ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 14710918

L JACKSON & CO HOLDINGS LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

L JACKSON & CO HOLDINGS LTD

COMPANY INFORMATION

Directors	Mr M D Jackson
	Mr J C Ainsworth-Jackson (appointed 25 March 2025)


Registered number	14710918


Registered office	Rocket Site Misson
	Bawtry
	Doncaster
	South Yorkshire
	DN10 6ET


Independent auditors	AAB Audit & Accountancy Limited
	Gresham House
	5-7 St Pauls Street
	Leeds
	LS1 2JG

L JACKSON & CO HOLDINGS LTD

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Consolidated statement of comprehensive income	8
Consolidated statement of financial position	9
Company statement of financial position	10
Consolidated statement of changes in equity	11
Company statement of changes in equity	12
Consolidated statement of cash flows	13
Consolidated analysis of net debt	14
Notes to the financial statements	15 - 31

L JACKSON & CO HOLDINGS LTD

GROUP STRATEGIC REPORT

FOR THE PERIOD ENDED 31 AUGUST 2024

Introduction

The Directors present the Strategic Report for the year below:

Business review

The Group 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 Group 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 Group 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 63.4% (2023 - 64.5%) and net profit margin of 48.2% (2023 - 50.0%).

This report was approved by the board and signed on its behalf.

Mr M D Jackson

Director

Date: 19 May 2025

Page 1

L JACKSON & CO HOLDINGS LTD

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the period ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group during the period was the sale of plant and machinery and other motor vehicles.
The principal activity of the Company is that of a holding company.

Results and dividends

The profit for the period, after taxation, amounted to £12,033,479 (2023 - £16,654,403).

Details of dividends paid are shown in the notes to the accounts.

Director

The director who served during the period was:

Mr M D Jackson

Future developments

The director anticipates 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.

Page 2

L JACKSON & CO HOLDINGS LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 31 AUGUST 2024

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006, AAB Audit & Accountancy Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

Mr M D Jackson

Director

Date: 19 May 2025

Page 3

L JACKSON & CO HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L JACKSON & CO HOLDINGS LTD

Opinion

We have audited the financial statements of L Jackson & Co Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 August 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's profit for the period then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Page 4

L JACKSON & CO HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L JACKSON & CO HOLDINGS LTD (CONTINUED)

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.

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 Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 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 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 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 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 2, 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 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

L JACKSON & CO HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L JACKSON & CO HOLDINGS LTD (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 Group 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 Group 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 Group 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 HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L JACKSON & CO HOLDINGS LTD (CONTINUED)

Helen Daniels LLB FCA CTA (Senior statutory auditor)

for and on behalf of

AAB Audit & Accountancy Limited

Chartered accountants & satutory auditor

Gresham House

5-7 St Pauls Street

Leeds

LS1 2JG

20 May 2025

Page 7

L JACKSON & CO HOLDINGS LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD 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		(2,477,890)	(1,494,549)
Other operating income	5	1,411,896	642,804
Operating profit	6	14,750,239	20,509,665
Income from fixed assets investments		283	246
Interest receivable and similar income	11	1,441,532	758,946
Interest payable and similar expenses	12	(120,825)	(7,570)
Other finance income		1,655	(140)
Profit before taxation		16,072,884	21,261,147
Tax on profit	13	(4,039,405)	(4,606,744)
Profit for the financial period		12,033,479	16,654,403


Total comprehensive income for the period		12,033,479	16,654,403

Profit for the period attributable to:
Owners of the parent Company	12,033,479	16,654,403
	12,033,479	16,654,403

Total comprehensive income for the period attributable to:
Owners of the parent Company	12,033,479	16,654,403
	12,033,479	16,654,403

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 15 to 31 form part of these financial statements.

Page 8

L JACKSON & CO HOLDINGS LTD

REGISTERED NUMBER: 14710918

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	15		3,999,294		3,677,814
Investments	16		5,996		4,341
			4,005,290		3,682,155
Current assets
Stocks	17	15,838,587		17,215,475
Debtors: amounts falling due within one year	18	11,488,841		8,402,983
Cash at bank and in hand	19	28,942,731		24,144,400
		56,270,159		49,762,858
Creditors: amounts falling due within one year	20	(4,863,541)		(6,170,467)
Net current assets			51,406,618		43,592,391
Total assets less current liabilities			55,411,908		47,274,546
Provisions for liabilities
Deferred taxation	21	(150,000)		(127,000)
			(150,000)		(127,000)
Net assets excluding pension asset			55,261,908		47,147,546
Net assets			55,261,908		47,147,546

Capital and reserves
Called up share capital	22	100	100
Profit and loss account	23	55,261,808	47,147,446
Equity attributable to owners of the parent Company		55,261,908	47,147,546
		55,261,908	47,147,546

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 15 to 31 form part of these financial statements.

Page 9

L JACKSON & CO HOLDINGS LTD

REGISTERED NUMBER: 14710918

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets			3,285,492		-
Investments	16		100		100
			3,285,592		100
Current assets
Debtors: amounts falling due within one year	18	267,841		15,000,000
Cash at bank and in hand	19	15,950,381		-
		16,218,222		15,000,000
Creditors: amounts falling due within one year	20	(4,185,632)		-
Net current assets			12,032,590		15,000,000
Total assets less current liabilities			15,318,182		15,000,100


Net assets excluding pension asset			15,318,182		15,000,100
Net assets			15,318,182		15,000,100

Capital and reserves
Called up share capital	22		100		100
Profit and loss account brought forward		15,000,000		-
Profit for the period		5,237,199		15,000,000
Other changes in the profit and loss account		(4,919,117)		-
Profit and loss account carried forward			15,318,082		15,000,000
			15,318,182		15,000,100

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 15 to 31 form part of these financial statements.

Page 10

L JACKSON & CO HOLDINGS LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 AUGUST 2024

	Called up share capital	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£
At 1 September 2022	100	-	100	100
Comprehensive income for the year
Profit for the year	-	16,654,403	16,654,403	16,654,403
Net equity on merger	-	31,593,043	31,593,043	31,593,043
Total comprehensive income for the year	-	48,247,446	48,247,446	48,247,446
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,100,000)	(1,100,000)	(1,100,000)

At 1 September 2023	100	47,147,446	47,147,546	47,147,546
Comprehensive income for the period
Profit for the period	-	12,033,479	12,033,479	12,033,479
Total comprehensive income for the period	-	12,033,479	12,033,479	12,033,479
Contributions by and distributions to owners
Dividends: Equity capital	-	(3,919,117)	(3,919,117)	(3,919,117)
At 31 August 2024	100	55,261,808	55,261,908	55,261,908

The notes on pages 15 to 31 form part of these financial statements.

Page 11

L JACKSON & CO HOLDINGS LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 AUGUST 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 September 2022	100	-	100
Comprehensive income for the year
Profit for the year	-	15,000,000	15,000,000

At 1 September 2023	100	15,000,000	15,000,100
Comprehensive income for the year
Profit for the period	-	5,237,199	5,237,199
Contributions by and distributions to owners
Dividends: Equity capital	-	(4,919,117)	(4,919,117)
Total transactions with owners	-	(4,919,117)	(4,919,117)
At 31 August 2024	100	15,318,082	15,318,182

The notes on pages 15 to 31 form part of these financial statements.

Page 12

L JACKSON & CO HOLDINGS LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 AUGUST 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial period	12,033,479	16,654,403
Adjustments for:
Depreciation of tangible assets	168,053	145,025
Interest paid	120,825	7,570
Interest received	(1,441,532)	(758,946)
Taxation charge	4,039,405	4,039,405
Decrease/(increase) in stocks	1,376,888	(4,093,343)
(Increase)/decrease in debtors	(3,085,858)	469,874
Increase in creditors	1,468,644	814,944
Corporation tax (paid)	(6,791,975)	(1,715,835)
Net cash generated from operating activities	7,887,929	15,563,097

Cash flows from investing activities
Purchase of tangible fixed assets	(489,533)	(1,195,291)
Interest received	1,441,532	758,946
Fixed asset investment revaluation	(1,655)	140
Net cash from investing activities	950,344	(436,205)
Cash flows from financing activities
Dividends paid	(3,919,117)	(1,100,000)
Interest paid	(120,825)	(7,570)
Net cash used in financing activities	(4,039,942)	(1,107,570)
Net increase in cash and cash equivalents	4,798,331	14,019,322
Cash and cash equivalents at beginning of period	24,144,400	10,125,078
Cash and cash equivalents at the end of period	28,942,731	24,144,400

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	28,942,731	24,144,400
	28,942,731	24,144,400

The notes on pages 15 to 31 form part of these financial statements.

Page 13

L JACKSON & CO HOLDINGS LTD

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 31 AUGUST 2024


At 1 September 2023	Cash flows	At 31 August 2024
£	£	£

Cash at bank and in hand	24,144,400	4,798,331	28,942,731
Debt due within 1 year	(92,955)	(933,748)	(1,026,703)
	24,051,445	3,864,583	27,916,028

The notes on pages 15 to 31 form part of these financial statements.

Page 14

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

1.	General information

L Jackson & Co Holdings Ltd is a private company (No 14710918) limited by shares, registered in England and Wales. The address of the registered office is Rocket Site Misson, Bawtry, Doncaster, South Yorkshire, DN10 6ET, United Kingdom.
The principal activity of the Group during the period was the sale of plant and machinery and other motor vehicles.
The principal activity of the Company is that of a holding company.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of the business combinations using the merger accounting method.
In accordance with the principles of FRS102 the merger accounting method, the results and cashflows of all combining entities have been brought into the financials statements of the combined entity from the beginning of the financial period in which the combination occurred, adjusted with uniform accounting policies. The comparative information has been stated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted with uniform accounting policies. The current period is the year to August 2024 and the comparative period presented is the year to August 2023, this was considered the most appropriate comparative period, following guidance on long period individual parent company merger consolidations, in order to show comparability and consistency.

2.3

Going concern

The directors, having made due and careful enquiry, are of the opinion that the Group 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 Group 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.

Page 15

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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

Operating leases: the Group as lessor

Rental income from operating leases is credited to 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.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 16

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the period 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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 17

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.11

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

2.12

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Page 18

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.13

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

2.15

Stocks

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

2.16

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.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.18

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.

2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 19

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.20

Financial instruments

The Group 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 Group's Statement of financial position when the Group 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 Group'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.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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 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.

Page 20

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

2.21

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.

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.

Page 21

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

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	15,681	10
Net rents receivable	1,396,215	642,794
	1,411,896	642,804

Depreciation	168,053	145,025
Exchange differences	14,787	948
Bad debts	(1,000)	-

Page 22

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

21,000

19,250

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	1,060,623	709,778
Social security costs	121,436	76,830
Cost of defined contribution scheme	130,813	7,875
	1,312,872	794,483

The average monthly number of employees, including the directors, during the period was as follows:

	2024	2023
	No.	No.

Employees	14	13

The key management personnel of the Group are the directors.
The Company has no employees other than the directors.

Page 23

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	362,667	252,361
Group contributions to defined contribution pension schemes	310,250	-
	672,917	252,361

	During the period retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £181,333 (2023 - £133,600).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £70,833 (2023 - £NIL).

10.	Income from investments
		2024	2023
		£	£

Income from current asset investments	283	246
	283	246

11.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	1,441,532	758,946
		1,441,532	758,946

12.	Interest payable and similar expenses
		2024	2023
		£	£

	Other interest payable	120,825	7,570
		120,825	7,570

Page 24

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

Corporation tax
Current tax on profits for the year	4,020,000	4,540,000
Adjustments in respect of previous periods	(3,595)	(256)
	4,016,405	4,539,744

Total current tax	4,016,405	4,539,744

Deferred tax
Origination and reversal of timing differences	23,000	67,000
Total deferred tax	23,000	67,000


		4,039,405	4,606,744

Profit on ordinary activities before tax

16,072,884

21,261,147

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5%)	4,018,221	4,566,912
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	8,340	20,571
Capital allowances for period/year in excess of depreciation	9,425	2,598
Adjustments to tax charge in respect of prior periods	(3,595)	(256)
Dividends from UK companies	(71)	(53)
Other differences leading to an increase (decrease) in the tax charge	7,586	-
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 period/year	4,039,405	4,606,744

Page 25

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

13.Taxation (continued)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

14.	Dividends
		2024	2023
		£	£

	Dividends paid	3,919,117	1,100,000
		3,919,117	1,100,000

15.	Tangible fixed assets
	Group

	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
At 31 August 2024	4,195,959	892,057	152,973	24,814	51,986	5,317,789
Depreciation
At 1 September 2023	731,766	318,618	35,382	23,739	40,937	1,150,442
Charge for the period on owned assets	75,105	62,569	25,816	214	4,349	168,053
At 31 August 2024	806,871	381,187	61,198	23,953	45,286	1,318,495
Net book value
At 31 August 2024	3,389,088	510,870	91,775	861	6,700	3,999,294
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 26

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

15.Tangible fixed assets (continued)

	Company

		Freehold property
		£
	Cost or valuation
	Additions	3,307,542
	At 31 August 2024	3,307,542
	Depreciation
	Charge for the period on owned assets	22,050
	At 31 August 2024	22,050
	Net book value
	At 31 August 2024	3,285,492
	At 31 August 2023	-

16.	Fixed asset investments
	Group

		Listed investments
		£
	Cost or valuation
	At 1 September 2023	4,341
	Revaluations	1,655
	At 31 August 2024	5,996

Page 27

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 September 2023	100
	At 31 August 2024	100

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

L Jackson & Co Limited

Rocket Site Mission, Bawtry, Doncaster, DN10 6ET

Ordinary

100%

The company acquired L Jackson & Co Limited through a share for share exchange on the 4th of April 2023.

	The aggregate of the share capital and reserves as at 31 August 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

L Jackson & Co Limited

39,943,826

11,103,822

17.	Stocks
		Group	Group
		2024	2023
		£	£

Machinery and vehicles	15,838,587	17,215,475
	15,838,587	17,215,475

Page 28

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

18.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	176,653	261,624	-	-
Amounts owed by group undertakings	-	-	-	15,000,000
Other debtors	9,642,178	8,043,368	1,200	-
Prepayments and accrued income	368,859	97,991	266,641	-
Tax recoverable	1,301,151	-	-	-
	11,488,841	8,402,983	267,841	15,000,000

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	28,942,731	24,144,400	15,950,381	-
	28,942,731	24,144,400	15,950,381	-

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	1,764,131	2,177,337	-	-
Amounts owed to group undertakings	-	-	2,758,774	-
Corporation tax	320,000	3,095,570	320,000	-
Other taxation and social security	65,043	20,447	44,484	-
Other creditors	1,029,422	576,246	1,028,503	-
Accruals and deferred income	1,684,945	300,867	33,871	-
	4,863,541	6,170,467	4,185,632	-

Page 29

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

21.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(127,000)
	Charged to profit or loss	(23,000)
	At end of year	(150,000)

Company

		2024

	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2024	2023
	£	£

	Accelerated capital allowances	(150,000)	(127,000)
		(150,000)	(127,000)

22.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

980 (2023 - 980) Class A shares of £0.05 each	49	49
20 (2023 - 20) Class A1 shares of £0.05 each	1	1
200 (2023 - 200) Class B shares of £0.05 each	10	10
800 (2023 - 800) Class C shares of £0.05 each	40	40

	100	100

Page 30

L JACKSON & CO HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

23.

Reserves

Profit and loss account

This reserve represents the cumulative profits and losses.

24.

Related party transactions

The Group has taken advantage of the exemption permitted by section 33 Related party disclosure, not to provide disclosures of transactions entered into with other wholly owned members of the Group.
L Jackson & Co Limited
During the period loans were made to two companies of which the directors of this company are also directors. The balance due from these companies at the period end was £9,552,500 (2023: £7,870,000) and is included in other debtors. The loan is interest free and repayable on demand.

25.	Controlling party

L Jackson & Co Holdings Ltd acquired 100% of the share capital of L Jackson & Co Ltd on the 4th of April 2023.
The ultimate controlling parties are Mr M D Jackson & Mr A D Jackson, by virtue of their shareholding in the L Jackson & Co Holdings Ltd.

Page 31