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REGISTERED NUMBER: 01333801 (England and Wales)















J.A. Glover Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024






J.A. Glover Limited (Registered number: 01333801)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


J.A. Glover Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: P J Legge
S J Legge
R J Legge
M J Harrington



SECRETARY: M J Harrington



REGISTERED OFFICE: 5 London Road
Rainham
Gillingham
Kent
ME8 7RG



BUSINESS ADDRESS: Unit 2-3
Lordswood Industrial Estate
Revenge Road
Chatham
Kent
ME5 8UD



REGISTERED NUMBER: 01333801 (England and Wales)



SENIOR STATUTORY AUDITOR: Jonathan Spurling FCCA



AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

J.A. Glover Limited (Registered number: 01333801)

Strategic Report
for the Year Ended 30 June 2024

The directors present their report together with the audited financial statements for the year ended 30th June 2024.

REVIEW OF BUSINESS
The company has achieved a turnover for the year of £10.5m, down from £11.9m in the previous year.

The company continues to be well placed for the market in 2024 with slowing but sustained demand in the construction sector.

PRINCIPAL RISKS AND UNCERTAINTIES
The board have robust plans and procedures in place to mitigate risks and uncertainty prevalent in the company's operations and that of its customers and suppliers.

The Board closely monitors its future order book, cash management and resources to manage and achieve its operations effectively. Contract awards and sustained growth in all areas across all locations will place the company in a sound position for the future.

POST BALANCE SHEET EVENTS
There are no significant post balance sheet events.

KEY PERFORMANCE INDICATORS
The Board considers that, in view of the nature of the company's business and its management structure, analysis of KPIs are not necessary to enable evaluation of its performance.

GOING CONCERN
The Company is well placed for the future as substantial contracts have been awarded since the year-end and the Board believe with the future pipeline of contracts tendered and those in the market that this will continue for the foreseeable future, both the medium and long term. As such we have prepared the financial statements on the going concern basis.

ON BEHALF OF THE BOARD:





P J Legge - Director


28 March 2025

J.A. Glover Limited (Registered number: 01333801)

Report of the Directors
for the Year Ended 30 June 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturing, supplying and distributing circular ductwork and related products to the ventilation, heating and air-conditioning industry.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

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

P J Legge
S J Legge
R J Legge
M J Harrington

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

ON BEHALF OF THE BOARD:





P J Legge - Director


28 March 2025

Report of the Independent Auditors to the Members of
J.A. Glover Limited

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

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

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

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

Report of the Independent Auditors to the Members of
J.A. Glover Limited


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

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

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
J.A. Glover 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:

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:-
- The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the group through discussions with directors and other
management, and from our commercial knowledge and experience of the business sector;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the group, including the Companies Act 2006, taxation and legislation data
protection, anti-bribery, employment and health and safety legislation;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation; and
- Enquiring of management as to actual and potential litigation and claims.

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

Report of the Independent Auditors to the Members of
J.A. Glover Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathan Spurling FCCA (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

28 March 2025

J.A. Glover Limited (Registered number: 01333801)

Statement of Comprehensive
Income
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 10,527,351 11,986,946

Cost of sales 8,020,446 9,355,722
GROSS PROFIT 2,506,905 2,631,224

Administrative expenses 2,323,326 2,482,542
183,579 148,682

Other operating income 54,000 61,105
237,579 209,787


Interest payable and similar expenses 4 129,669 117,660
PROFIT BEFORE TAXATION 5 107,910 92,127

Tax on profit 6 31,477 -
PROFIT FOR THE FINANCIAL YEAR 76,433 92,127

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

76,433

92,127

J.A. Glover Limited (Registered number: 01333801)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 73,592 71,903
Tangible assets 8 185,082 210,986
258,674 282,889

CURRENT ASSETS
Inventories 9 2,701,242 2,852,623
Debtors 10 3,576,269 3,814,979
Cash at bank 93,432 55,312
6,370,943 6,722,914
CREDITORS
Amounts falling due within one year 11 5,218,264 5,586,536
NET CURRENT ASSETS 1,152,679 1,136,378
TOTAL ASSETS LESS CURRENT LIABILITIES 1,411,353 1,419,267

CREDITORS
Amounts falling due after more than one
year

12

83,525

167,872
NET ASSETS 1,327,828 1,251,395

CAPITAL AND RESERVES
Called up share capital 16 650,100 650,100
Retained earnings 677,728 601,295
SHAREHOLDERS' FUNDS 1,327,828 1,251,395

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





P J Legge - Director


J.A. Glover Limited (Registered number: 01333801)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 650,100 509,168 1,159,268

Changes in equity
Profit for the year - 92,127 92,127
Total comprehensive income - 92,127 92,127
Balance at 30 June 2023 650,100 601,295 1,251,395

Changes in equity
Profit for the year - 76,433 76,433
Total comprehensive income - 76,433 76,433
Balance at 30 June 2024 650,100 677,728 1,327,828

J.A. Glover Limited (Registered number: 01333801)

Statement of Cash Flows
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 278,483 55,832
Interest paid (125,279 ) (112,869 )
Interest element of hire purchase payments
paid

(4,390

)

(4,791

)
Tax paid (100 ) -
Net cash from operating activities 148,714 (61,828 )

Cash flows from investing activities
Purchase of intangible fixed assets (5,407 ) -
Purchase of tangible fixed assets (39,251 ) (55,277 )
Net cash from investing activities (44,658 ) (55,277 )

Cash flows from financing activities
Loan repayments in year (50,000 ) (50,000 )
New hire purchase contracts - 122,974
Hire purchase capital repayments (15,936 ) (15,376 )
Net cash from financing activities (65,936 ) 57,598

Increase/(decrease) in cash and cash equivalents 38,120 (59,507 )
Cash and cash equivalents at beginning of
year

2

55,312

114,819

Cash and cash equivalents at end of year 2 93,432 55,312

J.A. Glover Limited (Registered number: 01333801)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024

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

2024 2023
£    £   
Profit before taxation 107,910 92,127
Depreciation charges 45,112 58,209
Loss on disposal of fixed assets 23,761 -
Finance costs 129,669 117,660
306,452 267,996
Decrease in inventories 151,381 300,160
Decrease/(increase) in trade and other debtors 238,710 (1,372,043 )
(Decrease)/increase in trade and other creditors (418,060 ) 859,719
Cash generated from operations 278,483 55,832

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 93,432 55,312
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 55,312 114,819


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 55,312 38,120 93,432
55,312 38,120 93,432
Debt
Finance leases (107,598 ) 15,936 (91,662 )
Debts falling due within 1 year (50,000 ) - (50,000 )
Debts falling due after 1 year (100,000 ) 50,000 (50,000 )
(257,598 ) 65,936 (191,662 )
Total (202,286 ) 104,056 (98,230 )

J.A. Glover Limited (Registered number: 01333801)

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

1. STATUTORY INFORMATION

J.A. Glover 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 £.

Critical accounting judgements and key sources of estimation uncertainty
The directors are of the opinion that there are no such critical judgements.

Income recognition
Income represents net invoiced sales of components and manufactured goods, after discounts given, excluding value added tax. Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Inventories
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, using the average cost method, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.


J.A. Glover Limited (Registered number: 01333801)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 by the year end. 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.

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

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

Going concern
The Directors have prepared financial projections, taking into consideration the current economic conditions and have, at the time of approving these accounts, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the accounts.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,748,462 1,879,075
Social security costs 172,575 192,866
Other pension costs 45,185 50,682
1,966,222 2,122,623

The average number of employees during the year was as follows:
2024 2023

Production, sales and management 53 54

2024 2023
£    £   
Directors' remuneration - -

J.A. Glover Limited (Registered number: 01333801)

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

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 9,792 9,792
Discounting charges 115,487 103,077
Hire purchase 4,390 4,791
129,669 117,660

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 43,095 54,774
Depreciation - owned assets 41,394 53,662
Loss on disposal of fixed assets 23,761 -
Patents and licences amortisation 1,669 1,668
Computer software amortisation 2,049 2,879
Auditors' remuneration 5,000 5,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 31,477 -
Tax on profit 31,477 -

J.A. Glover Limited (Registered number: 01333801)

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

7. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 July 2023 16,688 99,200 115,888
Additions - 5,407 5,407
At 30 June 2024 16,688 104,607 121,295
AMORTISATION
At 1 July 2023 4,727 39,258 43,985
Amortisation for year 1,669 2,049 3,718
At 30 June 2024 6,396 41,307 47,703
NET BOOK VALUE
At 30 June 2024 10,292 63,300 73,592
At 30 June 2023 11,961 59,942 71,903

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 887,863 177,954 1,065,817
Additions 39,251 - 39,251
Disposals (25,609 ) (22,255 ) (47,864 )
At 30 June 2024 901,505 155,699 1,057,204
DEPRECIATION
At 1 July 2023 813,149 41,682 854,831
Charge for year 16,888 24,506 41,394
Eliminated on disposal (15,589 ) (8,514 ) (24,103 )
At 30 June 2024 814,448 57,674 872,122
NET BOOK VALUE
At 30 June 2024 87,057 98,025 185,082
At 30 June 2023 74,714 136,272 210,986

9. INVENTORIES
2024 2023
£    £   
Inventories 2,701,242 2,852,623

J.A. Glover Limited (Registered number: 01333801)

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

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,504,701 3,729,653
Other debtors 71,568 85,326
3,576,269 3,814,979

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 50,000 50,000
Hire purchase contracts (see note 14) 58,137 39,726
Trade creditors 2,389,947 2,660,937
Corporation tax 31,377 -
Social security and other taxes 683,998 756,436
Other creditors 2,004,805 2,079,437
5,218,264 5,586,536

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 50,000 100,000
Hire purchase contracts (see note 14) 33,525 67,872
83,525 167,872

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 50,000 50,000

Amounts falling due between one and two years:
Bank loans 50,000 50,000

Amounts falling due between two and five years:
Bank loans - 50,000

J.A. Glover Limited (Registered number: 01333801)

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

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 58,137 39,726
Between one and five years 33,525 67,872
91,662 107,598

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 91,662 107,598
Factoring Finance 1,820,965 1,796,205
1,912,627 1,903,803

The factoring finance is secured by a debenture which includes a fixed and floating charge over all assets.

Hire purchase agreements are secured against the relevant financed assets.

HSBC holds a charge of a legal assignment of contract monies of the company.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 "A" Ordinary £1 50,000 50,000
600,100 "B" Ordinary Non Voting £1 600,100 600,100
650,100 650,100

J.A. Glover Limited (Registered number: 01333801)

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

17. OTHER FINANCIAL COMMITMENTS

At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:


20242023
£ £

Within one year 412,543445,703
Between two and five years 1,471,5181,652,334
In over five years 38,110269,837

Total 1,922,1712,367,874




18. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent:

A director has provided a personal guarantee of up to £150,000 to the company's factors in the event of non-payment by the company of the liability due to them.

Other related parties

There is a potential liability under a cross guarantee with the bank of a related party should it be unable to pay its bank loans and overdraft.

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P J Legge.