Company Registration No. 08464959 (England and Wales)
The Jubilee Mint Limited
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
The Jubilee Mint Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
The Jubilee Mint Limited
Statement of financial position
As at 31 March 2024
1
2024
2023 Unaudited
Notes
£
£
£
£
Fixed assets
Intangible assets
6
15,911
19,808
Tangible assets
7
45,416
57,671
61,327
77,479
Current assets
Stocks
8
101,412
248,304
Debtors
9
2,612,262
2,084,865
Cash at bank and in hand
465,864
2,387,117
3,179,538
4,720,286
Creditors: amounts falling due within one year
10
(1,224,873)
(1,996,072)
Net current assets
1,954,665
2,724,214
Total assets less current liabilities
2,015,992
2,801,693
Provisions for liabilities
Deferred tax liability
11
15,324
18,030
(15,324)
(18,030)
Net assets
2,000,668
2,783,663
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
13
2,000,568
2,783,563
Total equity
2,000,668
2,783,663
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 3 December 2024 and are signed on its behalf by:
Michael Byrne
Director
Company Registration No. 08464959
The Jubilee Mint Limited
Statement of changes in equity
For the year ended 31 March 2024
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
2,183,909
2,184,009
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,209,654
1,209,654
Dividends
-
(610,000)
(610,000)
Balance at 31 March 2023
100
2,783,563
2,783,663
Year ended 31 March 2024:
Profit and total comprehensive income
-
874,510
874,510
Dividends
-
(1,657,505)
(1,657,505)
Balance at 31 March 2024
100
2,000,568
2,000,668
The Jubilee Mint Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
The Jubilee Mint Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite A 7th Floor, Avalon, Oxford Road, Bournemouth, Dorset, England, BH8 8EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
1.5
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.
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
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:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
20% -33% straight line
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.9
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 statement of financial position 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 simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the 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 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. In preparation for the 2024 financial statements, it is the responsibility of the directors to make informed judgements and estimates in the provision of liabilities and expenses.
The Jubilee Mint Limited acknowledge the requirement of this disclosure. As such the directors of the Company confirm there are no significant assumptions made concerning the future or other key sources of estimation of uncertainty at the report date of 31 March 2024.
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Auditor's remuneration
2024
2023 Unaudited
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,027
Other services
2,000
-
13,027
-
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023 Unaudited
Number
Number
42
42
5
Directors' remuneration
2024
2023 Unaudited
£
£
Remuneration for qualifying services
144,946
132,705
Company pension contributions to defined contribution schemes
15,197
-
160,143
132,705
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 Unaudited - 2).
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Intangible fixed assets
Intanible Assets
£
Cost
At 1 April 2023
28,201
Additions
317
Transfers
8,982
At 31 March 2024
37,500
Amortisation and impairment
At 1 April 2023
8,393
Amortisation charged for the year
7,466
Transfers
5,730
At 31 March 2024
21,589
Carrying amount
At 31 March 2024
15,911
At 31 March 2023
19,808
7
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2023
4,407
58,278
133,322
196,007
Additions
10,068
1,806
11,874
Transfers
(8,982)
(8,982)
At 31 March 2024
4,407
68,346
126,146
198,899
Depreciation and impairment
At 1 April 2023
2,783
34,108
101,445
138,336
Depreciation charged in the year
244
4,356
16,277
20,877
Transfers
(5,730)
(5,730)
At 31 March 2024
3,027
38,464
111,992
153,483
Carrying amount
At 31 March 2024
1,380
29,882
14,154
45,416
At 31 March 2023
1,624
24,170
31,877
57,671
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
8
Stocks
2024
2023 Unaudited
£
£
Finished goods and goods for resale
101,412
248,304
9
Debtors
2024
2023 Unaudited
Amounts falling due within one year:
£
£
Trade debtors
2,455,404
1,893,072
Amounts owed by group undertakings
16,315
Other debtors
24,485
57,909
Prepayments and accrued income
116,058
133,884
2,612,262
2,084,865
A provision for doubtful debts and credit notes of £105,010 (2023: £65,715) has been recognised against trade debtors.
Amounts of £16,315 (2023: £29,324) included within amounts owed by group undertakings (2023 included in other debtors) relates to amounts owed by related parties and are unsecured, interest free and repayable on demand.
10
Creditors: amounts falling due within one year
2024
2023 Unaudited
£
£
Trade creditors
427,335
273,617
Corporation tax
295,996
264,268
Other taxation and social security
105,849
164,860
Other creditors
7,674
1,009,041
Accruals and deferred income
388,019
284,286
1,224,873
1,996,072
Amounts of £nil (2023: £1,000,000) included with other creditors relates to amounts owed to related parties and are unsecured, interest free and repayable on demand.
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023 Unaudited
Balances:
£
£
Accelerated capital allowances
15,324
18,030
2024
Movements in the year:
£
Liability at 1 April 2023
18,030
Credit to profit or loss
(2,706)
Liability at 31 March 2024
15,324
12
Share capital
2024
2023 Unaudited
2024
2023 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
1,000,000
1,000,000
100
100
13
Profit and loss reserves
This reserve represents the cumulative profits and losses of the Company.
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
14
Audit report information (continued)
11
Qualified opinion on financial statements
We have audited the financial statements of The Jubilee Mint Limited (the 'company') for the year ended 31 March 2024 which comprise , the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in Basis for qualified opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 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 qualified opinion
The company was not subject to an audit for the year ended 31 March 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 1 April 2023, which are included in the balance sheet at £248,304, by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 March 2024.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Other matter
The corresponding figures are unaudited.
Senior Statutory Auditor:
Jamie Lane
Statutory Auditors:
Saffery LLP
Date of audit report:
3 December 2024
15
Related party transactions
The company has taken advantage of the exemption available in FRS 102 section 33 from the requirement to disclose transactions with any wholly owned members of the group.
The Jubilee Mint Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
12
16
Ultimate controlling party
The controlling parties of the Company were JM Leavesly and M Byrne up to 11 April 2023. From 11 April 2023 the Company's immediate parent undertaking is H&J Group Holdings Limited, a company registered in England and Wales.
The immediate parent undertaking and largest group to consolidate these financial statements is H&J Group Holdings Limited. Copies of the H&J Group Holdings Limited consolidated financial statements can be obtained from their registered office at 26-32 Oxford Road, Bournemouth, England, BH8 8EZ.
The ultimate parent undertaking is H&J Trustees Limited.
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