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 |
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: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
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: |
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: |
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. |
for and on behalf of |
Ground Floor |
Custom House |
Waterfront East |
Brierley Hill |
West Midlands |
DY5 1XH |
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 |
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 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (4,500 | ) | - |
The financial statements were approved by the director and authorised for issue on |
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 | - |
Balance at 30 April 2023 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 April 2024 | ( |
) |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
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 |
Directors' current accounts | 1,228,358 | 910,617 | - | - |
Prepayments | 164,412 | 104,532 |
3,959,290 | 3,418,329 |
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 |
2,794,994 | 2,960,153 |
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: | £ | £ |
Ordinary | £1 | 400 | 100 |
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 | ( |
) |
At 30 April 2024 | ( |
) |
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. |