REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
FOR |
JAMES T. BLAKEMAN (SERVICES) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
FOR |
JAMES T. BLAKEMAN (SERVICES) LIMITED |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Statement of Income and Retained Earnings | 10 |
Statement of Financial Position | 11 |
Notes to the Financial Statements | 12 | to | 23 |
JAMES T. BLAKEMAN (SERVICES) 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: |
Market Street |
Longton |
Stoke-on-Trent |
ST3 2HW |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
The directors present their strategic report for the period 1 October 2023 to 27 September 2024. |
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW |
The principal activity of the Company continues to be the production of cooked sausage and meat-based products for the catering and ready meal industry; and the provision of cooking services to other meat-based product manufacturers. |
The key financial and other performance indicators during the period were as follows: |
2024 | 2023 |
£ | £ |
Turnover | 22,661 | 20,007 |
Gross profit | 3,126 | 2,889 |
Profit before tax | 417 | 609 |
Equity shareholders' funds | 1,896 | 1,738 |
Current assets/ liabilities ratio | 2.24 | 2.03 |
Number of employees | 109 | 105 |
Turnover increased in the year by 13%. 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. |
Financial risk management objectives and policies |
The Directors and Executive Committee, comprising the senior management within the business 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 |
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. Financial Forecasts for the period up 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. |
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. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
Purchasing Strategy |
Blakeman Services is now purchasing it's own raw materials directly from suppliers (not from Manufacturing). 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. |
Investment in the business |
The business has 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 it's production planning to meet expanding customer demand. |
ON BEHALF OF THE BOARD: |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
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 for the period 1 October 2023 to 27 September 2024. |
DIVIDENDS |
Particulars of recommended dividends are detailed in note 11 to the financial statements. |
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. |
Other changes in directors holding office are as follows: |
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 the future developments of the company. |
The strategic report can be found on page 2 of these financial statements. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 company's auditors are aware of that information. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
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 (SERVICES) LIMITED |
Opinion |
We have audited the financial statements of JAMES T. BLAKEMAN (SERVICES) LIMITED (the 'company') for the period ended 27 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 27 September 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T. BLAKEMAN (SERVICES) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T. BLAKEMAN (SERVICES) 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: |
o | 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; |
o | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
o | 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; |
o | 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: |
o | reviewing any audits completed by regulatory bodies in the year and the outcomes of these to ensure that there have been no breach of laws and regulations; |
o | 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; |
o | enquiring of management concerning actual and potential litigation and claims; |
o | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
o | obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
o | 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JAMES T. BLAKEMAN (SERVICES) LIMITED |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. 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 company'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 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 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. |
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 (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
STATEMENT OF INCOME AND RETAINED EARNINGS |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income | 7 |
617,708 | 793,973 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 9 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
Retained earnings at beginning of period |
Dividends | 10 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF PERIOD |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
STATEMENT OF FINANCIAL POSITION |
27 SEPTEMBER 2024 |
27.9.24 | 30.9.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
JAMES T. BLAKEMAN (SERVICES) LIMITED is a |
The principal activity of the Company continues to be the production of cooked sausage and meat-based products for the catering and ready meal industry; and the provision of cooking services to other meat-based product manufacturers. |
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 entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of James T Blakeman & Co (Holdings) Limited, which can be obtained from Millennium Way, High Carr Business Park, Newcastle, Staffordshire, 5T5 7UF. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of 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. |
. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE 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: |
The directors have been charged interest on the intercompany loan from the parent company at an interest rate of 6.75%. The directors consider this to be a commercial rate of interest. |
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 profit and loss account is exclusive of Value Added Tax. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
A full year's depreciation is charged in the year of purchase but no depreciation is charged in the year of sale. |
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. |
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. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE 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. |
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 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. |
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. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
EMPLOYEE BENEFITS |
The company provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred |
DEFERRED GOVERNMENT GRANTS |
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. |
HIRE PURCHASE AND LEASING COMMITMENTS |
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. |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
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 company. |
An analysis of turnover by class of business is given below: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE 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 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
Production staff | 99 | 96 |
Administrative staff | 10 | 9 |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Directors' remuneration |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Other operating leases |
6. | 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). |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Bank interest receivable |
Other interest receivable |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Interest on amounts due to |
group undertakings |
Hire purchase interest |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
9. | 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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Change in rate of tax | - | (7,482 | ) |
Total tax charge | 108,368 | 139,560 |
10. | DIVIDENDS |
Period |
1.10.23 |
to | Year Ended |
27.9.24 | 30.9.23 |
£ | £ |
Ordinary shares of £1 each |
Equity dividends paid |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 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 |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: |
27.9.24 | 30.9.23 |
£ | £ |
Plant and machinery | 201,293 | 223,659 |
201,293 | 223,659 |
12. | STOCKS |
27.9.24 | 30.9.23 |
£ | £ |
Stocks |
Impairment losses recognised or reversed in profit or loss in accordance with section 27 were £93,241 (2023: £53,242). |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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. |
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
A mortgage debenture dated 3 October 2000 exists between the company and National Westminster Bank plc over all the current and future assets of the company, except book debts, which are secured in favour of RBS Invoice Finance Limited under a debenture dated 16 May 2018. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
27.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts (see note 16) |
Amounts owed to group undertakings |
The aggregate amounts of obligations under finance leases and hire purchase contracts due within one year that are secured is £Nil (2023: £56,290). This creditor is secured on the assets to which they relate. |
Amounts owed by group undertakings are unsecured and are subject to interest at 6.75% per annum. |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
27.9.24 | 30.9.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
27.9.24 | 30.9.23 |
£ | £ |
Within one year |
Between one and five years |
17. | PROVISIONS FOR LIABILITIES |
27.9.24 | 30.9.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 October 2023 |
Provided during period |
Balance at 27 September 2024 |
JAMES T. BLAKEMAN (SERVICES) LIMITED (REGISTERED NUMBER: 03772993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2023 TO 27 SEPTEMBER 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 27.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
19. | RESERVES |
Retained earnings - This reserve records retained earnings and accumulated losses. |
20. | CONTINGENCIES |
The company acts as a guarantor for the invoice discounting facility in place between RBS Invoice Finance and its fellow subsidiary, James T Blakeman & Co Limited. The contingent liability at the balance sheet date was £nil (2023: £nil). |
The bank facilities are secured by a debenture and an inter company guarantee between the company, James T Blakeman & Co Limited and James T Blakeman & Co (Holdings) Limited. The contingent liability as at the balance sheet date was £1,630,017 (2023: £1,840,205). |
21. | RELATED PARTY DISCLOSURES |
Details of transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS 102. |
22. | 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. |
23. | ULTIMATE CONTROLLING PARTY |
The directors regard James T Blakeman & Co (Holdings) Limited, a company registered in England, to be the ultimate parent company. James T Blakeman (Holdings) Limited is the only group company that prepares consolidated financial statements including the results of the company. The consolidated financial statements can be obtained from Millennium Way, High Carr Business Park, Newcastle, Staffordshire, ST5 7UF. |
The ultimate controlling party is Mr P J Blakeman by virtue of his majority shareholding in the ultimate parent undertaking. |