REGISTERED NUMBER: 02707551 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
FOR |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED |
REGISTERED NUMBER: 02707551 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
FOR |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 4 |
Report of the Directors | 5 | to | 6 |
Report of the Independent Auditors | 7 | to | 10 |
Consolidated Statement of Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 12 |
Company Statement of Financial Position | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 | to | 18 |
Notes to the Consolidated Financial Statements | 19 | to | 38 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
BANKERS: | National Westminster Bank Plc |
Market Street |
Longton |
Stoke-on-Trent |
ST3 2HW |
SOLICITORS: |
The Brampton |
Newcastle-under-Lyme |
Staffordshire |
ST5 0QW |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the period 1 October 2023 to 27 September 2024. |
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW |
The principal activity of the Group was that of sausage manufacturers, cooked meats wholesalers and cold storage services for the meat industry. |
The key financial and other performance indicators during the year were as follows: |
Period to | Year to |
27.9.24 | 30.9.23 |
£ | £ |
Turnover | 67,358 | 62,221 |
Operating profit | 4,042 | 3,985 |
Profit before tax | 3,913 | 3,840 |
Equity shareholders' funds | 26,895 | 23,753 |
Liquidity | 2.9 | 2.0 |
Financial review of James T Blakeman & Co Limited |
Turnover increased in the period. This was due to an increased volume of sales across the customer range. The Profit before tax increased from £2.67m to £3.00m as a result of the increased turnover to commercial customers. |
Financial review of James T Blakeman (Services) Limited |
Turnover increased in the year. This was as a result of increased business across the customer base. Gross profit margin slightly decreased from 14.5% to 13.8%, this was due to a slight increase in raw materials costs. The increase in energy costs of £160k, together with the reduction in margin resulted in the reduction in the profit before tax. |
The Directors and Executive Committee, comprising the senior management within the Group meet weekly and have continued to manage and monitor the financial performance of the business; and assess and manage the material risks faced by the business, ensuring effective risk management strategies are in place. |
The key areas of risk management and monitoring of financial performance have included: |
Monitoring of KPI's - Financial |
Monthly and weekly monitoring of financial performance by reference to key performance indicators regarding turnover, production efficiency measures, the management of overheads and cash flow management are in place. There have been no material financial risk issues arising during the year. |
Forecast |
Annual financial forecasts are prepared against which to measure the business' results. The business has continued to meet its key financial objectives and manage cash flow. Financial Forecasts for the year to 30 September 2026 have been prepared and reviewed by the Directors. These indicate that the business has the financial resources to continue to support trading operations. |
Purchasing Strategy |
The Business has appointed a new head of purchasing who is working with his team to continue to agree forward contracts with suppliers to secure the supply of pork materials used in product manufacture. At present the market is stable in terms of supplies and pricing. Blakeman Services is now purchasing it's own raw materials directly from suppliers (not via Manufacturing). |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Monitoring of KPI's - non-financial |
Quality standards |
The Company has a dedicated quality team who oversee all aspects of food production and ensure product quality is maintained. The Quality team's senior management are part of the Executive Committee. |
Employee Engagement |
The "BIG" group continues to meet regularly. This group includes representatives from all operating, administrative and leadership teams. It considers comments and suggestions from all staff to develop the business and enhance the quality of the experience for all staff working for the business. The business also undertakes an annual survey of all employees to receive feedback on their work experience and how this may be improved. |
Customers |
Our customers have remained very consistent throughout the period and our Customer Services team have remained in contact with them to ensure we are able to meet the growth in demand. |
Suppliers |
Our suppliers have also remained consistent in their supply of meat and related products to enable production volumes to be achieved to meet demand. |
Future Developments - Investment in the business |
Services have implemented a significant expansion in the production plant to increase the product manufacturing capacity and efficiency. This has enabled the business to produce its own products and focus its production planning to meet expanding customer demand. |
Manufacturing is seeing the benefits of the return on the investment in the automated frozen packing line and the extension of the production capacity of the factory completed in recent years. We are continuing to invest in plant and machinery to sustain and build production efficiencies and capacity. Going forward there will be challenges, but our teams are focused on continuing to grow the business in all areas of foodservice. |
SECTION 172 STATEMENT - DIRECTORS DUTIES |
As required by Section 172 of the Companies Act, a director of a company must act in a way he or she considers, in good faith, would likely promote the success of the company for the benefit of the shareholders. |
In doing so, the director must have regard, amongst other matters, to the following issues: |
- the likely consequences of any decisions in the long term; |
- the interests of the company's employees; |
- the need to foster the company's business relationships with suppliers/customers and others; |
- the impact of the company's operations on the community and environment; |
- the company's reputation for high standards of business conduct; and |
- the need to act fairly between members of the company |
In their decision making, the Directors have had regard to the best interests of the business, the Group, and its wider stakeholders. This is evidenced in the following ways: |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Stakeholder interest |
The interests of the Group's key stakeholders have been supported in the following ways: |
- to support the Group's financiers, detailed financial information regarding the performance of the Group has been provided on a monthly basis; |
- to support food health and safety regulators, all food audits have been completed successfully by the provision of information remotely and meeting with food regulators via zoom meeting. |
Culture |
The Directors have continued to invest in staff welfare and well-being: |
- Undertaking a staff engagement survey to ensure staff opinions and views are heard and considered. |
- Operation of a Blakeman Improvement Group, made up entirely of staff members, to discuss issues raised by staff and make presentations to the Directors. |
- Maintaining the award of Christmas financial bonuses to recognise the contribution made by all staff in challenging times. |
ON BEHALF OF THE BOARD: |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the period 1 October 2023 to 27 September 2024. |
DIVIDENDS |
Particulars of recommended dividends are detailed in the notes to the financial statements. |
RESEARCH AND DEVELOPMENT |
Research and development expenditure is written off in the year in which it is incurred. |
FUTURE DEVELOPMENTS |
The likely future developments of the business are included in the strategic report. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
P J Blakeman |
S Cope |
Other changes in directors holding office are as follows: |
S Collinge - appointed on 24 June 2024 |
K Moller - appointed on 24 June 2024 |
EMPLOYMENT OF DISABLED PERSONS |
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate. |
EMPLOYEE INVOLVEMENT |
The group is committed to good communication with its employees. Regular meetings are held between management and employees to allow a free flow of information and ideas. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 including details of future developments of the group. |
The strategic report can be found on page 2 of these financial statements. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (the 'parent company') and its subsidiaries (the 'group') for the period ended 27 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 27 September 2024 and of the group's profit for the period 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 group 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 group's and the parent 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 Group 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T BLAKEMAN & CO (HOLDINGS) 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 Group 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 Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T BLAKEMAN & CO (HOLDINGS) 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit |
evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of |
irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to; |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
Audit response to risks identified |
As a result of performing the above, we identified Food Safety and Health and Safety compliance risk as key audit matters related to the potential risk of fraud or irregularities. Our procedures to respond to risks identified included the following: |
- reviewing any audits completed by regulatory bodies in the year and the outcomes of these to ensure no breach of laws and regulations; |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
Notes | £ | £ |
TURNOVER | 3 | 67,358,533 | 62,220,791 |
Cost of sales | (55,105,694 | ) | (51,196,781 | ) |
GROSS PROFIT | 12,252,839 | 11,024,010 |
Distribution costs | (1,524,506 | ) | (1,526,017 | ) |
Administrative expenses | (6,685,835 | ) | (5,513,178 | ) |
OPERATING PROFIT | 6 | 4,042,498 | 3,984,815 |
Interest receivable and similar income | 8 | 28,810 | 27,557 |
4,071,308 | 4,012,372 |
Interest payable and similar expenses | 9 | (157,986 | ) | (172,751 | ) |
PROFIT BEFORE TAXATION | 3,913,322 | 3,839,621 |
Tax on profit | 10 | (978,907 | ) | (794,161 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
27 SEPTEMBER 2024 |
27.9.24 | 30.9.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 | 19,444,902 | 18,387,880 |
Investments | 14 | - | - |
Investment property | 15 | - | - |
19,444,902 | 18,387,880 |
CURRENT ASSETS |
Stocks | 16 | 4,528,556 | 6,375,521 |
Debtors | 17 | 11,371,272 | 9,878,569 |
Cash at bank and in hand | 1,530,560 | 1,535,197 |
17,430,388 | 17,789,287 |
CREDITORS |
Amounts falling due within one year | 18 | (5,947,005 | ) | (8,974,633 | ) |
NET CURRENT ASSETS | 11,483,383 | 8,814,654 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
30,928,285 |
27,202,534 |
CREDITORS |
Amounts falling due after more than one year |
19 |
(1,912,369 |
) |
(1,580,043 |
) |
PROVISIONS FOR LIABILITIES | 22 | (2,120,557 | ) | (1,869,847 | ) |
NET ASSETS | 26,895,359 | 23,752,644 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 600 | 600 |
Non-distributable reserve | 24 | 2,136,239 | 1,901,539 |
Retained earnings | 24 | 24,758,520 | 21,850,505 |
SHAREHOLDERS' FUNDS | 26,895,359 | 23,752,644 |
The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by: |
P J Blakeman - Director |
S Cope - Director |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
COMPANY STATEMENT OF FINANCIAL POSITION |
27 SEPTEMBER 2024 |
27.9.24 | 30.9.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 18 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
19 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Non-distributable reserve | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,465,352 | 2,412,591 |
The financial statements were approved by the Board of Directors and authorised for issue on |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Called up |
share | Retained | Non-distributable | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 | 600 | 22,135,187 | - | 22,135,787 |
Changes in equity |
Revaluation in the year | - | - | 1,901,539 | 1,901,539 |
Dividends | - | (3,330,142 | ) | - | (3,330,142 | ) |
Total comprehensive income | - | 3,045,460 | - | 3,045,460 |
Balance at 30 September 2023 | 600 | 21,850,505 | 1,901,539 | 23,752,644 |
Changes in equity |
Revaluation in the year | - | - | 234,700 | 234,700 |
Dividends | - | (26,400 | ) | - | (26,400 | ) |
Total comprehensive income | - | 2,934,415 | - | 2,934,415 |
Balance at 27 September 2024 | 600 | 24,758,520 | 2,136,239 | 26,895,359 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Called up |
share | Retained | Non-distributable | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Revaluation in the year | - | 84,437 | (84,437 | ) | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Revaluation in the year | - | (234,700 | ) | 234,700 | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 27 September 2024 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,844,643 | 2,798,010 |
Interest paid | (144,437 | ) | (166,709 | ) |
Interest element of hire purchase payments paid |
(13,549 |
) |
(6,042 |
) |
Interest received | 28,810 | 27,557 |
Tax paid | (772,813 | ) | (481,580 | ) |
Net cash from operating activities | 4,942,654 | 2,171,236 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,926,682 | ) | (3,106,297 | ) |
Sale of tangible fixed assets | 18,500 | 123,457 |
Net cash from investing activities | (1,908,182 | ) | (2,982,840 | ) |
Cash flows from financing activities |
Loan repayments in year | (623,521 | ) | (384,545 | ) |
Payments of finance leases | (58,847 | ) | (115,058 | ) |
Amount introduced by directors | - | 2,647,969 |
Amount withdrawn by directors | (2,330,341 | ) | - |
Equity dividends paid | (26,400 | ) | (3,330,142 | ) |
Net cash from financing activities | (3,039,109 | ) | (1,181,776 | ) |
Decrease in cash and cash equivalents | (4,637 | ) | (1,993,380 | ) |
Cash and cash equivalents at beginning of period |
2 |
1,535,197 |
3,528,577 |
Cash and cash equivalents at end of period |
2 |
1,530,560 |
1,535,197 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL PERIOD TO CASH GENERATED FROM OPERATIONS |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Profit for the financial period | 2,934,415 | 3,045,460 |
Depreciation charges | 1,064,514 | 881,973 |
Loss/(profit) on disposal of fixed assets | 21,345 | (46,286 | ) |
Accrued expenses/(income) | (176,451 | ) | 148,651 |
Finance costs | 157,986 | 172,751 |
Finance income | (28,810 | ) | (27,557 | ) |
Taxation | 978,907 | 794,161 |
4,951,906 | 4,969,153 |
Decrease/(increase) in stocks | 1,846,965 | (2,652,254 | ) |
Increase in trade and other debtors | (185,103 | ) | (1,213,562 | ) |
(Decrease)/increase in trade and other creditors | (769,125 | ) | 1,694,673 |
Cash generated from operations | 5,844,643 | 2,798,010 |
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: |
Period ended 27 September 2024 |
27.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 1,530,560 | 1,535,197 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 1,535,197 | 3,528,577 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.10.23 | Cash flow | changes | At 27.9.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,535,197 | (4,637 | ) | 1,530,560 |
1,535,197 | (4,637 | ) | 1,530,560 |
Debt |
Finance leases | (125,285 | ) | 58,847 | - | (66,438 | ) |
Debts falling due |
within 1 year | (1,335,196 | ) | 623,521 | 437,498 | (274,177 | ) |
Debts falling due |
after 1 year | (918,342 | ) | - | (437,498 | ) | (1,355,840 | ) |
(2,378,823 | ) | 682,368 | - | (1,696,455 | ) |
Total | (843,626 | ) | 677,731 | - | (165,895 | ) |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED is a |
The principal activity of the company during the year was that of a holding company. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: |
(b) No cash flow statement has been presented for the company. |
(c) Disclosures in respect of financial instruments have not been presented. |
(e) No disclosure has been given for the aggregate remuneration of key management personnel. |
BASIS OF CONSOLIDATION |
The group financial statements consolidate the accounts of James T Blakeman & Co (Holdings) Limited and all its subsidiary undertakings made up to 30 September 2024. The group profit and loss accounts includes the results of all subsidiary undertakings for the period from the date of their acquisition and up to the date of disposal. |
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. |
Turnover and profits arising on trading between group companies are excluded. Where the group has an investment in an entity which is sufficient to give the group a participating interest, and over which it is in a position to exercise significant influence, the entity is treated as an associated undertaking and is accounted for using the equity method of accounting. The group's interests in joint ventures are accounted for using the gross equity method of accounting. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
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. |
Significant judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Interest on loans |
The directors have charged interest on the intercompany loans to the trading subsidiaries at an interest rate of 6.75%. The directors consider this to be a commercial rate of interest. |
Valuation of investment property |
As described in the notes to the financial statements, the directors believe, based on professional advice, the investment property to be stated at fair value as at 27 September 2024. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as described below. |
As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
REVENUE RECOGNITION |
Revenue is measured at the fair value of the consideration received or receivable for goods supplied and is net of returns, discounts and rebates. Revenue is recognised on despatch of the goods to the customer. The turnover shown in the Statement of Comprehensive Income is exclusive of Value Added Tax. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Long life assets | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
All fixed assets are initially recorded at cost. |
A full year's depreciation is charged in the year of purchase but no depreciation is charged in the year of disposal. |
Depreciation on freehold buildings is not provided as any uncharged depreciation for the year, and any accumulated uncharged depreciation, would be immaterial in aggregate as a result of the group's policy to maintain its properties in good condition, which substantially prolongs their useful economic life and the estimated high residual value of the properties. |
Tangible assets which are not depreciated are reviewed for impairment annually by the directors in accordance with Section 17 of FRS 102. |
The group's policy is to carry all assets at historical cost , except for freehold land and buildings which has been included in the statement of financial position at valuation. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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. |
TAXATION |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 or substantively enacted by the statement of financial position date. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
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 or substantively enacted by the period 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. |
RESEARCH AND DEVELOPMENT |
Research expenditure is written off in the period in which it is incurred. |
Development expenditure incurred is capitalised as an intangible asset only when all of the |
following criteria are met: |
- It is technically feasible to complete the intangible asset so that it will be available for use or sale; |
- There is the intention to complete the intangible asset and use or sell it; |
- There is the ability to use or sell the intangible asset; |
- The use or sale of the intangible asset will generate probable future economic benefits; |
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and |
- The expenditure attributable to the intangible asset during its development can be measured reliably. |
Expenditure that does not meet the above criteria is expensed as incurred. |
FINANCE LEASES AND HIRE PURCHASE CONTRACTS |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
DEFINED CONTRIBUTION PLANS |
The group operates a defined contribution plan for its employees. The pension costs charged in the financial statements represent the contribution payable by the group during the year. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
EMPLOYEE BENEFITS |
The group provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred. |
INVESTMENTS |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
INVESTMENT PROPERTY |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
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 cashgenerating 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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Sale of goods | 67,358,533 | 62,220,791 |
67,358,533 | 62,220,791 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
United Kingdom | 67,358,533 | 62,220,791 |
67,358,533 | 62,220,791 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Wages and salaries | 10,276,115 | 9,629,585 |
Social security costs | 973,667 | 842,767 |
Other pension costs | 288,081 | 269,215 |
11,537,863 | 10,741,567 |
The average number of employees during the period was as follows: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
Directors | 4 | 3 |
Other operatives | 261 | 264 |
Office | 21 | 21 |
5. | DIRECTORS' EMOLUMENTS |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration | 947,317 | 501,657 |
Directors' pension contributions to money purchase schemes | 10,960 | 11,229 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
5. | DIRECTORS' EMOLUMENTS - continued |
Information regarding the highest paid director is as follows: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Emoluments etc | 476,008 | 251,024 |
Pension contributions to money purchase schemes | 5,480 | 5,614 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Other operating leases | 329,789 | 270,278 |
Depreciation - owned assets | 1,064,515 | 881,973 |
Loss/(profit) on disposal of fixed assets | 21,345 | (46,286 | ) |
Operating lease costs - Plant and machinery | 143,465 | 155,182 |
7. | AUDITORS' REMUNERATION |
The audit fee payable to the company's auditors for the audit of the group's financial statements is £50,000 (2023: £38,500). |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Bank interest receivable | 28,810 | 3,714 |
Interest on early payment of taxation | - | 23,843 |
28,810 | 27,557 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Bank loan interest | 139,437 | 132,273 |
Dividends paid on shares |
classed as debt | 5,000 | 27,187 |
Other interest payable | - | 7,249 |
Hire purchase interest | 13,549 | 6,042 |
157,986 | 172,751 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Current tax: |
UK corporation tax | 728,197 | 370,396 |
Deferred tax | 250,710 | 423,765 |
Tax on profit | 978,907 | 794,161 |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Profit before tax | 3,913,322 | 3,839,621 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
978,331 |
959,905 |
Effects of: |
Expenses not deductible for tax purposes | 7,565 | 22,554 |
Capital allowances in excess of depreciation | (6,989 | ) | (137,948 | ) |
chargeable |
Change in the rate of taxation | - | (50,350 | ) |
Total tax charge | 978,907 | 794,161 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
11. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
12. | DIVIDENDS |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Ordinary A shares of £1 each |
Equity dividends paid | - | 1,121,776 |
Ordinary B shares of £1 each |
Equity dividends paid | 26,400 | 1,936,706 |
Ordinary C shares of £1 each |
Equity dividends paid | - | 271,660 |
26,400 | 3,330,142 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long life | Plant and |
property | assets | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 | 10,000,000 | 579,250 | 14,850,298 |
Additions | 15,300 | - | 1,846,479 |
Disposals | - | - | (76,500 | ) |
Revaluations | 234,700 | - | - |
At 27 September 2024 | 10,250,000 | 579,250 | 16,620,277 |
DEPRECIATION |
At 1 October 2023 | - | 409,694 | 7,174,065 |
Charge for period | - | 23,170 | 922,294 |
Eliminated on disposal | - | - | (36,655 | ) |
At 27 September 2024 | - | 432,864 | 8,059,704 |
NET BOOK VALUE |
At 27 September 2024 | 10,250,000 | 146,386 | 8,560,573 |
At 30 September 2023 | 10,000,000 | 169,556 | 7,676,233 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 | 985,540 | 625,015 | 562,141 | 27,602,244 |
Additions | 63,372 | - | 1,531 | 1,926,682 |
Disposals | - | - | - | (76,500 | ) |
Revaluations | - | - | - | 234,700 |
At 27 September 2024 | 1,048,912 | 625,015 | 563,672 | 29,687,126 |
DEPRECIATION |
At 1 October 2023 | 747,606 | 370,671 | 512,328 | 9,214,364 |
Charge for period | 45,196 | 63,585 | 10,270 | 1,064,515 |
Eliminated on disposal | - | - | - | (36,655 | ) |
At 27 September 2024 | 792,802 | 434,256 | 522,598 | 10,242,224 |
NET BOOK VALUE |
At 27 September 2024 | 256,110 | 190,759 | 41,074 | 19,444,902 |
At 30 September 2023 | 237,934 | 254,344 | 49,813 | 18,387,880 |
The freehold property was valued in February 2025 by Lowe & Elliott Chartered Surveyors. The directors are of the opinion that the valuation represents the fair value at 27 September 2024. |
Finance leases and hire purchase contracts |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: |
Group | 27.9.24 | 30.09.23 |
£ | £ |
Plant and machinery | 201,293 | 223,659 |
Motor vehicles | - | - |
201,293 | 223,659 |
Cost or valuation at 27 September 2024 is represented by: |
Freehold | Long life | Plant and |
property | assets | machinery |
£ | £ | £ |
Valuation in 2023 | 1,901,538 | - | - |
Valuation in 2024 | 234,700 | - | - |
Cost | 8,113,762 | 579,250 | 16,620,277 |
10,250,000 | 579,250 | 16,620,277 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2023 | - | - | - | 1,901,538 |
Valuation in 2024 | - | - | - | 234,700 |
Cost | 1,048,912 | 625,015 | 563,672 | 27,550,888 |
1,048,912 | 625,015 | 563,672 | 29,687,126 |
If freehold properties had not been revalued it would have been included at the following historical cost: |
27.9.24 | 30.9.23 |
£ | £ |
Cost | 8,113,762 | 8,098,462 |
Company |
Plant and |
machinery |
£ |
COST |
At 1 October 2023 |
and 27 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for period |
At 27 September 2024 |
NET BOOK VALUE |
At 27 September 2024 |
At 30 September 2023 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 27 September 2024 |
NET BOOK VALUE |
At 27 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
SUBSIDIARIES |
Registered office: Millenium Way, High Carr Business Park, Newcastle, Staffordshire, ST5 7UF. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Millenium Way, High Carr Business Park, Newcastle, Staffordshire, ST5 7UF. |
Nature of business: |
% |
Class of shares: | holding |
15. | INVESTMENT PROPERTY |
Company |
Total |
£ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
Revaluations |
At 27 September 2024 |
NET BOOK VALUE |
At 27 September 2024 |
At 30 September 2023 |
The investment property was valued in February 2025 by Lowe & Elliott Chartered Surveyors. The directors are of the opinion that the valuation represents the fair value at 27 September 2024. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
15. | INVESTMENT PROPERTY - continued |
Company |
Cost or valuation at 27 September 2024 is represented by: |
£ |
Valuation in 2020 | 1,480,091 |
Valuation in 2022 | 505,884 |
Valuation in 2023 | (84,437 | ) |
Valuation in 2024 | 234,700 |
Cost | 8,113,762 |
10,250,000 |
If investment properties had not been revalued it would have been included at the following historical cost: |
27.9.24 | 30.9.23 |
£ | £ |
Cost | 8,113,762 | 8,098,462 |
16. | STOCKS |
Group |
27.9.24 | 30.9.23 |
£ | £ |
Raw materials | 1,866,041 | 2,936,379 |
Packaging | 156,136 | 92,361 |
Finished goods | 2,506,379 | 3,346,781 |
4,528,556 | 6,375,521 |
Impairment losses recognised or reversed in profit or loss in accordance with section 27 were £177,862 (2023: £53,242). |
17. | DEBTORS |
Group | Company |
27.9.24 | 30.9.23 | 27.9.24 | 30.9.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 8,140,369 | 7,697,288 |
Other debtors | 582,579 | 954,407 |
Directors' loan accounts | 1,307,600 | - | 1,307,600 | - |
VAT | 175,887 | 203,694 |
Prepayments and accrued income | 1,164,837 | 1,023,180 |
11,371,272 | 9,878,569 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
17. | DEBTORS - continued |
Group | Company |
27.9.24 | 30.9.23 | 27.9.24 | 30.9.23 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 11,371,272 | 9,878,569 |
Amounts owed by group undertakings are unsecured and are subject to interest at 6.75% per annum. |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
27.9.24 | 30.9.23 | 27.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 20) | 274,177 | 1,335,196 |
Hire purchase contracts (see note 21) | 66,438 | 68,995 |
Trade creditors | 4,356,053 | 5,057,274 |
Tax | 57,118 | 101,734 |
Social security and other taxes | 235,716 | 264,175 |
Other creditors | 136,231 | 126,795 |
Directors' loan accounts | - | 1,022,741 | - | 1,022,741 |
Accruals and deferred income | 821,272 | 997,723 |
5,947,005 | 8,974,633 |
The aggregate amounts of obligations under finance leases and hire purchase contracts due within one year that are secured is £66,438 (2023: £68,995). This creditor is secured on the assets to which they relate. |
The aggregate amounts of bank loans and overdrafts due within one year that are secured is £274,177 (2023: £1,335,196). This creditor is secured as detailed below. |
The bank loans are secured by a freehold first legal charge dated 29 April 2005 over the freehold property at High Carr Business Park, Newcastle. |
James T Blakeman & Co Limited has an unscheduled mortgage debenture dated 1 September 1992 which incorporates a fixed and floating charge over all current and future assets of that company, except the book debts, which are secured in favour of RBS Invoice Finance Limited under a debenture dated 21 May 2012. |
James T Blakeman (Services) Limited has a mortgage debenture dated 3 October 2000 with National Westminster Bank plc over all the current and future assets of that company, except the book debts, which are secured in favour of RBS Invoice Finance Limited under a debenture dated 16 May 2018. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
27.9.24 | 30.9.23 | 27.9.24 | 30.9.23 |
£ | £ | £ | £ |
Bank loans (see note 20) | 1,355,840 | 918,342 |
Hire purchase contracts (see note 21) | - | 56,290 |
Shares classed as financial |
liabilities | 500,000 | 500,000 | 500,000 | 500,000 |
Other loans | 56,529 | 105,411 | 56,529 | 105,411 |
1,912,369 | 1,580,043 |
The aggregate amounts of obligations under finance leases and hire purchase contracts due after one year that are secured is £nil (2023: £56,290). This creditor is secured on the assets to which they relate. |
The aggregate amounts of bank loans and overdrafts due after one year that are secured is £1,355,840 (2023: £918,342). This creditor is secured as detailed below. |
The company has three bank loans. The first is repayable over a period of 5 years by regular instalments and is accruing interest at a rate of 1.822% above the bank's base rate. |
The second is repayable over a period of 7 years by regular instalments and is accruing interest at a rate of 1.5% above the banks base rate. |
The third is repayable over a period of 10 years by regular instalments and is accruing interest at a rate of 1.5% above the banks base rate. |
The company also took out a Coronavirus Business Interruption Loan. The loan was taken in May 2020 with a repayment holiday of 12 months. The loan is repayable by May 2026. Loan interest for the first 12 months of the loan will be funded by the UK Government, thereafter the interest rate is 2.5% per annum and is payable by the company. The loan was repaid in full during the year. |
The aggregate amounts of other creditors due after one year that are secured is £56,529 (2023: £105,411). This creditor is secured by a debenture dated 1 September 1992. |
Included within creditors: amounts falling due after more than one year is an amount of £556,529 (2023: £605,411) for the group and for the company in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date. |
The shares classed as financial liabilities do not have a fixed date of redemption and therefore have been included in repayable in five years or more. |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
27.9.24 | 30.9.23 | 27.9.24 | 30.9.23 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 274,177 | 1,335,196 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 234,550 | 289,300 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 331,898 | 405,245 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans payable more than |
5 years by instalments | 789,392 | 223,797 | 789,392 | 223,797 |
789,392 | 223,797 | 789,392 | 223,797 |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
27.9.24 | 30.9.23 |
£ | £ |
Gross obligations repayable: |
Within one year | 67,507 | 72,396 |
Between one and five years | - | 57,359 |
67,507 | 129,755 |
Finance charges repayable: |
Within one year | 1,069 | 3,401 |
Between one and five years | - | 1,069 |
1,069 | 4,470 |
Net obligations repayable: |
Within one year | 66,438 | 68,995 |
Between one and five years | - | 56,290 |
66,438 | 125,285 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
21. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
27.9.24 | 30.9.23 |
£ | £ |
Within one year | 338,557 | 290,043 |
Between one and five years | 757,965 | 616,269 |
1,096,522 | 906,312 |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
27.9.24 | 30.9.23 | 27.9.24 | 30.9.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 2,120,557 | 1,869,847 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 1,869,847 |
Provided during period | 250,710 |
Balance at 27 September 2024 | 2,120,557 |
Company |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during period | ( |
) |
Balance at 27 September 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 27.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary A | £1 | 38 | 38 |
Ordinary B | £1 | 557 | 557 |
Ordinary C | £1 | 5 | 5 |
600 | 600 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
23. | CALLED UP SHARE CAPITAL - continued |
The Ordinary A, B and C shares rank pari passu in all respects but constitute separate classes of shares. The share classes have the right to varying dividends and distributions. |
Amounts presented in liabilities: |
Preference shares of £1 each of 500,000 (2023: 500,000) |
The preference shares have the following rights: |
- fixed cumulative preferential dividend at the annual rate of between 1% and 7.25% of the nominal value payable by 30 September of the relevant financial year; |
- in the event of a winding up, the preference shareholders shall be paid by the liquidator in priority to other claims or rights of shareholders in respect of share capital; |
- to receive notice of all general meetings but not a right to attend or vote; and |
- to request redemption of the preference shares under certain circumstances. |
24. | RESERVES |
Group |
Retained earnings - This reserve records retained earnings and accumulated losses. |
Non-distributable reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
Company |
Retained earnings - This reserve records retained earnings and accumulated losses. |
Non-distributable reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. |
25. | CAPITAL COMMITMENTS |
27.9.24 | 30.9.23 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 1,396,000 |
JAMES T BLAKEMAN & CO (HOLDINGS) LIMITED (REGISTERED NUMBER: 02707551) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 27 September 2024 and the year ended 30 September 2023: |
27.9.24 | 30.9.23 |
£ | £ |
P J Blakeman |
Balance outstanding at start of period | (638,039 | ) | 969,404 |
Amounts advanced | 1,600,738 | 329,263 |
Amounts repaid | (28,900 | ) | (1,936,706 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 933,799 | (638,039 | ) |
S Cope |
Balance outstanding at start of period | (384,693 | ) | 519,885 |
Amounts advanced | 761,002 | 217,198 |
Amounts repaid | (2,500 | ) | (1,121,776 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | 373,809 | (384,693 | ) |
J T Blakeman Deceased |
Balance outstanding at start of period | (8 | ) | 135,939 |
Amounts advanced | - | 168,336 |
Amounts repaid | - | (304,283 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | (8 | ) | (8 | ) |
The directors' loans were interest free and unsecured with no fixed repayment term. |
By virtue of the loan accounts, a liability to taxation exists under section 455 of CTA 2010 in the sum of £441,318 which will be repaid or discharged when the loans are repaid. It is anticipated that the loans will be repaid within nine months of the year end and, as such, no provision for the taxation has been made. |
27. | RELATED PARTY DISCLOSURES |
Details of the transactions between fellow group companies have not been disclosed in line with |
paragraph 33.1A of FRS102. |
28. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no material events after the reporting period and up to the date of approval of the financial statements by the Board. |
29. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is P J Blakeman by virtue of his majority shareholding in the company. |