Company Registration No. 01657925 (England and Wales)
JSW HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JSW HOLDINGS LIMITED
COMPANY INFORMATION
Directors
NJ Wright
JB Ruggles
OC Wright
Secretary
JB Ruggles
Company number
01657925
Registered office
Coles Farm Works
Boreham Road
Great Leighs
Chelmsford
Essex
CM3 1PR
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
JSW HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 33
JSW 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

The Directors are very pleased with the financial performance over the last 12 months. We decided not to implement further price increases this year due to the large increases over the past few years for the sake of the industry and while we continue to make acceptable profits using existing prices. We almost had a record year for production but due to running out of trees for a few weeks in February / March this did not happen.

India / Pakistan demand for timber is ever increasing we are owed more and more by Indian companies but they keep paying on time, we are considering reducing the credit terms we offer in 2026 as cash flow is being swallowed up with the increased purchase price of trees which has increased by 100% in 3 years.

We have again increased our range of products to meet the demand for timber from India / Pakistan especially which has aided our sales and cash flow. We decided to stop sawing low grade wood on the band saws and instead use that building to split more good quality wood and sell the lower quality wood unsawn.

The two new drying kilns are almost finished and the two new stacker trucks have proved invaluable with another splitter taking the total to six being delivered in April.

Our new manager of the planting and felling programme has proved a huge asset with Ben being almost solely responsible for organising things so the yard has not run out of trees this winter. We have felled over 11,000, a record and will have planted over 35,000 new trees, another record.

It is unfortunate that over inflated tree prices being paid due to competition for trees will inflate stock costs; we have never had so much stock in value or number of trees all paid for.

Principal risks and uncertainties

There is always the risk of the laws of cricket being changed to allow other materials to be used, currently the cricket bat has to be made of a single piece of wood, with laminated products allowed in the junior market. We are always concerned that either due to the price of the bat or the lack of raw material the powers that be ( ICC – International Cricket Council and the MCC - Marylebone Cricket Club ) will change the rules but that has not happened thus far and we have annual meetings with the MCC which seems to put any fears from their side to bed. There is more European Willow being processed for cricket bats these days which helps us, despite it being a competitor and although the wood is not as good quality it does help to satisfy the demand. Although some manufacturers selling it as English Willow is not acceptable there is nothing we can do about that.

Climate change is affecting us with wet weather becoming more and more of a problem, this means we cannot get on the land to either fell trees or plant new ones. Felling is carried out all year round when weather permits and landowners allow access, but with warmer and wetter winters for two years now we have had to try and get enough trees in the yard by the end of November to keep the factory busy which we have done this year. We now have seven gangs of subcontractors felling plus one who floats in now and again and an additional two gangs of men looking after young trees, again cash flow is affected here as well.

We have invested in the design and building of a bespoke automatic sawing machine.

Development and performance

The Directors look at numbers of clefts produced as their indicator for performance and this almost completely depends on number of trees into the factory, as prices are based on numbers and qualities of the trees these figures are constantly monitored on a monthly basis, with regular management and board meetings and monthly trees buying / planting meetings.

We have a larger capacity in the saw mill now with new splitters and driers and this should last us for the next 3 to 5 years, if we get more trees and can produce more we may start to sell more of the lower grade clefts in the raw form as this is where the time is taken up in production and would make the production cost per cleft come down

The business is very strong with a full order book for the next year and existing customers nearly all wanting extras and a waiting list of new customers all of who have approached us due to reputation as the foremost supplier of cricket bat willow in the World.

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

The key performance indicators used to review and monitor the company are shown below:-

 

2024 2023

Sales £16,670,611 £12,395,732

Gross profit £4,658,729     £3,852,540

Gross profit margin 27.9% 31.1%

Net profit margin 13.9% 9.8%

 

The directors are pleased with the sales and margin performance indicators in light of the challenges around getting trees into production in the year as described above and the continuing cost challenges faced by the business.

On behalf of the board

JB Ruggles
Director
28 March 2025
JSW 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 principal activity of the company has continued to that of a holding company. The group continued to be that of Willow specialist merchants.

Results and dividends

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

Ordinary dividends were paid amounting to £768,026. 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:

NJ Wright
JB Ruggles
OC Wright
Directors' insurance

The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

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 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.

JSW HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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' reporttrue. It has done so in respect of information on future developments.

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
JB Ruggles
Director
28 March 2025
JSW HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JSW HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of JSW Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, 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, the company 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:

JSW HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JSW 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the group’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company and the group is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

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

Secondly the company and group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation; felling licensing legislation; burning licensing legislation; exporting legislation and private renting legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

JSW HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JSW HOLDINGS LIMITED
- 8 -

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.

Michael Breame
(Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited
28 March 2025
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
JSW HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
16,670,611
12,395,732
Cost of sales
(12,011,882)
(8,543,192)
Gross profit
4,658,729
3,852,540
Administrative expenses
(1,903,502)
(2,103,402)
Other operating income
81,621
73,667
Operating profit
4
2,836,848
1,822,805
Interest receivable and similar income
7
34,580
65,158
Interest payable and similar expenses
8
(33,403)
(30,928)
Fair value movements
9
-
(150,000)
Profit before taxation
2,838,025
1,707,035
Tax on profit
10
(512,856)
(487,805)
Profit for the financial year
26
2,325,169
1,219,230
Profit for the financial year is all attributable to the owners of the parent company.
JSW HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
as restated
£
£
Profit for the year
2,325,169
1,219,230
Total comprehensive income for the year
2,325,169
1,219,230
Total comprehensive income for the year is all attributable to the owners of the parent company.
JSW HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,611,083
1,353,236
Investment property
13
1,600,000
1,600,000
3,211,083
2,953,236
Current assets
Stocks
16
6,403,285
3,785,684
Debtors
17
2,439,826
1,838,194
Cash at bank and in hand
588,397
1,903,817
9,431,508
7,527,695
Creditors: amounts falling due within one year
18
(3,185,226)
(2,840,596)
Net current assets
6,246,282
4,687,099
Total assets less current liabilities
9,457,365
7,640,335
Creditors: amounts falling due after more than one year
19
(473,007)
(320,180)
Provisions for liabilities
Provisions
22
346,740
239,680
Deferred tax liability
23
33,000
33,000
(379,740)
(272,680)
Net assets
8,604,618
7,047,475
Capital and reserves
Called up share capital
25
60,000
60,000
Profit and loss reserves
26
8,544,618
6,987,475
Total equity
8,604,618
7,047,475

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 28 March 2025 and are signed on its behalf by:
28 March 2025
NJ Wright
JB Ruggles
Director
Director
Company registration number 01657925 (England and Wales)
JSW HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
861,537
838,575
Investment property
13
1,600,000
1,600,000
Investments
14
60,001
60,001
2,521,538
2,498,576
Current assets
-
-
Creditors: amounts falling due within one year
18
(166,319)
(118,133)
Net current liabilities
(166,319)
(118,133)
Total assets less current liabilities
2,355,219
2,380,443
Provisions for liabilities
Deferred tax liability
23
33,000
33,000
(33,000)
(33,000)
Net assets
2,322,219
2,347,443
Capital and reserves
Called up share capital
25
60,000
60,000
Profit and loss reserves
26
2,262,219
2,287,443
Total equity
2,322,219
2,347,443

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 £742,802 (2023 - £503,484 profit).

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 28 March 2025 and are signed on its behalf by:
28 March 2025
NJ Wright
JB Ruggles
Director
Director
Company registration number 01657925 (England and Wales)
JSW HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
60,000
6,969,571
7,029,571
Provision for set costs - Prior Period Adjustment - see note 34
-
(522,577)
(522,577)
As restated
60,000
6,446,994
6,506,994
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,219,230
1,219,230
Dividends
11
-
(678,749)
(678,749)
Balance at 31 December 2023
60,000
6,987,475
7,047,475
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,325,169
2,325,169
Dividends
11
-
(768,026)
(768,026)
Balance at 31 December 2024
60,000
8,544,618
8,604,618
JSW HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
60,000
2,462,708
2,522,708
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
503,484
503,484
Dividends
11
-
(678,749)
(678,749)
Balance at 31 December 2023
60,000
2,287,443
2,347,443
Year ended 31 December 2024:
Profit and total comprehensive income
-
742,802
742,802
Dividends
11
-
(768,026)
(768,026)
Balance at 31 December 2024
60,000
2,262,219
2,322,219
JSW HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
115,381
1,871,136
Interest paid
(33,403)
(30,928)
Income taxes paid
(443,061)
(718,180)
Net cash (outflow)/inflow from operating activities
(361,083)
1,122,028
Investing activities
Purchase of tangible fixed assets
(176,566)
(495,556)
Proceeds from disposal of tangible fixed assets
34,071
115,401
Proceeds from new lease arrangements
322,794
185,157
Interest received
34,580
65,158
Net cash generated from/(used in) investing activities
214,879
(129,840)
Financing activities
Proceeds from new bank loans
207,050
-
Repayment of bank loans
(130,413)
(133,421)
Payment of finance leases obligations
(477,827)
(91,689)
Dividends paid to equity shareholders
(768,026)
(678,749)
Net cash used in financing activities
(1,169,216)
(903,859)
Net (decrease)/increase in cash and cash equivalents
(1,315,420)
88,329
Cash and cash equivalents at beginning of year
1,903,817
1,815,488
Cash and cash equivalents at end of year
588,397
1,903,817
JSW HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
47,196
112,035
Investing activities
Purchase of tangible fixed assets
(47,196)
(111,763)
Purchase of subsidiaries
-
0
(1)
Dividends received
768,026
678,478
Net cash generated from investing activities
720,830
566,714
Financing activities
Dividends paid to equity shareholders
(768,026)
(678,749)
Net cash used in financing activities
(768,026)
(678,749)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

JSW Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Coles Farm Works, Boreham Road, Great Leighs, Chelmsford, Essex, CM3 1PR.

 

The group consists of JSW 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 have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company JSW Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

1.3
Going concern

At the time of approving the 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.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.5
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.

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

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

Freehold land and buildings
50 years straight line
Plant and equipment
4-8 years 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.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
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.

1.8
Impairment of fixed assets

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

1.9
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.10
Cash and cash equivalents

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

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
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.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

1.14
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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.

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

 

Investment property fair value

 

The Directors have considered the carrying value of the Group investment property in conjunction with a professional valuation obtained in the prior period in order to consider the fair value at the balance sheet date. This judgement is based upon the information provided and consideration of market data in respect of similar properties.

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Provision for re-planting

The group is obliged to re-plant sets which do not take or die within a specific timeframe. The directors must estimate at each balance sheet what the expected re-planting rate will be for the sets planted to date. The directors exercise their judgement based on a combination of factors but including historic failure rates and any known or expected factors that could impact this, such as weather conditions or other environmental factors.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Willow specialists and merchants
16,670,611
12,395,732
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
805,765
899,465
India & Pakistan
15,251,039
11,031,603
Australia & New Zealand
538,455
377,817
South Africa
75,352
86,847
16,670,611
12,395,732
2024
2023
£
£
Other revenue
Interest income
34,580
65,158
Rental income from investment properties
29,068
31,490
Sundry income
52,553
42,177
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the company's auditor for the audit of the company's financial statements
16,000
15,000
Depreciation of owned tangible fixed assets
104,286
83,002
Depreciation of tangible fixed assets held under finance leases
122,294
125,483
Profit on disposal of tangible fixed assets
(19,138)
(100,562)
Operating lease charges
1,410
3,758
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and administration
8
7
-
-
Direct labour
29
25
-
-
Directors
3
3
-
-
Total
40
35
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,834,374
1,948,353
-
0
-
0
Social security costs
216,482
225,145
-
-
Pension costs
113,166
114,119
-
0
-
0
2,164,022
2,287,617
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
299,509
732,445
Company pension contributions to defined contribution schemes
20,000
32,000
319,509
764,445
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
106,537
497,835
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
34,580
65,158
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
18,613
16,279
Other finance costs:
Interest on finance leases and hire purchase contracts
14,790
14,649
Total finance costs
33,403
30,928
9
Fair value movements
2024
2023
£
£
Changes in the fair value of investment properties
-
(150,000)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
677,620
487,805
Adjustments in respect of prior periods
(164,764)
-
0
Total current tax
512,856
487,805

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
2,838,025
1,707,035
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
709,506
426,759
Tax effect of expenses that are not deductible in determining taxable profit
(668)
(3,609)
Change in unrecognised deferred tax assets
(32,784)
(9,236)
Adjustments in respect of prior years
(168,676)
102,760
Effect of change in corporation tax rate
-
(34,098)
Depreciation on assets not qualifying for tax allowances
5,478
5,229
Taxation charge
512,856
487,805
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
768,026
678,749
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
1,207,931
1,250,565
2,458,496
Additions
47,196
452,164
499,360
Disposals
-
0
(83,276)
(83,276)
At 31 December 2024
1,255,127
1,619,453
2,874,580
Depreciation and impairment
At 1 January 2024
369,356
735,904
1,105,260
Depreciation charged in the year
24,234
202,346
226,580
Eliminated in respect of disposals
-
0
(68,343)
(68,343)
At 31 December 2024
393,590
869,907
1,263,497
Carrying amount
At 31 December 2024
861,537
749,546
1,611,083
At 31 December 2023
838,575
514,661
1,353,236
Company
Freehold land and buildings
£
Cost
At 1 January 2024
1,207,931
Additions
47,196
At 31 December 2024
1,255,127
Depreciation and impairment
At 1 January 2024
369,356
Depreciation charged in the year
24,234
At 31 December 2024
393,590
Carrying amount
At 31 December 2024
861,537
At 31 December 2023
838,575
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
1,600,000
1,600,000

Investment property comprises two properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by an independent third party in November 2023. The valuation is based on market value by reference to market evidence of transaction prices for similar properties.

On an historical cost basis, the investment properties would have been included at an original cost of £1,133,953.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
60,001
60,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
60,001
Carrying amount
At 31 December 2024
60,001
At 31 December 2023
60,001
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
JS Wright & Sons Limited
England
Ordinary
100.00
Cricket Bat Willow Limited
England
Ordinary
100.00
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,358,890
764,228
-
-
Work in progress
891,437
386,056
-
-
Finished goods and goods for resale
3,152,958
2,635,400
-
0
-
0
6,403,285
3,785,684
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,201,492
1,632,098
-
0
-
0
Other debtors
108,398
78,712
-
0
-
0
Prepayments and accrued income
129,936
127,384
-
0
-
0
2,439,826
1,838,194
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Bank loans
20
138,133
123,745
-
0
-
0
Obligations under finance leases
21
184,552
107,369
-
0
-
0
Trade creditors
739,255
846,196
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
166,319
118,133
Corporation tax payable
221,178
151,383
-
0
-
0
Other taxation and social security
52,137
64,018
-
-
Other creditors
978,824
833,207
-
0
-
0
Accruals and deferred income
871,147
714,678
-
0
-
0
3,185,226
2,840,596
166,319
118,133
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
283,277
221,028
-
0
-
0
Obligations under finance leases
21
189,730
99,152
-
0
-
0
473,007
320,180
-
-
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Creditors: amounts falling due after more than one year
(Continued)
- 28 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
19,041
32,447
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
421,410
344,773
-
0
-
0
Payable within one year
138,133
123,745
-
0
-
0
Payable after one year
283,277
221,028
-
0
-
0

The group currently has five loans (2023: four loans) two (2023: two) of which are mortgages relating to investment properties held in this company. The interest rates on the loans vary between 2.79% - 7.35%. All loans are on a fixed repayment basis. The remaining terms of the loans ranges between one - six years.

The mortgage and loans are secured over the investment properties held by this company.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
204,569
128,163
-
0
-
0
In two to five years
213,261
102,594
-
0
-
0
417,830
230,757
-
-
Less: future finance charges
(43,548)
(24,236)
-
0
-
0
374,282
206,521
-
0
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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 between two - four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Finance leases are secured on the assets to which they relate.

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
as restated
£
£
£
£
Re-planting obligations
346,740
239,680
-
-
Movements on provisions:
Re-planting obligations
Group
£
At 1 January 2024
239,680
Additional provisions in the year
107,060
At 31 December 2024
346,740

The company is obliged to re-plant sets which do not establish or die within a specified timeframe. The provision included at the balance sheet date represents the estimated cost of re-planting replacements based on the anticipated failure rates due to weather and other factors. The increase in the provision in the current period is driven by an increase in the number of sets planted and an increase in costs.

23
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
£
£
Investment property
33,000
33,000
Liabilities
Liabilities
2024
2023
Company
£
£
Investment property
33,000
33,000
There were no deferred tax movements in the year.
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
113,166
114,119

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.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
60,000
60,000
60,000
60,000
26
Reserves
Profit and loss reserves

Retained earnings are partly non distributable. Gains relating to changes in the fair value of the Investment Properties are not realised and not available for distribution until the properties are sold.

 

At the year ended 31 December 2024, non-distributable profit and loss reserves amount to £2,262,219.

27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
114,538
-
36,750
28
Related party transactions
Transactions with related parties

No transactions between group members took place during the year, one group member incurred transactions on JSW Holdings Limited's behalf during the year.

 

At the balance sheet date JSW Holdings Limited owed group members £166,319 (2023: £118,133).

29
Controlling party

In this and the proceeding financial year there was no ultimate controlling party as NJ Wright and JB Ruggles have equal shareholding in the group.

JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
2,325,169
1,219,230
Adjustments for:
Taxation charged
512,856
487,805
Finance costs
33,403
30,928
Investment income
(34,580)
(65,158)
Gain on disposal of tangible fixed assets
(19,138)
(100,562)
Fair value (gain)/loss on investment properties
-
0
150,000
Depreciation and impairment of tangible fixed assets
226,580
208,485
Increase in provisions
107,060
239,680
Movements in working capital:
Increase in stocks
(2,617,601)
(746,256)
Increase in debtors
(601,632)
(268,607)
Increase in creditors
183,264
715,591
Cash generated from operations
115,381
1,871,136
31
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
742,802
503,484
Adjustments for:
Investment income
(768,026)
(678,478)
Fair value (gain)/loss on investment properties
-
0
150,000
Depreciation and impairment of tangible fixed assets
24,234
23,238
Movements in working capital:
Increase in creditors
48,186
113,791
Cash generated from operations
47,196
112,035
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
32
Analysis of changes in net funds/(debt) - group
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
1,903,817
(1,315,420)
-
588,397
Borrowings excluding overdrafts
(344,773)
(76,637)
-
(421,410)
Obligations under finance leases
(206,521)
155,033
(322,794)
(374,282)
1,352,523
(1,237,024)
(322,794)
(207,295)
33
Analysis of changes in net funds - company
There is no debt in the company
34
Prior period adjustment

The directors have considered the impact of costs incurred in planting sets which relate to tree purchases during the accounting period. These set costs do not always fall in the same period of account and, due to the planting season, may often fall within the subsequent accounting period, to a greater or lesser extent. With the increased amount of set planting being undertaken the directors have reviewed the position and ensured that all costs incurred post balance sheet date are accrued. In doing so the directors have considered the impact on the current and previous period of the timing of these costs and have made an adjustment to the opening reserves of the comparative period to correctly realign these costs. The impact on the reserves and on the profit and loss account for the comparative period is as disclosed below.

 

The directors have also considered the costs involved where sets die after planting and which the company will revisit and re-plant with no additional revenue generated. Given the increased activity of the company over recent years, the increased costs of the sets, and the increased impact of weather conditions on the need to replant, the provision for these additional costs is now considered to represent a material cost to the company. As such the directors have made provision based on their best estimate of the costs expected to be incurred in subsequent periods, but where their obligation to re-plant exists at the balance sheet date. In doing so they have revisited that position for the comparative period and included a corresponding provision in that period. It is considered that any provision relating to earlier periods would not be material and as such this adjustment has been made to the profit and loss account for the period ended 31 December 2023.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Creditors due within one year
Other creditors
(1,713,795)
(680,286)
(2,394,081)
Provisions for liabilities
Other provisions
-
(239,680)
(239,680)
Net assets
7,967,441
(919,966)
7,047,475
Capital and reserves
Profit and loss reserves
7,907,441
(919,966)
6,987,475
JSW HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
34
Prior period adjustment
(Continued)
- 33 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Cost of sales
(8,145,803)
(397,389)
(8,543,192)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period - company
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
503,484
Profit as adjusted
503,484
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100NJ WrightOC WrightOC WrightJB Rugglesfalse016579252024-01-012024-12-3101657925bus:Director12024-01-012024-12-3101657925bus:CompanySecretaryDirector12024-01-012024-12-3101657925bus:Director22024-01-012024-12-3101657925bus:CompanySecretary12024-01-012024-12-3101657925bus:Director32024-01-012024-12-3101657925bus:RegisteredOffice2024-01-012024-12-31016579252024-12-3101657925bus:Consolidated2024-01-012024-12-3101657925bus:Consolidated2023-01-012023-12-31016579252023-01-012023-12-3101657925bus:Consolidated2024-12-3101657925bus:Consolidated2023-12-31016579252023-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-12-3101657925core:PlantMachinerybus:Consolidated2024-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3101657925core:PlantMachinerybus:Consolidated2023-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3101657925core:ShareCapitalbus:Consolidated2024-12-3101657925core:ShareCapitalbus:Consolidated2023-12-3101657925core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3101657925core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3101657925core:ShareCapital2024-12-3101657925core:ShareCapital2023-12-3101657925core:RetainedEarningsAccumulatedLosses2024-12-3101657925core:RetainedEarningsAccumulatedLosses2023-12-3101657925core:ShareCapitalbus:Consolidated2022-12-31016579252022-12-3101657925core:ShareCapital2022-12-3101657925core:RetainedEarningsAccumulatedLosses2022-12-3101657925bus:Consolidated2022-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3101657925core:PlantMachinery2024-01-012024-12-3101657925core:UKTaxbus:Consolidated2024-01-012024-12-3101657925core:UKTaxbus:Consolidated2023-01-012023-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3101657925core:PlantMachinerybus:Consolidated2023-12-3101657925bus:Consolidated2023-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3101657925core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-01-012024-12-3101657925core:PlantMachinerybus:Consolidated2024-01-012024-12-3101657925core:Subsidiary12024-01-012024-12-3101657925core:Subsidiary22024-01-012024-12-3101657925core:Subsidiary112024-01-012024-12-3101657925core:Subsidiary222024-01-012024-12-3101657925core:CurrentFinancialInstruments2024-12-3101657925core:CurrentFinancialInstruments2023-12-3101657925core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3101657925core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3101657925core:WithinOneYearbus:Consolidated2024-12-3101657925core:WithinOneYearbus:Consolidated2023-12-3101657925core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3101657925core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101657925core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-12-3101657925core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3101657925core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3101657925core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101657925core:Non-currentFinancialInstrumentsbus:Consolidated2024-12-3101657925core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3101657925core:Non-currentFinancialInstruments2024-12-3101657925core:Non-currentFinancialInstruments2023-12-3101657925core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3101657925core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3101657925core:WithinOneYear2024-12-3101657925core:WithinOneYear2023-12-3101657925core:BetweenTwoFiveYearsbus:Consolidated2024-12-3101657925core:BetweenTwoFiveYearsbus:Consolidated2023-12-3101657925core:BetweenTwoFiveYears2024-12-3101657925core:BetweenTwoFiveYears2023-12-3101657925bus:PrivateLimitedCompanyLtd2024-01-012024-12-3101657925bus:FRS1022024-01-012024-12-3101657925bus:Audited2024-01-012024-12-3101657925bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3101657925bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP