JRH (Staffs) Group Limited
Annual report and financial statements
For the year ended 30 November 2024
JRH (Staffs) Group Limited
Company information
Directors
Mr J R Harrison
Mrs D Whitney-Harrison
Company number
11124432
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 (Staffs) Group Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11 - 12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
JRH (Staffs) Group 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

The directors in 2024 are reporting turnover on garden products for the period of 12 months to 30 November 2024 to have reduced to £11,897,159 (2023 - £18,747,337). This reduction was mainly due to the comparative numbers containing 2 high seasonal periods.

In the first quarter it was a group strategy to heavily discount paving stock to reduce slow moving stocking levels which had an adverse effect on revenue of £156,700 compared to the same period in 2023.

The group still maintained its strategy to advertise heavily online even though this reduced slightly compared to 2023, the use of ecommerce advertising will be maintained albeit at lower levels in future years as the company sees more organic growth. Not only this, but the company still makes gains with an increasingly strong brand reputation locally within the industry.

The business is very seasonal and weather dependant with most of the product used on outdoor projects and by outdoor trades people, the wet weather endured through the financial year has had a significant impact on the years revenue, which has impacted the industry as a whole.

The group is reporting a gross profit for the period of £3,389,616 (2023 - £5,664,368). This has taken the overall gross profit margin from 30.00% in 2023 to 28.49%.

Increased costs have stemmed from maintaining staffing costs to retain highly valued employees in a difficult employment market. The overhead costs have been impacted by the current economic climate inflationary rates alongside the increase costs of fleet ownership. This has led to a further reduction to the loss after taxation figure of £919,500 (2023 - £435,541).

The group has continued to invest in people to take the business to the next level of growth and hold a stronger position in the industry. We believe we now have in place the structure and a strategy to continue our growth even in uncertain times.

Principal risks and uncertainties

We are again in a period uncertainty with sea freight influenced by Global factors.

Falling market prices and with an uncertain UK economy consumers are making discretionary spending choices which are making conditions challenging.

We will remain focused on the things that we can control, ensuring that we have the right resources in place to deliver excellent service to our customers.

 

Financial Risks

 

Liquidity risks

The group aims to manage liquidity risk by careful management of cash generated by its operations and negotiating terms with its key customers and suppliers. The group is funded by both external finance, including bank loans and HP’s, as well as retained profits.

 

Interest rate risks

The group finances its operations through a mixture of retained profits and external borrowings. External borrowings are generally acquired for purchasing new assets to support the group’s growth strategy. Interest rates have risen over the last few years and remain volatile. The group is continuing to monitor the situation and will decide on an appropriate course for any future investment.

 

Cashflow risk

 

The group can meet short and medium-term obligations by having immediate access to cash reserves. However, the bank overdraft is utilised regularly, and the group are actively seeking to implement new policies to mitigate the usage of this facility.

JRH (Staffs) Group Limited
Strategic report (continued)
For the year ended 30 November 2024
- 2 -
Development and performance

A good proportion of our business is seasonal with the spring and summer being peak season.

Margins were previously impacted heavily by the volatility in costs and prices of materials and the fall in inbound freight costs, which impacted the value of held inventory. During the year, the company undertook a project to better control stock management which has led to an increase in the gross profit margin.

We continue to invest in our systems and processes to ensure they are robust, operating efficiently, enabling the delivery of future cost savings.

Key performance indicators

The directors consider that the key performance indicators are return on profit margin before tax, current ratio, working capital, capital employed and stock turnover:

 

                    2024        2023

Profit margin before tax        -8.38%        -2.82%

Current ratio                1.7        2.7

Sales to net working capital        9.00        7.66

Return on capital employed        -28.02%    -9.60%

Stock turnover ratio            4.65        4.91

 

Profit margin before tax is profit before tax as a percentage of turnover.

 

Current ratio is the ratio of current assets to current liabilities.

 

Sales/ net working capital is the sales as a ratio of the working capital, net of current assets less current liabilities.

 

Return on capital employed is operating profit as a percentage of equity shareholders' funds.

 

Stock turnover ratio is the cost of sales by the average stock.

Future developments

The group are actively updating their growth strategy to focus more on targeting potential repeat customers.

 

Advertising costs are to be reviewed and focussed on increasing the repeat custom by selling through to customers locally and through the yard. This focus plans to increase growth by selling more in bulk, thus reducing direct and selling costs, increasing margins.

On behalf of the board

Mr J R Harrison
Director
12 June 2025
JRH (Staffs) Group 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 and group continued to be that of a holding company.

Results and dividends

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

Ordinary dividends were paid amounting to £100,000. 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 D Whitney-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 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.

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.

JRH (Staffs) Group Limited
Directors' report (continued)
For the year ended 30 November 2024
- 4 -
On behalf of the board
Mr J R Harrison
Director
12 June 2025
JRH (Staffs) Group Limited
Independent auditor's report
To the members of JRH (Staffs) Group Limited
- 5 -
Opinion

We have audited the financial statements of JRH (Staffs) Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

JRH (Staffs) Group Limited
Independent auditor's report (continued)
To the members of JRH (Staffs) Group 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:

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

JRH (Staffs) Group Limited
Independent auditor's report (continued)
To the members of JRH (Staffs) Group Limited
- 7 -

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:

 

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

 

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

 

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

 

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.

JRH (Staffs) Group Limited
Independent auditor's report (continued)
To the members of JRH (Staffs) Group 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.

Stacey Parr FCCA (Senior Statutory Auditor)
For and on behalf of
12 June 2025
DJH Audit Limited
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
JRH (Staffs) Group Limited
Group income statement
For the year ended 30 November 2024
- 9 -
Year
Period
ended
ended
30 November
30 November
2024
2023
Notes
£
£
Turnover
3
11,897,159
18,882,337
Cost of sales
(8,507,503)
(13,217,969)
Gross profit
3,389,656
5,664,368
Distribution costs
(3,212,274)
(4,996,766)
Administrative expenses
(1,989,289)
(1,943,538)
Other operating income
931,489
871,311
Operating loss
4
(880,418)
(404,625)
Interest receivable and similar income
202
34
Interest payable and similar expenses
8
(116,729)
(127,450)
Loss before taxation
(996,945)
(532,041)
Tax on loss
9
77,445
96,500
Loss for the financial year
25
(919,500)
(435,541)
Loss for the financial year is attributable to:
- Owners of the parent company
(823,324)
(366,675)
- Non-controlling interests
(96,176)
(68,866)
(919,500)
(435,541)
JRH (Staffs) Group Limited
Group statement of comprehensive income
For the year ended 30 November 2024
- 10 -
Year
Period
ended
ended
30 November
30 November
2024
2023
£
£
Loss for the year
(919,500)
(435,541)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(919,500)
(435,541)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(823,324)
(366,675)
- Non-controlling interests
(96,176)
(68,866)
(919,500)
(435,541)
JRH (Staffs) Group Limited
Group statement of financial position
As at 30 November 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
312,729
390,910
Other intangible assets
11
64,613
96,459
Total intangible assets
377,342
487,369
Tangible assets
12
2,581,695
2,432,603
2,959,037
2,919,972
Current assets
Stocks
15
1,600,708
2,057,803
Debtors
16
1,340,291
1,728,791
Cash at bank and in hand
259,593
144,710
3,200,592
3,931,304
Creditors: amounts falling due within one year
17
(1,878,777)
(1,467,549)
Net current assets
1,321,815
2,463,755
Total assets less current liabilities
4,280,852
5,383,727
Creditors: amounts falling due after more than one year
18
(991,678)
(944,608)
Provisions for liabilities
Deferred tax liability
21
146,655
224,100
(146,655)
(224,100)
Net assets
3,142,519
4,215,019
Capital and reserves
Called up share capital
23
100
100
Share premium account
24
323,647
323,647
Profit and loss reserves
25
2,210,100
3,133,424
Equity attributable to owners of the parent company
2,533,847
3,457,171
Non-controlling interests
608,672
757,848
3,142,519
4,215,019
JRH (Staffs) Group Limited
Group statement of financial position (continued)
As at 30 November 2024
30 November 2024
- 12 -

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 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr J R Harrison
Director
Company registration number 11124432 (England and Wales)
JRH (Staffs) Group Limited
Company statement of financial position
As at 30 November 2024
30 November 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
517,851
517,851
Current assets
Debtors
16
702,449
1,066,780
Creditors: amounts falling due within one year
17
(766,972)
(766,972)
Net current (liabilities)/assets
(64,523)
299,808
Net assets
453,328
817,659
Capital and reserves
Called up share capital
23
100
100
Share premium account
24
323,647
323,647
Profit and loss reserves
25
129,581
493,912
Total equity
453,328
817,659

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £264,331 (2023 - £0 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 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr J R Harrison
Director
Company registration number 11124432 (England and Wales)
JRH (Staffs) Group Limited
Group statement of changes in equity
For the year ended 30 November 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
100
323,647
3,702,099
4,025,846
915,984
4,941,830
Period ended 30 November 2023:
Loss and total comprehensive income
-
-
(366,675)
(366,675)
(68,866)
(435,541)
Dividends
10
-
-
(202,000)
(202,000)
(89,270)
(291,270)
Balance at 30 November 2023
100
323,647
3,133,424
3,457,171
757,848
4,215,019
Year ended 30 November 2024:
Loss and total comprehensive income
-
-
(823,324)
(823,324)
(96,176)
(919,500)
Dividends
10
-
-
(100,000)
(100,000)
(53,000)
(153,000)
Balance at 30 November 2024
100
323,647
2,210,100
2,533,847
608,672
3,142,519
JRH (Staffs) Group Limited
Company statement of changes in equity
For the year ended 30 November 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
100
323,647
695,912
1,019,659
Period ended 30 November 2023:
Profit and total comprehensive income for the period
-
-
-
-
0
Dividends
10
-
-
(202,000)
(202,000)
Balance at 30 November 2023
100
323,647
493,912
817,659
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
(264,331)
(264,331)
Dividends
10
-
-
(100,000)
(100,000)
Balance at 30 November 2024
100
323,647
129,581
453,328
JRH (Staffs) Group Limited
Group statement of cash flows
For the year ended 30 November 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
440,653
852,151
Income taxes paid
-
0
(229,394)
Net cash inflow from operating activities
440,653
622,757
Investing activities
Purchase of intangible assets
-
(154,138)
Purchase of tangible fixed assets
(30,723)
(210,268)
Proceeds from disposal of tangible fixed assets
1,667
102,084
Interest received
202
34
Net cash used in investing activities
(28,854)
(262,288)
Financing activities
Receipts from asset refinance
179,337
395,245
Repayment of bank loans
(106,557)
(128,494)
Payment of finance leases obligations
(404,513)
(316,395)
Interest paid
(116,729)
(127,450)
Dividends paid to equity shareholders
(100,000)
(202,000)
Dividends paid to non-controlling interests
(53,000)
(89,270)
Net cash used in financing activities
(601,462)
(468,364)
Net decrease in cash and cash equivalents
(189,663)
(107,895)
Cash and cash equivalents at beginning of year
(111,871)
(3,976)
Cash and cash equivalents at end of year
(301,534)
(111,871)
Relating to:
Cash at bank and in hand
259,593
144,710
Bank overdrafts included in creditors payable within one year
(561,127)
(256,581)
JRH (Staffs) Group Limited
Notes to the group financial statements
For the year ended 30 November 2024
- 17 -
1
Accounting policies
Company information

JRH (Staffs) Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Coal Yard, Milton Road, Stoke on Trent, Staffordshire, England, ST1 6LE.

 

The group consists of JRH (Staffs) Group Limited and all of its subsidiaries.

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 period the directors deemed it appropriate to extend the period end by 6 months due to the accounting period coinciding with high seasonality within the business 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.

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

 

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 wholly owned subsidiaries within the group.

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Business combinations

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

 

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

1.4
Basis of consolidation

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

 

All financial statements are made up to 30 November 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.

1.5
Going concern

We draw attention to the Statement of income and retained earnings in the financial statements, which indicates that the company has incurred recurring losses. However, management have disclosed in their strategic report that they are taking specific actions to improve the financial position which includes a cost saving project. The company has positive net assets and we have reviewed the company forecasts, including cashflow forecasts, which reflect improved future performance. Based on these plans and other factors, we believe the company will be able to continue its operations for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

1.6
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.

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.7
Intangible fixed assets - goodwill

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

1.8
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% on reducing balance
1.9
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 a straight line basis
Improvements to property
20% on a straight line basis
Plant and equipment
10% on reducing balance
Computers
33% 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 recognised in the income statement.

1.10
Fixed asset investments

In the parent company financial statements, investments in subsidiaries 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.

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 20 -
1.11
Impairment of fixed assets

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

 

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

1.12
Stocks

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group 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 group's statement of financial position 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.

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 (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 21 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

1.15
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.

1.16
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 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 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the 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 if, and only if, there is 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.

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 22 -
1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.18
Retirement benefits

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

1.19
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 statement of financial position 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.

1.20
Foreign exchange

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

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Management charges

Management charge income is received by the company. This relates to recharges of costs incurred by the company on behalf of a related party. Recharges of costs are based on estimates of costs incurred on behalf of the related party.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Garden products
11,897,159
18,747,337
Management charges
-
135,000
11,897,159
18,882,337
2024
2023
£
£
Other revenue
Interest income
202
34
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
3,963
854
Depreciation of owned tangible fixed assets
190,387
271,234
Depreciation of tangible fixed assets held under finance leases
165,763
290,592
Loss/(profit) on disposal of tangible fixed assets
7,121
(29,705)
Amortisation of intangible assets
110,027
174,953
Operating lease charges
50,000
75,000
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 24 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,365
6,500
Audit of the financial statements of the company's subsidiaries
28,135
32,000
34,500
38,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Selling & distribution
22
13
-
-
Cost of sales
24
31
-
-
Admin
14
11
-
-
Directors
2
3
-
-
Total
62
58
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,893,087
2,577,645
-
0
-
0
Social security costs
186,847
255,980
-
-
Pension costs
118,138
131,007
-
0
-
0
2,198,072
2,964,632
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
32,400
48,600
Company pension contributions to defined contribution schemes
80,533
80,799
112,933
129,399
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
7
Directors' remuneration
(Continued)
- 25 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
79,882
89,310
Interest on finance leases and hire purchase contracts
30,979
37,773
Other interest
5,868
367
Total finance costs
116,729
127,450
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(77,445)
(96,500)

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
(996,945)
(532,041)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(249,236)
(133,010)
Tax effect of expenses that are not deductible in determining taxable profit
96,893
5,544
Depreciation on assets not qualifying for tax allowances
23,459
33,924
Amortisation on assets not qualifying for tax allowances
15,202
22,803
Under/(over) provided in prior years
-
0
(1,056)
Deferred tax adjustments in respect of prior years
22,756
41
Enhanced Capital Allowance
-
0
(1,196)
Deferred tax not provded for current year
13,481
(23,550)
Taxation credit
(77,445)
(96,500)
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 26 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
202,000
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
781,826
154,138
935,964
Amortisation and impairment
At 1 December 2023
390,916
57,679
448,595
Amortisation charged for the year
78,181
31,846
110,027
At 30 November 2024
469,097
89,525
558,622
Carrying amount
At 30 November 2024
312,729
64,613
377,342
At 30 November 2023
390,910
96,459
487,369
The company had no intangible fixed assets at 30 November 2024 or 30 November 2023.
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 27 -
12
Tangible fixed assets
Group
Freehold buildings
Improvements to property
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
1,052,570
670,753
920,681
6,539
1,482,599
4,133,142
Additions
-
0
-
0
246,818
6,965
260,247
514,030
Disposals
-
0
-
0
(17,511)
-
0
-
0
(17,511)
At 30 November 2024
1,052,570
670,753
1,149,988
13,504
1,742,846
4,629,661
Depreciation and impairment
At 1 December 2023
15,723
452,468
443,352
1,321
787,675
1,700,539
Depreciation charged in the year
7,551
88,572
61,420
3,558
195,049
356,150
Eliminated in respect of disposals
-
0
-
0
(8,723)
-
0
-
0
(8,723)
At 30 November 2024
23,274
541,040
496,049
4,879
982,724
2,047,966
Carrying amount
At 30 November 2024
1,029,296
129,713
653,939
8,625
760,122
2,581,695
At 30 November 2023
1,036,847
218,285
477,329
5,218
694,924
2,432,603
The company had no tangible fixed assets at 30 November 2024 or 30 November 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
362,115
206,850
-
0
-
0
Motor vehicles
592,949
539,073
-
0
-
0
955,064
745,923
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
517,851
517,851
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
13
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
517,851
Carrying amount
At 30 November 2024
517,851
At 30 November 2023
517,851
14
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
JRH Staffordshire Holdings Limited
The Coal Yard, Milton Road, Stoke On Trent, Staffordshire, United Kingdom, ST1 6LE
Holding company
Ordinary
80.00
-
Milton Garden Products Limited
The Coal Yard, Milton Road, Stoke On Trent, Staffordshire, United Kingdom, ST1 6LE
Sale of garden products
Ordinary
0
80.00
Paving UK Holdings Limited
The Coal Yard, Milton Road, Stoke On Trent, Staffordshire, United Kingdom, ST1 6LE
Dormant company
Ordinary
0
80.00
Cheshire Town & Country Fuels Limited
The Coal Yard, Milton Road, Stoke On Trent, Staffordshire, United Kingdom, ST1 6LE
Dormant company
Ordinary
0
80.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,600,708
2,057,803
-
0
-
0
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 29 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
21,000
33,628
-
0
-
0
Other debtors
1,263,003
1,638,119
702,449
1,066,780
Prepayments and accrued income
56,288
57,044
-
0
-
0
1,340,291
1,728,791
702,449
1,066,780
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
657,020
363,139
-
0
-
0
Obligations under finance leases
20
333,605
218,436
-
0
-
0
Trade creditors
541,601
444,737
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
766,972
766,972
Other taxation and social security
207,241
229,265
-
-
Other creditors
41,307
71,901
-
0
-
0
Accruals and deferred income
98,003
140,071
-
0
-
0
1,878,777
1,467,549
766,972
766,972
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
613,674
709,566
-
0
-
0
Obligations under finance leases
20
378,004
235,042
-
0
-
0
991,678
944,608
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
309,188
363,116
-
-
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 30 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
709,567
816,124
-
0
-
0
Bank overdrafts
561,127
256,581
-
0
-
0
1,270,694
1,072,705
-
-
Payable within one year
657,020
363,139
-
0
-
0
Payable after one year
613,674
709,566
-
0
-
0

Group

 

The bank loans and overdrafts are secured by fixed and floating charges over the assets of the group. The directors have also provided limited guarantees to secure the banking facilities.

 

Company

 

The company has guaranteed borrowings of a fellow group undertakings by way of fixed and floating charge over the assets of the company amounting to £1,086,028 (2023 - £844,095).

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
333,605
218,436
-
0
-
0
In two to five years
378,004
235,042
-
0
-
0
711,609
453,478
-
-

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 between 2.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 31 -
21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
146,655
224,100
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
224,100
-
Credit to profit or loss
(77,445)
-
Liability at 30 November 2024
146,655
-

 

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,138
131,007

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £118,138 (2023 - £131,007). Contributions totalling £9,409 (2023 - £6,257) were payable to the fund at the balance sheet date and are included in creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
100
-
100
Ordinary A shares of £1 each
95
-
95
-
Ordinay B shares of £1 each
5
-
5
-
100
100
100
100
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
23
Share capital
(Continued)
- 32 -

Each ordinary share had full voting rights, full dividend rights and the right to participate in distributions on winding up.

 

Each ordinary A and B share has full voting rights, full dividend rights and the right to participate in distributions on winding up.

 

During the year, the ordinary shares issued were reclassified into ordinary A and B shares.

24
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
323,647
323,647
323,647
323,647

The share premium reserve represents the premium on the issue of new shares.

25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
3,133,424
3,702,099
493,912
695,912
Loss for the year
(823,324)
(366,675)
(264,331)
-
0
Dividends
(100,000)
(202,000)
(100,000)
(202,000)
At the end of the year
2,210,100
3,133,424
129,581
493,912

Profit and loss reserves are made up of accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

26
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
50,000
50,000
-
-
Between two and five years
8,333
58,333
-
-
58,333
108,333
-
-
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 33 -
27
Non-controlling interests

JRH Staffordshire Holdings Limited is a 80% subsidiary of JRH (Staffs) Group Limited, with 100% control of its subsidiary company, Milton Garden Products Limited. The non-controlling interest at the financial year end was £608,673 (2023 - £757,848) and the share of loss on ordinary activities after taxation was £96,176 (2023 - £68,866).

28
Related party transactions
Transactions with related parties

Pension scheme

During the period, the group paid rent and services of £40,646 (2023 - £61,007) to a pension scheme under common control. During the period, the group incurred costs on behalf of this pension scheme of £Nil (2023 - £1,440). At the period end the pension scheme owed £Nil (2023 - £1,440) to the group.

 

Companies under common control

In the period, management charges were received from companies under common control of £911,489 (2023 - £900,000).

 

Sales were received from companies under common control of £Nil (2023 - £29,134) in the period.

 

Purchases were incurred from companies under common control of £6,485 (2023 - £Nil) in the period.

 

At the period end, loan balances owed to the group from connected parties amounted to £1,548,987 (2023 - £1,636,680).

 

Transactions with directors

The group paid rent of £16,750 (2023 - £25,125) to a director during the period.

 

At the period end, the group owed directors £301 (2023 - £642). The loans are interest free and repayable on demand.

 

During the period dividends have been paid to directors totalling £100,000 (2023 - £202,000).

 

Key management personnel

Amounts paid to close family members of key management personnel in the period was £76,046 (2023 - £94,667).

Company:

Companies under common control

At the period end, loan balances owed to the company from connected parties amounted to £1,066,780 (2023 - £1,066,780).

 

Group company transactions

Dividends have been received from a group company in the period totalling £100,000 (2023 - £Nil).

 

At the period end, balances of £766,972 (2023 - £766,972) were owed from the subsidiary company. The loan is interest free and repayable on demand.

29
Controlling party

The controlling party is J R Harrison.

JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
- 34 -
30
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(919,500)
(435,541)
Adjustments for:
Taxation credited
(77,445)
(96,500)
Finance costs
116,729
127,450
Investment income
(202)
(34)
Loss/(gain) on disposal of tangible fixed assets
7,121
(29,705)
Amortisation and impairment of intangible assets
110,027
174,953
Depreciation and impairment of tangible fixed assets
356,150
561,826
Movements in working capital:
Decrease in stocks
457,095
1,270,284
Decrease in debtors
388,500
717,167
Increase/(decrease) in creditors
2,178
(1,437,749)
Cash generated from operations
440,653
852,151
31
Analysis of changes in net debt - group
1 December 2023
Cash flows
New finance leases
30 November 2024
£
£
£
£
Cash at bank and in hand
144,710
114,883
-
259,593
Bank overdrafts
(256,581)
(304,546)
-
(561,127)
(111,871)
(189,663)
-
(301,534)
Borrowings excluding overdrafts
(816,124)
106,557
-
(709,567)
Obligations under finance leases
(453,478)
225,176
(483,307)
(711,609)
(1,381,473)
142,070
(483,307)
(1,722,710)
32
Prior period adjustment
Adjustments to equity - group
The prior period adjustments do not give rise to any effect upon equity.
Adjustments to equity - company
The prior period adjustments do not give rise to any effect upon equity.
JRH (Staffs) Group Limited
Notes to the group financial statements (continued)
For the year ended 30 November 2024
32
Prior period adjustment
(Continued)
- 35 -
Notes to reconciliation

The directors have identified errors in the classification of various costs (including wages and haulage) in the prior period between cost of sales, selling and distribution and administrative expenses. Prior period adjustments have been processed to correct these errors. This has had the impact of reducing cost of sales by £2,028,322, increasing selling and distribution costs by £2,340,645 and reducing administrative expenses by £312,323. Gross profit as a result has increased by £2,028,322, although over net profit after tax in the prior period remains unchanged.

 

The above changes have no impact of the Statement of financial position.

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