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Registered number:
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L JACKSON & CO LIMITED
Company Information
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L JACKSON & CO LIMITED
Contents
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L JACKSON & CO LIMITED
Strategic Report
For the year ended 31 August 2024
The directors present the Strategic Report for the year below:
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.
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.
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.
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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.
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.
The directors who served during the year were:
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.
There have been no significant events affecting the Company since the year end.
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.
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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.
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L JACKSON & CO LIMITED
Independent Auditors' Report to the Members of L Jackson & Co Limited
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).
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.
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.
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.
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L JACKSON & CO LIMITED
Independent Auditors' Report to the Members of L Jackson & Co Limited (continued)
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.
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.
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L JACKSON & CO LIMITED
Independent Auditors' Report to the Members of L Jackson & Co Limited (continued)
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.
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.
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L JACKSON & CO LIMITED
Independent Auditors' Report to the Members of L Jackson & Co Limited (continued)
for and on behalf of
Statutory Auditor
Gresham House
5-7 St Pauls Street
LS1 2JG
20 May 2025
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L JACKSON & CO LIMITED
Statement of Income and Retained Earnings
For the year ended 31 August 2024
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L JACKSON & CO LIMITED
Registered number: 07533695
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 May 2025.
The notes on pages 10 to 24 form part of these financial statements.
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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
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:
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.
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.
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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:
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.
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.
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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:
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.
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.
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (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.
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.
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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.
Analysis of turnover by country of destination:
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
There were no factors that may affect future tax charges.
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
13.Taxation (continued)
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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L JACKSON & CO LIMITED
Notes to the Financial Statements
For the year ended 31 August 2024
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.
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