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COMPANY REGISTRATION NUMBER: 02175235
Jactone Products Limited
Filleted Financial Statements
31 October 2024
Jactone Products Limited
Financial Statements
Year ended 31 October 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 10
Jactone Products Limited
Officers and Professional Advisers
The board of directors
Mrs M Knowles
Mr C Halford
Mrs J Halford
Mrs C Webb
Company secretary
Mrs J Halford
Registered office
Springvale Business Park
Springvale Avenue
Bilston
West Midlands
WV14 0QL
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Jactone Products Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
43,846
5,398
Tangible assets
6
2,552,277
2,536,119
------------
------------
2,596,123
2,541,517
Current assets
Stocks
919,519
928,922
Debtors
7
665,271
875,502
Cash at bank and in hand
1,194,350
1,033,533
------------
------------
2,779,140
2,837,957
Creditors: amounts falling due within one year
8
736,114
834,375
------------
------------
Net current assets
2,043,026
2,003,582
------------
------------
Total assets less current liabilities
4,639,149
4,545,099
Creditors: amounts falling due after more than one year
9
47,803
49,927
Provisions
Taxation including deferred tax
61,552
81,313
------------
------------
Net assets
4,529,794
4,413,859
------------
------------
Capital and reserves
Called up share capital
11
20,500
20,500
Revaluation reserve
12
1,056,574
1,056,574
Profit and loss account
12
3,452,720
3,336,785
------------
------------
Shareholders funds
4,529,794
4,413,859
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Jactone Products Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr C Halford
Director
Company registration number: 02175235
Jactone Products Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Springvale Business Park, Springvale Avenue, Bilston, West Midlands, WV14 0QL. The principal activity of the company during the year was that of the manufacture of fire protection equipment, insulation and associated products.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant estimates or judgements have been used by management in preparing these accounts. The policies adopted by the company are detailed below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Development Costs and Type Approval relate to the certification of fire extinguishers and are being amortised over the period which the directors estimate that the benefits of the certification may reasonably be expected to have accrued.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% straight line
Type Approval
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% and 20% reducing balance
Fixtures fittings and equipment
-
15% reducing balance and 33.33% straight line
Motor vehicles
-
25% reducing balance
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling price after taking into account all further losses expected to be incurred on completion and disposal.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 35 ).
5. Intangible assets
Development costs
Type Approval
Total
£
£
£
Cost
At 1 November 2023
20,659
160,903
181,562
Additions
42,936
42,936
--------
---------
---------
At 31 October 2024
20,659
203,839
224,498
--------
---------
---------
Amortisation
At 1 November 2023
20,659
155,505
176,164
Charge for the year
4,488
4,488
--------
---------
---------
At 31 October 2024
20,659
159,993
180,652
--------
---------
---------
Carrying amount
At 31 October 2024
43,846
43,846
--------
---------
---------
At 31 October 2023
5,398
5,398
--------
---------
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
2,350,000
1,917,606
327,737
149,279
4,744,622
Additions
12,515
5,071
47,619
65,205
Disposals
( 15,898)
( 15,898)
------------
------------
---------
---------
------------
At 31 October 2024
2,350,000
1,930,121
332,808
181,000
4,793,929
------------
------------
---------
---------
------------
Depreciation
At 1 November 2023
1,827,198
304,088
77,217
2,208,503
Charge for the year
18,214
10,389
19,050
47,653
Disposals
( 14,504)
( 14,504)
------------
------------
---------
---------
------------
At 31 October 2024
1,845,412
314,477
81,763
2,241,652
------------
------------
---------
---------
------------
Carrying amount
At 31 October 2024
2,350,000
84,709
18,331
99,237
2,552,277
------------
------------
---------
---------
------------
At 31 October 2023
2,350,000
90,408
23,649
72,062
2,536,119
------------
------------
---------
---------
------------
Tangible assets held at valuation
The land and buildings, were revalued in December 2021 by Towler Shaw Roberts LLP, a Chartered Surveyors and Commercial Property Consultants, at open market value. The directors consider that there has been no significant change to the value of the land and buildings during the year. The carrying amount that would have been recognised had the assets been carried under the cost model is £1,293,425 (2023: £1,293,425).
7. Debtors
2024
2023
£
£
Trade debtors
602,737
814,019
Prepayments and accrued income
62,534
61,483
---------
---------
665,271
875,502
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
420,111
509,012
Accruals and deferred income
156,242
100,427
Corporation tax
42,812
61,896
Social security and other taxes
116,808
153,072
Obligations under finance leases and hire purchase contracts
9,968
Other creditors
141
---------
---------
736,114
834,375
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
47,803
49,927
--------
--------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
9,968
----
-------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20,500
20,500
20,500
20,500
--------
--------
--------
--------
12. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
9,048
9,048
Later than 1 year and not later than 5 years
2,262
11,310
--------
--------
11,310
20,358
--------
--------
14. Summary audit opinion
The auditor's report dated 19 February 2025 was unqualified .
The senior statutory auditor was Hannah Justice FCA FCCA , for and on behalf of BSN Associates Limited .