IRIS Accounts Production v24.3.2.46 04804059 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh048040592023-06-30048040592024-06-30048040592023-07-012024-06-30048040592022-06-30048040592022-07-012023-06-30048040592023-06-3004804059ns15:EnglandWales2023-07-012024-06-3004804059ns14:PoundSterling2023-07-012024-06-3004804059ns10:Director12023-07-012024-06-3004804059ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3004804059ns10:MediumEntities2023-07-012024-06-3004804059ns10:Audited2023-07-012024-06-3004804059ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3004804059ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3004804059ns10:FullAccounts2023-07-012024-06-3004804059ns10:OrdinaryShareClass12023-07-012024-06-3004804059ns10:Director22023-07-012024-06-3004804059ns10:Director32023-07-012024-06-3004804059ns10:Director42023-07-012024-06-3004804059ns10:Director52023-07-012024-06-3004804059ns10:RegisteredOffice2023-07-012024-06-3004804059ns5:CurrentFinancialInstruments2024-06-3004804059ns5:CurrentFinancialInstruments2023-06-3004804059ns5:Non-currentFinancialInstruments2024-06-3004804059ns5:Non-currentFinancialInstruments2023-06-3004804059ns5:ShareCapital2024-06-3004804059ns5:ShareCapital2023-06-3004804059ns5:RetainedEarningsAccumulatedLosses2024-06-3004804059ns5:RetainedEarningsAccumulatedLosses2023-06-3004804059ns5:ShareCapital2022-06-3004804059ns5:RetainedEarningsAccumulatedLosses2022-06-3004804059ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3004804059ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-300480405922023-07-012024-06-300480405922022-07-012023-06-300480405912023-07-012024-06-3004804059ns10:HighestPaidDirector2023-07-012024-06-3004804059ns10:HighestPaidDirector2022-07-012023-06-3004804059ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-07-012024-06-3004804059ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-07-012023-06-3004804059ns5:OwnedAssets2023-07-012024-06-3004804059ns5:OwnedAssets2022-07-012023-06-3004804059ns5:HirePurchaseContracts2023-07-012024-06-3004804059ns5:HirePurchaseContracts2022-07-012023-06-3004804059ns10:OrdinaryShareClass12022-07-012023-06-3004804059ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3004804059ns5:FurnitureFittings2023-06-3004804059ns5:MotorVehicles2023-06-3004804059ns5:ComputerEquipment2023-06-3004804059ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-012024-06-3004804059ns5:FurnitureFittings2023-07-012024-06-3004804059ns5:MotorVehicles2023-07-012024-06-3004804059ns5:ComputerEquipment2023-07-012024-06-3004804059ns5:LandBuildingsns5:ShortLeaseholdAssets2024-06-3004804059ns5:FurnitureFittings2024-06-3004804059ns5:MotorVehicles2024-06-3004804059ns5:ComputerEquipment2024-06-3004804059ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3004804059ns5:FurnitureFittings2023-06-3004804059ns5:MotorVehicles2023-06-3004804059ns5:ComputerEquipment2023-06-3004804059ns5:LeasedAssetsHeldAsLessee2023-07-012024-06-3004804059ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3004804059ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3004804059ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-06-3004804059ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-06-3004804059ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-06-3004804059ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-06-3004804059ns5:HirePurchaseContracts2024-06-3004804059ns5:HirePurchaseContracts2023-06-3004804059ns5:WithinOneYear2024-06-3004804059ns5:WithinOneYear2023-06-3004804059ns5:BetweenOneFiveYears2024-06-3004804059ns5:BetweenOneFiveYears2023-06-3004804059ns5:AllPeriods2024-06-3004804059ns5:AllPeriods2023-06-3004804059ns5:Secured2024-06-3004804059ns5:Secured2023-06-3004804059ns10:OrdinaryShareClass12024-06-30
REGISTERED NUMBER: 04804059 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Jonathan Carey Design Limited

Jonathan Carey Design Limited (Registered number: 04804059)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Jonathan Carey Design Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr J S Ashworth
Mr S J Dent
Mr P Rowling
Mr R Tillotson
Mrs L C Tillotson





REGISTERED OFFICE: Unit 4 Skelton Park
Riparian Way
Crosshills
West Yorkshire
BD20 7BW





REGISTERED NUMBER: 04804059 (England and Wales)





AUDITORS: S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

Jonathan Carey Design Limited (Registered number: 04804059)

Strategic Report
for the Year Ended 30 June 2024

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

REVIEW OF BUSINESS
The last twelve months has been one of consolidation. Rather than turnover, the focus has been on ensuring that historically strong gross margins are achieved across all contracts. This is achieved through diligent pricing and tendering across all contracts, ensuring that inflation is always fully reflected in tenders.

Invoiced sales in the year were 1.4% down on the previous year at £13,179,059. The return to strong margins in the previous year has been maintained, achieving 35.3%. Gross margins have now consistently returned to pre inflation levels.

Whilst gross profit was remarkably consistent with prior year, operating profit at £1,864,053 is 16.6% down on prior year. This is due to increased administrative costs. The company has invested in staff and enlarged facilities in preparation for expected growth in the coming year.

Trading conditions have been stable although slightly subdued in the period leading up to the general election and caution in the public sector. Revenues from private sector contracts has been consistent with prior year.

Post election revenues have improved significantly with the expectation of significant growth of around 20% in the 24/25 financial year.

The business focus remains on bespoke joinery - design, manufacture, and fitout across a broad range of sectors.

The company continues to invest in research and development in order to satisfy client demands for fit out schemes with a difference. Annual investment in R&D is approx. 6% of turnover.

Key Performance Indicators

The main financial KPI's remain as turnover, gross profit and operating profit. We continue to analyse each project for cost of materials, labour and profitability. This approach has served well during the period of high inflation and has set a solid foundation on which to grow.

PRINCIPAL RISKS AND UNCERTAINTIES
Inflation
The key risk in the short to medium term is the uncertainties brought about by inflation. Whilst inflation continues to be a concern, it has calmed down from the extremes of recent years. Global events still have the potential to disrupt the supply chain so we must remain vigilant.

Cashflow
Cashflow and cash management will always be a major focus. Risk is mitigated by credit assessing all clients prior to contract acceptance and by the use of trade credit insurance. Credit is not given to clients who cannot demonstrate a strong credit worthiness. This has proven invaluable given the number of insolvencies in the construction sector.


Jonathan Carey Design Limited (Registered number: 04804059)

Strategic Report
for the Year Ended 30 June 2024

Supply Chain
The construction industry continues to suffer above average insolvency levels. This is mitigated by ensuring that wherever possible, we do not develop a dependency on individual suppliers. The company has developed a strong and reliable supply chain that supports the business extremely well. Efforts will continue to expand this supply chain.

FINANCIAL RISK MANAGEMENT
Funds available to the group are above operating requirements. The group's financial assets are cash and trade debtors. The credit risk associated with the cash is minimal.

The principal credit risk therefore arises from trade debtors. In order to manage credit risk, the group has insured against trade debt balances.

The group has borrowings which are repaid by fixed quarterly instalments at an agreed fixed interest rate. Given that the repayments are fixed, it aids the group in managing the cashflow in respect of loan repayments.

ON BEHALF OF THE BOARD:





Mr J S Ashworth - Director


20 March 2025

Jonathan Carey Design Limited (Registered number: 04804059)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, manufacture and installation of bespoke furniture.

DIVIDENDS
Interim dividends were paid during the year amounting to £243,300 (2023 - £321,500).

RESEARCH AND DEVELOPMENT
Research and development activities continues to be a high priority with the development of new products and maintaining the technological excellence of existing products.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr J S Ashworth
Mr S J Dent
Mr P Rowling
Mr R Tillotson
Mrs L C Tillotson

DISCLOSURE IN THE STRATEGIC REPORT
The directors review of the business and their consideration of the risks and uncertainties surrounding the business maybe found in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Jonathan Carey Design Limited (Registered number: 04804059)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, S P Crowther & Co Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J S Ashworth - Director


20 March 2025

Report of the Independent Auditors to the Members of
Jonathan Carey Design Limited

Opinion
We have audited the financial statements of Jonathan Carey Design Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Jonathan Carey Design Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work involves obtaining an understanding of the company and the relevant laws and regulations applicable in the industry.

We design our audit work based on our assessment of the risk of material misstatement in the accounts but recognising that the risk of not detecting fraud is higher as this is likely to involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We plan our work so that the information disclosed in the financial statements agrees to supporting documentation and management expectations. Our tests included agreeing the financial statement disclosures to underlying supporting
documentation, enquiries with management, review of client's operation of controls within the year. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

Our work includes an assessment of the company's accounting systems which enables us to focus our testing on areas that may be more susceptible to misstatement. This work involves :assessing the company's susceptibility to material misstatement or occurrence of fraud the testing of transactions where the assessment of risk is higher including in particular journal entries, management estimates and large or unusual transactions checking that the information contained in the financial statements is consistent with the company's underlying accounting records and the results of our audit work

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Jonathan Carey Design Limited


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 a Report of the Auditors 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.




Steven Crowther FCA (Senior Statutory Auditor)
for and on behalf of S P Crowther & Co Limited Chartered Accountants
and Statutory Auditors
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

20 March 2025

Jonathan Carey Design Limited (Registered number: 04804059)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £ £

TURNOVER 13,179,059 13,363,765

Cost of sales 8,526,208 8,651,328
GROSS PROFIT 4,652,851 4,712,437

Administrative expenses 2,788,798 2,478,552
OPERATING PROFIT 4 1,864,053 2,233,885


Interest payable and similar expenses 6 24,140 23,794
PROFIT BEFORE TAXATION 1,839,913 2,210,091

Tax on profit 7 201,395 396,436
PROFIT FOR THE FINANCIAL YEAR 1,638,518 1,813,655

Jonathan Carey Design Limited (Registered number: 04804059)

Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £ £

PROFIT FOR THE YEAR 1,638,518 1,813,655


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,638,518

1,813,655

Jonathan Carey Design Limited (Registered number: 04804059)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 408,728 229,002

CURRENT ASSETS
Stocks 10 560,516 547,931
Debtors 11 8,686,753 7,918,909
Cash at bank and in hand 609,328 532,064
9,856,597 8,998,904
CREDITORS
Amounts falling due within one year 12 2,862,825 3,371,903
NET CURRENT ASSETS 6,993,772 5,627,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,402,500

5,856,003

CREDITORS
Amounts falling due after more than one
year

13

(123,100

)

(14,347

)

PROVISIONS FOR LIABILITIES 16 (74,377 ) (31,851 )
NET ASSETS 7,205,023 5,809,805

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 7,204,923 5,809,705
SHAREHOLDERS' FUNDS 7,205,023 5,809,805

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Mr J S Ashworth - Director


Jonathan Carey Design Limited (Registered number: 04804059)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 July 2022 100 4,317,550 4,317,650

Changes in equity
Dividends - (321,500 ) (321,500 )
Total comprehensive income - 1,813,655 1,813,655
Balance at 30 June 2023 100 5,809,705 5,809,805

Changes in equity
Dividends - (243,300 ) (243,300 )
Total comprehensive income - 1,638,518 1,638,518
Balance at 30 June 2024 100 7,204,923 7,205,023

Jonathan Carey Design Limited (Registered number: 04804059)

Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,749,368 1,114,542
Interest paid (20,014 ) (19,296 )
Interest element of hire purchase payments
paid

(4,126

)

(4,498

)
Tax paid (191,881 ) (80,763 )
Net cash from operating activities 1,533,347 1,009,985

Cash flows from investing activities
Purchase of tangible fixed assets (244,324 ) (52,358 )
Sale of tangible fixed assets 37,433 12,500
Net cash from investing activities (206,891 ) (39,858 )

Cash flows from financing activities
New hire purchase agreements in year 146,576 (2,917 )
Amounts loaned to associates (1,152,468 ) (956,686 )
Equity dividends paid (243,300 ) (321,500 )
Net cash from financing activities (1,249,192 ) (1,281,103 )

Increase/(decrease) in cash and cash equivalents 77,264 (310,976 )
Cash and cash equivalents at beginning of
year

2

532,064

843,040

Cash and cash equivalents at end of year 2 609,328 532,064

Jonathan Carey Design Limited (Registered number: 04804059)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
£ £
Profit before taxation 1,839,913 2,210,091
Depreciation charges 43,776 42,722
Profit on disposal of fixed assets (16,611 ) (6,160 )
Finance costs 24,140 23,794
1,891,218 2,270,447
Increase in stocks (12,585 ) (79,916 )
Decrease in trade and other debtors 384,624 403,029
Decrease in trade and other creditors (513,889 ) (1,479,018 )
Cash generated from operations 1,749,368 1,114,542

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£ £
Cash and cash equivalents 609,328 532,064
Year ended 30 June 2023
30.6.23 1.7.22
£ £
Cash and cash equivalents 532,064 843,040


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£ £ £
Net cash
Cash at bank and in hand 532,064 77,264 609,328
532,064 77,264 609,328
Debt
Finance leases (25,783 ) (146,576 ) (172,359 )
(25,783 ) (146,576 ) (172,359 )
Total 506,281 (69,312 ) 436,969

Jonathan Carey Design Limited (Registered number: 04804059)

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

1. STATUTORY INFORMATION

Jonathan Carey Design Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and 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 certain items at fair value.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimated and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimate in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases it judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.


Estimation of useful lives of assets

The company determines the estimated useful lives and related depreciation charges for its property, plant and equipment. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.

Turnover
Turnover is measured at the fair value consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from construction contracts is recognised in the periods in which the contract is performed. Each contract is subject to monthly interim valuations against which invoices are issued. Where it is assessed that income has been received for an element of the contract which has not been completed, the revenue in respect of this element will be deferred until such time as the work has been performed.

Jonathan Carey Design Limited (Registered number: 04804059)

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

2. ACCOUNTING POLICIES - continued

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 estimated useful lives on the following bases:

Short leasehold2% on cost
Fixtures and fittings20% on reducing balance
Motor vehicles20% on reducing balance
Computer equipment33% on cost

Stock and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is the valuation of work completed on contracts by the period end, but payment of which is not applied for until the subsequent period.

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 future receipts discounted at a market rate of interest. Financial assets classified as receivable in 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 company after deducting all of its liabilities.

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 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.


Jonathan Carey Design Limited (Registered number: 04804059)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£ £
Wages and salaries 3,114,670 2,876,467
Social security costs 321,969 291,328
Other pension costs 96,489 95,170
3,533,128 3,262,965

The average number of employees during the year was as follows:
30.6.24 30.6.23

Production 64 64
Administration 26 25
90 89

30.6.24 30.6.23
£ £
Directors' remuneration 243,538 238,613
Directors' pension contributions to money purchase schemes 21,314 20,735

Jonathan Carey Design Limited (Registered number: 04804059)

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

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
30.6.24 30.6.23
£ £
Emoluments etc 51,178 50,180
Pension contributions to money purchase schemes 5,650 -

The highest paid director did not exercise any share options in the year and no shares were received or receivable by that director in respect of qualifying services under a long term incentive scheme.

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.24 30.6.23
£ £
Hire of plant and machinery 118,195 147,493
Other operating leases 225,885 198,453
Depreciation - owned assets 43,776 42,723
Profit on disposal of fixed assets (16,611 ) (6,160 )

5. AUDITORS' REMUNERATION
30.6.24 30.6.23
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

5,225

4,860

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£ £
Other interest 20,014 19,296
Hire purchase 4,126 4,498
24,140 23,794

Jonathan Carey Design Limited (Registered number: 04804059)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£ £
Current tax:
UK corporation tax 358,391 391,403
Over provision from p/y (199,522 ) -
Total current tax 158,869 391,403

Deferred tax 42,526 5,033
Tax on profit 201,395 396,436

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£ £
Profit before tax 1,839,913 2,210,091
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

459,978

452,980

Effects of:
Expenses not deductible for tax purposes 2,583 1,440
Income not taxable for tax purposes (5,109 ) (2,225 )
Capital allowances in excess of depreciation (38,099 ) -
Depreciation in excess of capital allowances - 9,201
Utilisation of tax losses - (64,960 )
Adjustments to tax charge in respect of previous periods (199,522 ) -
Group relief (60,962 ) -
Movement in deferred tax 42,526 -
Total tax charge 201,395 396,436

8. DIVIDENDS
30.6.24 30.6.23
£ £
Interim 243,300 321,500

Jonathan Carey Design Limited (Registered number: 04804059)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2023 92,723 70,293 431,352 1,695 596,063
Additions 43,849 - 200,475 - 244,324
Disposals - - (89,412 ) - (89,412 )
At 30 June 2024 136,572 70,293 542,415 1,695 750,975
DEPRECIATION
At 1 July 2023 26,944 45,944 293,780 393 367,061
Charge for year 2,000 4,870 36,341 565 43,776
Eliminated on disposal - - (68,590 ) - (68,590 )
At 30 June 2024 28,944 50,814 261,531 958 342,247
NET BOOK VALUE
At 30 June 2024 107,628 19,479 280,884 737 408,728
At 30 June 2023 65,779 24,349 137,572 1,302 229,002

Included within the above are assets held on hire purchase. The NBV of these assets are £228,062 (2023 - £74,177) and depreciation charge for the year is £24,592 (2023 - £17,901).

10. STOCKS
30.6.24 30.6.23
£ £
Stock and work in progress 560,516 547,931

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£ £
Trade debtors 2,626,244 2,994,455
Amounts owed by group undertakings 6,002,193 4,849,725
Other debtors 1,140 638
VAT 28,593 59,468
Prepayments 28,583 14,623
8,686,753 7,918,909

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£ £
Hire purchase contracts (see note 14) 49,259 11,436
Trade creditors 1,282,023 1,310,439
Tax 358,391 391,403
Social security and other tax 78,317 68,712
Other creditors 172,529 76,660
Factoring creditor 434,013 1,087,790
Accrued expenses 488,293 425,463
2,862,825 3,371,903

Jonathan Carey Design Limited (Registered number: 04804059)

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

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£ £
Hire purchase contracts (see note 14) 123,100 14,347

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£ £
Net obligations repayable:
Within one year 49,259 11,436
Between one and five years 123,100 14,347
172,359 25,783

Non-cancellable
operating leases
30.6.24 30.6.23
£ £
Within one year 1,905 167,620
Between one and five years - 1,905
1,905 169,525

15. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£ £
Hire purchase contracts 172,359 25,783
Factoring creditor 434,013 1,087,790
606,372 1,113,573

Advantedge Commercial Finance (North) Ltd hold a fixed and floating charge overall assets of the company.

16. PROVISIONS FOR LIABILITIES

The provision for deferred tax relates to a liability of £75,523 (2023 - £32,807) in respect of accelerated capital allowances on the company's fixed assets and an asset of £1,146 (2023 - £956) in respect of unpaid pension contributions.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £ £
100 Ordinary £1 100 100

Jonathan Carey Design Limited (Registered number: 04804059)

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

18. PENSION COMMITMENTS

Defined pension contribution scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £96,489 (2023 - £95,170).

Contributions totalling £18,634 (2023 - £16,039) were payable to the scheme at the end of the year and are included in creditors.

19. CONTINGENT LIABILITIES

The company is acting as guarantor in respect of borrowings provided to the parent company, Carey Draper Holdings Limited.

20. RELATED PARTY DISCLOSURES

Parent company

The company's parent company is Carey Draper Holdings Limited, a company incorporated in England and Wales.

The registered office of the parent is Unit 4 Skelton Park, Riparian Way, Crosshills, West Yorkshire, BD20 7BW.

At the balance sheet date, the company was owed £82,131 (2023 - £90,363) from JC Draper Limited. The directors in Jonathan Carey Design Limited are also the same in JC Draper Limited

At the balance sheet date, the company was owed £5,920,062 (2023 - £4,759,362) from Carey Draper Holdings Limited. The directors in Jonathan Carey Design Limited are also the same in Carey Draper Holdings Limited.

21. ULTIMATE CONTROLLING PARTY

The controlling party is Carey Draper Holdings Limited.

The ultimate controlling party is its directors.