Company registration number 09312718 (England and Wales)
JRH Staffordshire Holdings Limited
Annual report and financial statements
For the year ended 30 November 2024
JRH Staffordshire Holdings Limited
Company information
Directors
Mr J R Harrison
Mrs J A Harrison
Mr G R Harrison
Company number
09312718
Registered office
The Coal Yard
Milton Road
Stoke on Trent
Staffordshire
England
ST1 6LE
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
JRH Staffordshire Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
JRH Staffordshire Holdings Limited
Strategic report
For the year ended 30 November 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
JRH Staffordshire Limited is an intermediary holding company, within the JRH (Staffs) Group Limited group and details of its subsidiaries are provided in note 7. The company holds assets and properties that are utilised by its subsidiary and also by related parties. During the year the main activities of the Company remained unchanged, and the directors anticipate that the Company will continue to operate on the same basis.
The Company’s results for the year are disclosed in the Statement of Comprehensive Income. The loss for the year after taxation amount to £38,107 (2023 - £113,115). Dividends were declared and paid in the year or £153,000 (2023 - £89,270). Net Assets at the year end were £1,461,648 (2023 £1,652,755). The Company continues to receive financial support from the Group.
Principal risks and uncertainties
The Company is not exposed to any significant unusual risks or uncertainties in its role as an intermediary holding company within the Group.
The company could be affected however if its subsidiary company trade is impacted for any given reason.
The subsidiary company is in a transitionary stage, where by it is undertaking various projects to target profitability and margins rather than focusing solely on increasing turnover. So there is not considered to be any major risk from any possible downturn in the trade of the subsidiary company.
Financial instrument risks
The financial instruments that the company has are amounts owed to and from group undertakings, finance leases and bank loans.
Development and performance
The company is planning future growth through viewing to expand the business in Cheshire further, increasing the asset levels to be able to facilitate new and repeat business through its subsidiary trading company.
After considering the above risks and future plans, the company is currently forecasting similar turnover in the year ending November 2025.
Overall profitability should be similar to the previous period and hence the directors are confident that the going concern basis is appropriate for the preparation of the accounts.
Key performance indicators
The directors consider that the key performance indicator of the business are interest cover and asset value to loan ratio:
2024 2023
Interest rate cover 0.17 -1.40
Asset value to loan ratio 1.93 1.93
Interest rate cover is the ratio operating profit over interest charges.
Asset value to loan ratio is the ratio of total tangible and intangible assets to total bank loan and HP liabilities.
JRH Staffordshire Holdings Limited
Strategic report (continued)
For the year ended 30 November 2024
- 2 -
Mr J R Harrison
Director
12 June 2025
JRH Staffordshire Holdings Limited
Directors' report
For the year ended 30 November 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company continued to be that of holding company.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £153,000. 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:
Mr J R Harrison
Mrs J A Harrison
Mr G R Harrison
Statement of directors' responsibilities
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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
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.
JRH Staffordshire Holdings Limited
Directors' report (continued)
For the year ended 30 November 2024
- 4 -
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
Mr J R Harrison
Director
12 June 2025
JRH Staffordshire Holdings Limited
Independent auditor's report
To the members of JRH Staffordshire Holdings Limited
- 5 -
Opinion
We have audited the financial statements of JRH Staffordshire Holdings Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 30 November 2024 and of its loss 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.
JRH Staffordshire Holdings Limited
Independent auditor's report (continued)
To the members of JRH Staffordshire Holdings 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 directors and other management;
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 legislation such as the Companies Act 2006, taxation legislation and data protection;
we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.
JRH Staffordshire Holdings Limited
Independent auditor's report (continued)
To the members of JRH Staffordshire Holdings Limited
- 7 -
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.
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 posted during the period and at the period end to identify unusual transactions; 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;
enquiring of management as to actual and potential litigation and claims;
reviewing legal and professional fees incurred during the period to identify any potential indications of non-compliance with laws and regulations.
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.
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.
Stacey Parr FCCA
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
12 June 2025
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
JRH Staffordshire Holdings Limited
Statement of comprehensive income
For the year ended 30 November 2024
- 8 -
Year
Period
ended
ended
30 November
30 November
2024
2023
Notes
£
£
Turnover
3
421,940
475,000
Cost of sales
(236,618)
(393,545)
Gross profit
185,322
81,455
Administrative expenses
(175,404)
(181,562)
Operating profit/(loss)
4
9,918
(100,107)
Interest receivable and similar income
202
Interest payable and similar expenses
6
(57,372)
(71,748)
Loss before taxation
(47,252)
(171,855)
Tax on loss
7
9,145
58,700
Loss for the financial year
(38,107)
(113,155)
JRH Staffordshire Holdings Limited
Statement of financial position
As at 30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
64,613
96,459
Tangible assets
10
2,024,301
1,859,016
Investments
11
12
12
2,088,926
1,955,487
Current assets
Debtors
13
969,474
895,031
Cash at bank and in hand
113,977
34,058
1,083,451
929,089
Creditors: amounts falling due within one year
14
(751,596)
(316,079)
Net current assets
331,855
613,010
Total assets less current liabilities
2,420,781
2,568,497
Creditors: amounts falling due after more than one year
15
(812,478)
(759,942)
Provisions for liabilities
Deferred tax liability
18
146,655
155,800
(146,655)
(155,800)
Net assets
1,461,648
1,652,755
Capital and reserves
Called up share capital
19
20
20
Profit and loss reserves
20
1,461,628
1,652,735
Total equity
1,461,648
1,652,755
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr J R Harrison
Director
Company registration number 09312718 (England and Wales)
JRH Staffordshire Holdings Limited
Statement of changes in equity
For the year ended 30 November 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
20
1,855,160
1,855,180
Period ended 30 November 2023:
Loss and total comprehensive income
-
(113,155)
(113,155)
Dividends
8
-
(89,270)
(89,270)
Balance at 30 November 2023
20
1,652,735
1,652,755
Year ended 30 November 2024:
Loss and total comprehensive income
-
(38,107)
(38,107)
Dividends
8
-
(153,000)
(153,000)
Balance at 30 November 2024
20
1,461,628
1,461,648
JRH Staffordshire Holdings Limited
Notes to the financial statements
For the year ended 30 November 2024
- 11 -
1
Accounting policies
Company information
JRH Staffordshire Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Coal Yard, Milton Road, Stoke on Trent, Staffordshire, England, ST1 6LE.
1.1
Reporting period
The financial statements are presented for the year ended 30 November 2024. The comparative information is for the extended 18 month period ended 30 November 2023. In the prior year the directors deemed it appropriate to extend the period end by 6 months due to the accounting period coinciding with high seasonality within the trading subsidiary and therefore the figures are not directly comparable.
1.2
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of JRH (Staffs) Group Limited. These consolidated financial statements are available from its registered office, The Coal Yard, Milton Road, Stoke On Trent, ST1 6LE.
Preparation of consolidated financial statements
The financial statements contain information about JRH Staffordshire Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, JRH (Staffs) Group Limited, The Coal Yard, Milton Road, Stoke On Trent, ST1 6LE.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with entities within the group where the relationship is one of being wholly owned.
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 12 -
1.3
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.
1.4
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.
Turnover represents management charges and rental income receivable in the year.
Turnover is recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.
Dividends receivable
Dividend income is recognised as the company's right to receive payment is established.
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:
Software
33% reducing balance
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% on straight line
Plant and equipment
10% on reducing balance
Motor vehicles
25% on reducing balance
Freehold land is not depreciated.
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.
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
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.
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of 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 income statement 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.
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 15 -
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.
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 income statement, 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.
1.13
Leases
Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Management charges
Management charge income is received by the company. This relates to recharge of costs incurred by the company on fixed assets and related costs. Estimates of these cost recharges are based on the usage of each asset by the subsidiary and by a related party.
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 16 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Management charges
341,940
405,000
Rent receivable
80,000
70,000
421,940
475,000
2024
2023
£
£
Other revenue
Interest income
202
-
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,850
9,500
Depreciation of owned tangible fixed assets
47,146
59,822
Depreciation of tangible fixed assets held under finance leases
157,626
276,044
Profit on disposal of tangible fixed assets
-
(635)
Amortisation of intangible assets
31,846
57,679
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
30,295
35,776
Interest on finance leases and hire purchase contracts
27,077
35,972
57,372
71,748
7
Taxation
2024
2023
£
£
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
7
Taxation
2024
2023
£
£
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
(9,145)
(58,700)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(47,252)
(171,855)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(11,813)
(42,964)
Tax effect of expenses that are not deductible in determining taxable profit
154
Depreciation on assets not qualifying for tax allowances
1,888
2,834
Deferred tax adjustments in respect of prior years
18,765
41
Current year deferred tax (under)/overprovided
(17,985)
(18,765)
Taxation credit for the year
(9,145)
(58,700)
8
Dividends
2024
2023
£
£
Final paid
153,000
89,270
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 18 -
9
Intangible fixed assets
Software
£
Cost
At 1 December 2023 and 30 November 2024
154,138
Amortisation and impairment
At 1 December 2023
57,679
Amortisation charged for the year
31,846
At 30 November 2024
89,525
Carrying amount
At 30 November 2024
64,613
At 30 November 2023
96,459
10
Tangible fixed assets
Freehold buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
1,052,570
259,404
1,070,526
2,382,500
Additions
194,810
175,247
370,057
At 30 November 2024
1,052,570
454,214
1,245,773
2,752,557
Depreciation and impairment
At 1 December 2023
15,723
47,609
460,152
523,484
Depreciation charged in the year
7,551
30,509
166,712
204,772
At 30 November 2024
23,274
78,118
626,864
728,256
Carrying amount
At 30 November 2024
1,029,296
376,096
618,909
2,024,301
At 30 November 2023
1,036,847
211,795
610,374
1,859,016
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
£
£
Plant and equipment
336,690
206,850
Motor vehicles
513,261
514,826
849,951
721,676
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 19 -
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
12
12
12
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Milton Garden Products Limited
The Coal Yard, Milton Road, Stoke On Trent, ST1 6LE
Ordinary
100.00
Paving UK Holdings Limited
The Coal Yard, Milton Road, Stoke On Trent, ST1 6LE
Ordinary
100.00
Cheshire Town & Country Fuels Limited
The Coal Yard, Milton Road, Stoke On Trent, ST1 6LE
Ordinary
100.00
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
766,972
766,972
Other debtors
188,173
110,888
Prepayments and accrued income
14,329
17,171
969,474
895,031
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
43,143
43,143
Obligations under finance leases
17
296,394
211,445
Trade creditors
5,247
4,821
Amounts owed to group undertakings
402,482
40,883
Taxation and social security
3,754
13,891
Other creditors
576
1,896
751,596
316,079
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 20 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
481,758
524,900
Obligations under finance leases
17
330,720
235,042
812,478
759,942
Amounts included above which fall due after five years are as follows:
Payable by instalments
309,188
363,116
16
Loans and overdrafts
2024
2023
£
£
Bank loans
524,901
568,043
Payable within one year
43,143
43,143
Payable after one year
481,758
524,900
The bank loans are secured by fixed and floating charges over the assets of the company.
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
296,394
211,445
In two to five years
330,720
235,042
627,114
446,487
The finance lease is secured by fixed charges over the assets to which they relate.
Finance lease payments represent rentals payable by the company for certain items of plant, equipment and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 21 -
18
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
146,655
155,800
2024
Movements in the year:
£
Liability at 1 December 2023
155,800
Credit to profit or loss
(9,145)
Liability at 30 November 2024
146,655
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
Each ordinary share has full voting rights, full dividend rights and the right to participate in distributions on winding up.
20
Profit and loss reserves
Profit and loss reserves are made up of accumulated profits less accumulated losses and distributions. This is a distributable reserve.
21
Financial commitments, guarantees and contingent liabilities
At the balance sheet date, the company had guaranteed borrowings of fellow group undertakings. At 30 November 2024 these borrowings amounted to £561,127 (2023 - £513,651). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon.
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
JRH Staffordshire Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
22
Related party transactions
(Continued)
- 22 -
Group company transactions
Dividends have been paid to the parent company in the period totalling £100,000 (2023 - £Nil).
At the period end, balances of £766,972 (2023 - £766,972) were owed from the parent company. The loan is interest free, unsecured and repayable on demand.
Other related parties
Companies under common control
In the period, management charges were received from companies under common control of £90,000 (2023 - £135,000).
At the period end, loan balances owed to the company from connected parties amounted to £188,173 (2023 - £110,889).
Transactions with directors
At the period end, the company owed directors £576 (2023 - £1,896). The loans are interest free and repayable on demand.
During the period dividends have been paid to directors totalling £53,000 (2023 - £89,270).
23
Ultimate controlling party
The ultimate parent company is JRH (Staffs) Group Limited which owns 80% of the ordinary share capital. JRH (Staffs) Group Limited is incorporated in England.
Copies of the group accounts of JRH (Staffs) Group Limited are available from The Coal Yard, Milton Road, Stoke On Trent, ST1 6LE.
The ultimate controlling party is J R Harrison.
2024-11-302023-12-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr J R HarrisonMrs J A HarrisonMr G R Harrison093127182023-12-012024-11-3009312718bus:Director12023-12-012024-11-3009312718bus:Director22023-12-012024-11-3009312718bus:Director32023-12-012024-11-3009312718bus:RegisteredOffice2023-12-012024-11-30093127182024-11-30093127182022-06-012023-11-3009312718core:RetainedEarningsAccumulatedLosses2022-06-012023-11-3009312718core:RetainedEarningsAccumulatedLosses2023-12-012024-11-3009312718core:OtherResidualIntangibleAssets2024-11-3009312718core:OtherResidualIntangibleAssets2023-11-3009312718core:ComputerSoftware2024-11-3009312718core:ComputerSoftware2023-11-30093127182023-11-3009312718core:LandBuildingscore:OwnedOrFreeholdAssets2024-11-3009312718core:PlantMachinery2024-11-3009312718core:MotorVehicles2024-11-3009312718core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-3009312718core:PlantMachinery2023-11-3009312718core:MotorVehicles2023-11-3009312718core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-3009312718core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3009312718core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-3009312718core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3009312718core:CurrentFinancialInstruments2024-11-3009312718core:CurrentFinancialInstruments2023-11-3009312718core:Non-currentFinancialInstruments2024-11-3009312718core:Non-currentFinancialInstruments2023-11-3009312718core:ShareCapital2024-11-3009312718core:ShareCapital2023-11-3009312718core:RetainedEarningsAccumulatedLosses2024-11-3009312718core:RetainedEarningsAccumulatedLosses2023-11-3009312718core:ShareCapital2022-05-3109312718core:RetainedEarningsAccumulatedLosses2022-05-3109312718core:ShareCapitalOrdinaryShareClass12024-11-3009312718core:ShareCapitalOrdinaryShareClass12023-11-3009312718core:IntangibleAssetsOtherThanGoodwill2023-12-012024-11-3009312718core:ComputerSoftware2023-12-012024-11-3009312718core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-012024-11-3009312718core:PlantMachinery2023-12-012024-11-3009312718core:MotorVehicles2023-12-012024-11-3009312718core:ContinuingOperations2023-12-012024-11-3009312718core:ContinuingOperations2022-06-012023-11-3009312718core:UKTax2023-12-012024-11-3009312718core:UKTax2022-06-012023-11-300931271812023-12-012024-11-300931271812022-06-012023-11-300931271822023-12-012024-11-300931271822022-06-012023-11-3009312718core:ComputerSoftware2023-11-3009312718core:LandBuildingscore:OwnedOrFreeholdAssets2023-11-3009312718core:PlantMachinery2023-11-3009312718core:MotorVehicles2023-11-30093127182023-11-3009312718core:Subsidiary12023-12-012024-11-3009312718core:Subsidiary22023-12-012024-11-3009312718core:Subsidiary32023-12-012024-11-3009312718core:Subsidiary112023-12-012024-11-3009312718core:Subsidiary222023-12-012024-11-3009312718core:Subsidiary332023-12-012024-11-3009312718core:WithinOneYear2024-11-3009312718core:WithinOneYear2023-11-3009312718core:BetweenTwoFiveYears2024-11-3009312718core:BetweenTwoFiveYears2023-11-3009312718bus:OrdinaryShareClass12023-12-012024-11-3009312718bus:OrdinaryShareClass12024-11-3009312718bus:OrdinaryShareClass12023-11-3009312718bus:PrivateLimitedCompanyLtd2023-12-012024-11-3009312718bus:FRS1022023-12-012024-11-3009312718bus:Audited2023-12-012024-11-3009312718bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP