortised evenly over their estimated useful life of ten years.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Short leasehold

-

25% on cost


Fixtures and equipment

-

25% on cost


Motor vehicles

-

25% on cost


Computer equipment

-

25% on cost



Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



2.

ACCOUNTING POLICIES - continued


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

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


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.


3.

EMPLOYEES AND DIRECTORS


31.3.24


31.3.23

£   

£   



Wages and salaries

5,571,506


5,294,001




Social security costs

544,333


503,212




Other pension costs

153,524


144,671



6,269,363


5,941,884





The average number of employees during the year was as follows:


31.3.24


31.3.23



Holding company directors

2


3




Other retail managers and staff

224


218



226


221





31.3.24


31.3.23

£   

£   



Directors' remuneration

-


-




Compensation to directors for loss of office

180,000


-




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



4.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.3.24


31.3.23

£   

£   



Bank loan interest

18,112


38,691




Loan interest paid

151,748


84,576



169,860


123,267




5.

PROFIT BEFORE TAXATION



The profit is stated after charging/(crediting):



31.3.24


31.3.23

£   

£   



Other operating leases

9,316


5,213




Depreciation - owned assets

150,594


176,270




Profit on disposal of fixed assets

(5,833

)

-




Patents and licences amortisation

133


266




Auditors' remuneration

19,080


21,800




6.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.3.24


31.3.23

£   

£   



Current tax:


UK corporation tax

894,500


533,423





Deferred tax

78,945


58,494




Tax on profit

973,445


591,917





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:



31.3.24


31.3.23

£   

£   



Profit before tax

3,873,911


3,056,028




Profit multiplied by the standard rate of corporation tax in the UK of 25 %

(2023 - 19 %)  

968,478


580,645





Effects of:


Expenses not deductible for tax purposes

-


132




Capital allowances in excess of depreciation

(79,502

)

(48,265

)





Corporation tax adjustment  

5,524


911





Deferred tax  

78,945


58,494




Total tax charge

973,445


591,917




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



6.

TAXATION - continued



Tax effects relating to effects of other comprehensive income




There were no tax effects for the year ended 31 March 2024.



31.3.23



Gross


Tax


Net


£   

£   

£   



Property Revaluation

126,750


-


126,750




7.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.



8.

INTANGIBLE FIXED ASSETS



Group


Patents



and



Goodwill


licences


Totals

£   

£   

£   



COST


At 1 April 2023

338,406


149,126


487,532




Disposals

(42,047

)

(2,660

)

(44,707

)



At 31 March 2024

296,359


146,466


442,825




AMORTISATION


At 1 April 2023

338,406


148,993


487,399




Amortisation for year

-


133


133




Eliminated on disposal

(42,047

)

(2,660

)

(44,707

)



At 31 March 2024

296,359


146,466


442,825




NET BOOK VALUE


At 31 March 2024

-


-


-




At 31 March 2023

-


133


133




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



9.

TANGIBLE FIXED ASSETS



Group


Fixtures



Short


and


Motor


Computer



leasehold


equipment


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 April 2023

81,815


1,904,984


43,127


309,061


2,338,987




Additions

14,043


813,628


26,145


21,259


875,075




Disposals

(12,350

)

(310,009

)

(16,190

)

(22,882

)

(361,431

)



At 31 March 2024

83,508


2,408,603


53,082


307,438


2,852,631




DEPRECIATION


At 1 April 2023

78,500


1,665,792


43,127


193,210


1,980,629




Charge for year

992


110,616


4,902


34,084


150,594




Eliminated on disposal

(9,498

)

(85,883

)

(16,190

)

(6,244

)

(117,815

)



At 31 March 2024

69,994


1,690,525


31,839


221,050


2,013,408




NET BOOK VALUE


At 31 March 2024

13,514


718,078


21,243


86,388


839,223




At 31 March 2023

3,315


239,192


-


115,851


358,358




10.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 April 2023


and 31 March 2024

123,545




NET BOOK VALUE


At 31 March 2024

123,545




At 31 March 2023

123,545





The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:



Subsidiaries



Cash Converters Lancashire Ltd


Registered office: 28 Prescott Street, Halifax, HX1 2LG


Nature of business: Retail Store


%


Class of shares:

holding



Ordinary £1

100.00



31.3.24


31.3.23

£   

£   



Aggregate capital and reserves

1,039,769


681,965




Profit for the year

357,804


264,216




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



10.

FIXED ASSET INVESTMENTS - continued



Cash Converters Yorkshire Limited


Registered office: 28 Prescott Street, Halifax, HX1 2LG


Nature of business: Retail Store


%


Class of shares:

holding



Ordinary £1

100.00



31.3.24


31.3.23

£   

£   



Aggregate capital and reserves

4,476,703


4,348,914




Profit for the year

2,515,284


2,197,917





JBG Investment Ltd


Registered office: 28 Prescott Street, Halifax, HX1 2LG


Nature of business: Letting of real estate


%


Class of shares:

holding



Ordinary £1

100.00



31.3.24


31.3.23

£   

£   



Aggregate capital and reserves

166,804


139,951




Profit for the year

26,853


13,101





11.

INVESTMENT PROPERTY



Group


Total

£   



FAIR VALUE


At 1 April 2023


and 31 March 2024

474,307




NET BOOK VALUE


At 31 March 2024

474,307




At 31 March 2023

474,307




12.

STOCKS



Group



31.3.24


31.3.23


£   

£   



Stocks

2,965,752


2,574,487




Raw materials

1,906,643


1,739,833



4,872,395


4,314,320




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.3.24


31.3.23


31.3.24


31.3.23


£   

£   

£   

£   



Trade debtors

2,600,858


2,050,115


-


-




Amounts owed by group undertakings

-


1,589,547


1,835,662


-




Other debtors

9,444


5,478


2


-




Associated company loan

-


647,985


-


2,387,500




Prepayments

311,686


215,346


-


-



2,921,988


4,508,471


1,835,664


2,387,500




14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company



31.3.24


31.3.23


31.3.24


31.3.23


£   

£   

£   

£   



Bank loans and overdrafts (see note 16)

-


208,457


-


-




Trade creditors

96,648


99,726


627


1




Amounts owed to group undertakings

-


1,302,122


879,879


1,452,090




Tax

494,304


314,914


175


-




Social security and other taxes

117,186


104,407


-


-




VAT

333,645


299,986


333,645


299,986




Other creditors

2,840,420


1,446,380


-


-




Associated company loan

-


(1,452,087

)

-


-




Directors' current accounts

36,436


40,000


36,436


40,000




Directors' loan accounts

302,500


537,500


-


-




Accrued expenses

1,484,141


1,572,770


6,000


6,100



5,705,280


4,474,175


1,256,762


1,798,177




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group



31.3.24


31.3.23


£   

£   



Bank loans (see note 16)

-


665,456




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



16.

LOANS



An analysis of the maturity of loans is given below:



Group



31.3.24


31.3.23


£   

£   



Amounts falling due within one year or on

demand:



Bank loans

-


208,457




Amounts falling due between one and two

years:



Bank loans - 1-2 years

-


208,457




Amounts falling due between two and five

years:



Bank loans - 2-5 years

-


456,999




17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Non-cancellable operating

leases



31.3.24


31.3.23

£   

£   



Within one year

-


172,000




Between one and five years

-


454,624




In more than five years

-


4,000



-


630,624





Operating lease commitments relate to properties from which the group trades, and represents the future lease payments due for the duration of the leases. However many of these leases are subject to a rent review during the period of the lease.  As a result the future commitments may vary once such review has taken place.


18.

SECURED DEBTS



The Lloyds bank loan is secured by a fixed and floating charge over all the group's assets.


19.

PROVISIONS FOR LIABILITIES



Group



31.3.24


31.3.23


£   

£   



Deferred tax

195,537


116,592




JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



19.

PROVISIONS FOR LIABILITIES - continued



Group


Deferred



tax


£   



Balance at 1 April 2023

116,592




Provided during year

78,945




Balance at 31 March 2024

195,537




20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.3.24


31.3.23


value:

£   

£   



344

Ordinary shares

£1

342


1,027




2

Ordinary A shares

1

2


-



344


1,027




21.

RESERVES



Group


Capital


Fair



Retained


Share


redemption


value



earnings


premium


reserve


reserve


Totals

£   

£   

£   

£   

£   




At 1 April 2023

5,106,190


527,566


343


126,750


5,760,849




Profit for the year

2,900,466


2,900,466




Buyback of subsidiary's shares

(2,399,440

)

-


685


-


(2,398,755

)



At 31 March 2024

5,607,216


527,566


1,028


126,750


6,262,560





Company


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 April 2023

185,653


527,566


343


713,562




Profit for the year

2,388,023


-


-


2,388,023




Buyback of subsidiary's shares

(2,399,440

)

-


685


(2,398,755

)



At 31 March 2024

174,236


527,566


1,028


702,830





22.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The above loans are interest free and repayable on demand.


JBG Holdings Limited (Registered number: 06866012)


Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024



23.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS



Group


31.3.24


31.3.23

£   

£   



Profit for the financial year

2,900,466


2,464,111




Other comprehensive income relating to the year (net)

-


126,750




New share capital subscribed

2


-




Payments to acquire own shares

(2,399,440

)

-




Net addition to shareholders' funds

501,028


2,590,861




Opening shareholders' funds

5,761,876


3,171,015




Closing shareholders' funds

6,262,904


5,761,876






Company


31.3.24


31.3.23

£   

£   



Profit/(loss) for the financial year

2,388,023


(11,129

)



New share capital subscribed

2


-




Payments to acquire own shares

(2,399,440

)

-




Net reduction of shareholders' funds

(11,415

)

(11,129

)



Opening shareholders' funds

714,589


725,718




Closing shareholders' funds

703,174


714,589