Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-01falseNo description of principal activity4041truetruefalse 01308749 2023-04-01 2024-03-31 01308749 2022-04-01 2023-03-31 01308749 2024-03-31 01308749 2023-03-31 01308749 2022-04-01 01308749 1 2023-04-01 2024-03-31 01308749 d:Director2 2023-04-01 2024-03-31 01308749 c:MotorVehicles 2023-04-01 2024-03-31 01308749 c:MotorVehicles 2024-03-31 01308749 c:MotorVehicles 2023-03-31 01308749 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01308749 c:FurnitureFittings 2023-04-01 2024-03-31 01308749 c:FurnitureFittings 2024-03-31 01308749 c:FurnitureFittings 2023-03-31 01308749 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01308749 c:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01308749 c:OtherPropertyPlantEquipment 2024-03-31 01308749 c:OtherPropertyPlantEquipment 2023-03-31 01308749 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01308749 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01308749 c:CurrentFinancialInstruments 2024-03-31 01308749 c:CurrentFinancialInstruments 2023-03-31 01308749 c:Non-currentFinancialInstruments 2024-03-31 01308749 c:Non-currentFinancialInstruments 2023-03-31 01308749 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 01308749 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 01308749 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 01308749 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 01308749 c:ShareCapital 2024-03-31 01308749 c:ShareCapital 2023-03-31 01308749 c:ShareCapital 2022-04-01 01308749 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01308749 c:RetainedEarningsAccumulatedLosses 2024-03-31 01308749 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01308749 c:RetainedEarningsAccumulatedLosses 2023-03-31 01308749 c:RetainedEarningsAccumulatedLosses 2022-04-01 01308749 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01308749 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01308749 d:OrdinaryShareClass1 2023-04-01 2024-03-31 01308749 d:OrdinaryShareClass1 2024-03-31 01308749 d:OrdinaryShareClass1 2023-03-31 01308749 d:FRS102 2023-04-01 2024-03-31 01308749 d:Audited 2023-04-01 2024-03-31 01308749 d:FullAccounts 2023-04-01 2024-03-31 01308749 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01308749 c:WithinOneYear 2024-03-31 01308749 c:WithinOneYear 2023-03-31 01308749 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 01308749 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 01308749 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 01308749 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 01308749 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01308749 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01308749









JOFSON LIMITED









Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
JOFSON LIMITED
Registered number: 01308749

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,290,744
1,365,293

  
1,290,744
1,365,293

Current assets
  

Stocks
  
789,731
1,111,618

Debtors: amounts falling due within one year
 6 
2,127,888
2,226,695

Cash at bank and in hand
 7 
2,632,686
1,370,921

  
5,550,305
4,709,234

Creditors: amounts falling due within one year
 8 
(1,985,736)
(1,844,050)

Net current assets
  
 
 
3,564,569
 
 
2,865,184

Total assets less current liabilities
  
4,855,313
4,230,477

Creditors: amounts falling due after more than one year
 9 
(68,589)
(163,433)

Provisions for liabilities
  

Deferred tax
 11 
(285,000)
(310,000)

  
 
 
(285,000)
 
 
(310,000)

Net assets
  
4,501,724
3,757,044


Capital and reserves
  

Called up share capital 
 12 
10,000
10,000

Profit and loss account
  
4,491,724
3,747,044

  
4,501,724
3,757,044


Page 1

 
JOFSON LIMITED
Registered number: 01308749
    
Balance Sheet (continued)
As at 31 March 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




R H Martin
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
JOFSON LIMITED
 

Statement of Changes in Equity
For the Year Ended 31 March 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
10,000
2,873,316
2,883,316



Profit for the year
-
933,728
933,728

Dividends: Equity capital
-
(60,000)
(60,000)



At 1 April 2023
10,000
3,747,044
3,757,044



Profit for the year
-
804,680
804,680

Dividends: Equity capital
-
(60,000)
(60,000)


At 31 March 2024
10,000
4,491,724
4,501,724


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

Jofson Limited is a private company, limited by shares, incorporated in England, United Kingdom. The Company's registration number is 01308749. The registered office is Unit 8 Westgate Park Industrial Estate, Tintagel Way, Aldridge, West Midlands, WS9 8ER. The principal activity of the company continued to be that of the sale, hire and refurbishment of mechanical handling equipment.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the previously agreed upon payment. In respect of sales of forklift trucks this is typically at the point of acceptance of the truck by the customer, and in respect of part sales at the point when parts are supplied and delivered to the customer. Turnover from the hire of forklift trucks is recognised on a straight line basis over the period of hire.
Turnover is shown net of sales taxes and discounts.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of tangible fixed assets the cost of enhancements when such costs are expected to provide incremental future benefits to the company.
Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.

Page 5

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% on cost
Fixtures and fittings
-
10 - 50% on cost
Hire Trucks
-
20 - 50% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Proceeds and net book values of disposals of demo fleet are recognised within turnover and cost of sales respectively, in the Statement of Comprehensive Income. Profits and losses on sales of other fixed assets are shown net within administrative expenses in the Statement of Comprehensive Income.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.12

Financial instruments

The company only has basic financial instruments.

Page 6

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Stock Provision
Stock is stated net of provisions for slow moving and obsolete stock, the calculation of which includes judgements. The directors review these periodically to ensure slow moving and obsolete stock is identified and provisions are appropriately calculated.


4.


Employees

The average monthly number of employees, including directors, during the year was 40 (2023 - 41).

Page 7

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Hire Trucks
Total

£
£
£
£



Cost 


At 1 April 2023
747,402
538,316
1,536,124
2,821,842


Additions
261,153
5,492
277,072
543,717


Disposals
(89,380)
-
(221,520)
(310,900)



At 31 March 2024

919,175
543,808
1,591,676
3,054,659



Depreciation


At 1 April 2023
520,793
465,264
470,492
1,456,549


Charge for the year
151,251
27,812
360,526
539,589


Disposals
(85,005)
-
(147,218)
(232,223)



At 31 March 2024

587,039
493,076
683,800
1,763,915



Net book value



At 31 March 2024
332,136
50,732
907,876
1,290,744



At 31 March 2023
226,609
73,052
1,065,632
1,365,293

The net book value of tangible fixed assets includes an amount of £274,112 (2023 - £299,753) in respect of assets held under finance leases and hire purchase contracts.

Page 8

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

6.


Debtors

2024
2023
£
£


Trade debtors
992,904
1,051,961

Amounts owed by group undertakings
1,023,001
1,106,537

Other debtors
111,983
68,197

2,127,888
2,226,695



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,632,686
1,370,921



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
529,285
984,064

Corporation tax
149,292
207,500

Other taxation and social security
558,689
371,413

Obligations under finance lease and hire purchase contracts
99,764
55,064

Other creditors
648,706
226,009

1,985,736
1,844,050


The bank overdraft is secured by a legal charge over the freehold property held by Overdale Holdings Limited (Formerly Central Investments Limited), the parent company.
The obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 9

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
68,589
163,433


The obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
99,764
55,064

Between 1-5 years
68,589
163,433

168,353
218,497


11.


Deferred taxation




2024


£






At beginning of year
(310,000)


Credited to Statement of Comprehensive Income
25,000



At end of year
(285,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(285,000)
(310,000)

(285,000)
(310,000)

Page 10

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) ordinary  shares of £1.00 each
10,000
10,000



13.


Contingent liabilities

The company has guaranteed bank borrowings of its parent company. At the year end, the liabilities covered by this guarantee totalled £nil (2023 - £nil).
The company has agreed to repurchase at the option of the customer, lift trucks which have been sold subject to certain terms and conditions. At 31 March 2024, this commitment amounted to £2,740,438  (2023 - £2,661,568). These repurchases are not expected to result in a material loss for the company.


14.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company. Contributions totalling £11,771 (2023 - £9,190) were payable to the fund at the balance sheet date and are included in creditors.


15.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
10,917

-
10,917


16.


Related party transactions

The company has taken advantage of the exemption in paragraph 33.1A of Financial Reporting Standard 102, from the requirement to disclose transactions with wholly owned members of the group.
During the year, the company paid £58,038 (2023 - £32,750) as a rental charge for a trading property owned by a Self-Invested Personal Pension (SIPP) Scheme. Mrs R H Martin and Mr G R W Martin are the beneficiaries of this pension scheme. At the balance sheet date, the company owed £7,610 (2023 - £3,825) to the pension scheme.

Page 11

 
JOFSON LIMITED
 
 
 
Notes to the Financial Statements
For the Year Ended 31 March 2024

17.


Post balance sheet events

On 26 September 2024, as part of a capital reduction demerger transaction the company paid a dividend of £1.5m to its then parent company Overdale Holdings Limited (Formerly Central Investments Limited).
During October 2024, the company acquired 12.11% of the share capital of Mirage Operations Limited for £1m. 


18.


Controlling party

At 31 March 2024, the company was 100% owned by Oversale Holdings Limited (Formerly Central Investments Limited). The parent company's registered address was Unit 8 Westgate Park Industrial Estate, Tintagel Way, Aldridge, West Midlands, WS9 8ER. At the balance sheet date, the ultimate holding company was Jofson Investments Limited. Subsequently, following a capital reduction demerger transaction which completed on 26 September 2024, at the time of approval of these financial statements, the company is 100% owned by Jofson Holdings Limited by virtue of its direct shareholding in the company.


19.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 28 March 2025 by Stephen Newman (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.

 
Page 12