41 4 December 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 54,585 54,585 10,950 10,950 xbrli:pure xbrli:shares iso4217:GBP NI001753 2023-08-01 2024-07-31 NI001753 2024-07-31 NI001753 2023-07-31 NI001753 2022-08-01 2023-07-31 NI001753 2023-07-31 NI001753 2022-07-31 NI001753 core:NetGoodwill 2023-08-01 2024-07-31 NI001753 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 NI001753 core:MotorVehicles 2023-08-01 2024-07-31 NI001753 bus:Director1 2023-08-01 2024-07-31 NI001753 bus:Director3 2023-08-01 2024-07-31 NI001753 core:NetGoodwill 2024-07-31 NI001753 core:LandBuildings 2023-07-31 NI001753 core:PlantMachinery 2023-07-31 NI001753 core:MotorVehicles 2023-07-31 NI001753 core:LandBuildings 2024-07-31 NI001753 core:PlantMachinery 2024-07-31 NI001753 core:MotorVehicles 2024-07-31 NI001753 core:LandBuildings 2023-08-01 2024-07-31 NI001753 core:PlantMachinery 2023-08-01 2024-07-31 NI001753 core:WithinOneYear 2024-07-31 NI001753 core:WithinOneYear 2023-07-31 NI001753 core:UKTax 2023-08-01 2024-07-31 NI001753 core:UKTax 2022-08-01 2023-07-31 NI001753 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 NI001753 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 NI001753 core:ShareCapital 2024-07-31 NI001753 core:ShareCapital 2023-07-31 NI001753 core:SharePremium 2024-07-31 NI001753 core:SharePremium 2023-07-31 NI001753 core:CapitalRedemptionReserve 2024-07-31 NI001753 core:CapitalRedemptionReserve 2023-07-31 NI001753 core:RetainedEarningsAccumulatedLosses 2024-07-31 NI001753 core:RetainedEarningsAccumulatedLosses 2023-07-31 NI001753 core:CostValuation core:Non-currentFinancialInstruments 2024-07-31 NI001753 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-07-31 NI001753 core:AcceleratedTaxDepreciationDeferredTax 2024-07-31 NI001753 core:AcceleratedTaxDepreciationDeferredTax 2023-07-31 NI001753 core:LandBuildings 2023-07-31 NI001753 core:PlantMachinery 2023-07-31 NI001753 core:MotorVehicles 2023-07-31 NI001753 bus:Director2 2023-08-01 2024-07-31 NI001753 bus:SmallEntities 2023-08-01 2024-07-31 NI001753 bus:Audited 2023-08-01 2024-07-31 NI001753 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI001753 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI001753 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: NI001753
FREDERICK JONES (BELFAST) LIMITED
FILLETED FINANCIAL STATEMENTS
31 July 2024
FREDERICK JONES (BELFAST) LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
8
5,266,702
5,196,190
CURRENT ASSETS
Stocks
10
713,318
692,556
Debtors
11
3,303,415
3,150,644
Cash at bank and in hand
2,835,850
2,546,599
------------
------------
6,852,583
6,389,799
CREDITORS: amounts falling due within one year
12
3,040,162
3,107,887
------------
------------
NET CURRENT ASSETS
3,812,421
3,281,912
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
9,079,123
8,478,102
PROVISIONS
Taxation including deferred tax
760,660
708,723
------------
------------
NET ASSETS
8,318,463
7,769,379
------------
------------
CAPITAL AND RESERVES
Called up share capital
13,600
13,600
Share premium account
49,700
49,700
Capital redemption reserve
9,996
9,996
Profit and loss account
8,245,167
7,696,083
------------
------------
SHAREHOLDERS FUNDS
8,318,463
7,769,379
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 4 December 2024 , and are signed on behalf of the board by:
Mrs K A Wilson
Mr F A Jones
Director
Director
Company registration number: NI001753
FREDERICK JONES (BELFAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 17/21 Napier Street, Belfast, BT12 5FE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
Covid-19 Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that, while significant, they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. The directors have considered the adequacy of working capital facilities available to the company, and have prepared budgets and cashflow statements and management accounts post year end, and are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis. The impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in future financial statements, but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects the period. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are described below. (i) Provision for doubtful debts The company makes an estimate of the recoverable value of debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes will not be collected. The level of provision required is reviewed on an on-going basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
Plant and machinery
-
10%, 15% & 20% straight line
Motor vehicles
-
25% reducing balance
Investments in associates
Investments in subsidiaries are stated at cost less provision for any permanent diminution in value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants that relate to specific capital expenditure are treated as deferred income which is then credited to the profit and loss account over the related asset's estimated useful life.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Retirement benefits to employees in the company are provided by a defined contribution pension scheme, whereby the assets of the scheme are held separately from those of the company in an independently administered fund. The company contributions are accounted for by charging costs against profits as payments accrue.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
18
17
Distribution staff
9
9
Administrative staff
14
14
----
----
41
40
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,144,892
2,057,287
Other pension costs
275,597
30,237
------------
------------
2,420,489
2,087,524
------------
------------
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
461,581
390,196
Adjustments in respect of prior periods
( 9,881)
( 31)
---------
---------
Total current tax
451,700
390,165
---------
---------
Deferred tax:
Origination and reversal of timing differences
51,937
173,884
---------
---------
Tax on profit
503,637
564,049
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,018,721
2,100,431
------------
------------
Profit on ordinary activities by rate of tax
504,680
399,088
Adjustment to tax charge in respect of prior periods
( 9,881)
( 31)
Effect of expenses not deductible for tax purposes
( 1,174)
33,586
Effect of different UK tax rates on some earnings
51,937
173,884
Effect of capital allowances and depreciation
(41,925)
(42,478)
------------
------------
Tax on profit
503,637
564,049
------------
------------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on ordinary shares
966,000
382,000
---------
---------
7. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
54,585
--------
Amortisation
At 1 August 2023 and 31 July 2024
54,585
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
In 2005 the company purchased the Building Division of Bradley Thallon Limited giving rise to goodwill of £54,585, which has been fully amortised to the profit and loss account.
8. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
2,143,183
5,215,370
658,984
8,017,537
Additions
7,162
297,465
226,190
530,817
Disposals
( 24,106)
( 142,890)
( 166,996)
------------
------------
---------
------------
At 31 July 2024
2,150,345
5,488,729
742,284
8,381,358
------------
------------
---------
------------
Depreciation
At 1 August 2023
623,561
1,885,635
312,151
2,821,347
Charge for the year
18,192
301,656
119,315
439,163
Disposals
( 24,106)
( 121,748)
( 145,854)
------------
------------
---------
------------
At 31 July 2024
641,753
2,163,185
309,718
3,114,656
------------
------------
---------
------------
Carrying amount
At 31 July 2024
1,508,592
3,325,544
432,566
5,266,702
------------
------------
---------
------------
At 31 July 2023
1,519,622
3,329,735
346,833
5,196,190
------------
------------
---------
------------
9. Investments
Shares in group undertakings
£
Cost
At 1 August 2023 and 31 July 2024
10,950
--------
Impairment
At 1 August 2023 and 31 July 2024
10,950
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
On 21 March 2003 the company purchased the entire issued share capital of FP&T Property Company Limited, a company incorporated in Northern Ireland.
The company issued 3,600 'B' Ordinary shares of Frederick Jones (Belfast) Limited as consideration for the share capital in FP&T Property Company Limited. The principal activities of FP&T Property Company Limited were property ownership and management but the company has ceased trading post acquisition by Frederick Jones (Belfast) Limited and has become a dormant company from 22 March 2003.
At 31 July 2024 the Balance Sheet of F P & T Property Company Limited reports Net Assets of £600 (2023: £600).
10. Stocks
2024
2023
£
£
Raw materials and consumables
178,732
162,654
Work in progress
13,890
14,850
Finished goods and goods for resale
520,696
515,052
---------
---------
713,318
692,556
---------
---------
11. Debtors
2024
2023
£
£
Trade debtors
3,189,368
3,012,271
Other debtors
114,047
138,373
------------
------------
3,303,415
3,150,644
------------
------------
12. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,425
Trade creditors
2,105,919
1,834,117
Amounts owed to group undertakings and undertakings in which the company has a participating interest
601
601
Corporation tax
247,153
390,196
Social security and other taxes
284,770
292,241
Other creditors
165,950
Other creditors
401,719
414,357
------------
------------
3,040,162
3,107,887
------------
------------
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
760,660
708,723
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
760,660
708,723
---------
---------
14. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 275,597 (2023: £ 30,237 ).
15. Summary audit opinion
The auditor's report dated 4 December 2024 was unqualified .
The senior statutory auditor was Michael Flannigan , for and on behalf of FEB Chartered Accountants .
16. Related party transactions
No individual shareholder, acting on their own behalf, can exercise control over the affairs of Frederick Jones (Belfast) Limited. Mrs Karen Wilson is a director of Frederick Jones (Belfast) Limited. Mrs Wilson's spouse is a director of Metal Technology Limited. During the year, the company made sales to Metal Technology Limited totalling £165,616 (2023:£130,509). The balance owed by Metal Technology Limited to the company at the balance sheet date was £66,197 (2023:£34,308). During the year, the company made purchases from Metal Technology Limited totalling £Nil (2023: £Nil). The balance owed to Metal Technology Limited by the company at the balance sheet date was £Nil (2023: £Nil). Mr Paul Jones is a director of Frederick Jones (Belfast) Limited. Mr Jones' father-in-law is proprietor of S G Jones. During the year, the company made sales to S G Jones totalling £286 (2023: £Nil). The balance owed by S G Jones to the company at the balance sheet date was £Nil (2023: £Nil).During the year, the company made purchases from S G Jones totalling £2,615 (2023: £1,388). The balance owed to S G Jones by the company at the balance sheet date was £Nil (2023:£Nil). All of the above transactions were conducted on an arms length basis.