Company Registration No. 01260881 (England and Wales)
JOHN BRADSHAW LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
JOHN BRADSHAW LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 31
JOHN BRADSHAW LIMITED
COMPANY INFORMATION
Directors
J B Bradshaw
M J Bradshaw
A Bradshaw
D A Earl
L Bradshaw
Company number
01260881
Registered office
New Lane
Stibbington
Peterborough
PE8 6LW
Auditor
TC Group
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
JOHN BRADSHAW LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
2024 turned out to be a much more challenging year with every increasing costs in almost every area. Our markets became more price focused as they went on, as overstocking from previous years became the reason for the drop in pricing.
2025 still looks tough going forwards especially with a large increase in the NI costs, but we have a solid customer base with some good potential in the airport markets for 2025.
The company's key financial and other performance indicators during the year were as follows:
Unit 2024 2023
Turnover £ 13,479,623 14,284,871
Gross profit margin % 34 34
Profit before tax £ 134,029 535,115
Principal risks and uncertainties
The principal activity of the company is the manufacture, sale and hire of electric vehicles.
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The business' activities expose it primarily to the financial risks of changes in foreign currency exchange rates.
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.
Research and development
The company will continue its policy of investment in research and development in order to retain a competitive position in the market.
JOHN BRADSHAW LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
A Bradshaw
Director
2 June 2025
JOHN BRADSHAW 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.
No ordinary dividends were paid. 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:
J B Bradshaw
M J Bradshaw
A Bradshaw
D A Earl
L Bradshaw
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.
On behalf of the board
A Bradshaw
Director
2 June 2025
JOHN BRADSHAW LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The 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.
JOHN BRADSHAW LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOHN BRADSHAW LIMITED
- 5 -
Opinion
We have audited the financial statements of John Bradshaw Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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.
JOHN BRADSHAW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN BRADSHAW LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
JOHN BRADSHAW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN BRADSHAW LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
JOHN BRADSHAW LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOHN BRADSHAW LIMITED
- 8 -
Use of 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.
John Grant (Senior Statutory Auditor)
For and on behalf of TC Group
Office: Peterborough
3 June 2025
JOHN BRADSHAW LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
13,479,623
14,284,871
Cost of sales
(8,853,009)
(9,431,951)
Gross profit
4,626,614
4,852,920
Administrative expenses
(4,228,048)
(4,216,087)
Other operating income
1,383
10,903
Operating profit
4
399,949
647,736
Interest receivable and similar income
7
488
Interest payable and similar expenses
8
(266,408)
(112,621)
Profit before taxation
134,029
535,115
Tax on profit
9
32,492
(274,243)
Profit for the financial year
166,521
260,872
Retained earnings brought forward
4,505,835
4,244,963
Retained earnings carried forward
4,672,356
4,505,835
The profit and loss account has been prepared on the basis that all operations are continuing operations.
JOHN BRADSHAW LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,406,481
3,298,120
Investment property
12
1,092,000
1,092,000
5,498,481
4,390,120
Current assets
Stocks
13
4,839,229
4,254,603
Debtors
14
1,378,955
898,438
Cash at bank and in hand
999
972
6,219,183
5,154,013
Creditors: amounts falling due within one year
15
(5,009,014)
(3,591,297)
Net current assets
1,210,169
1,562,716
Total assets less current liabilities
6,708,650
5,952,836
Creditors: amounts falling due after more than one year
16
(1,307,378)
(797,134)
Provisions for liabilities
Provisions
19
93,000
50,000
Deferred tax liability
20
539,436
503,387
(632,436)
(553,387)
Net assets
4,768,836
4,602,315
Capital and reserves
Called up share capital
22
51,500
51,500
Share premium account
44,980
44,980
Profit and loss reserves
4,672,356
4,505,835
Total equity
4,768,836
4,602,315
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
JOHN BRADSHAW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
A Bradshaw
Director
Company registration number 01260881 (England and Wales)
JOHN BRADSHAW LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
727,150
126,634
Interest paid
(266,408)
(112,621)
Income taxes paid
(69,030)
Net cash inflow from operating activities
391,712
14,013
Investing activities
Purchase of tangible fixed assets
(929,024)
(191,634)
Proceeds from disposal of tangible fixed assets
23,119
2,645
Interest received
488
Net cash used in investing activities
(905,417)
(188,989)
Financing activities
Proceeds from new bank loans
505,000
Repayment of bank loans
(59,072)
(56,136)
Payment of finance leases obligations
(538,216)
(327,555)
Net cash used in financing activities
(92,288)
(383,691)
Net decrease in cash and cash equivalents
(605,993)
(558,667)
Cash and cash equivalents at beginning of year
(1,011,197)
(452,530)
Cash and cash equivalents at end of year
(1,617,190)
(1,011,197)
Relating to:
Cash at bank and in hand
999
972
Bank overdrafts included in creditors payable within one year
(1,618,189)
(1,012,169)
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
John Bradshaw Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Lane, Stibbington, Peterborough, PE8 6LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Capitalised development expenditure
20% - 33% straight line
1.6
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.
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:
Freehold land and buildings
Nil
Leasehold land and buildings
Nil
Plant and equipment
15 - 33% straight line
Fixtures and fittings
20% - 25% straight line
Motor vehicles
20 - 33% 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.
No depreciation has been provided in respect of freehold or long leasehold property. This treatment is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, it is the company's policy to maintain its properties in a continual state of sound repair and the directors consider that the lives of these properties and their residual values are such that their depreciation is not material. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view.
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) 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.
1.9
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, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.10
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.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
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.
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.
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.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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 interest rate swaps and 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.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Judgements 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. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment properties are valued at open market value.
Stock is considered obsolete in line with the company policy which writes down items by 50% when they have been held for greater than 12 months and by 100% after 24 months. Stock is reviewed individually for recoverability and individual items may be written down or retained at cost depending on their individual nature.
Deferred tax assets and liabilities are included when the directors expect any asset or provision to be recovered in the future with reasonable certainty.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK
12,534,064
13,201,629
Europe
885,968
973,901
Rest of world
59,591
109,341
13,479,623
14,284,871
2024
2023
£
£
Other revenue
Interest income
488
-
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(88,051)
(87,181)
Research and development costs
230,545
238,770
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
18,000
Depreciation of owned tangible fixed assets
190,353
292,774
Depreciation of tangible fixed assets held under finance leases
368,166
227,358
Profit on disposal of tangible fixed assets
(3,825)
-
Amortisation of intangible assets
-
2,670
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
36
34
Administration and support
34
35
Total
70
69
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,746,935
2,845,085
Social security costs
272,667
292,835
Pension costs
97,548
162,934
3,117,150
3,300,854
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
350,540
428,555
Company pension contributions to defined contribution schemes
9,090
10,455
359,630
439,010
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
127,243
157,145
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
488
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
148,679
73,608
Other interest on financial liabilities
52,531
201,210
73,608
Other finance costs:
Interest on finance leases and hire purchase contracts
65,198
39,013
266,408
112,621
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
68,541
Adjustments in respect of prior periods
(68,541)
93,439
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
36,049
112,263
Total tax (credit)/charge
(32,492)
274,243
The actual (credit)/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
134,029
535,115
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
33,507
125,859
Tax effect of expenses that are not deductible in determining taxable profit
10,199
5,071
Tax effect of utilisation of tax losses not previously recognised
36,731
Unutilised tax losses carried forward
58,869
Effect of change in corporation tax rate
(9,450)
Permanent capital allowances in excess of depreciation
(136,343)
Other permanent differences
(314)
Under/(over) provided in prior years
(35,141)
93,439
Deferred tax adjustments in respect of prior years
59,324
Taxation (credit)/charge for the year
(32,492)
274,243
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Intangible fixed assets
Capitalised development expenditure
£
Cost
At 1 January 2024 and 31 December 2024
57,926
Amortisation and impairment
At 1 January 2024 and 31 December 2024
57,926
Carrying amount
At 31 December 2024
At 31 December 2023
Amortisation of intangible assets is included on the Statement of Income and Retained Earnings within administrative expenses.
The aggregate amount of research and development expenditure recognised as an expense during the period is £230,545 (2023 - £238,770).
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,276,115
675,148
4,969,610
306,052
271,888
7,498,813
Additions
624,526
1,002,185
31,555
27,908
1,686,174
Disposals
(375,571)
(500)
(376,071)
At 31 December 2024
1,900,641
675,148
5,596,224
337,607
299,296
8,808,916
Depreciation and impairment
At 1 January 2024
35,009
3,683,613
285,828
196,243
4,200,693
Depreciation charged in the year
522,875
6,001
29,643
558,519
Eliminated in respect of disposals
(356,277)
(500)
(356,777)
At 31 December 2024
35,009
3,850,211
291,829
225,386
4,402,435
Carrying amount
At 31 December 2024
1,900,641
640,139
1,746,013
45,778
73,910
4,406,481
At 31 December 2023
1,276,115
640,139
1,285,997
20,224
75,645
3,298,120
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Assets held under finance leases and hire purchase contracts
1,299,811
937,491
Assets held as security with a carrying amount of £4,406,481 (2023 - £3,298,120) have been pledged as security for bank loans, overdrafts and obligations under finance and hire purchase leases.
12
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,092,000
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Investment property
(Continued)
- 25 -
Assets held as security with a carrying amount of £1,092,000 (2023 - £1,092,000) have been pledged as security for bank loans, overdrafts and obligations under finance and hire purchase leases.
The directors have carried out a valuation of the investment properties at 31 December 2024 and they have kept the value at £1,092,000.
13
Stocks
2024
2023
£
£
Raw materials and consumables
1,041,685
1,077,584
Work in progress
193,233
430,466
Finished goods and goods for resale
3,604,311
2,746,553
4,839,229
4,254,603
The carrying amount of stocks pledged as security for liabilities amounted to £4,839,229 (2023 - £4,254,603).
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,106,090
709,737
Corporation tax recoverable
69,030
Other debtors
53,866
54,404
Prepayments and accrued income
149,969
134,297
1,378,955
898,438
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
1,696,830
1,113,086
Obligations under finance leases
18
489,439
312,545
Trade creditors
1,509,248
705,222
Corporation tax
68,541
Other taxation and social security
371,854
322,291
Outstanding defined contribution pension costs
29,872
25,134
Other creditors
7,731
7,711
Accruals and deferred income
904,040
1,036,767
5,009,014
3,591,297
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
940,083
471,879
Obligations under finance leases
18
367,295
325,255
1,307,378
797,134
17
Loans and overdrafts
2024
2023
£
£
Bank loans
1,018,724
572,796
Bank overdrafts
1,618,189
1,012,169
2,636,913
1,584,965
Payable within one year
1,696,830
1,113,086
Payable after one year
940,083
471,879
Of the above creditors, security is held over amounts due within one year totalling £1,696,830 (2023 - £1,113,086) and amounts due after more than one year totalling £940,083 (2023 - £471,879).
Bank loans and overdrafts are secured by way of debentures and charges over property owned by John Bradshaw and John Bradshaw Limited.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
489,439
312,545
In two to five years
367,295
325,255
856,734
637,800
Finance lease and hire purchase balances are secured over the assets to which they relate.
19
Provisions for liabilities
2024
2023
£
£
Warranties
93,000
50,000
Movements on provisions:
Warranties
£
At 1 January 2024
50,000
Additional provisions in the year
58,000
Other movements
(15,000)
At 31 December 2024
93,000
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
364,849
269,931
Tax losses
(63,890)
(5,021)
Revaluations
238,477
238,477
539,436
503,387
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 28 -
2024
Movements in the year:
£
Liability at 1 January 2024
503,387
Charge to profit or loss
36,049
Liability at 31 December 2024
539,436
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,548
162,934
Contributions totalling £26,564 (2023 - £29,872) were payable to the scheme at the end of the year and are included in creditors.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
51,500
51,500
51,500
51,500
23
Reserves
Share premium
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Share capital
Represents the nominal value of shares that have been issued.
Profit and loss account
Includes all current and prior period retained profits and losses, inclusive of cumulative unrealised gains and losses for assets shown at fair value at the balance sheet date.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
24
Operating lease commitments
The amount of non-cancellable operating lease payments recognised as an expense during the year was £176,268 (2023 - £150,394).
2024
2023
£
£
Within one year
150,253
154,053
Between two and five years
149,159
275,596
299,412
429,649
25
Events after the reporting date
Subsequent to the year end on 12 February 2025, the company has restructured its development loan of £500,000 which was originally maturing on the same date and held on interest-only basis. The loan, which was obtained to assist with the construction of new factory is now restructured with a new £500,000 facility on a 5-year term based on a 20-year amortization profile with interest payable at 2.5% above the BOE rate.
26
Ultimate controlling party
The ultimate controlling party is J B Bradshaw.
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
27
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
166,521
260,872
Adjustments for:
Taxation (credited)/charged
(32,492)
274,243
Finance costs
266,408
112,621
Investment income
(488)
Gain on disposal of tangible fixed assets
(3,825)
-
Amortisation and impairment of intangible assets
2,670
Depreciation and impairment of tangible fixed assets
558,519
520,132
Increase in provisions
43,000
21,037
Movements in working capital:
Increase in stocks
(584,626)
(554,500)
(Increase)/decrease in debtors
(411,487)
100,327
Increase/(decrease) in creditors
725,620
(610,768)
Cash generated from operations
727,150
126,634
28
Analysis of changes in net debt
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
972
27
-
999
Bank overdrafts
(1,012,169)
(606,020)
-
(1,618,189)
(1,011,197)
(605,993)
(1,617,190)
Borrowings excluding overdrafts
(580,446)
(445,944)
-
(1,026,390)
Obligations under finance leases
(637,800)
538,216
(757,150)
(856,734)
(2,229,443)
(513,721)
(757,150)
(3,500,314)
JOHN BRADSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
29
Related party transactions
Summary of transactions with entities with joint control or significant interest
During the year entities with joint control or significant interest recharged John Bradshaw Limited for rent and work carried out by its employees and machinery on behalf of the company. In the year ended 31 December 2024, this amounted to £33,295 (2023 - £33,000).
John Bradshaw Limited also recharges such entities for sales, services and rent. In the year ended 31 December 2024 this totalled £35,583 (2023 - £25,449).
At the balance sheet date the amount due from such entities was £41,318 (2023 - £41,855).
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