REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
J T W METALS LIMITED |
TRADING AS |
WATTONS METALS |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
J T W METALS LIMITED |
TRADING AS |
WATTONS METALS |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 3 |
Report of the Director | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 8 |
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 | to | 15 |
Notes to the Financial Statements | 16 | to | 28 |
J T W METALS LIMITED |
TRADING AS WATTONS METALS |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor |
Custom House |
Waterfront East |
Brierley Hill |
West Midlands |
DY5 1XH |
BANKERS: |
Queen Square |
Wolverhampton |
WV1 1DS |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The review is consistent with the size and non-complex nature of the business. |
The company continues to operate in the processing and sales of metals. Investment is continuing in new plant, vehicles and personnel as part of our company philosophy. |
The company has benefitted from the generally strong metal market in the year both turnover and gross margins are higher than in 2023. In addition the company has not suffered any material bad debts. |
Concern for the environment is important to the company and it endeavours to work closely with the relevant statutory bodies to meet all applicable legislation. |
The company has become part of a group structure during the year, the ultimate controlling party however (the director, Mr. T. J. Watton) has remained the same. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Given the strong balance sheet the company is relatively safeguarded from certain trading risks that impact many businesses. The main risks facing the company are considered to be: |
Reductions in metal prices - given that some metal prices can shift significantly in a relatively short space of time the company continually assesses its potential exposure based on stock holdings and monitors market trends for any indicators of adverse movements |
Trade debtors - trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts due and credit limits. The company has debt insurance to reduce the risk further. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The company believes that the key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross profit and profit before tax. |
Our key financial indicators were as follows: : |
Year ended 30th April 2024 | Year ended 30th April 2023 |
Turnover | £21,873,598 | £20,951,127 |
Gross profit % | 24.1% | 20.5% |
Profit before tax | £635,517 | £190,117 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
FUTURE DEVELOPMENTS |
The company is maintaining its level of turnover and has continued to make capital investments when necessary to improve efficiency. |
ON BEHALF OF THE BOARD: |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of metal merchants and processors |
DIVIDENDS |
An interim dividend of £ |
No interim dividend was paid on the Ordinary A £1 shares. The director recommends that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 30 April 2024 will be £ |
DIRECTOR |
Mr. T J Watton was the sole director during the year under review. |
The beneficial interests of the director holding office on 30 April 2024 in the issued share capital of the company were as follows: |
30.04.24 | 30.04.23 |
No. of shares | No. of shares |
Ordinary £1 shares |
T J Watton | - | 200 |
Ordinary A £1 shares |
T J Watton | - | 250,000 |
During the year the company was party to a group formation and 100% of its issued share capital was acquired by JTM Midlands Limited. Mr. T. J. Watton owned 100% of the issued share capital of JTM Midlands Limited at 30th April 2024. |
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). 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. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued |
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. |
AUDITORS |
The auditors, Poole Waterfield Limited (Statutory Auditor), 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 |
J T W METALS LIMITED |
Opinion |
We have audited the financial statements of J T W Metals Limited (the 'company') for the year ended 30 April 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 April 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J T W METALS LIMITED |
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. |
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 pages four and five, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J T W METALS LIMITED |
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: |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be in the following areas - inappropriate treatment of non-routine transactions and areas of estimation uncertainty. |
Our audit procedures to respond to these risks included enquiries of management, review and discussion of non-routine transactions, sample testing of the posting of income and expenditure transactions and review of accounting estimates. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities 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. |
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 |
Ground Floor |
Custom House |
Waterfront East |
Brierley Hill |
West Midlands |
DY5 1XH |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
693,026 | 226,846 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
731,205 | 236,698 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 20 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( | ) | ( | ) |
Total comprehensive income | - |
Balance at 30 April 2024 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( | ) | ( | ) |
Interest element of hire purchase payments paid | ( | ) | ( | ) |
Tax paid | ( | ) |
Net cash from operating activities | ( | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( | ) |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
Capital repayments in year | ( | ) |
Amount introduced by directors | 9,255 | 45,033 |
Amount withdrawn by directors | (310,157 | ) | (236,056 | ) |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
Decrease in cash and cash equivalents | ( | ) | ( | ) |
Cash and cash equivalents at beginning of year | 2 | 2,953,754 |
Cash and cash equivalents at end of year | 2 | 1,554,051 | 1,782,672 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Profit before taxation |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( | ) |
Gain on revaluation of fixed assets | - | (36,125 | ) |
Finance costs | 95,688 | 46,581 |
Finance income | (1 | ) | (5 | ) |
1,161,336 | 606,714 |
Decrease/(increase) in stocks | ( | ) |
(Increase)/decrease in trade and other debtors | ( | ) |
Decrease 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 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 1,554,051 | 1,782,672 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
as restated |
£ | £ |
Cash and cash equivalents | 1,782,672 | 2,953,754 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,782,672 | (228,621 | ) | 1,554,051 |
1,782,672 | ( | ) | 1,554,051 |
Debt |
Finance leases | (1,124,036 | ) | 284,201 | (839,835 | ) |
Debts falling due within 1 year | (80,920 | ) | (4,819 | ) | (85,739 | ) |
Debts falling due after 1 year | (210,386 | ) | 59,970 | (150,416 | ) |
(1,415,342 | ) | 339,352 | (1,075,990 | ) |
Total | 367,330 | 110,731 | 478,061 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
J T W Metals Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 fellow wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
Due to the large volume of metal stock held it is not practical to weigh all stock when completing stock take procedures. The volume of each stock type is instead estimated by the director and other management personnel ,who have considerable experience in the industry. The level of stock recorded in these financial statements are in line with this estimate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties, and loans to and from related parties. |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors, and creditors amount falling due after more than one year, are measured at transaction price. |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
There are no complex financial instruments. |
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. |
The company's payments of s.455 taxation during the period and earlier periods, are reflected in debtors amounts falling due within one year. No provision is made in respect of s.455 liabilities that are related to transactions that have taken place during the year. |
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. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant 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. |
Functional and presentation currency |
The company's functional and presentation currency is GBP (£). |
3. | EMPLOYEES AND DIRECTORS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
as restated |
Management and administration | 10 | 10 |
Distribution and processing | 36 | 34 |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The director is regarded as being key management in the year ended 30th April 2024. In the year ended 30th April 2023 the director was also regarded as being key management. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
(Profit)/loss on disposal of fixed assets | ( | ) |
Goodwill amortisation |
Computer software amortisation |
Operating lease charges |
Auditors' remuneration |
Customer bad debt |
Gain in revaluation of investment properties | ( | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Mortgage interest |
Loan |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
Under/over provision in prior |
year | (17 | ) | 6,223 |
Total current tax |
Deferred tax |
Tax on profit |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | 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: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( | ) |
Capital allowances in excess of depreciation | - | ( | ) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( | ) | ( | ) |
Adjustments to tax charge in respect of previous periods | ( | ) |
Movements in deferred tax provision | 87,294 | 104,702 |
Unrelieved losses | - | 121,592 |
Total tax charge | 175,843 | 110,925 |
7. | DIVIDENDS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | PRIOR YEAR ADJUSTMENT |
The company has restated its results for the year ended 30th April 2023 in order to reflect a fixed asset addition that was delivered in April 2023. Profit before tax remains unchanged. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( | ) | ( | ) | ( | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) | ( | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2023 | 36,125 |
Cost | 323,875 |
360,000 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Cost | 323,875 | 323,875 |
Aggregate depreciation | (58,443 | ) | (51,965 | ) |
The company's investment property has been included in the balance sheet at 30th April 2024 and 30th April 2023 at an estimated free market value. |
12. | STOCKS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Stocks - Goods for Resale |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Amounts owed by fellow |
group members | 1,345,821 | 1,244,683 |
Director's loan account | 1,211,519 | 910,617 |
Prepayments |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 111,930 | 47,736 |
Other creditors |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 21,909 | 26,498 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating leases |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Within one year |
Between one and five years |
Included in the total above is £187,500 (2023 - £262,500) in respect of a property lease held by J T W Properties (Midlands) Limited, a fellow subsidiary (2023 - related company) |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Bank loans |
Hire purchase contracts | 839,835 | 1,124,036 |
The company's bank borrowing is secured by fixed and floating charges over the company as well as specific charges over the groups' freehold and investment properties. |
Hire purchase borrowing is secured on specific company assets as disclosed in note 10. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
19. | FINANCIAL INSTRUMENTS |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Carrying amount of financial assets | 6,676,372 | 6,340,952 |
Carrying amount of financial liabilities | 3,222,340 | 3,584,889 |
The carrying amount of the financial assets and liabilities are determined in accordance with the accounting policy in note 2. |
20. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Deferred tax | 569,377 | 482,083 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
As previously reported |
Prior year adjustment |
As restated | 482,083 |
Charge to Income Statement during year |
Balance at 30 April 2024 | 569,377 |
The balance above is related to accelerated capital allowances of £560,346 (2023 - £402,775) and the tax related to the property revaluation reserve of £9,031 (2023 - £9,031). |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | as restated |
£ | £ |
Ordinary | £1 | 200 | 200 |
Ordinary A | £1 | 250,000 | 250,000 |
250,200 | 250,200 |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
21. | CALLED UP SHARE CAPITAL - continued |
The Ordinary A shares do not carry voting rights. |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
Dividends | ( | ) |
At 30 April 2024 |
Included in retained earnings above is £27,094 (2023: £27,094) related to the revaluation of the company's investment properties, net of deferred tax of £9,031 (2023: £9,031). |
23. | PARENT COMPANY |
Following a share for share exchange on 28th of March 2024, the company is now a wholly owned subsidiary of JTM Midlands Limited, a company registered in England and Wales. |
24. | CONTINGENT LIABILITIES |
The company is party to a cross guarantee arrangement with respect to a borrowing facility in the name of J T W Properties (Midlands) Limited, a fellow subsidiary member. The facility is for £822,000 (2023 - £822,000). No provision for this guarantee has been included in the financial statements as the director is of the opinion that the likelihood of crystallisation is remote. |
25. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( | ) | ( | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan to the director is unsecured and interest free. |
J T W METALS LIMITED (REGISTERED NUMBER: 07069990) |
TRADING AS WATTONS METALS |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
26. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £1,000 (2023: £2,000) were paid to the director. |
Under FRS 102, the company has taken advantage of the exemption provided by section 33.1A not to disclose the related party transactions with fellow wholly owned subsidiaries within the group. |
The company pays rent for land and buildings of £31,800 (2023 - £31,800) to its director. |
27. | ULTIMATE CONTROLLING PARTY |
Mr. T. J. Watton owns a controlling interest in the parent company, JTM Midlands Limited, and is therefore the ultimate controlling party as at 30th April 2024 (2023 - controlling party Mr. T. J. Watton) |