Company Registration No. 09113108 (England and Wales)
J C L (UK) HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
J C L (UK) HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 40
J C L (UK) HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr B. S. Laly
Mrs P. K. Laly
Mr R. S. Laly
Secretary
Mrs P. K. Laly
Company number
09113108
Registered office
3-5 Kingston Road
Portsmouth
PO1 5RX
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
J C L (UK) HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The pharmacy division of the business has experienced a significant and positive growth trajectory, with turnover increasing by 23.9% from £10.39 million in 2023 to £12.87 million in 2024. This robust performance reflects not only an increase in branch numbers but also the effective integration of automation in dispensing processes, enabling the business to scale efficiently without compromising service quality.

 

The Hub and Spoke model, which has been gradually embedded, is positioning the business for sustained growth in clinical services, allowing the company to expand its offerings while maintaining operational efficiency. The model is already delivering positive results, and the company expects further operational scalability and cost efficiencies moving forward.

 

The property division has remained a key stabiliser for the Group. Despite the rising costs from utilities and maintenance, especially in larger properties, the division has actively pursued efficiencies in contracts, resulting in measurable improvements in cost control. The company is committed to maintaining high standards across its property portfolio, ensuring long-term value is achieved. 

Principal risks and uncertainties

While challenges have been faced around the medication supply chain and a squeeze on the NHS reimbursement, proactive measures such as strategic sourcing and the centralised procurement model have successfully mitigated these risks. This has ensured the continued availability of essential medications without disruption and the Hub and Spoke model has streamlined procurement, enhancing the company’s ability to adapt to market conditions efficiently.

 

On the property side, rising utility costs have put pressure on operational expenses. However, through targeted energy-saving measures and the installation of energy-efficient systems, the company is managing these costs effectively and has already seen improvements in energy usage.

Development and performance

The implementation of automation has been a key driver for growth, increasing dispensing capacity by 30%,  while maintaining high service standards. The company is continuing to scale its pharmacy operations, and with further automation, is confident in its ability to manage even greater demand and to expand service provision further. This dispensing model is proving to be a sustainable pathway for future growth, allowing for both increased capacity and service expansion.

 

Clinical services have seen impressive growth across with Covid and Flu vaccinations incorporated in the majority of pharmacies. In addition, services like blood pressure monitoring, contraception services and pharmacy first are continuing to build. As these services become more integrated within the operational framework, this will contribute to the Group's long-term financial performance.

 

The property division continues to focus on upkeep and safety, ensuring compliance with all relevant regulations. The company has invested in fire risk management systems, with ongoing projects aimed at improving overall property safety. The property portfolio remains well-positioned to generate stable, long-term income for the Group.

J C L (UK) HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Other performance indicators

The expansion of clinical services has been one of the most promising indicators of growth this year. With an increase of over 30% in clinics offered across the pharmacies, the Group is now reaching more patients and generating additional income from services that complement traditional dispensing.

The centralisation of stock procurement under the Hub and Spoke model has led to a 15% reduction in branch-level inventory costs, as bulk buying through the Hub has reduced the need for individual branches to maintain large stock levels. This has not only reduced costs but also allowed for more consistent product availability and more time for staff to focus on clinical service provision and patient care.

Other information and explanations

Looking forward, the business remains firmly committed to strategic investments in automation and scalable systems to support continued growth. The positive impact of automation on operational capacity and service delivery is expected to continue, with further software upgrades planned for the coming year. The combination of expanded clinical services, improved operational efficiencies, and a strong property portfolio gives the Group a solid foundation for sustained growth. With the new pharmacy NHS contract being commissioned imminently, where an uplift is expected, this will also increase the overall financial performance for the Group.

On behalf of the board

Mr R. S. Laly
Director
11 March 2025
J C L (UK) HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company during the year was of a holding and property investment company. The principal activity of the group continued to be that of pharmacy retail and property investment.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £53,920. The directors do not recommend payment of a further dividend.

Preference dividends were paid amounting to £10,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B. S. Laly
Mrs P. K. Laly
Mr R. S. Laly
Auditor

TC Group were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R. S. Laly
Director
11 March 2025
J C L (UK) HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

J C L (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J C L (UK) HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of J C L (UK) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory qualities held at 31 March 2023, which are included in the balances sheet at £1,102,379 by using other audit procedures.

Consequently we were unable to determine whether any adjustment to this amount was necessary.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

J C L (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J C L (UK) HOLDINGS LIMITED
- 7 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £1,102,379 held at 31 March 2023. We have concluded that where the other information refers to the inventory balances or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effect of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the possible effect of the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

J C L (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J C L (UK) HOLDINGS LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

J C L (UK) HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J C L (UK) HOLDINGS LIMITED
- 9 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

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.

Robert Keen FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
Office: Mayfair
12 March 2025
J C L (UK) HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
15,809,955
12,755,768
Cost of sales
(10,732,911)
(8,497,852)
Gross profit
5,077,044
4,257,916
Administrative expenses
(6,164,611)
(4,440,764)
Other operating income
95,748
193,609
Operating (loss)/profit
4
(991,819)
10,761
Interest receivable and similar income
11,506
3,407
Interest payable and similar expenses
8
(800,044)
(532,101)
Fair value gains and losses on investment properties
13
(178,990)
1,443,534
(Loss)/profit before taxation
(1,959,347)
925,601
Tax on (loss)/profit
9
182,025
(64,180)
(Loss)/profit for the financial year
(1,777,322)
861,421
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(1,773,510)
861,421
- Non-controlling interests
(3,812)
-
(1,777,322)
861,421
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,773,510)
861,421
- Non-controlling interests
(3,812)
-
(1,777,322)
861,421
J C L (UK) HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,014,732
3,871,770
Other intangible assets
11
9,904
5,939
Total intangible assets
4,024,636
3,877,709
Tangible assets
12
1,729,671
1,665,207
Investment property
13
12,635,000
12,813,990
18,389,307
18,356,906
Current assets
Stocks
17
1,064,808
1,102,379
Debtors
18
2,409,910
2,112,412
Cash at bank and in hand
207,151
209,630
3,681,869
3,424,421
Creditors: amounts falling due within one year
19
(6,331,438)
(6,343,411)
Net current liabilities
(2,649,569)
(2,918,990)
Total assets less current liabilities
15,739,738
15,437,916
Creditors: amounts falling due after more than one year
21
(12,634,887)
(10,309,807)
Provisions for liabilities
Deferred tax liability
23
175,710
357,736
(175,710)
(357,736)
Net assets
2,929,141
4,770,373
Capital and reserves
Called up share capital
25
200,103
200,103
Profit and loss reserves
2,732,840
4,570,270
Equity attributable to owners of the parent company
2,932,943
4,770,373
Non-controlling interests
(3,802)
-
2,929,141
4,770,373
J C L (UK) HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
11 March 2025
Mr R. S. Laly
Director
Company registration number 09113108 (England and Wales)
J C L (UK) HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
467
623
Investment property
13
8,835,001
9,013,991
Investments
15
102
102
8,835,570
9,014,716
Current assets
Debtors
18
262,643
219,336
Cash at bank and in hand
22,369
10,252
285,012
229,588
Creditors: amounts falling due within one year
19
(1,870,266)
(2,329,118)
Net current liabilities
(1,585,254)
(2,099,530)
Total assets less current liabilities
7,250,316
6,915,186
Creditors: amounts falling due after more than one year
21
(6,081,720)
(5,056,119)
Provisions for liabilities
Deferred tax liability
23
118
156
(118)
(156)
Net assets
1,168,478
1,858,911
Capital and reserves
Called up share capital
25
103
103
Revaluation reserve
1,156,512
1,335,502
Profit and loss reserves
11,863
523,306
Total equity
1,168,478
1,858,911

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £626,513 (2023 - £872,621 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

J C L (UK) HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
11 March 2025
Mr R. S. Laly
Director
Company registration number 09113108 (England and Wales)
J C L (UK) HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
200,103
3,775,019
3,975,122
-
3,975,122
Year ended 31 March 2023:
Profit and total comprehensive income
-
861,421
861,421
-
861,421
Dividends
10
-
(66,170)
(66,170)
-
(66,170)
Balance at 31 March 2023
200,103
4,570,270
4,770,373
-
0
4,770,373
Year ended 31 March 2024:
Loss and total comprehensive income
-
(1,773,510)
(1,773,510)
(3,812)
(1,777,322)
Dividends
10
-
(63,920)
(63,920)
-
(63,920)
Purchase of shares in subsidiary from non-controlling interest
-
-
-
10
10
Balance at 31 March 2024
200,103
2,732,840
2,932,943
(3,802)
2,929,141
J C L (UK) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
103
290,763
761,594
1,052,460
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
872,621
872,621
Dividends
10
-
-
(66,170)
(66,170)
Other movements
-
1,044,739
(1,044,739)
-
Balance at 31 March 2023
103
1,335,502
523,306
1,858,911
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
(626,513)
(626,513)
Dividends
10
-
-
(63,920)
(63,920)
Other movements
-
(178,990)
178,990
-
Balance at 31 March 2024
103
1,156,512
11,863
1,168,478
J C L (UK) HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(470,216)
760,288
Interest paid
(800,044)
(532,101)
Income taxes paid
(8,330)
(116,466)
Net cash (outflow)/inflow from operating activities
(1,278,590)
111,721
Investing activities
Purchase of intangible assets
(567,920)
(948,655)
Purchase of tangible fixed assets
(316,124)
(489,763)
Purchase of investment property
-
(45,281)
Interest received
11,506
3,407
Net cash used in investing activities
(872,538)
(1,480,292)
Financing activities
Proceeds from new bank loans
4,830,632
-
Repayment of bank loans
(2,446,819)
584,116
Payment of finance leases obligations
(171,254)
(119,100)
Purchase of shares in subsidiary from non-controlling interest
10
-
Dividends paid to equity shareholders
(63,920)
(66,170)
Net cash generated from financing activities
2,148,649
398,846
Net decrease in cash and cash equivalents
(2,479)
(969,725)
Cash and cash equivalents at beginning of year
209,630
1,179,355
Cash and cash equivalents at end of year
207,151
209,630
J C L (UK) HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(573,865)
4,071
Interest paid
(336,709)
(254,003)
Income taxes paid
-
0
(4,078)
Net cash outflow from operating activities
(910,574)
(254,010)
Financing activities
Proceeds from new bank loans
3,413,430
-
Repayment of bank loans
(2,426,819)
(40,311)
Dividends paid to equity shareholders
(63,920)
(66,170)
Net cash generated from/(used in) financing activities
922,691
(106,481)
Net increase/(decrease) in cash and cash equivalents
12,117
(360,491)
Cash and cash equivalents at beginning of year
10,252
370,743
Cash and cash equivalents at end of year
22,369
10,252
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
1
Accounting policies
Company information

J C L (UK) Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3-5 Kingston Road, Portsmouth, Hants, PO1 5RX.

 

The group consists of J C L (UK) Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company J C L (UK) Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Retail Pharmacy turnover represents shop takings and NHS income received during the year.

 

It is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Property investment income represents rental income received during the year and is recognised at the fair value of rents receivable for the occupation of properties held by the group, net of VAT where applicable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line
Leases
15 years straight line
Trademarks
10 years straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leashold property improvements
Straight line across the term of the lease
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At each succeeding financial reporting period end and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the period.

1.20
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The assessment of the fair value of investment properties is considered to be a key accounting estimate. In arriving at an assessment of fair value at year end the directors use most recent formal valuations from chartered surveyors wherever possible whilst taking into consideration subsequent property improvements and current market conditions.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Retail pharmacy
14,894,400
11,948,191
Property investment
915,555
807,577
15,809,955
12,755,768
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,809,955
12,755,768
2024
2023
£
£
Other revenue
Interest income
11,506
3,407
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
48,000
60,000
Depreciation of owned tangible fixed assets
251,660
136,652
Depreciation of tangible fixed assets held under finance leases
-
55,938
Amortisation of intangible assets
420,993
366,071
Share-based payments
3,600
-
Operating lease charges
405,471
139,615
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
48,000
60,000
For other services
All other non-audit services
12,933
13,003
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Administration & property
15
10
15
10
Pharmacy
168
153
-
-
Total
186
166
18
13
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 28 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,485,804
2,508,519
479,074
262,944
Social security costs
247,914
187,437
30,957
15,678
Pension costs
54,295
40,449
7,566
4,099
3,788,013
2,736,405
517,597
282,721
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
10,480
23,802

The above figures also represent the remuneration of Key Management Personnel.

8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
790,044
522,101
Dividends on redeemable preference shares not classified as equity
10,000
10,000
800,044
532,101
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(130,052)
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
2024
2023
£
£
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
(24,111)
129
Other adjustments
(157,914)
194,103
Total deferred tax
(182,025)
194,232
Total tax (credit)/charge
(182,025)
64,180

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(1,959,347)
925,601
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(489,837)
175,864
Tax effect of expenses that are not deductible in determining taxable profit
(23,908)
(199,752)
Unutilised tax losses carried forward
597,466
156,338
Group relief
(81,463)
(111,684)
Deferred tax movement
(184,283)
43,414
Taxation (credit)/charge
(182,025)
64,180
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
63,920
66,170
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
11
Intangible fixed assets
Group
Goodwill
Software
Leases
Trademarks
Total
£
£
£
£
£
Cost
At 1 April 2023
4,412,031
-
0
5,990
440
4,418,461
Additions - internally developed
-
0
5,459
-
0
-
0
5,459
Additions - separately acquired
562,461
-
0
-
0
-
0
562,461
At 31 March 2024
4,974,492
5,459
5,990
440
4,986,381
Amortisation and impairment
At 1 April 2023
540,261
-
0
487
4
540,752
Amortisation charged for the year
419,499
1,051
399
44
420,993
At 31 March 2024
959,760
1,051
886
48
961,745
Carrying amount
At 31 March 2024
4,014,732
4,408
5,104
392
4,024,636
At 31 March 2023
3,871,770
-
0
5,503
436
3,877,709
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
12
Tangible fixed assets
Group
Leashold property improvements
Plant and machinery
Fixtures, fittings and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,437,837
347,960
409,852
-
0
74,790
2,270,439
Additions
56,817
5,744
251,665
1,898
-
0
316,124
At 31 March 2024
1,494,654
353,704
661,517
1,898
74,790
2,586,563
Depreciation and impairment
At 1 April 2023
312,435
56,147
213,307
-
0
23,343
605,232
Depreciation charged in the year
73,077
73,357
91,184
196
13,846
251,660
At 31 March 2024
385,512
129,504
304,491
196
37,189
856,892
Carrying amount
At 31 March 2024
1,109,142
224,200
357,026
1,702
37,601
1,729,671
At 31 March 2023
1,125,402
291,813
196,545
-
0
51,447
1,665,207
Company
Fixtures, fittings and equipment
£
Cost
At 1 April 2023 and 31 March 2024
849
Depreciation and impairment
At 1 April 2023
226
Depreciation charged in the year
156
At 31 March 2024
382
Carrying amount
At 31 March 2024
467
At 31 March 2023
623
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 32 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
218,297
291,063
-
0
-
0
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
12,813,990
9,013,991
Net gains or losses through fair value adjustments
(178,990)
(178,990)
At 31 March 2024
12,635,000
8,835,001

Investment property comprises a mixture of residential and commercial property.

 

Of the property above, £5.335m reflects formal valuations carried out in May 2023 and November 2023 by Chartered Surveyors at VAS Valuation Group and Strutt & Parker.

 

The fair value of the remaining properties at 31 March 2024 has been assessed by the directors. In doing so the directors have referred to historical formal valuations and subsequent property improvements and market changes.

 

The most recent historical valuations took place between March and October 2021 and were conducted by Chartered Surveyors at Lambert Smith Hampton, Gully Howard and Allied Surveyors and Valuers.

14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
J C L (U.K.) Limited
England
Ordinary
100.00
-
J C L (U.K.) Investments Limited
England
Ordinary
100.00
-
Aunpharma Limited
England
Ordinary
-
100.00
J C L (U.K.) Developments Limited
England
Ordinary
100.00
-
JCL Clinical Services Limited
England
Ordinary
-
90.00
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
102
102
16
Associates

Details of associates at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
HI Developments South Limited
England
Ordinary
-
50
J C L Cobhan & NS Limited
England
Ordinary
-
50

The above associates are accounted for using the equity method. The group's share of associate losses to date for each of the companies above exceeds the value of the initial investment. The group has no liability to recognise such losses and as such there is no value to recognise within the consolidated accounts.

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,064,808
1,102,379
-
0
-
0
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,094,446
1,000,303
3,935
4,287
Corporation tax recoverable
157,732
149,403
-
0
-
0
Amounts owed by group undertakings
-
-
-
111,390
Other debtors
685,948
554,570
134,365
31,483
Prepayments and accrued income
471,784
408,136
124,343
72,176
2,409,910
2,112,412
262,643
219,336
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
271,321
276,978
1,321
40,311
Obligations under hire purchase agreements
22
56,646
163,510
-
0
-
0
Trade creditors
2,278,494
1,844,794
6,398
15,998
Amounts owed to group undertakings
-
0
-
0
1,364,486
2,107,518
Other taxation and social security
56,608
43,079
9,629
3,115
Dividends payable
25,096
25,096
-
0
-
0
Other creditors
3,505,970
3,852,761
467,477
144,895
Accruals and deferred income
137,303
137,193
20,955
17,281
6,331,438
6,343,411
1,870,266
2,329,118

The hire purchase liabilities are secured upon the assets to which they relate.

 

Further information in respect of secured bank loans can be found in note 20.

20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
12,906,208
10,522,395
6,083,041
5,096,430
Payable within one year
271,321
276,978
1,321
40,311
Payable after one year
12,634,887
10,245,417
6,081,720
5,056,119
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Loans and overdrafts
(Continued)
- 35 -

Within bank loans above are liabilities secured on property totalling £251,321 (2023 - £256,798) due within one year and £12,610,720 (2023 - £10,201,251) due in greater than one year. The terms of these loans are set out below.

 

A variable rate repayment mortgage at an interest rate of 3.35% + BoE base rate, repayable in quarterly instalments of £54,167 from 3 May 2023 until 3 February 2026 when any remaining outstanding balance is repayable in full. The total balance outstanding on this loan at 31 March 2024 is £4,025,000.

 

A 25 year variable rate repayment mortgage at an interest rate of 3.75% + BoE base rate. The mortgage is repayable in monthly instalments and has a remaining term of 18 years. The total balance outstanding on this loan at 31 March 2024 is £82,317.

 

A 25 year variable rate repayment mortgage at an interest rate of 3.75% + BoE base rate. The mortgage is repayable in monthly instalments and has a remaining term of 18 years. The total balance outstanding on this loan at 31 March 2024 is £34,107.

 

A 10 year interest only fixed rate mortgage at an interest rate of 4.1%. The interest is payable in monthly instalments and the mortgage has a remaining term of 7 1/2 years. The total balance outstanding on this loan at 31 March 2024 is £2,117,138.

 

A 10 year interest only fixed rate mortgage at an interest rate of 5.2%. The interest is payable in monthly instalments and the mortgage has a remaining term of 7 1/2 years. The total balance outstanding on this loan at 31 March 2024 is £436,050.

 

A 10 year interest only fixed rate mortgage at an interest rate of 6.59% of 60 months and thereafter 5.65% over BoE base rate. The interest is payable in monthly instalments and the mortgage has a remaining term of 9 years and 3 months. The total balance outstanding on this loan at 31 March 2024 is £340,680.

 

A 10 year interest only fixed rate mortgage at an interest rate of 5.99% of 60 months and thereafter 5% over BoE base rate. The interest is payable in monthly instalments and the mortgage has a remaining term of 9 years and 3 months. The total balance outstanding on this loan at 31 March 2024 is £1,032,750.

 

A 10 year interest only fixed rate mortgage at an interest rate of 6.79% of 60 months and thereafter 6.15% over BoE base rate. The interest is payable in monthly instalments and the mortgage has a remaining term of 9 years and 11 months. The total balance outstanding on this loan at 31 March 2024 is £2,040,000.

A 10 year interest only fixed rate mortgage at an interest rate of 4.6% until November 2023, subsequently interest is applied at a rate of 3.84% + LIBOR. The interest is repayable in monthly instalments and the mortgage has a remaining term of 5 1/2 years. The total balance outstanding on this loan at 31 March 2024 is £2,754,000.

 

The remaining balance relates to unsecured Coronavirus Business Interruption Scheme loans at a fixed interest rate of 2.5%, repayable in monthly instalments until April 2026.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 36 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
12,634,887
10,245,417
6,081,720
5,056,119
Obligations under hire purchase agreements
22
-
0
64,390
-
0
-
0
12,634,887
10,309,807
6,081,720
5,056,119

The hire purchase liabilities are secured upon the assets to which they relate.

 

Further information in respect of secured bank loans can be found in note 20.

Amounts included above which fall due after five years are as follows:
Payable by instalments
108,495
551,318
108,495
551,318
Payable other than by instalments
8,720,618
4,664,986
5,966,618
2,553,188
8,829,113
5,216,304
6,075,113
3,104,506
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
56,646
163,510
-
0
-
0
In two to five years
-
0
64,390
-
0
-
0
56,646
227,900
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
213,966
235,876
Tax losses
(160,116)
-
Investment property
121,860
121,860
175,710
357,736
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
118
156
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
357,736
156
Credit to profit or loss
(182,026)
(38)
Liability at 31 March 2024
175,710
118
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,295
40,449

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 38 -
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" of £1 each
42
42
42
42
Ordinary "B" of £1 each
42
42
42
42
Ordinary "C" of £1 each
12
12
12
12
Ordinary "D" of £1 each
4
4
4
4
Ordinary "E" of £1 each
3
3
3
3
103
103
103
103
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
354,502
236,440
-
-
Between two and five years
1,310,967
757,274
-
-
In over five years
1,933,669
1,074,658
-
-
3,599,138
2,068,372
-
-
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
358,914
67,251
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
27
Related party transactions
(Continued)
- 39 -
Management services
2024
2023
£
£
Group
Entities over which the entity has control, joint control or significant influence
36,000
36,000
Entities under the same control, joint control or significant influence by virtue of ownership or management
35,482
27,417
28
Directors' transactions

Ordinary dividends totalling £53,920 (2023 - £29,720) were paid in the year in respect of shares held by the company's directors.

 

Preference share dividends of £10,000 (2023 - £10,000) were paid in the year in respect of redeemable preference shares held by a company director.

29
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,777,322)
861,421
Adjustments for:
Taxation (credited)/charged
(182,025)
64,180
Finance costs
800,044
532,101
Investment income
(11,506)
(3,407)
Fair value loss/(gain) on investment properties
178,990
(1,443,534)
Amortisation and impairment of intangible assets
420,993
366,071
Depreciation and impairment of tangible fixed assets
251,660
192,590
Movements in working capital:
Decrease/(increase) in stocks
37,571
(459,905)
Increase in debtors
(289,169)
(218,427)
Increase in creditors
100,548
869,198
Cash (absorbed by)/generated from operations
(470,216)
760,288
J C L (UK) HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 40 -
30
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(626,513)
872,621
Adjustments for:
Taxation credited
(38)
(43,414)
Finance costs
336,709
254,003
Fair value loss/(gain) on investment properties
178,990
(1,001,377)
Depreciation and impairment of tangible fixed assets
156
208
Movements in working capital:
(Increase)/decrease in debtors
(43,307)
92,556
Decrease in creditors
(419,862)
(170,526)
Cash (absorbed by)/generated from operations
(573,865)
4,071
31
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
209,630
(2,479)
207,151
Borrowings excluding overdrafts
(10,522,395)
(2,383,813)
(12,906,208)
Obligations under finance leases
(227,900)
171,254
(56,646)
(10,540,665)
(2,215,038)
(12,755,703)
32
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
10,252
12,117
22,369
Borrowings excluding overdrafts
(5,096,430)
(986,611)
(6,083,041)
(5,086,178)
(974,494)
(6,060,672)
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