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Registration number: 04233980

J K S - Boyles UK Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

J K S - Boyles UK Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 27

 

J K S - Boyles UK Limited

Company Information

Directors

T. T. Jones

L. K. B. Jones

N. A. Jones

R. J. Isherwood

J. B. Howarth

D. Bingham-Mee

S. A. Jones

Registered office

Mason House
Unit 10A
Enterprise Road
Mansfield
Nottingham
NG19 7JX

Auditors

Robert Whowell & Partners LLP
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

J K S - Boyles UK Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is the supply of mining and quarrying equipment.

Review of the business

The directors are pleased with the overall performance of the company for the year which resulted in operating profits of £569,200 (2023 - £956,057). This was achieved despite a back drop of economic challenges, resulting in a lower level of turnover on a like for like basis.

During the previous year the company was party to the formation of a new group, headed by a new holding company, JKS Boyles UK Group Limited. The group is working closely together which the directors believe will ensure the continued financial strength of the company and the group for the future.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'000

8,348

10,343

Gross profit

£'000

1,871

1,991

Gross margin

%

22

19

Profit before tax

£'000

577

952

Management also continues to closely monitor non-financial key performance indicators. Emphasis is being placed on continuous staff improvement, customer feedback and the development of service standards throughout the business.

Principal risks and uncertainties

Management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually. The principal risks and uncertainties facing the company are volatility in ongoing market conditions and continued confidence in our key supplier brands across Europe.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
N. A. Jones
Director

 

J K S - Boyles UK Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

T. T. Jones

L. K. B. Jones

N. A. Jones

R. J. Isherwood

J. B. Howarth

D. Bingham-Mee

S. A. Jones

Results and dividends

The profit for the year, after taxation, amounted to £427,081 (2023 - £723,537).

Dividends of £nil (2023 - £1,300,000) were paid during the year.

Information included in the Strategic Report

The company has chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Strategic Report certain information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Financial instruments

The company has no requirement for an overdraft or other facilities in order to trade.

Risks

Liquidity risk
The company's exposure to liquidity risk is not considerd to be material.

Foreign currency risk
The company trades mainly in the UK, but holds sufficient Euro and US Dollar reserves for overseas purchases.

Credit risk
Investment of cash surpluses are made on bank deposits only. All customer who wish to trade on credit terms are subject to credit verification procedures. Debtor balances are closely monitored and provision is made for any doubtful debts.

 

J K S - Boyles UK Limited

Directors' Report for the Year Ended 30 June 2024

Future developments

The directors believe that the company is well-placed in terms of strategic and market position to generate sales and satisfy customer demand in spite of the risks and uncertainties outlined in the Strategic Report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
N. A. Jones
Director

 

J K S - Boyles UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

J K S - Boyles UK Limited

Independent Auditor's Report to the Members of J K S - Boyles UK Limited

Opinion

We have audited the financial statements of J K S - Boyles UK Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

J K S - Boyles UK Limited

Independent Auditor's Report to the Members of J K S - Boyles UK Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

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

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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.

 

J K S - Boyles UK Limited

Independent Auditor's Report to the Members of J K S - Boyles UK Limited

Auditor 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.

 

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:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

we obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company, sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, Corporate and VAT legislation, Employment Taxes, Health and Safety and the Bribery Act 2010.

discussing amongst the engagement team to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: management override of controls; and revenue recognition, specifically the manipulation of revenue using fraudulent journals.

we tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements.

we reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we are to become aware of it.

 

J K S - Boyles UK Limited

Independent Auditor's Report to the Members of J K S - Boyles UK Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.

.............................................................................
Paul Johnson FCA (Senior Statutory Auditor)
For and on behalf of Robert Whowell & Partners LLP, Statutory Auditor

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

14 January 2025

 

J K S - Boyles UK Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

8,348,346

10,343,054

Cost of sales

 

(6,477,037)

(8,352,404)

Gross profit

 

1,871,309

1,990,650

Distribution costs

 

(68,074)

(118,905)

Administrative expenses

 

(1,234,035)

(915,688)

Operating profit

4

569,200

956,057

Other interest receivable and similar income

5

17,099

2,208

Interest payable and similar expenses

6

(9,599)

(6,094)

   

7,500

(3,886)

Profit before tax

 

576,700

952,171

Tax on profit

10

(149,619)

(228,634)

Profit for the financial year

 

427,081

723,537

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

J K S - Boyles UK Limited

(Registration number: 04233980)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

-

10,838

Tangible assets

12

437,205

513,617

Investments

13

5,500

5,500

 

442,705

529,955

Current assets

 

Stocks

14

2,216,167

1,990,197

Debtors

15

1,918,457

2,633,159

Cash at bank and in hand

 

1,753,651

1,765,389

 

5,888,275

6,388,745

Creditors: Amounts falling due within one year

17

(1,503,637)

(2,535,792)

Net current assets

 

4,384,638

3,852,953

Total assets less current liabilities

 

4,827,343

4,382,908

Creditors: Amounts falling due after more than one year

17

(14,804)

-

Provisions for liabilities

18

(85,658)

(83,108)

Net assets

 

4,726,881

4,299,800

Capital and reserves

 

Called up share capital

11,000

11,000

Retained earnings

21

4,715,881

4,288,800

Shareholders' funds

 

4,726,881

4,299,800

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
N. A. Jones
Director

 

J K S - Boyles UK Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

11,000

4,288,800

4,299,800

Profit for the year

-

427,081

427,081

At 30 June 2024

11,000

4,715,881

4,726,881

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

11,000

4,865,263

4,876,263

Profit for the year

-

723,537

723,537

Dividends

-

(1,300,000)

(1,300,000)

New share capital subscribed

11,000

-

11,000

Share capital cancelled

(11,000)

-

(11,000)

At 30 June 2023

11,000

4,288,800

4,299,800

 

J K S - Boyles UK Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

427,081

723,537

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

145,027

131,500

Loss on disposal of tangible assets

4

5,049

-

Finance income

5

(17,099)

(2,208)

Finance costs

6

9,599

6,094

Income tax expense

 

149,619

228,634

 

719,276

1,087,557

Working capital adjustments

 

(Increase)/decrease in stocks

14

(225,970)

1,663,401

Decrease/(increase) in trade debtors

15

714,702

(511,520)

Decrease in trade creditors

17

(839,194)

(1,395,706)

Cash generated from operations

 

368,814

843,732

Income taxes paid

10

(330,984)

(212,102)

Net cash flow from operating activities

 

37,830

631,630

Cash flows from investing activities

 

Interest received

5

17,099

2,208

Acquisitions of tangible assets

(91,405)

(359,687)

Proceeds from sale of tangible assets

 

69,758

-

Net cash flows from investing activities

 

(4,548)

(357,479)

Cash flows from financing activities

 

Interest paid

6

(9,599)

(6,094)

Payments to hire purchase creditors

 

(35,421)

(63,714)

Dividends paid

-

(1,300,000)

Net cash flows from financing activities

 

(45,020)

(1,369,808)

Net decrease in cash and cash equivalents

 

(11,738)

(1,095,657)

Cash and cash equivalents at 1 July 2023

 

1,765,389

2,861,046

Cash and cash equivalents at 30 June 2024

16

1,753,651

1,765,389

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mason House
Unit 10A
Enterprise Road
Mansfield
Nottingham
NG19 7JX
United Kingdom

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Revenue recognition

Turnover is recognised to the extent it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received, excluding discounts, rebates and value added tax. The following criteria must also be met before turnover is recognised:

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

Turnover from the provision of services is recognised when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

4 to 12 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6 years straight line

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit and loss account. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods and services (UK)

8,348,346

10,343,054

4

Operating profit

Arrived at after charging/(crediting):

2024
£

2023
£

Depreciation

134,189

88,167

Amortisation

10,838

43,333

Foreign exchange losses/(gains)

35,062

(25,892)

Operating lease - plant and machinery

-

12,509

Loss on disposal of property, plant and equipment

5,049

-

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

17,099

2,208

6

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under hire purchase contracts

480

6,094

Interest expense on other finance liabilities

9,119

-

9,599

6,094

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,148,328

1,132,567

Social security costs

128,806

136,398

Pension costs, defined contribution scheme

55,370

44,912

1,332,504

1,313,877

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production and servicing

17

19

Administration and support

3

3

Directors

7

6

27

28

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

599,619

416,779

Contributions paid to money purchase schemes

17,938

12,761

617,557

429,540

During the year the number of directors who were receiving benefits was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

137,000

155,914

Company contributions to money purchase pension schemes

-

4,892

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

25,000

25,000


 

10

Taxation

Tax charged in the profit and loss account:

2024
£

2023
£

Current taxation

UK corporation tax

147,069

190,984

Deferred taxation

Arising from origination and reversal of timing differences

2,550

37,650

Tax expense in the income statement

149,619

228,634

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

576,700

952,171

Corporation tax at standard rate

144,175

238,043

Tax increase/(decrease) from effect of capital allowances and depreciation

159

(11,908)

Decrease from effect of different UK tax rates

-

(41,970)

Tax increase from other short-term timing differences

2,550

37,650

Effect of expense not deductible in determining taxable profit (tax loss)

2,735

6,819

Total tax charge

149,619

228,634

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

85,658

2023

Asset
£

Liability
£

Accelerated capital allowances

-

83,108

11

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

259,999

259,999

At 30 June 2024

259,999

259,999

Amortisation

At 1 July 2023

249,161

249,161

Amortisation charge

10,838

10,838

At 30 June 2024

259,999

259,999

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

10,838

10,838

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

216,805

748,527

965,332

Additions

131,077

1,507

132,584

Disposals

(88,496)

-

(88,496)

At 30 June 2024

259,386

750,034

1,009,420

Depreciation

At 1 July 2023

40,420

411,295

451,715

Charge for the year

38,190

95,999

134,189

Eliminated on disposal

(13,689)

-

(13,689)

At 30 June 2024

64,921

507,294

572,215

Carrying amount

At 30 June 2024

194,465

242,740

437,205

At 30 June 2023

176,385

337,232

513,617

13

Investments

2024
£

2023
£

Investments in subsidiaries

5,500

5,500

Subsidiaries

£

Cost or valuation

At 1 July 2023

5,500

At 30 June 2024

5,500

Carrying amount

At 30 June 2024

5,500

At 30 June 2023

5,500

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Rocbore Limited

Mason House, Unit 10a, Enterprise Road, Mansfield, Nottinghamshire, NG19 7JX

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Rocbore Limited

The principal activity of Rocbore Limited is that of a dormant company.

14

Stocks

2024
£

2023
£

Finished goods and goods for resale

2,216,167

1,990,197

15

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

675,853

1,120,445

Amounts owed by related parties

25

1,131,323

1,147,714

Other debtors

 

64,294

322,104

Prepayments

 

46,987

42,896

   

1,918,457

2,633,159

16

Cash and cash equivalents

2024
£

2023
£

Cash at bank

1,753,651

1,765,389

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

19,738

28,784

Trade creditors

 

923,926

1,705,756

Amounts due to related parties

25

155,294

241,509

Social security and other taxes

 

183,989

222,669

Outstanding defined contribution pension costs

 

4,368

5,612

Other creditors

 

113,849

-

Accruals

 

95,404

140,478

Income tax liability

 

7,069

190,984

 

1,503,637

2,535,792

Due after one year

 

Loans and borrowings

22

14,804

-

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2023

83,108

83,108

Increase in existing provisions

2,550

2,550

At 30 June 2024

85,658

85,658

19

Pension and other schemes

Defined contribution pension scheme

The company contributes to a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £55,370 (2023 - £44,912).

Contributions totalling £4,368 (2023 - £5,612) were payable to the scheme at the end of the year and are included in creditors.

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

20

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £1 each

11,000

11,000

11,000

11,000

         

21

Reserves

Share capital

There is a single class of ordinary shares. All the shares hold full voting rights and there are no restrictions on the distribution of dividends and the repayment of capital.

Retained earnings

Retained earnings represents cumulative profits and losses retained in current and previous periods.

22

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

14,804

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

19,738

28,784


Hire purchase liabilities are secured on the assets to which they relate.

 

23

Contingent liabilities

The company has entered into a cross guarantee and debenture with all other group members relating to borrowings from the company's bankers. The amount outstanding on the loan at the balance sheet date was £1,069,175 (2023 - £1,158,051).

 

J K S - Boyles UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

24

Analysis of changes in net debt

At 1 July 2023
£

Financing cash flows
£

Foreign exchange movements
£

At 30 June 2024
£

Cash and cash equivalents

Cash

1,765,389

23,324

(35,062)

1,753,651

25

Related party transactions

Summary of transactions with group undertakings

The company is exempt under the provisions of FRS 102 33.1A from disclosing transactions with other companies that are wholly owned within the group.
 

26

Parent and ultimate parent undertaking

The company's ultimate parent undertaking is JKS Boyles UK Group Limited, incorporated in England and Wales.