Company registration number 11698872 (England and Wales)
JETO HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JETO HOLDINGS LIMITED
COMPANY INFORMATION
Directors
K Polotnianka
D M Brooke
Company number
11698872
Registered office
Unit 6 Turnberry Park
Gildersome
Morley
Leeds
LS27 7LE
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
JETO HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
JETO HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

Trading in 2024 saw a small reduction in turnover but an increase in gross margin and gross profit, as the company combined improved purchasing with a more even spread of sales across both distribution and supply chain customers.

The Company has experienced difficult trading conditions in certain countries struggling with foreign currency liquidity imbalance, but has continued to be proactive in these countries, resulting in an increase in business in 2024.

The Company continues to be fully committed to on-going improvements in all aspects of the impact of our business on the environment and people. To this end, as well as continuing to have full ISO accreditation in ISO9001 and ISO14001, we were also awarded the Gold Ecovadis rating in 2024.

On behalf of the Company, we sincerely thank our dedicated staff and all customers and suppliers for their continued commitment, and we look forward to a mutually rewarding year in 2025.

The Company has started 2025 with a strong performance and has high hopes for another successful year.

 

Principal risks and uncertainties

The Group has carried out an extensive financial risk management analysis, covering aspects such as currency, interest rates & liquidity, credit and market (supply chain and customer base) risks.

 

Currency

A significant proportion of the Group’s turnover is in Euros & US Dollars. Fluctuations in these currencies could affect the financial performance of the business. Forward contracts are taken out and currency swaps are currently undertaken where necessary to mitigate any such risk.

 

Interest rates & liquidity

The Group is well funded and working capital flows are managed via the use of KPI’s within the business.

 

Credit risk

Customers and potential customers are credit checked regularly and given appropriate credit limits based on the financial information available. Credit insurance is also taken out where thought necessary, either due to Group or country risk.

 

Market risk

Market changes, particularly with regard to commodity prices, can affect the financial performance of the Group. Matrix Chemie makes use of the market intelligence and trends noticed that it has at it’s disposal, and also by the use of more widely available trade data and journals published by the industry.

 

 

The Group is in very good health and is well placed to implement the strategic plans agreed by the Board.

 

The Group is focused on developing a long-term horizon for its products and services. As such, the strategic plan includes ongoing capital investment, a widening of the customer base and expansion of the range of products and services on offer. A number of exciting innovations are under development to ensure that the plan is met. Environmental control and health and safety remain at the forefront of all strategic planning initiatives and the Group continues to invest in these crucial areas.

 

JETO HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The Group uses KPI’s to monitor it’s financial performance. These include, but are not limited to;

 

Gross Margin %

The ratio of gross margin to sales, expressed as a % of sales.

 

Debtor Days

The level of trade debtors & their ratio to sales, expressed as a number of days.

 

Creditor days

The level of trade creditors & their ratio to purchases, expressed as a number of days.

 

Stock days

The level of stock & their ratio to purchases, expressed as a number of days.

 

EBITDA

Earnings before interest, taxation, depreciation and amortisation.

 

 

On behalf of the board

K Polotnianka
Director
5 June 2025
JETO HOLDINGS 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.

Principal activities

The company is a holding company. The principal activity of the trading subsidiary is that of an international trader and distributor of chemical products for the personal care, home care, water treatment and industrial applications industries.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £400,000. The directors do not recommend payment of a further dividend.

Directors

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

K Polotnianka
D M Brooke
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
K Polotnianka
Director
5 June 2025
JETO HOLDINGS 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JETO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JETO HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Jeto Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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:

JETO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JETO HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

    the engagement partner ensured that the engagement team collectively had the appropriate competence,     capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•  we identified the laws and regulations applicable to the company through discussions with management,     and from our commercial knowledge and experience of the sector;

•  we focused on specific laws and regulations which we considered may have a direct material effect on     the financial statements or the operations of the company, including Companies Act 2006, taxation     legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

•  we assessed the extent of compliance with the laws and regulations identified above through making     enquiries of management and inspecting legal correspondence; and

•  identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

•  making enquiries of management as to where they considered there was susceptibility to fraud, their     knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and     regulations.

JETO HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JETO HOLDINGS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

•     assessed whether judgements and assumptions made in determining accounting estimates were     indicative of potential bias; and

•  investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•  agreeing financial statement disclosures to underlying supporting documentation; and

•  enquiring of management as to actual and potential litigation and claims.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Jamie Williams (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
5 June 2025
JETO HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,243,020
16,565,363
Cost of sales
(13,325,351)
(14,678,983)
Gross profit
1,917,669
1,886,380
Administrative expenses
(1,244,920)
(1,216,625)
Operating profit
4
672,749
669,755
Interest receivable and similar income
7
1,930
1,511
Interest payable and similar expenses
8
(1,587)
(5,982)
Profit before taxation
673,092
665,284
Tax on profit
9
(256,947)
(221,139)
Profit for the financial year
416,145
444,145
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
JETO HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,043,034
1,303,793
Tangible assets
12
13,644
24,980
1,056,678
1,328,773
Current assets
Stocks
15
674,050
436,350
Debtors
16
2,683,612
3,116,130
Cash at bank and in hand
1,022,863
1,451,379
4,380,525
5,003,859
Creditors: amounts falling due within one year
17
(2,544,213)
(3,457,340)
Net current assets
1,836,312
1,546,519
Total assets less current liabilities
2,892,990
2,875,292
Provisions for liabilities
Deferred tax liability
19
1,553
-
0
(1,553)
-
Net assets
2,891,437
2,875,292
Capital and reserves
Called up share capital
21
4
4
Profit and loss reserves
2,891,433
2,875,288
Total equity
2,891,437
2,875,292

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
05 June 2025
K Polotnianka
Director
Company registration number 11698872 (England and Wales)
JETO HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,548,077
3,548,077
Current assets
Debtors
16
482,351
482,351
Creditors: amounts falling due within one year
17
(4,030,424)
(4,030,424)
Net current liabilities
(3,548,073)
(3,548,073)
Net assets
4
4
Capital and reserves
Called up share capital
21
4
4

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £400,000 (2023 - £282,347 profit).

The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
05 June 2025
K Polotnianka
Director
Company registration number 11698872 (England and Wales)
JETO HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
4
2,631,143
2,631,147
Year ended 31 December 2023:
Profit and total comprehensive income
-
444,145
444,145
Dividends
10
-
(200,000)
(200,000)
Balance at 31 December 2023
4
2,875,288
2,875,292
Year ended 31 December 2024:
Profit and total comprehensive income
-
416,145
416,145
Dividends
10
-
(400,000)
(400,000)
Balance at 31 December 2024
4
2,891,433
2,891,437
JETO HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
4
(82,347)
(82,343)
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
282,347
282,347
Dividends
10
-
(200,000)
(200,000)
Balance at 31 December 2023
4
-
0
4
Year ended 31 December 2024:
Profit and total comprehensive income
-
400,000
400,000
Dividends
10
-
(400,000)
(400,000)
Balance at 31 December 2024
4
-
0
4
JETO HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
849,047
1,312,289
Interest paid
(1,587)
(5,982)
Income taxes paid
(265,012)
(299,329)
Net cash inflow from operating activities
582,448
1,006,978
Investing activities
Purchase of tangible fixed assets
(845)
(4,211)
Interest received
1,930
1,511
Net cash generated from/(used in) investing activities
1,085
(2,700)
Financing activities
Repayment of borrowings
(612,049)
(1,127,342)
Dividends paid to equity shareholders
(400,000)
(200,000)
Net cash used in financing activities
(1,012,049)
(1,327,342)
Net decrease in cash and cash equivalents
(428,516)
(323,064)
Cash and cash equivalents at beginning of year
1,451,379
1,774,443
Cash and cash equivalents at end of year
1,022,863
1,451,379
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Jeto Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 6, Turnberry Park, Gildersome, Morley, Leeds, LS27 7LE.

 

The group consists of Jeto Holdings Limited and all of its subsidiaries.

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.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Jeto Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have prepared forecasts and cashflows for a period of at least twelve months from the signing date of these financial statements. The directors have a reasonable expectation that the group 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.

1.5
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 (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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
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:

Fixtures and fittings
10-33% 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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.10
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.

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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

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.

JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets 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. 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 group 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 group 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 group's contractual obligations expire or are discharged or cancelled.

JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’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.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
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.

JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of debtors and accrued income

The recoverability of trade receivables is regularly reviewed in the light of the available economic information specific to each receivable, and specific provisions are recognised for balances considered to be irrecoverable.

Stock

Stock is valued at the lower of cost and net realisable value. The directors must ascertain that the provisions included have been properly calculated and reflect the true recoverable stock value as at the period end.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Trade and distribution of chemicals
15,243,020
16,565,363
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,773,942
1,587,537
Europe
8,661,919
9,412,756
Rest of the World
4,807,159
5,565,070
15,243,020
16,565,363
2024
2023
£
£
Other revenue
Interest income
1,930
1,511
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences
58,743
(6,015)
Depreciation of owned tangible fixed assets
12,181
14,402
Amortisation of intangible assets
260,759
260,759
Operating lease charges
2,156
1,690
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
10
11
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
541,242
553,372
-
0
-
0
Social security costs
57,099
57,636
-
-
Pension costs
28,358
28,836
-
0
-
0
626,699
639,844
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
279,140
278,409
Company pension contributions to defined contribution schemes
20,528
20,528
299,668
298,937
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
139,656
139,282
Company pension contributions to defined contribution schemes
10,264
10,264
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,930
1,511
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
39
1,724
Other interest on financial liabilities
1,548
4,258
Total finance costs
1,587
5,982
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
255,394
220,512
Adjustments in respect of prior periods
-
0
627
Total current tax
255,394
221,139
Deferred tax
Origination and reversal of timing differences
1,553
-
0
Total tax charge
256,947
221,139
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 23 -

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
673,092
665,284
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
168,273
156,475
Tax effect of expenses that are not deductible in determining taxable profit
19,040
552
Change in unrecognised deferred tax assets
4,445
2,123
Adjustments in respect of prior years
-
0
627
Goodwill amortisation
65,189
49,544
Fixed asset differences
-
0
11,944
Remeasurement of deferred tax for changes in tax rate
-
0
(126)
Taxation charge
256,947
221,139
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
400,000
200,000
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
2,607,588
Amortisation and impairment
At 1 January 2024
1,303,795
Amortisation charged for the year
260,759
At 31 December 2024
1,564,554
Carrying amount
At 31 December 2024
1,043,034
At 31 December 2023
1,303,793
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
12
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 January 2024
161,116
Additions
845
At 31 December 2024
161,961
Depreciation and impairment
At 1 January 2024
136,136
Depreciation charged in the year
12,181
At 31 December 2024
148,317
Carrying amount
At 31 December 2024
13,644
At 31 December 2023
24,980
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,548,077
3,548,077
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
3,548,077
Carrying amount
At 31 December 2024
3,548,077
At 31 December 2023
3,548,077
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Matrix Chemie Limited
England and Wales
International trader and distributor of chemicals
Ordinary
0
100.00
Matrix Chemie Holdings Limited
England and Wales
Holding Company
Ordinary
100.00
0
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
674,050
436,350
-
0
-
0
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,483,908
2,961,326
-
0
-
0
Amounts owed by group undertakings
-
-
482,349
482,349
Other debtors
168,942
126,213
2
2
Prepayments and accrued income
30,762
28,591
-
0
-
0
2,683,612
3,116,130
482,351
482,351

Amounts owed by group undertakings are interest free and repayable on demand.

17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
18
5,853
617,902
-
0
-
0
Trade creditors
2,111,460
2,536,640
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,030,424
4,030,424
Corporation tax payable
128,894
138,512
-
0
-
0
Other taxation and social security
18,161
22,759
-
-
Other creditors
200,000
100,000
-
0
-
0
Accruals and deferred income
79,845
41,527
-
0
-
0
2,544,213
3,457,340
4,030,424
4,030,424

Other borrowings includes advances totalling £5,853 (2023: £617,902) under an invoice discounting facility secured by a fixed and floating charge over all assets.

 

Amounts owed by group undertakings are interest free and repayable on demand.

18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
5,853
617,902
-
0
-
0
Payable within one year
5,853
617,902
-
0
-
0
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,553
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
-
-
Charge to profit or loss
1,553
-
Liability at 31 December 2024
1,553
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,358
28,836

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
22
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
25,030
17,783
-
-
Between two and five years
100,120
-
-
-
125,150
17,783
-
-
23
Controlling party

Directors K Polotnianka and D M Brooke are the ultimate controlling parties by reference to their shareholdings in Jeto Holdings Limited.

 

24
Cash generated from group operations
2024
2023
£
£
Profit after taxation
416,145
444,145
Adjustments for:
Taxation charged
256,947
221,139
Finance costs
1,587
5,982
Investment income
(1,930)
(1,511)
Amortisation and impairment of intangible assets
260,759
260,759
Depreciation and impairment of tangible fixed assets
12,181
14,402
Movements in working capital:
(Increase)/decrease in stocks
(237,700)
656,361
Decrease in debtors
432,518
180,077
Decrease in creditors
(291,460)
(469,065)
Cash generated from operations
849,047
1,312,289
JETO HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,451,379
(428,516)
1,022,863
Borrowings excluding overdrafts
(617,902)
612,049
(5,853)
833,477
183,533
1,017,010
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100K PolotniankaD M Brookefalse11698872bus:Consolidated2024-01-012024-12-31116988722024-01-012024-12-3111698872bus:Director12024-01-012024-12-3111698872bus:Director22024-01-012024-12-3111698872bus:RegisteredOffice2024-01-012024-12-31116988722024-12-3111698872bus:Consolidated2024-12-3111698872bus:Consolidated2023-01-012023-12-31116988722023-01-012023-12-3111698872core:Goodwillbus:Consolidated2024-12-3111698872core:Goodwillbus:Consolidated2023-12-3111698872bus:Consolidated2023-12-3111698872core:FurnitureFittingsbus:Consolidated2024-12-3111698872core:FurnitureFittingsbus:Consolidated2023-12-31116988722023-12-3111698872core:ShareCapitalbus:Consolidated2024-12-3111698872core:ShareCapitalbus:Consolidated2023-12-3111698872core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3111698872core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3111698872core:ShareCapital2024-12-3111698872core:ShareCapital2023-12-3111698872core:ShareCapitalbus:Consolidated2022-12-31116988722022-12-3111698872core:ShareCapital2022-12-3111698872core:RetainedEarningsAccumulatedLosses2022-12-3111698872core:RetainedEarningsAccumulatedLosses2023-12-3111698872core:RetainedEarningsAccumulatedLosses2024-12-3111698872bus:Consolidated2022-12-3111698872core:Goodwill2024-01-012024-12-3111698872core:FurnitureFittings2024-01-012024-12-3111698872core:UKTaxbus:Consolidated2024-01-012024-12-3111698872core:UKTaxbus:Consolidated2023-01-012023-12-3111698872bus:Consolidated12024-01-012024-12-3111698872bus:Consolidated12023-01-012023-12-3111698872bus:Consolidated22024-01-012024-12-3111698872bus:Consolidated22023-01-012023-12-3111698872bus:Consolidated32024-01-012024-12-3111698872bus:Consolidated32023-01-012023-12-3111698872core:Goodwillbus:Consolidated2023-12-3111698872core:Goodwillbus:Consolidated2024-01-012024-12-3111698872core:FurnitureFittingsbus:Consolidated2023-12-3111698872core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3111698872core:Subsidiary12024-01-012024-12-3111698872core:Subsidiary22024-01-012024-12-3111698872core:Subsidiary112024-01-012024-12-3111698872core:Subsidiary222024-01-012024-12-3111698872core:CurrentFinancialInstruments2024-12-3111698872core:CurrentFinancialInstruments2023-12-3111698872core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3111698872core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3111698872core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3111698872core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3111698872core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3111698872core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111698872core:WithinOneYearbus:Consolidated2024-12-3111698872core:WithinOneYearbus:Consolidated2023-12-3111698872bus:PrivateLimitedCompanyLtd2024-01-012024-12-3111698872bus:FRS1022024-01-012024-12-3111698872bus:Audited2024-01-012024-12-3111698872bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3111698872bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP