REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
JAMES MOSSMAN LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
JAMES MOSSMAN LIMITED |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
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 |
JAMES MOSSMAN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Beckwith Barn |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The principal activity of the business is distributors of building materials within the construction industry. |
The director is pleased to report that turnover for the year to 30 June 2024 was £24.42m, which represented a decline of £928k when compared to the previous year end to 30 June 2023. |
Despite the reduction in turnover, the company gross profit margin increased to 9.7% when compared to the prior year of 9.2%. The director is confident with the experienced team at James Mossman Limited that the company will continue to generate positive results going forward. |
The business environment in which the company operates continues to be very challenging with competitive pricing across the industry continuing to put pressure on the company's gross profit margins. |
The balance sheet continues to present a very strong position with net assets of £2.52m (2023: £2.36). The company continues to have sufficient working capital to finance its operating activities. |
KEY PERFORMANCE INDICATORS |
2024 | 2023 |
£ | £ |
Turnover | 24,420,963 | 25,349,267 |
Gross profit margin % | 9.7% | 9.2% |
Profit before tax | 883,618 | 737,814 |
Earnings before interest, tax, depreciation and impairments (Adjusted EBITDA) |
984,706 |
803,081 |
Shareholder funds | 2,517,835 | 2,359,041 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Recent UK economic decline brought about by uncertainty, loss of consumer confidence, higher interest rates and increasing unemployment has led to decreased affordability and reduced demand for housing. Which directly affects the activity of construction and the company. |
Changes within the UK economy continue to be monitored as well as any changes in government policy to the housing market. Consequently future trading remains uncertain. |
ON BEHALF OF THE BOARD: |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
The director presents his 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 building materials distribution. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
800.00 | - 21 August 2023 |
600.00 | - 13 October 2023 |
600.00 | - 15 November 2023 |
600.00 | - 10 January 2024 |
400.00 | - 22 February 2024 |
500.00 | - 5 April 2024 |
600.00 | - 20 May 2024 |
The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
DIRECTOR |
CHARITABLE DONATIONS AND EXPENDITURE |
During the year the company paid £6,374 (2023: £12,617) in charitable donations. £1,200 was for the purpose of the Kinamba Community project to support education within Rwanda with the remainder being ad-hoc one off donations to other UK based charities. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 JUNE 2024 |
AUDITORS |
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MOSSMAN LIMITED |
Opinion |
We have audited the financial statements of James Mossman 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MOSSMAN 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has 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: |
The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following: |
- the nature of the industry or sector, control environment and business performance; |
- the results of enquiries of management about their own identification and assessment of the risks of irregularities; |
- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MOSSMAN LIMITED |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud within recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation; |
- enquiring of management concerning actual and potential litigation and claims; |
- reviewing material legal costs in the period; |
- performing analytical procedures to identify unusual or unexpected relationships; |
- reviewing correspondence with HMRC; |
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias; and |
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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. |
Other matters - prior year financial statements unaudited |
The company was not required to have a statutory audit for the year ended 30 June 2023 as it was entitled to exemption by the provisions of the Companies Act 2006 relating to the audit of financial statements by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 30 June 2023 are unaudited.corresponding figures for 2023 are unaudited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES MOSSMAN 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. |
for and on behalf of |
Beckwith Barn |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
951,387 | 778,229 |
Interest receivable and similar income |
953,668 | 778,278 |
Amounts written off investments | 6 | 60,000 | - |
893,668 | 778,278 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION | 8 |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL YEAR |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
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 |
Changes in equity |
Profit for the year | - | 575,843 | 575,843 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Corporate Capital Trust | - | (160,000 | ) | (160,000 | ) |
Balance at 30 June 2023 |
Changes in equity |
Profit for the year | - | 638,794 | 638,794 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Corporate Capital Trust | - | (70,000 | ) | (70,000 | ) |
Balance at 30 June 2024 |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Loan investment to a third party | ( |
) | ( |
) |
Repayment of loan from a third party |
Loan investment to a related party | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by director | 63,198 | 258,098 |
Amounts paid to corporate capital trust | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
12,934 |
Cash and cash equivalents at end of year |
2 |
683,294 |
1,195,194 |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Amounts written off investments | 60,000 | - |
Finance costs | 10,050 | 40,464 |
Finance income | (2,281 | ) | (49 | ) |
982,425 | 803,033 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | 683,294 | 1,195,194 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,195,194 | 12,934 |
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 | 1,195,194 | (511,900 | ) | 683,294 |
1,195,194 | ( |
) | 683,294 |
Total | 1,195,194 | (511,900 | ) | 683,294 |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
James Mossman Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts in these financial statements are rounded to the nearest Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Summary of significant accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions to determine the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively. |
Bad debt provision |
The directors have also considered and reviewed the recoverability of trade debtors owing at the end of the financial year. The review by the directors takes into account their best estimate of the recoverability of the debtor based on past experience and the balance owing. |
Any debtor balances that are considered to have recoverability concerns are provided in a bad debt provision to expense to the Income Statement. |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met. |
Sales of building materials |
The company sells a range of building materials used within the construction sector. Sales of goods are recognised when the company has delivered the goods to the customer and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the goods. |
Interest income |
Interest income is recognised using the effective interest method. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended. |
Tangible fixed asset depreciation is included in administrative expenses in the income statement. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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. |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Impairment on non-financial assets |
At each reporting date non-financial assets not carried at fair value, like plant, equipment and trade debtors, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the period in which they are incurred. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the Company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
(Unaudited) |
£ | £ |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
(Unaudited) |
Director | 1 | 1 |
Sales and administration | 19 | 20 |
2024 | 2023 |
(Unaudited) |
£ | £ |
Director's remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Amounts w/o invs | 60,000 | - |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Interest on tax paid late |
Director loan interest |
8. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Depreciation - owned assets |
9. | AUDITORS' REMUNERATION |
2024 | 2023 |
(Unaudited) |
£ | £ |
Fees payable to the Company's auditors for the audit of the Company's financial statements |
10,000 |
- |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax: |
Origination and reversal of timing differences |
Effect of change in tax rate on opening liability | - | 739 |
Total deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Profits chargeable at the lower rate | - | 10,662 |
Deferred tax charge in the year | 126 | 15,147 |
Deferred tax change in rate | - | 739 |
Amounts written off investments |
Total tax charge | 244,824 | 161,971 |
From 1 April 2023 onwards, the main rate of corporation tax has increased from 19% to 25%. |
11. | DIVIDENDS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
12. | STATEMENT OF CHANGES IN EQUITY |
In the year under review and reported within the statement of changes in equity. An amount of £70,000 (2023: £160,000) was contributed to a trust falling within the statutory regime of section 239 Taxation of Chargeable Gains Act 1992 and section 13 Inheritance Tax Act 1984. |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
14. | DEBTORS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Accrued income |
Prepayments |
Amounts falling due after more than one year: |
Loans | 587,600 | 118,000 |
Aggregate amounts |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(Unaudited) |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 153,625 | 155,334 |
Other creditors |
Directors' loan accounts | 160,832 | 81,033 |
Accrued expenses |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
16. | SECURED DEBTS |
A fixed and floating charge dated 12 January 2018 and 12 October 2018 is agreed with Barclays Bank Plc covering all the assets of the company. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Deferred tax |
Accelerated capital allowances | 28,328 | 28,202 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Called up share capital - Represents the nominal value of shares that have been issued. |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
Corporate Capital Trust | (70,000 | ) |
At 30 June 2024 |
Retained earnings - includes all current retained profits and losses. |
20. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are £3,325 (2023: £nil). |
2024 | 2023 |
£ | £ |
Contributions payable by the Company for the year | 35,992 | 10,683 |
JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Included within other debtors at the balance sheet date is an amount of £160,832 (2023: £97,296) due to the director J Mossman. |
The loan is unsecured and bears interest. Interest of £10,050 (2023: £24,204) was paid during the year. |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |