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REGISTERED NUMBER: 14419813 (England and Wales)




GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

JTM MIDLANDS LIMITED

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Director 4 to 5

Report of the Independent Auditors 6 to 9

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12 to 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18 to 19

Notes to the Consolidated Financial Statements 20 to 34


JTM MIDLANDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: T J Watton





REGISTERED OFFICE: Ground Floor Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH





BUSINESS ADDRESS: Dock Meadow Drive
Bilston
West Midlands
WV4 6UB





REGISTERED NUMBER: 14419813 (England and Wales)





INDEPENDENT AUDITORS: Poole Waterfield Limited (Statutory Auditor)
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The director presents his strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The review is consistent with the size and non-complex nature of the business.

During the year a group was formed with JTM Midlands Limited as the holding company, and JTW Metals Limited and JTW Properties (Midlands) Limited as wholly owned subsidiaries. The ultimate controlling party, the director, Mr. T. Watton has remained the same.

The group continues to operate in the processing and sales of metals. Investment is continuing in new plant, vehicles and personnel as part of our philosophy. The group has also invested in land and buildings and receives rent income.

The group has benefitted from the generally strong metal market in the year, both turnover and gross margins are higher than in 2023. The impact of bad debts in 2024 has been greatly reduced compared to 2023. Note 5 to the financial statements refers.

PRINCIPAL RISKS AND UNCERTAINTIES
Given the strong balance sheet the group is relatively safeguarded from certain trading risks that impact many businesses. The main risks facing the group are considered to be:

Reductions in metal prices - given that some metal prices can shift significantly in a relatively short space of time, the group continually assesses its potential exposure based on stock holdings and monitors market trends for any indicators of adverse movements

Trade debtors - trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts due and credit limits. The group's principal subsidiary has debt insurance to reduce the risk further.

The group is subject to environmental regulations and it endeavours to work closely with the relevant statutory bodies to ensure compliance.


JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The group believes that the key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross profit and profit before tax.

Our key financial indicators were as follows: :

Year ended 30th April 2024 Year ended 30th April 2023
Turnover £21,873,598 £20,951,127
Gross profit % 24.1% 20.5%
Profit before tax £622,365 £155,090


ON BEHALF OF THE BOARD:



T J Watton - Director


28 April 2025

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 APRIL 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The group continues to operate in the processing and sales of metals.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 1,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
Mr. T. J. Watton was the sole director of the company for the accounting periods ending 30th April 2023 and 30th April 2024. He owned 100% of the issued share capital of the company at 30th April 2023 and 30th April 2024.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Poole Waterfield Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T J Watton - Director


28 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JTM MIDLANDS LIMITED

Opinion
We have audited the financial statements of JTM Midlands Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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
JTM MIDLANDS 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JTM MIDLANDS 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 identified the greatest risk of material impact on the financial statements from irregularities, including fraud to be in the following areas - inappropriate treatment of non-routine transactions and areas of estimation uncertainty.

Our audit procedures to respond to these risks included enquiries of management, review and discussion of non-routine transactions, sample testing of the posting of income and expenditure transactions and review of accounting estimates.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Other Matters
The corresponding financial statements (being for the year ended 30th April 2023) for a subsidiary company, JTW Properties (Midlands) Limited, were unaudited. We have as part of our audit procedures, tested opening balances and have not found misstatements that materially affect the current period's financial statements.

The corresponding financial statements (being for the year ended 30th April 2023) for the parent company, JTM Midlands Limited, were unaudited. We have as part of our audit procedures, tested opening balances and have not found misstatements that materially affect the current period's financial statements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JTM MIDLANDS LIMITED


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




Mrs Helen Clare Gibbens FCCA (Senior Statutory Auditor)
for and on behalf of Poole Waterfield Limited (Statutory Auditor)
Ground Floor
Custom House
Waterfront East
Brierley Hill
West Midlands
DY5 1XH

29 April 2025

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 21,873,598 20,951,127

Cost of sales 16,610,233 16,665,228
GROSS PROFIT 5,263,365 4,285,899

Administrative expenses 4,544,468 4,071,514
718,897 214,385

Other operating income 3 69,840 36,842
OPERATING PROFIT 5 788,737 251,227

Interest receivable and similar income 1 5
788,738 251,232

Interest payable and similar expenses 6 166,373 96,142
PROFIT BEFORE TAXATION 622,365 155,090

Tax on profit 7 175,843 110,925
PROFIT FOR THE FINANCIAL
YEAR

446,522

44,165
Profit attributable to:
Owners of the parent 446,522 44,165

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 446,522 44,165


OTHER COMPREHENSIVE INCOME
Merger reserve arising on consolidation (250,300 ) 250,300
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE
INCOME FOR THE YEAR, NET OF
INCOME TAX


(250,300


)


250,300
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

196,222

294,465

Total comprehensive income attributable to:
Owners of the parent 196,222 294,465

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 42,700 80,000
Tangible assets 11 4,214,959 4,309,176
Investments 12 - -
Investment property 13 799,210 793,622
5,056,869 5,182,798

CURRENT ASSETS
Stocks 14 839,716 924,835
Debtors 15 3,959,290 3,418,329
Cash at bank 1,566,621 1,784,596
6,365,627 6,127,760
CREDITORS
Amounts falling due within one year 16 2,794,994 2,960,153
NET CURRENT ASSETS 3,570,633 3,167,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,627,502

8,350,405

CREDITORS
Amounts falling due after more than one
year

17

(1,545,299

)

(1,801,019

)

PROVISIONS FOR LIABILITIES 22 (569,377 ) (482,083 )
NET ASSETS 6,512,826 6,067,303

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

CONSOLIDATED BALANCE SHEET - continued
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 23 250,401 100
Merger reserve arising on
consolidation 24 - 250,300
Retained earnings 24 6,262,425 5,816,903
SHAREHOLDERS' FUNDS 6,512,826 6,067,303


The financial statements were approved by the director and authorised for issue on 28 April 2025 and were signed by:





T J Watton - Director


JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

COMPANY BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 259,901 -
Investment property 13 - -
259,901 -

CURRENT ASSETS
Debtors 15 100 100

CREDITORS
Amounts falling due within one year 16 14,100 -
NET CURRENT (LIABILITIES)/ASSETS (14,000 ) 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

245,901

100

CAPITAL AND RESERVES
Called up share capital 23 250,401 100
Retained earnings 24 (4,500 ) -
SHAREHOLDERS' FUNDS 245,901 100

Company's loss for the financial year (4,500 ) -

The financial statements were approved by the director and authorised for issue on 28 April 2025 and were signed by:





T J Watton - Director


JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Merger
reserve
Called up arising
share Retained on Total
capital earnings consolidation equity
£    £    £    £   
Balance at 1 May 2022 - 5,774,738 - 5,774,738

Changes in equity
Issue of share capital 100 - - 100
Dividends - (2,000 ) - (2,000 )
Total comprehensive income - 44,165 250,300 294,465
Balance at 30 April 2023 100 5,816,903 250,300 6,067,303

Changes in equity
Issue of share capital 250,301 - - 250,301
Dividends - (1,000 ) - (1,000 )
Total comprehensive income - 446,522 (250,300 ) 196,222
Balance at 30 April 2024 250,401 6,262,425 - 6,512,826

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Balance at 30 April 2023 100 - 100

Changes in equity
Issue of share capital 250,301 - 250,301
Total comprehensive income - (4,500 ) (4,500 )
Balance at 30 April 2024 250,401 (4,500 ) 245,901

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 842,382 929,937
Interest paid (166,373 ) (96,142 )
Tax refunded / (paid) 84,051 (757,999 )
Net cash from operating activities 760,060 75,796

Cash flows from investing activities
Purchase of intangible fixed assets (3,000 ) -
Purchase of tangible fixed assets (320,916 ) (1,215,582 )
Purchase of investment property (5,588 ) (214,020 )
Sale of tangible fixed assets 25,300 16,400
Interest received 1 5
Net cash from investing activities (304,203 ) (1,413,197 )

Cash flows from financing activities
Capital repayments in year (355,091 ) 95,582
Amount introduced by directors 9,255 47,033
Amount withdrawn by directors (326,996 ) (238,056 )
Share issue - 100
Equity dividends paid (1,000 ) (2,000 )
Net cash from financing activities (673,832 ) (97,341 )

Decrease in cash and cash equivalents (217,975 ) (1,434,742 )
Cash and cash equivalents at
beginning of year

2

1,784,596

3,219,338

Cash and cash equivalents at end of
year

2

1,566,621

1,784,596

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

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

30.4.24 30.4.23
£    £   
Profit before taxation 622,365 155,090
Depreciation charges 434,604 399,529
(Profit)/loss on disposal of fixed assets (4,472 ) 6,617
Gain on revaluation of fixed assets - (36,125 )
Finance costs 166,373 96,142
Finance income (1 ) (5 )
1,218,869 621,248
Decrease/(increase) in stocks 85,119 (201,718 )
(Increase)/decrease in trade and other debtors (357,253 ) 632,220
Decrease in trade and other creditors (104,353 ) (121,813 )
Cash generated from operations 842,382 929,937

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 1,566,621 1,784,596
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,784,596 3,219,338


JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 1,784,596 (217,975 ) 1,566,621
1,784,596 (217,975 ) 1,566,621
Debt
Finance leases (1,124,036 ) 284,201 (839,835 )
Debts falling due within 1 year (148,793 ) (4,819 ) (153,612 )
Debts falling due after 1 year (1,070,116 ) 75,710 (994,406 )
(2,342,945 ) 355,092 (1,987,853 )
Total (558,349 ) 137,117 (421,232 )

4. MAJOR NON-CASH TRANSACTIONS

During the year ended 30th April 2024 JTM Midlands Limited issued 300 Ordinary Shares and 250,001 A Ordinary shares in relation to a share for share exchange to acquire the entire issued share capital of JTW Metals Limited and JTW Properties (Midlands) Limited.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

JTM Midlands Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
During the year a group was formed with JTM Midlands Limited as the parent company and JTW Metals Limited and JTW Properties (Midlands) Limited as wholly-owned subsidiaries. Merger accounting has been applied to these accounts as allowed under FRS 102.

The financial statements consolidate the balance sheets and income statements of JTM Midlands Limited (holding company) and its wholly-owned subsidiaries JTW Metals Limited and JTW Properties (Midlands) Limited. The consolidated income statement reflects the year ended 30th April 2024 for the holding company and the subsidiary companies.

Comparative amounts are for the year ended 30th April 2023 and are prepared on the same basis as above.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Due to the large volume of metal stock held it is not practical to weigh all stock when completing stock take procedures. The volume of each stock type is instead estimated by the director and other management personnel ,who have considerable experience in the industry. The level of stock recorded in these financial statements is in line with this estimate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of fifteen years.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance

The group's freehold property consists principally of land and for that reason it has not been depreciated in the years ended 30th April 2024 and 30th April 2023.

Investment property
Investment property is shown at most recent valuation being 30th April 2024 (and 30th April 2023 for the comparative period) . Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties, and loans to and from related parties.

Short term debtors are measured at transaction price, less any impairment.

Short term creditors, and creditors amount falling due after more than one year, are measured at transaction price.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

There are no complex financial instruments.


JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

The group's payments of s.455 taxation during the year and earlier years, are reflected in debtors amounts falling due within one year. No provision is made in respect of s.455 liabilities that are related to transactions that have taken place during the year.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Functional and presentation currency
The group's functional and presentation currency is GBP (£).

3. OTHER OPERATING INCOME
30.4.24 30.4.23
£    £   
Rents received 57,842 36,195
Sundry receipts 11,998 647
69,840 36,842

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 1,615,402 1,284,171
Social security costs 168,065 131,502
Other pension costs 152,505 104,784
1,935,972 1,520,457

The average number of employees during the year was as follows:
30.4.24 30.4.23

Management and administration 10 10
Distribution and processing 36 34
46 44

30.4.24 30.4.23
£    £   
Director's remuneration 48,289 42,385
Director's pension contributions to money purchase schemes 61,663 39,996

The director is regarded as being key management in the year ended 30th April 2024. In the year ended 30th April 2023 the director was also regarded as being key management.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.24 30.4.23
£    £   
Depreciation - owned assets 144,728 148,165
Depreciation - assets on hire purchase contracts 249,577 226,961
(Profit)/loss on disposal of fixed assets (4,472 ) 6,617
Goodwill amortisation 40,000 40,000
Computer software amortisation 300 -
Customer bad debts 11,923 287,789
Operating lease charges 156,425 150,752
Gain on revaluation of investment properties - (36,125 )
Auditors remuneration 20,000 15,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Loan interest 166,373 96,142

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 88,566 -
Under/over provision in prior
year (17 ) 6,223
Total current tax 88,549 6,223

Deferred tax 87,294 104,702
Tax on profit 175,843 110,925

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Profit before tax 622,365 155,090
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 24.527 %)

155,591

38,039

Effects of:
Expenses not deductible for tax purposes 4,243 2,319
Income not taxable for tax purposes (1,118 ) -
Capital allowances in excess of depreciation - (182,063 )
Depreciation in excess of capital allowances 37,592 -
Utilisation of tax losses (107,742 ) 141,705
Adjustments to tax charge in respect of previous periods (17 ) 6,223
Deferred tax 87,294 104,702
Total tax charge 175,843 110,925

Tax effects relating to effects of other comprehensive income

30.4.24
Gross Tax Net
£    £    £   
Merger reserve arising on consolidation (250,300 ) - (250,300 )


JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION - continued
30.4.23
Gross Tax Net
£    £    £   
Merger reserve arising on consolidation 250,300 - 250,300

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Interim 1,000 2,000

10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2023 600,000 - 600,000
Additions - 3,000 3,000
At 30 April 2024 600,000 3,000 603,000
AMORTISATION
At 1 May 2023 520,000 - 520,000
Amortisation for year 40,000 300 40,300
At 30 April 2024 560,000 300 560,300
NET BOOK VALUE
At 30 April 2024 40,000 2,700 42,700
At 30 April 2023 80,000 - 80,000

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 May 2023 1,654,058 261,552 2,436,880
Additions 64,361 - 46,253
Disposals - - (9,300 )
At 30 April 2024 1,718,419 261,552 2,473,833
DEPRECIATION
At 1 May 2023 - 126,776 680,085
Charge for year - 26,155 179,983
Eliminated on disposal - - (6,057 )
At 30 April 2024 - 152,931 854,011
NET BOOK VALUE
At 30 April 2024 1,718,419 108,621 1,619,822
At 30 April 2023 1,654,058 134,776 1,756,795

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 95,226 1,313,033 5,760,749
Additions 14,007 196,295 320,916
Disposals - (50,644 ) (59,944 )
At 30 April 2024 109,233 1,458,684 6,021,721
DEPRECIATION
At 1 May 2023 47,519 597,193 1,451,573
Charge for year 9,257 178,910 394,305
Eliminated on disposal - (33,059 ) (39,116 )
At 30 April 2024 56,776 743,044 1,806,762
NET BOOK VALUE
At 30 April 2024 52,457 715,640 4,214,959
At 30 April 2023 47,707 715,840 4,309,176

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. TANGIBLE FIXED ASSETS - continued

Group

The group's freehold property consists principally of land and for that reason it has not been depreciated in the years ended 30th April 2024 and 30th April 2023.

The group's fixed assets are subject to charges in respect of bank and HP borrowing as referred to in note 20.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 1,359,557 1,064,394 2,423,951
Additions - 146,895 146,895
At 30 April 2024 1,359,557 1,211,289 2,570,846
DEPRECIATION
At 1 May 2023 302,615 491,880 794,495
Charge for year 105,695 143,882 249,577
At 30 April 2024 408,310 635,762 1,044,072
NET BOOK VALUE
At 30 April 2024 951,247 575,527 1,526,774
At 30 April 2023 1,056,942 572,514 1,629,456

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 259,901
At 30 April 2024 259,901
NET BOOK VALUE
At 30 April 2024 259,901

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

JTW Metals Limited
Registered office: United Kingdom
Nature of business: Processing and sale of metals
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00

JTW Properties (Midlands) Limited
Registered office: United Kingdom
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
A Ordinary 100.00

The above represents the company's investments in its subsidiary companies and they have been included in the consolidated financial statements in accordance with the accounting policy in note 2.


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023 793,622
Additions 5,588
At 30 April 2024 799,210
NET BOOK VALUE
At 30 April 2024 799,210
At 30 April 2023 793,622

The group's investment properties are subject to charges in respect of bank borrowing as referred to in note 20.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. INVESTMENT PROPERTY - continued

Group

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2023 36,125
Cost 763,085
799,210

If the investment properties had not been revalued they would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 763,085 757,497
Aggregate depreciation (80,180 ) (65,029 )

The investment properties were valued on an open market value basis on 30 April 2024 by the director .

14. STOCKS

Group
30.4.24 30.4.23
£    £   
Stocks 839,716 924,835

Stocks are represented by metals held for processing and resale.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Trade debtors 2,287,845 1,994,312 - -
Other debtors 278,675 408,868 100 100
Directors' current accounts 1,228,358 910,617 - -
Prepayments 164,412 104,532 - -
3,959,290 3,418,329 100 100

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 153,612 148,793 - -
Hire purchase contracts (see note 19) 288,942 393,133 - -
Trade creditors 1,555,150 1,974,422 - -
Tax 38,566 - - -
Social security and other taxes 27,890 37,331 - -
VAT 106,691 37,562 - -
Other creditors - 3,501 - -
Accrued expenses 624,143 365,411 14,100 -
2,794,994 2,960,153 14,100 -

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
30.4.24 30.4.23
£    £   
Bank loans (see note 18) 994,406 1,070,116
Hire purchase contracts (see note 19) 550,893 730,903
1,545,299 1,801,019

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 153,612 148,793
Amounts falling due between one and two years:
Bank loans - 1-2 years 159,081 148,793
Amounts falling due between two and five years:
Bank loans - 2-5 years 240,917 306,587
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 594,408 614,736

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 288,942 393,133
Between one and five years 550,893 730,903
839,835 1,124,036

20. SECURED DEBTS

The group's bank borrowing facilities are secured by specific charges over the group's freehold properties and investment properties. There is a fixed and floating charge in respect of the group's principal subsidiary JTW Metals Limited.

There is also a cross guarantee arrangement between JTW Metals Limited and JTW Properties (Midlands) Limited as referred to in note 25.

Security in respect of hire purchase liabilities is as disclosed in note 11.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

21. FINANCIAL INSTRUMENTS

30.4.24 30.4.23
Group £ £
Carrying amount of financial assets 5,668,143 5,108,470

Carrying amount of financial liabilities 4,147,306 4,159,978

The carrying amount of the financial assets and liabilities are determined in accordance with the accounting policy in note 2.

22. PROVISIONS FOR LIABILITIES

Group
30.4.24 30.4.23
£    £   
Deferred tax 569,377 482,083

Group
Deferred
tax
£   
Balance at 1 May 2023 482,083
Provided during year 87,294
Balance at 30 April 2024 569,377

The balance above is related to accelerated capital allowances of £560,346 (2023 - £402,775) and the tax related to the property revaluation reserve of £9,031 (2023 - £9,031).

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
400 Ordinary £1 400 100
250,001 A Ordinary £1 250,001 -
250,401 100

During the year ended 30th April 2024 JTM Midlands Limited issued 300 Ordinary Shares and 250,001 A Ordinary shares in relation to a share for share exchange to acquire the entire issued share capital of JTW Metals Limited and JTW Properties (Midlands) Limited.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

24. RESERVES

Group
Merger
reserve
arising
Retained on
earnings consolidation Totals
£    £    £   

At 1 May 2023 5,816,903 250,300 6,067,203
Profit for the year 446,522 446,522
Dividends (1,000 ) (1,000 )
Elimination of merger reserve - (250,300 ) (250,300 )
At 30 April 2024 6,262,425 - 6,262,425

Company
Retained
earnings
£   

Deficit for the year (4,500 )
At 30 April 2024 (4,500 )

The "Merger Reserve arising on consolidation" above of £Nil (2023 - £250,300) arose as a result of the computation of the group balance sheet total of issued share capital at 30th April 2023. This reserve has been eliminated at 30th April 2024 as it is no longer required following the formation of the group structure as referred to in notes 2 and 23.


Included in group retained earnings above of £6,262,425 (2023 - £5,816,903) is £27,094 (2023 - £27,094) related to the revaluation of the group's investment properties, net of deferred tax of £9,031 (2023 - £9,031).

25. CONTINGENT LIABILITIES

The group's principal subsidiary JTW Metals Limited is party to a cross guarantee arrangement with respect to a borrowing facility in the name of JTW Properties (Midlands) Limited, a fellow subsidiary. The facility is for £822,000 (2023 - £822,000). No provision for this guarantee has been included in the financial statements as the director is of the opinion that the likelihood of crystallisation is remote.

JTM MIDLANDS LIMITED (REGISTERED NUMBER: 14419813)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

26. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
T J Watton
Balance outstanding at start of year 910,617 719,594
Amounts advanced 326,996 238,056
Amounts repaid (9,255 ) (47,033 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,228,358 910,617

The director's loan account balance was unsecured and interest free at 30th April 2024 and 30th April 2023.

In the event that the director is released from his obligation to repay the above debt it is estimated that a company National Insurance charge would arise of £169,513 (2023 - £125,665).
No provision for this amount has been made in the financial statements.

27. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,000 were paid to the director (2023 - £2,000).

The group pays rent for land and building of £31,800 (2023 - £31,800) to its director.

In the year ended 30th April 2024 JTM Midlands Limited acquired the entire issued share capital of JTW Metals Limited and JTW Properties (Midlands) Limited from the director in respect of a group formation process as referred to in the Group Strategic Report.

Under FRS 102, the group has taken advantage of the exemption provided by section 33.1A not to disclose the related party transactions between wholly owned subsidiaries within the group.

28. POST BALANCE SHEET EVENTS

Since the end of the financial year the group has authorised the purchase of freehold properties for £1,300,000 subject to loan finance.The group has also purchased a number of properties from Mr T. J. Watton for a value of £565,000, which are not subject to finance.

29. ULTIMATE CONTROLLING PARTY

The controlling party is T J Watton.