Company registration number 02382646 (England and Wales)
T P JORDESON & COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
T P JORDESON & COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr B R Scarborough
Mr O J M Tompkin
Ms J Stanier
Ms K Nicholas
(Appointed 1 June 2024)
Company number
02382646
Registered office
53 The Tannery
Lawrence Street
York
YO10 3WH
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
T P JORDESON & COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
T P JORDESON & COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business overview

The company’s principal activity is the import and distribution of softwood timber products to the UK marketplace. The company’s customer base is composed of merchants and large volume timber product manufacturers.

 

Business Model

The company has strong links with softwood sawmills in Northern Europe. These links, combined with an expert understanding of softwood timber products, freight and logistics, allows the company to source and import softwood timber products at highly competitive prices.

 

By removing the complexities involved in the import of softwood timber products to the UK, we offer our customer base a convenient, fast and reliable supply.

 

Objectives

The directors are satisfied with turnover in the year ended 31 December 2024.

 

Gross margin was lower than expected due to price weakness in the second half of the year.

 

The directors forecast that turnover will increase slightly in 2025 as a result of increased sales capacity. Gross profit is forecast to increase as timber prices stabilise in 2025.

 

Strategy

The company will continue to retain profits with a view to increasing the company’s ability to fund its purchases whilst simultaneously bringing down financing costs.

 

The company is committed to ensuring long term growth of the business and aims to achieve this by ensuring it retains and attracts high quality personnel.

Principal risks and uncertainties

The company takes all relevant steps to minimise business risk.

 

Risk is identified by the Directors in regular monthly strategic meetings.

 

There is a risk that the business will not perform due to internal factors or competitive pressure in the markets in which it operates. In addition, the marketplace is heavily influenced by the performance of the UK construction industry.

 

The risk is managed by ensuring a highly experienced management team is in place to assess market risks and act accordingly.

Performance

Performance in the year ended 31 December 2024 was below expectation due to the declining price of timber throughout the second half of the year. Turnover remained high but gross margin was below forecast.

T P JORDESON & COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The company operates in a highly competitive marketplace with a relatively consistent profit margin. The key financial indicators that drive the success of the business are the continued high turnover combined with a highly efficient and low cost operating infrastructure.

 

                            2024            2023

•    Net sales turnover                 £81.3m              £82.6m

•    Profit before tax                      £150k             £2,011k

•    Gross profit ratio 1.5% 4.0%

 

The directors believe that the stable turnover for the year ended 31 December 2024, combined with the stable operating expenditure shown in the same period, is the most effective measure of progress towards achieving the company’s objectives.

 

The directors intend to remunerate senior management in accordance with meeting these objectives.

Other information and explanations (including information relevant to the companys S172 statement)

The company operates in a marketplace that is sensitive to its environmental impact. The company takes its responsibility to the environment very seriously. A copy of the company’s full environmental policy can be found on its website. www.jordeson.co.uk/environmentalpolicy

 

The company is committed to promoting equality of opportunity for all staff and job applicants. The company publishes a Staff Handbook to all employees which contains a comprehensive Equal Opportunities Policy, including a commitment to equal pay, and a policy of non-discrimination on the grounds of age, disability, gender, race, colour, nationality, ethnic or national origin, religion or belief.

 

The company takes careful steps to ensure that Modern Slavery is not taking place in our own business or in our supply chain. The company has published a Slavery and Human Trafficking Statement which is available on its website.

 

The company is committed to paying its creditors in accordance with the payment terms agreed between the two parties. The company has an excellent reputation for settling its debts in a timely manner.

On behalf of the board

Mr B R Scarborough
Director
13 May 2025
T P JORDESON & COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

Interim ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B R Scarborough
Mr O J M Tompkin
Ms J Stanier
Ms K Nicholas
(Appointed 1 June 2024)
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

In accordance with the Streamlined Energy and Carbon (“SECR”) reporting requirements, the directors report on the company’s energy usage and greenhouse gas emissions for the year ended 31 December 2024.

Energy usage figures reflect the company's electricity usage at head office and the fuel used through business mileage undertaken by employees in privately owned cars.

 

Emissions have been calculated using conversion factors available from public information sources.

 

 

2024 2023

2024 2023

 

kWh

kWh

Tonnes CO2

Tonnes CO2

Electricity usage (Head Office)

15,891

15,891

3,257

3,257

Fuel Usage

61,596

45,649

16,404

12,157

Total

77,487

61,540

19,661

15,414

 

The company is looking to reduce its fuel related emissions by using video conferencing technology to communicate with both suppliers and customers and reduce unnecessary travel.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

T P JORDESON & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr B R Scarborough
Director
13 May 2025
T P JORDESON & COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 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.

T P JORDESON & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T P JORDESON & COMPANY LIMITED
- 6 -
Opinion

We have audited the financial statements of T P Jordeson & Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

T P JORDESON & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T P JORDESON & COMPANY LIMITED
- 7 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

T P JORDESON & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T P JORDESON & COMPANY LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 auditor's 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.

Chris Woodroffe
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
15 May 2025
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
T P JORDESON & COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
81,255,217
82,629,918
Cost of sales
(80,003,249)
(79,338,426)
Gross profit
1,251,968
3,291,492
Administrative expenses
(1,380,155)
(1,435,745)
Other operating income
228,983
46,874
Operating profit
4
100,796
1,902,621
Interest receivable and similar income
7
49,424
108,927
Profit before taxation
150,220
2,011,548
Tax on profit
8
(61,979)
(350,200)
Profit for the financial year
88,241
1,661,348

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

T P JORDESON & COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
299,687
305,878
Current assets
Stocks
11
6,944,720
8,181,997
Debtors
12
16,276,184
11,150,690
Cash at bank and in hand
3,771,035
6,450,545
26,991,939
25,783,232
Creditors: amounts falling due within one year
13
(7,748,487)
(6,484,212)
Net current assets
19,243,452
19,299,020
Net assets
19,543,139
19,604,898
Capital and reserves
Called up share capital
15
10,000
10,000
Capital redemption reserve
123,600
123,600
Profit and loss reserves
19,409,539
19,471,298
Total equity
19,543,139
19,604,898
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
Mr B R Scarborough
Director
Company Registration No. 02382646
T P JORDESON & COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
10,000
123,600
18,209,950
18,343,550
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,661,348
1,661,348
Dividends
9
-
-
(400,000)
(400,000)
Balance at 31 December 2023
10,000
123,600
19,471,298
19,604,898
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
88,241
88,241
Dividends
9
-
-
(150,000)
(150,000)
Balance at 31 December 2024
10,000
123,600
19,409,539
19,543,139
T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

T P Jordeson & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53 The Tannery, Lawrence Street, York, YO10 3WH.

1.1
Accounting convention

These financial statements have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

T P Jordeson & Company Limited is a wholly owned subsidiary of T P Jordeson (Holdings) Limited. The results of T P Jordeson & Company Limited are included in the consolidated financial statements of T P Jordeson (Holdings) Limited, which has a registered office of 53 The Tannery, Lawrence Street, York, YO10 3WH.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Fixtures, fittings and equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following key judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Ageing and damaged stock is scrutinised by management and provision is made to write the value of stock down where management consider it unlikely that the product will realise its initial cost value.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of timber
81,255,217
82,629,918
T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
81,205,367
82,581,055
Rest Of Europe
49,850
48,863
81,255,217
82,629,918
2024
2023
£
£
Other revenue
Interest income
49,424
108,927
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(17,997)
14,251
Depreciation of owned tangible fixed assets
16,012
22,104
Loss on disposal of tangible fixed assets
866
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,050
18,900
For other services
Taxation compliance services
2,500
1,800
All other non-audit services
4,100
17,760
6,600
19,560

The audit fee noted above includes £1,450 (2023 - £1,400) in respect of the audit of the parent company's financial statements.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
3
Administrative staff
16
16
Total
20
19

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
687,391
740,315
Social security costs
65,534
85,205
Pension costs
88,079
85,205
841,004
910,725
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
49,424
108,927
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
12,000
350,000
Adjustments in respect of prior periods
49,979
200
Total current tax
61,979
350,200
T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
150,220
2,011,548
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
37,555
472,714
Tax effect of expenses that are not deductible in determining taxable profit
5,498
10,114
Adjustments in respect of prior years
49,979
200
Group relief
(35,773)
(92,919)
Depreciation on assets not qualifying for tax allowances
1,614
1,517
Tax at marginal rate
(477)
-
0
Other tax adjustments
3,583
(41,426)
Taxation charge for the year
61,979
350,200
9
Dividends
2024
2023
£
£
Interim paid
150,000
400,000
T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Tangible fixed assets
Leasehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2024
322,782
68,593
391,375
Additions
-
0
10,628
10,628
Disposals
-
0
(26,790)
(26,790)
At 31 December 2024
322,782
52,431
375,213
Depreciation and impairment
At 1 January 2024
39,352
46,145
85,497
Depreciation charged in the year
6,456
9,556
16,012
Eliminated in respect of disposals
-
0
(25,983)
(25,983)
At 31 December 2024
45,808
29,718
75,526
Carrying amount
At 31 December 2024
276,974
22,713
299,687
At 31 December 2023
283,430
22,448
305,878
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
6,944,720
8,181,997
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,955,194
9,742,218
Corporation tax recoverable
15,612
-
0
Amounts owed by group undertakings
2,057,951
1,223,446
Prepayments and accrued income
247,427
185,026
16,276,184
11,150,690

Amounts owed by group undertakings are unsecured and repayable on demand.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,396,857
4,969,406
Amounts owed to group undertakings
18,258
241,342
Corporation tax
-
0
15,909
Other taxation and social security
1,222,609
809,050
Other creditors
100,820
268,134
Accruals and deferred income
9,943
180,371
7,748,487
6,484,212

Amounts owed to group undertakings are unsecured and repayable on demand.

 

At the balance sheet date, an amount of £99,283 (2023 - £267,038) was included within creditors: amounts falling due within one year, in relations, in relations to loans received from the directors of the company.

14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
88,079
85,205

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
16
Financial commitments, guarantees and contingent liabilities

HSBC Bank plc holds composite company unlimited multilateral guarantees given by T P Jordeson (Holdings) Limited, T P Jordeson & Company Limited and THL Terminal Ltd (formerly B Berry and Son Limited) in respect of amounts owed to HSBC. Total group indebtedness to HSBC amounted to £nil (2023 - £nil) at the balance sheet date.

 

At the date of approval of the financial statements, no default has occurred which would trigger the above liability, nor is one anticipated. As such, the directors consider that the fair value of this obligation is £nil, and as such there is no recognition of a liability on the balance sheet.

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
17
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
12,387
-
0
Between two and five years
14,451
-
0
26,838
-
0
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the company
1,645,405
-
0
Other information

The company has taken advantage of the exemption granted by paragraph 33.1A of FRS 102 not to disclose related party transactions with wholly owed T P Jordeson (Holdings) Limited group companies.

19
Ultimate controlling party

The company is a wholly owned subsidiary of T P Jordeson (Holdings) Limited, a company registered in England and Wales, which is the immediate and ultimate parent undertaking.

 

The financial statements of the company are consolidated into the financial statements of T P Jordeson (Holdings) Limited, which are available from its registered office of 53 The Tannery, Lawrence Street, York, YO10 3WH. T P Jordeson (Holdings) Limited is the smallest and largest group into which T P Jordeson & Company Limited is consolidated.

20
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
239,037
165,440
Company pension contributions to defined contribution schemes
72,233
44,047
311,270
209,487

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).

T P JORDESON & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
74,200
55,420
Company pension contributions to defined contribution schemes
38,821
41,219
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