Registration number:
J K S - Boyles UK Limited
for the Year Ended 30 June 2024
J K S - Boyles UK Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
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 |
|
Auditors |
|
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
......................................... |
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:
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
......................................... |
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.
.............................................................................
For and on behalf of
Westwood House
78 Loughborough Road
Quorn
Leicestershire
LE12 8DX
J K S - Boyles UK Limited
Profit and Loss Account for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
569,200 |
956,057 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
7,500 |
(3,886) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
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 |
- |
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
11,000 |
11,000 |
|
Retained earnings |
4,715,881 |
4,288,800 |
|
Shareholders' funds |
4,726,881 |
4,299,800 |
Approved and authorised by the
......................................... |
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 |
|
|
|
Profit for the year |
- |
|
|
At 30 June 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
New share capital subscribed |
|
- |
|
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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments to hire purchase creditors |
( |
( |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 July 2023 |
|
|
|
Cash and cash equivalents at 30 June 2024 |
1,753,651 |
1,765,389 |
J K S - Boyles UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
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.
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) |
|
|
Operating profit |
Arrived at after charging/(crediting):
2024 |
2023 |
|
Depreciation |
|
|
Amortisation |
|
|
Foreign exchange losses/(gains) |
|
( |
Operating lease - plant and machinery |
- |
|
Loss on disposal of property, plant and equipment |
|
- |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on obligations under hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
- |
|
|
J K S - Boyles UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production and servicing |
|
|
Administration and support |
|
|
Directors |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
617,557 |
429,540 |
During the year the number of directors who were receiving benefits was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
- |
|
J K S - Boyles UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged in the profit and loss account:
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Decrease from effect of different UK tax rates |
- |
( |
Tax increase from other short-term timing differences |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax charge |
|
|
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 |
- |
|
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Amortisation |
||
At 1 July 2023 |
|
|
Amortisation charge |
|
|
At 30 June 2024 |
|
|
Carrying amount |
||
At 30 June 2024 |
- |
- |
At 30 June 2023 |
|
|
J K S - Boyles UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||
At 1 July 2023 |
|
|
|
Additions |
|
|
|
Disposals |
( |
- |
( |
At 30 June 2024 |
|
|
|
Depreciation |
|||
At 1 July 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
- |
( |
At 30 June 2024 |
|
|
|
Carrying amount |
|||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2023 |
|
At 30 June 2024 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
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 |
||||
|
Mason House, Unit 10a, Enterprise Road, Mansfield, Nottinghamshire, NG19 7JX England and Wales |
|
|
|
Subsidiary undertakings |
Rocbore Limited The principal activity of Rocbore Limited is |
Stocks |
2024 |
2023 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
J K S - Boyles UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
- |
|
Accruals |
|
|
|
Income tax liability |
7,069 |
190,984 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
- |
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase in existing provisions |
|
|
At 30 June 2024 |
|
|
|
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 £
Contributions totalling £
J K S - Boyles UK Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
11,000 |
|
11,000 |
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.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
- |
Current loans and borrowings
2024 |
2023 |
|
Hire purchase contracts |
|
|
Hire purchase liabilities are secured on the assets to which they relate.
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
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 |
|
Related party transactions |
Summary of transactions with group undertakings
Parent and ultimate parent undertaking |
The company's ultimate parent undertaking is