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Registered number: 07533695 L JACKSON & CO LIMITED Annual Report and Financial Statements For the year ended 31 August 2024
L JACKSON & CO LIMITED Company Information
Directors | Mr M D Jackson
| Mr J C Ainsworth-Jackson
Registered number | 07533695
Registered office | Rocket Site Misson
| Bawtry
| Doncaster
| DN10 6ET
L JACKSON & CO LIMITED Contents
| Page
Strategic report | 1
Directors' report | 2
Directors' responsibilities statement | 3
Independent auditors' report | 4 - 7
Statement of income and retained earnings | 8
Statement of financial position | 9
Notes to the financial statements | 10 - 24
L JACKSON & CO LIMITED Strategic Report For the year ended 31 August 2024
Introduction
The directors present the Strategic Report for the year below:
Business review
The company continues its primary operations in the trade of ex-military vehicles and equipment. Trade for the year has again been strong despite facing an increasingly uncertain macroeconomic outlook for the UK and Europe. Reasons for strong sales can primarily be put down to ongoing global insecurity which shows few signs of easing. Whilst turnover has reduced, we have seen significant sales in both domestic and international markets and expect this to continue.
Principal risks and uncertainties
The company has always faced numerous business risks and uncertainties set out below along with the company’s approach to mitigating those risks: Supply Chain – The Directors see this as the biggest risk the company faces. The company procures stock through a few key suppliers and governmental bodies, and we have noticed that opportunities to procure has decreased in the past twelve to eighteen months. We have put this down to global geopolitical uncertainty. To mitigate this risk, we are pursuing alternative supply chain opportunities within the sector. Decline in demand – The company operates in a relatively niche sector and there is always going to be a risk of a decline in demand for equipment. Increased technological advances and stricter environmental policies has restricted trade to certain territories. To mitigate this, we ensure that we stock a wide variety of equipment and are continually looking for new lines to add to the business. Macroeconomic uncertainty in the UK – sustained higher inflation, interest rates, cost and wage inflation continue to pose problems across UK businesses. Whilst we have seen costs increase (both labour and materials) we are not entirely reliant on UK markets and have managed to mitigate this. Foreign exchange – there is a risk that FX rates could negatively impact upon the cost of materials and goods we are buying from Europe and the US. To mitigate against this, we are actively monitoring rates with brokers and where possible we are hedging any currency risk. We anticipate that the above will continue to be risks to the company and need constant monitoring.
Financial key performance indicators
The key performance indicators of the business are turnover, gross profit margin and net profit. Given the nature of the business, the directors are of the belief that that the financial statements provide sufficient analysis for an understanding of the development and performance of the business. The results for the year are turnover of £24.9m (2023 - £33.2m), gross profit margin of 63.5% (2023 - 64.3%) and net profit margin of 44.6% (2023 - 50.1%). This report was approved by the board on 19 May 2025 and signed on its behalf.
Mr M D Jackson Director
Page 1
L JACKSON & CO LIMITED Directors' Report For the year ended 31 August 2024 The directors present their report and the financial statements for the year ended 31 August 2024.
Results and dividends
The profit for the year, after taxation, amounted to £11,103,822 (2023 - £16,654,403). Details of dividends paid are shown in the notes to the accounts.
Directors
The directors who served during the year were:
Mr M D Jackson
Mr J C Ainsworth-Jackson
Future developments
The directors anticipate continued strong sales for the coming year, but we foresee that the underlying risks and uncertainties associated with the trading business will remain. Our strategic approach is to continue with the trading business whilst also seeking alternative commercial opportunities. We are also heavily investing in our existing site infrastructure to ensure we have a sector leading storage facility.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr M D Jackson Director
Date: 19 May 2025
Page 2
L JACKSON & CO LIMITED Directors' Responsibilities Statement For the year ended 31 August 2024 The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
L JACKSON & CO LIMITED Independent Auditors' Report to the Members of L Jackson & Co Limited
Opinion
We have audited the financial statements of L Jackson & Co Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 4
L JACKSON & CO LIMITED Independent Auditors' Report to the Members of L Jackson & Co Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
L JACKSON & CO LIMITED Independent Auditors' Report to the Members of L Jackson & Co Limited (continued)
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 an Auditors' report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: provisions for stock and cut off, posting of unusual transactions along with complex transactions. We discussed these risks with client management, tested a sample of calculations to confirm they were appropriate, reviewed areas of judgement for indicators of management bias to address these risks and tetsed a sample of journals to confirm they were appropiate. The organisation is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified health and safety regulations, company law, employment law, exporting regulations and tax legislation as the areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' report.
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 an Auditors' report 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. Page 6
L JACKSON & CO LIMITED Independent Auditors' Report to the Members of L Jackson & Co Limited (continued) Helen Daniels LLB FCA CTA (Senior statutory auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Gresham House 5-7 St Pauls Street Leeds LS1 2JG 20 May 2025 Page 7
L JACKSON & CO LIMITED Statement of Income and Retained Earnings For the year ended 31 August 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 24,906,125 | 33,231,282
Cost of sales |  | (9,089,892) | (11,869,872)
Gross profit |  | 15,816,233 | 21,361,410
Administrative expenses |  | (2,448,430) | (1,494,549)
Other operating income | 5 | 886,779 | 642,804
Operating profit | 6 | 14,254,582 | 20,509,665
Income from fixed assets investments |  | 283 | 246
Interest receivable and similar income | 11 | 687,532 | 758,946
Interest payable and similar expenses | 12 | (120,825) | (7,570)
Other finance income |  | 1,655 | (140)
Profit before tax |  | 14,823,227 | 21,261,147
Tax on profit | 13 | (3,719,405) | (4,606,744)
Profit after tax |  | 11,103,822 | 16,654,403
Retained earnings at the beginning of the year |  | 32,147,446 | 31,593,043
|  | 32,147,446 | 31,593,043
Profit for the year |  | 11,103,822 | 16,654,403
Dividends declared and paid |  | (3,307,542) | (16,100,000)
Retained earnings at the end of the year |  | 39,943,726 | 32,147,446
The notes on pages 10 to 24 form part of these financial statements.
Page 8
L JACKSON & CO LIMITED Registered number: 07533695 Statement of Financial Position As at 31 August 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 16 |  | 713,802 |  | 3,677,814
Investments | 17 |  | 5,996 |  | 4,341
|  |  | 719,798 |  | 3,682,155
Current assets |  |  |  |  |
Stocks | 18 | 15,838,587 |  | 17,215,475 |
Debtors: amounts falling due within one year | 19 | 13,979,774 |  | 8,402,983 |
Cash at bank and in hand |  | 12,992,350 |  | 24,144,400 |
|  | 42,810,711 |  | 49,762,858 |
Creditors: amounts falling due within one year | 20 | (3,436,683) |  | (21,170,467) |
Net current assets |  |  | 39,374,028 |  | 28,592,391
Total assets less current liabilities |  |  | 40,093,826 |  | 32,274,546
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (150,000) |  | (127,000) |
|  |  | (150,000) |  | (127,000)
Net assets |  |  | 39,943,826 |  | 32,147,546
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 100 |  | 100
Profit and loss account |  |  | 39,943,726 |  | 32,147,446
|  |  | 39,943,826 |  | 32,147,546
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.
Mr M D Jackson
Director
The notes on pages 10 to 24 form part of these financial statements. Page 9
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
1. | General information
The company is a private company (No 07533695) limited by shares, registered in England and Wales. The principal activity of the company during the year was the sale of plant and machinery and other motor vehicles. The address of the registered office is Rocket Site Misson, Bawtry, Doncaster, South Yorkshire, DN10 6ET, United Kingdom. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have therefore continued to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of L Jackson & Co Holdings Ltd which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) No disclosure has been given for the aggregate remuneration of key management personnel. Page 10
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 11
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill | - | 3 | years
|  |  |  | Intellectual property | - | 3 | years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
| 2.9 | Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Page 12
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | Straight line
|  |  |  | Plant and machinery | - | 10% | Straight line
|  |  |  | Motor vehicles | - | 20% | Straight line
|  |  |  | Fixtures and fittings | - | 15% | Straight line
|  |  |  | Office equipment | - | 33% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
| 2.12 | Valuation of investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.13 | Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 13
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024 2.Accounting policies (continued)
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and Page 14
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.18 | Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Page 15
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies. Key sources of estimation uncertainty The estimates and assumptions which have a heightened risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: Provision for old and slow moving stock The directors estimate the provision for old and slow moving stock based on the age of the particular item. When assessing the value of the provision the directors have considered factors such as previous provisions against similar items and any post year end sales.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Sale of machinery and vehicles | 24,906,125 | 33,231,282
|  | 24,906,125 | 33,231,282
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 1,668,073 | 18,398,659
| Rest of Europe | 22,226,872 | 11,186,046
| Rest of the world | 1,011,180 | 3,646,577
|  | 24,906,125 | 33,231,282
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other operating income | 14 | 10
| Net rents receivable | 886,765 | 642,794
|  | 886,779 | 642,804
Page 16
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 14,787 | 948
| Depreciation | 146,003 | 145,025
| Bad debts | (1,000) | -
|  | 130,216 | 144,077
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,545 | 14,250
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 762,619 | 709,778
| Social security costs | 92,692 | 76,830
| Cost of defined contribution scheme | 227,390 | 7,875
|  | 1,082,701 | 794,483
| The key management personnel of the company are the directors.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 14 | 13
Page 17
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
9. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 256,000 | 252,361
| Company contributions to defined contribution pension schemes | 219,000 | -
|  | 475,000 | 252,361
| During the year retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £128,000 (2023 - £133,600).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £169,000 (2023 - £NIL).
10. | Income from investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Income from investments | 283 | 246
|  | 283 | 246
11. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 687,532 | 758,946
|  | 687,532 | 758,946
12. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest payable | 120,825 | 7,570
|  | 120,825 | 7,570
Page 18
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
13. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 3,700,000 | 4,540,000
| Adjustments in respect of previous periods | (3,595) | (256)
|  | 3,696,405 | 4,539,744
| Total current tax | 3,696,405 | 4,539,744
| Deferred tax |  |
| Origination and reversal of timing differences | 23,000 | 67,000
| Total deferred tax | 23,000 | 67,000
| Tax on profit | 3,719,405 | 4,606,744
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 14,823,227 | 21,261,147
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5%) | 3,705,807 | 4,566,912
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 8,340 | 20,571
| Capital allowances for year in excess of depreciation | 9,425 | 2,598
| Adjustment to tax charge in respect of previous periods | (3,595) | (256)
| Dividends from UK companies | (71) | (53)
| Movement in deferred tax not recognised | (154) | 770
| Remeasurement of deferred tax for changes in tax rates | (2,264) | 9,232
| Rounding differences on tax charge | 1,917 | 6,970
| Total tax charge for the year | 3,719,405 | 4,606,744
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 19
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024 13.Taxation (continued)
14. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends paid | 3,307,542 | 16,100,000
|  | 3,307,542 | 16,100,000
15. | Intangible assets
|  | Development expenditure | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 September 2023 | 1 | 1 | 2
| At 31 August 2024 | 1 | 1 | 2
| Amortisation |  |  |
| At 1 September 2023 | 1 | 1 | 2
| At 31 August 2024 | 1 | 1 | 2
| Net book value |  |  |
| At 31 August 2024 | - | - | -
| At 31 August 2023 | - | - | -
Page 20
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
16. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 September 2023 | 3,850,444 | 751,839 | 152,973 | 24,814 | 48,186 | 4,828,256
| Additions | 345,515 | 140,218 | - | - | 3,800 | 489,533
| Disposals | (4,092,363) | - | - | - | - | (4,092,363)
| At 31 August 2024 | 103,596 | 892,057 | 152,973 | 24,814 | 51,986 | 1,225,426
| Depreciation |  |  |  |  |  |
| At 1 September 2023 | 731,766 | 318,618 | 35,382 | 23,739 | 40,937 | 1,150,442
| Charge for the year | 53,055 | 62,569 | 25,816 | 214 | 4,349 | 146,003
| Disposals | (784,821) | - | - | - | - | (784,821)
| At 31 August 2024 | - | 381,187 | 61,198 | 23,953 | 45,286 | 511,624
| Net book value |  |  |  |  |  |
| At 31 August 2024 | 103,596 | 510,870 | 91,775 | 861 | 6,700 | 713,802
| At 31 August 2023 | 3,118,678 | 433,221 | 117,591 | 1,075 | 7,249 | 3,677,814
| Included within freehold property is £103,596 relating to investment property (2023 - £103,596). The directors have reviewed the valuation of the investment property on 31 August 2024 and have concluded that the valuation above still reflects market value.
Page 21
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
17. | Fixed asset investments
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 September 2023 | 4,341
| Revaluations | 1,655
| At 31 August 2024 | 5,996
18. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Finished goods and goods for resale | 15,838,587 | 17,215,475
|  | 15,838,587 | 17,215,475
19. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 176,653 | 261,624
| Amounts owed by group undertakings | 2,758,774 | -
| Other debtors | 9,640,978 | 8,043,368
| Prepayments and accrued income | 102,218 | 97,991
| Tax recoverable | 1,301,151 | -
|  | 13,979,774 | 8,402,983
Page 22
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
20. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,764,131 | 2,177,337
| Amounts owed to group undertakings | - | 15,000,000
| Corporation tax | - | 3,095,570
| Other taxation and social security | 20,559 | 20,447
| Other creditors | 919 | 576,246
| Accruals and deferred income | 1,651,074 | 300,867
|  | 3,436,683 | 21,170,467
Page 23
L JACKSON & CO LIMITED Notes to the Financial Statements For the year ended 31 August 2024
21. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (127,000)
| Charged to profit or loss | (23,000)
| At end of year | (150,000)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (150,000) | (127,000)
|  | (150,000) | (127,000)
22. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,000 (2023 - 2,000) Ordinary shares of £0.05 each | 100 | 100
23. | Related party transactions
| During the year loans were made to two companies of which the directors of this company are also directors. The balance due from these companies at the year end was £9,552,500 (2023 - £7,870,000) and is included in other debtors. The loan is interest free and repayable on demand. Advantage has been taken of the exemption in respect of disclosing transation with the parent entity due ot he 100% ownership. As L Jackson & Co Ltd is a 100% subsidiary of L Jackson & Co Holdings Ltd, the company is exempt from disclosing related party transactions with that company.
24. | Controlling party
The immediate parent undertaking and controlling party is L Jackson & Co Holdings Ltd, a company incorporated in England and Wales. Its registered office is Rocket Site Misson, Bawtry, Doncaster, South Yorkshire, DN10 6ET, United Kingdom.
Page 24