Company registration number 00810071 (England and Wales)
G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
87,262
98,199
Current assets
Stocks
32,000
63,750
Debtors
4
52,069
91,567
Cash at bank and in hand
186,657
152,559
270,726
307,876
Creditors: amounts falling due within one year
5
(98,154)
(137,887)
Net current assets
172,572
169,989
Total assets less current liabilities
259,834
268,188
Creditors: amounts falling due after more than one year
6
(14,544)
(24,196)
Net assets
245,290
243,992
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
244,290
242,992
Total equity
245,290
243,992
G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
P. A. Jackson
Director
Company Registration No. 00810071
G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

G. K. Jackson & Sons (Recovery Services) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Priestbridge Service Station, Morpeth, Northumberland, NE61 3DG.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.3
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:

Freehold property
2% straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reduciong 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 credited or charged to profit or loss.

G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

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

 

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
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.

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.

1.7
Taxation

The tax expense represents the sum of deferred tax.

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 income statement, 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 when the company has 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.

G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits

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

1.9
Leases

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 leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
9
9
3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
84,208
129,615
13,136
154,717
381,676
Depreciation and impairment
At 1 April 2023
23,578
121,788
12,200
125,911
283,477
Depreciation charged in the year
1,684
1,957
94
7,202
10,937
At 31 March 2024
25,262
123,745
12,294
133,113
294,414
Carrying amount
At 31 March 2024
58,946
5,870
842
21,604
87,262
At 31 March 2023
60,630
7,827
936
28,806
98,199
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
49,984
88,555
Other debtors
926
1,783
Prepayments and accrued income
1,159
1,229
52,069
91,567
G. K. JACKSON & SONS (RECOVERY SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7
10,648
10,648
Trade creditors
32,379
60,141
Taxation and social security
39,073
41,893
Other creditors
11,087
21,025
Accruals and deferred income
4,967
4,180
98,154
137,887

Included within other creditors is the directors loan acount balance of £16,639 (2023: £6,981).

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7
14,544
24,196
7
Loans and overdrafts
2024
2023
£
£
Bank loans
25,192
34,844
Payable within one year
10,648
10,648
Payable after one year
14,544
24,196
2024-03-312023-04-01falsefalsefalse19 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityP. R. K. JacksonP. A. JacksonP. A. Jackson008100712023-04-012024-03-31008100712024-03-31008100712023-03-3100810071core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3100810071core:PlantMachinery2024-03-3100810071core:FurnitureFittings2024-03-3100810071core:MotorVehicles2024-03-3100810071core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100810071core:PlantMachinery2023-03-3100810071core:FurnitureFittings2023-03-3100810071core:MotorVehicles2023-03-3100810071core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3100810071core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100810071core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3100810071core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100810071core:CurrentFinancialInstruments2024-03-3100810071core:CurrentFinancialInstruments2023-03-3100810071core:ShareCapital2024-03-3100810071core:ShareCapital2023-03-3100810071core:RetainedEarningsAccumulatedLosses2024-03-3100810071core:RetainedEarningsAccumulatedLosses2023-03-3100810071bus:Director22023-04-012024-03-3100810071core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3100810071core:PlantMachinery2023-04-012024-03-3100810071core:FurnitureFittings2023-04-012024-03-3100810071core:MotorVehicles2023-04-012024-03-31008100712022-04-012023-03-3100810071core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100810071core:PlantMachinery2023-03-3100810071core:FurnitureFittings2023-03-3100810071core:MotorVehicles2023-03-31008100712023-03-3100810071core:Non-currentFinancialInstruments2024-03-3100810071core:Non-currentFinancialInstruments2023-03-3100810071bus:PrivateLimitedCompanyLtd2023-04-012024-03-3100810071bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100810071bus:FRS1022023-04-012024-03-3100810071bus:AuditExemptWithAccountantsReport2023-04-012024-03-3100810071bus:Director12023-04-012024-03-3100810071bus:CompanySecretary12023-04-012024-03-3100810071bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP