IRIS Accounts Production v25.1.3.33 01475856 Board of Directors 30.6.23 29.6.24 29.6.24 18/6/2025 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh014758562023-06-29014758562024-06-29014758562023-06-302024-06-29014758562022-06-30014758562022-07-012023-06-29014758562023-06-2901475856ns15:EnglandWales2023-06-302024-06-2901475856ns14:PoundSterling2023-06-302024-06-2901475856ns10:Director12023-06-302024-06-2901475856ns10:PrivateLimitedCompanyLtd2023-06-302024-06-2901475856ns10:SmallEntities2023-06-302024-06-2901475856ns10:Audited2023-06-302024-06-2901475856ns10:SmallCompaniesRegimeForDirectorsReport2023-06-302024-06-2901475856ns10:SmallCompaniesRegimeForAccounts2023-06-302024-06-2901475856ns10:FullAccounts2023-06-302024-06-2901475856ns10:Director22023-06-302024-06-2901475856ns10:Director32023-06-302024-06-2901475856ns10:Director42023-06-302024-06-2901475856ns10:RegisteredOffice2023-06-302024-06-2901475856ns5:CurrentFinancialInstruments2024-06-2901475856ns5:CurrentFinancialInstruments2023-06-2901475856ns5:Non-currentFinancialInstruments2024-06-2901475856ns5:Non-currentFinancialInstruments2023-06-2901475856ns5:ShareCapital2024-06-2901475856ns5:ShareCapital2023-06-2901475856ns5:RetainedEarningsAccumulatedLosses2024-06-2901475856ns5:RetainedEarningsAccumulatedLosses2023-06-2901475856ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-06-302024-06-2901475856ns5:PlantMachinery2023-06-302024-06-2901475856ns5:FurnitureFittings2023-06-302024-06-2901475856ns5:LandBuildings2023-06-2901475856ns5:PlantMachinery2023-06-2901475856ns5:FurnitureFittings2023-06-2901475856ns5:LandBuildings2023-06-302024-06-2901475856ns5:LandBuildings2024-06-2901475856ns5:PlantMachinery2024-06-2901475856ns5:FurnitureFittings2024-06-2901475856ns5:LandBuildings2023-06-2901475856ns5:PlantMachinery2023-06-2901475856ns5:FurnitureFittings2023-06-2901475856ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-2901475856ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-2901475856ns5:CurrentFinancialInstruments2023-06-302024-06-2901475856ns5:Non-currentFinancialInstruments2023-06-302024-06-2901475856ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-06-2901475856ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-06-2901475856ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-06-2901475856ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-06-2901475856ns5:HirePurchaseContracts2024-06-2901475856ns5:HirePurchaseContracts2023-06-2901475856ns5:WithinOneYear2024-06-2901475856ns5:WithinOneYear2023-06-2901475856ns5:BetweenOneFiveYears2024-06-2901475856ns5:BetweenOneFiveYears2023-06-2901475856ns5:AllPeriods2024-06-2901475856ns5:AllPeriods2023-06-29
REGISTERED NUMBER: 01475856 (England and Wales)















J.P.M. PRESS BRAKE SECTIONS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2024






J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


J.P.M. PRESS BRAKE SECTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 JUNE 2024







DIRECTORS: Mrs K Broadhurst
Mr A J Hickman
Mr A McManus
Mr V A Pepperell





REGISTERED OFFICE: Level Street
Brierley Hill
Dudley
West Midlands
DY5 1UE





REGISTERED NUMBER: 01475856 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

BALANCE SHEET
29 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 91,343 95,344

CURRENT ASSETS
Stocks 33,151 25,682
Debtors 5 661,463 615,571
Cash at bank and in hand 78,767 12,711
773,381 653,964
CREDITORS
Amounts falling due within one year 6 575,989 281,857
NET CURRENT ASSETS 197,392 372,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

288,735

467,451

CREDITORS
Amounts falling due after more than one
year

7

(9,722

)

(14,210

)

PROVISIONS FOR LIABILITIES (13,809 ) (14,300 )
NET ASSETS 265,204 438,941

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 264,904 438,641
265,204 438,941

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:





Mr A J Hickman - Director


J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024


1. STATUTORY INFORMATION

J.P.M. Press Brake Sections Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

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 and loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

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

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 9 ) .

J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 30 June 2023 71,063 399,416 106,386 576,865
Additions - - 5,700 5,700
At 29 June 2024 71,063 399,416 112,086 582,565
DEPRECIATION
At 30 June 2023 33,770 349,731 98,020 481,521
Charge for year 1,184 4,968 3,549 9,701
At 29 June 2024 34,954 354,699 101,569 491,222
NET BOOK VALUE
At 29 June 2024 36,109 44,717 10,517 91,343
At 29 June 2023 37,293 49,685 8,366 95,344

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 297,396 218,735
Amounts owed by group undertakings 312,862 331,612
Other debtors - 7,551
Tax 30,898 41,761
Prepayments 20,307 15,912
661,463 615,571

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 4,487 4,487
Trade creditors 315,961 201,888
Amounts owed to group undertakings 54,227 -
Taxation and social security 11,977 54,809
Other creditors 189,337 20,673
575,989 281,857

Hire purchase liabilities are secured upon the assets to which they relate.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 9,722 14,210

Hire purchase liabilities are secured upon the assets to which they relate.

J.P.M. PRESS BRAKE SECTIONS LIMITED (REGISTERED NUMBER: 01475856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 4,487 4,487
Between one and five years 9,722 14,210
14,209 18,697

Non-cancellable operating leases
2024 2023
£    £   
Within one year 27,265 17,599
Between one and five years 38,435 41,533
65,700 59,132

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Hegney (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

10. CONTINGENT LIABILITIES

Lloyds Bank Plc have an omnibus guarantee and set-off agreement in place securing all liabilities due to them within each individual company against the assets of all companies within the agreement. The companies included in this agreement are Absolute Group Holdings UK Limited, Absolute Building and Maintenance Limited, Absolute Roof Tiling Limited, Absolute Waterproofing Limited, Absolute Roofing Solutions Limited, Absolute Solar Solutions and Oakham Sheet Metal Company Limited as well as J.P.M. Press Brake Sections Limited.

11. ULTIMATE CONTROLLING PARTY

Absolute Group Holdings UK Limited (registration number 10505980) own 100% of the share capital of the company. Therefore they are considered the ultimate controlling party.