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REGISTERED NUMBER: 07069990 (England and Wales)





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:

T J Watton





REGISTERED OFFICE:

Ground Floor


Custom House


Waterfront East


Brierley Hill


West Midlands


DY5 1XH





REGISTERED NUMBER:

07069990 (England and Wales)





AUDITORS:

Poole Waterfield Limited (Statutory Auditor)


Ground Floor


Custom House


Waterfront East


Brierley Hill


West Midlands


DY5 1XH





BANKERS:

Barclays Bank


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:






T J Watton - Director



7 February 2025


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 £5 per share on the Ordinary £1 shares was paid on 1 March 2024.  The director recommends that no final dividend be paid on these shares.


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 £ 1,000 .


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:






T J Watton - Director



7 February 2025


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.





Mrs Helen Clare Gibbens FCCA (Senior Statutory Auditor)

for and on behalf of Poole Waterfield Limited (Statutory Auditor)

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH


10 February 2025


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

21,873,598


20,951,127




Cost of sales

16,610,233


16,665,228



GROSS PROFIT

5,263,365


4,285,899




Administrative expenses

4,570,339


4,059,053



693,026


226,846




Other operating income

38,178


9,847



OPERATING PROFIT

4

731,204


236,693




Interest receivable and similar income

1


5



731,205


236,698




Interest payable and similar expenses

5

95,688


46,581



PROFIT BEFORE TAXATION

635,517


190,117




Tax on profit

6

175,843


110,925



PROFIT FOR THE FINANCIAL YEAR

459,674


79,192




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

459,674


79,192





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

459,674


79,192




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

42,700


80,000



Tangible assets

10

2,496,540


2,655,118



Investment property

11

360,000


360,000



2,899,240


3,095,118




CURRENT ASSETS

Stocks

12

839,716


924,835



Debtors

13

5,282,683


4,644,737



Cash at bank

1,554,051


1,782,672



7,676,450


7,352,244



CREDITORS

Amounts falling due within one year

14

2,714,760


2,892,420



NET CURRENT ASSETS

4,961,690


4,459,824



TOTAL ASSETS LESS CURRENT

LIABILITIES

7,860,930


7,554,942




CREDITORS

Amounts falling due after more than one

year

15

(701,309

)

(941,289

)



PROVISIONS FOR LIABILITIES

20

(569,377

)

(482,083

)


NET ASSETS

6,590,244


6,131,570




CAPITAL AND RESERVES

Called up share capital

21

250,200


250,200



Retained earnings

22

6,340,044


5,881,370



SHAREHOLDERS' FUNDS

6,590,244


6,131,570




The financial statements were approved by the director and authorised for issue on 7 February 2025 and were signed by:




T J Watton - Director



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

250,200


5,804,178


6,054,378




Changes in equity

Dividends

-


(2,000

)

(2,000

)


Total comprehensive income

-


79,192


79,192



Balance at 30 April 2023

250,200


5,881,370


6,131,570




Changes in equity

Dividends

-


(1,000

)

(1,000

)


Total comprehensive income

-


459,674


459,674



Balance at 30 April 2024

250,200


6,340,044


6,590,244




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

658,519


723,184



Interest paid

(40,550

)

(12,961

)


Interest element of hire purchase payments

paid

(55,138

)

(34,271

)


Tax paid

84,057


(757,353

)


Net cash from operating activities

646,888


(81,401

)



Cash flows from investing activities

Purchase of intangible fixed assets

(3,000

)

-



Purchase of tangible fixed assets

(256,555

)

(1,029,052

)


Sale of tangible fixed assets

25,300


16,400



Interest received

1


5



Net cash from investing activities

(234,254

)

(1,012,647

)



Cash flows from financing activities

Capital repayments in year

(339,353

)

115,989



Amount introduced by directors

9,255


45,033



Amount withdrawn by directors

(310,157

)

(236,056

)


Equity dividends paid

(1,000

)

(2,000

)


Net cash from financing activities

(641,255

)

(77,034

)



Decrease in cash and cash equivalents

(228,621

)

(1,171,082

)


Cash and cash equivalents at beginning

of year

2

1,782,672


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

635,517


190,117




Depreciation charges

434,604


399,529




(Profit)/loss on disposal of fixed assets

(4,472

)

6,617




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

85,119


(201,718

)



(Increase)/decrease in trade and other debtors

(471,082

)

434,532




Decrease in trade and other creditors

(116,854

)

(116,344

)



Cash generated from operations

658,519


723,184




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


(228,621

)

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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



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


Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of fifteen years.  



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.


Computer software is being amortised evenly over its estimated useful life of ten years.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Improvements to property

-

10% on cost


Plant and machinery

-

10% on reducing balance


Fixtures and fittings

-

15% on reducing balance


Motor vehicles

-

20% on reducing balance



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

1,615,402


1,284,171




Social security costs

168,065


131,502




Other pension costs

152,505


104,784



1,935,972


1,520,457





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



46


44





30.4.24


30.4.23


as restated


£   

£   



Director's remuneration

48,289


42,385




Director's pension contributions to money purchase schemes  

61,663


39,996





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

144,728


148,165




Depreciation - assets on hire purchase contracts

249,577


226,961




(Profit)/loss on disposal of fixed assets

(4,472

)

6,617




Goodwill amortisation

40,000


40,000




Computer software amortisation

300


-




Operating lease charges  

156,425


150,752




Auditors' remuneration  

15,000


15,000




Customer bad debt  

-


287,789




Gain in revaluation of investment properties  

-


(36,125

)



5.

INTEREST PAYABLE AND SIMILAR EXPENSES



30.4.24


30.4.23


as restated


£   

£   



Mortgage interest

19,416


392




Loan

21,134


11,918




Hire purchase

55,138


34,271



95,688


46,581




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

88,566


-




Under/over provision in prior


year

(17

)

6,223




Total current tax

88,549


6,223





Deferred tax

87,294


104,702




Tax on profit

175,843


110,925




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

635,517


190,117




Profit multiplied by the standard rate of corporation tax in the UK of

25% (2023 - 24.527%)  

158,879


46,630





Effects of:


Expenses not deductible for tax purposes

1,843


3,613




Income not taxable for tax purposes

(1,118

)

-




Capital allowances in excess of depreciation

-


(169,577

)



Depreciation in excess of capital allowances

41,192


-




Utilisation of tax losses

(112,230

)

(2,258

)



Adjustments to tax charge in respect of previous periods

(17

)

6,223




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

1,000


2,000




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

600,000


-


600,000




Additions

-


3,000


3,000




At 30 April 2024

600,000


3,000


603,000




AMORTISATION


At 1 May 2023

520,000


-


520,000




Amortisation for year

40,000


300


40,300




At 30 April 2024

560,000


300


560,300




NET BOOK VALUE


At 30 April 2024

40,000


2,700


42,700




At 30 April 2023

80,000


-


80,000




10.

TANGIBLE FIXED ASSETS


Improvements


Fixtures



to


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 May 2023

261,552


2,436,880


95,226


1,313,033


4,106,691




Additions

-


46,253


14,007


196,295


256,555




Disposals

-


(9,300

)

-


(50,644

)

(59,944

)



At 30 April 2024

261,552


2,473,833


109,233


1,458,684


4,303,302




DEPRECIATION


At 1 May 2023

126,776


680,085


47,519


597,193


1,451,573




Charge for year

26,155


179,983


9,257


178,910


394,305




Eliminated on disposal

-


(6,057

)

-


(33,059

)

(39,116

)



At 30 April 2024

152,931


854,011


56,776


743,044


1,806,762




NET BOOK VALUE


At 30 April 2024

108,621


1,619,822


52,457


715,640


2,496,540




At 30 April 2023

134,776


1,756,795


47,707


715,840


2,655,118




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

1,359,557


1,064,394


2,423,951




Additions

-


146,895


146,895




At 30 April 2024

1,359,557


1,211,289


2,570,846




DEPRECIATION


At 1 May 2023

302,615


491,880


794,495




Charge for year

105,695


143,882


249,577




At 30 April 2024

408,310


635,762


1,044,072




NET BOOK VALUE


At 30 April 2024

951,247


575,527


1,526,774




At 30 April 2023

1,056,942


572,514


1,629,456




11.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 May 2023


and 30 April 2024

360,000




NET BOOK VALUE


At 30 April 2024

360,000




At 30 April 2023

360,000





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

839,716


924,835




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.4.24


30.4.23


as restated


£   

£   



Trade debtors

2,286,405


1,994,312




Other debtors

278,575


408,668




Amounts owed by fellow


group members

1,345,821


1,244,683




Director's loan account

1,211,519


910,617




Prepayments

160,363


86,457



5,282,683


4,644,737




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)

85,739


80,920




Hire purchase contracts  (see note 17)

288,942


393,133




Trade creditors

1,555,148


1,971,388




Tax

38,566


-




Social security and other taxes

27,890


37,331




VAT

111,930


47,736




Other creditors

-


3,501




Accrued expenses

606,545


358,411



2,714,760


2,892,420




15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR



30.4.24


30.4.23


as restated


£   

£   



Bank loans (see note 16)

150,416


210,386




Hire purchase contracts  (see note 17)

550,893


730,903



701,309


941,289




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

85,739


80,920





Amounts falling due between one and two years:


Bank loans - 1-2 years

91,209


80,920





Amounts falling due between two and five years:


Bank loans - 2-5 years

37,298


102,968





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

288,942


393,133




Between one and five years

550,893


730,903



839,835


1,124,036





Non-cancellable

operating leases




30.4.24


30.4.23


as restated


£   

£   



Within one year

88,402


83,274




Between one and five years

118,498


206,378



206,900


289,652





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

236,155


291,306




Hire purchase contracts

839,835


1,124,036



1,075,990


1,415,342





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

429,806




Prior year adjustment

52,277




As restated

482,083




Charge to Income Statement during year

87,294




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


£   

£   



200

Ordinary

£1

200


200




250,000

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

5,881,370




Profit for the year

459,674




Dividends

(1,000

)



At 30 April 2024

6,340,044




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


£   

£   



T J Watton


Balance outstanding at start of year

910,617


719,594




Amounts advanced

310,157


238,056




Amounts repaid

(9,255

)

(47,033

)



Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

1,211,519


910,617




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)