Company registration number 00785800 (England and Wales)
I G JUKES & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
I G JUKES & CO LIMITED
CONTENTS
PAGE
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
I G JUKES & CO LIMITED
COMPANY INFORMATION
DIRECTORS
Mr R M Godsall
Mr A D Williams
Mr J O Godsall
SECRETARY
Mrs A D Godsall
COMPANY NUMBER
00785800
REGISTERED OFFICE
63 Broad Street
Bromsgrove
Worcestershire
B61 8LL
ACCOUNTANTS
Austral Crosby
20 Norgetts Lane
Melbourn
Cambridgeshire
SG8 6HS
I G JUKES & CO LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
4
50,000
100,000
Tangible assets
5
13,882
14,160
Investments
6
259,603
3,623
323,485
117,783
CURRENT ASSETS
Debtors
7
589,762
442,501
Cash at bank and in hand
637,984
773,029
1,227,746
1,215,530
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8
(948,839)
(765,593)
NET CURRENT ASSETS
278,907
449,937
TOTAL ASSETS LESS CURRENT LIABILITIES
602,392
567,720
PROVISIONS FOR LIABILITIES
(3,470)
(3,540)
NET ASSETS
598,922
564,180
CAPITAL AND RESERVES
Called up share capital
11
1,111
1,111
Share premium account
17,500
17,500
Profit and loss reserves
580,311
545,569
TOTAL EQUITY
598,922
564,180
I G JUKES & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr R M Godsall
DIRECTOR
Company registration number 00785800 (England and Wales)
I G JUKES & CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share
Profit
Share
premium
and loss
capital
account
reserves
Total
Notes
£
£
£
£
BALANCE AT 1 OCTOBER 2022
1,111
17,500
479,321
497,932
YEAR ENDED 30 SEPTEMBER 2023:
Profit and total comprehensive income for the year
-
-
304,003
304,003
Dividends
-
-
(237,755)
(237,755)
BALANCE AT 30 SEPTEMBER 2023
1,111
17,500
545,569
564,180
YEAR ENDED 30 SEPTEMBER 2024:
Profit and total comprehensive income for the year
-
-
284,742
284,742
Dividends
-
-
(250,000)
(250,000)
BALANCE AT 30 SEPTEMBER 2024
1,111
17,500
580,311
598,922
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
I G Jukes & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is 63 Broad Street, Bromsgrove, Worcestershire, B61 8LL.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. 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.
Commissions receivable represent commissions which are accounted for on a receivable basis. Commissions receivable cannot be accounted for until clients have settled premiums due.
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
1.3
INTANGIBLE FIXED ASSETS - GOODWILL
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 four years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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.
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
FIXED ASSET INVESTMENTS
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through income or expenditure if the shares are publicly traded or their fair value can otherwise be measured reliably.
1.6
IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 6 -
1.7
CASH AT BANK AND IN HAND
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
1.9
EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 7 -
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 company’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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
1.12
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
17
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
4
INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 October 2023 and 30 September 2024
331,083
AMORTISATION AND IMPAIRMENT
At 1 October 2023
231,083
Amortisation charged for the year
50,000
At 30 September 2024
281,083
CARRYING AMOUNT
At 30 September 2024
50,000
At 30 September 2023
100,000
5
TANGIBLE FIXED ASSETS
Fixtures, fittings & equipment
£
COST
At 1 October 2023
55,297
Additions
4,349
At 30 September 2024
59,646
DEPRECIATION AND IMPAIRMENT
At 1 October 2023
41,137
Depreciation charged in the year
4,627
At 30 September 2024
45,764
CARRYING AMOUNT
At 30 September 2024
13,882
At 30 September 2023
14,160
6
FIXED ASSET INVESTMENTS
2024
2023
£
£
Shares in group undertakings and participating interests
255,980
Other investments other than loans
3,623
3,623
259,603
3,623
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
FIXED ASSET INVESTMENTS
(Continued)
- 9 -
MOVEMENTS IN FIXED ASSET INVESTMENTS
Shares in subsidiaries
Other investments
Total
£
£
£
COST OR VALUATION
At 1 October 2023
-
3,623
3,623
Additions
255,980
-
255,980
At 30 September 2024
255,980
3,623
259,603
CARRYING AMOUNT
At 30 September 2024
255,980
3,623
259,603
At 30 September 2023
-
3,623
3,623
7
DEBTORS
2024
2023
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
531,190
429,850
Amounts owed by group undertakings
34,299
13
Other debtors
24,273
12,638
589,762
442,501
8
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
550,221
589,124
Amounts owed to group undertakings
178,008
58,408
Corporation tax
112,920
100,539
Other taxation and social security
8,553
9,043
Other creditors
99,137
8,479
948,839
765,593
9
DEFERRED TAXATION
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
BALANCES:
£
£
Accelerated capital allowances
3,470
3,540
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
DEFERRED TAXATION
(Continued)
- 10 -
2024
MOVEMENTS IN THE YEAR:
£
Liability at 1 October 2023
3,540
Credit to profit or loss
(70)
Liability at 30 September 2024
3,470
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
10
RETIREMENT BENEFIT SCHEMES
2024
2023
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
181,507
57,993
The company 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.
11
CALLED UP SHARE CAPITAL
2024
2023
£
£
ORDINARY SHARE CAPITAL
ISSUED AND FULLY PAID
1,000 Ordinary of £1 each
1,000
1,000
111 Ordinary B of £1 each
111
111
1,111
1,111
I G JUKES & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
12
RELATED PARTY TRANSACTIONS
Dividends payable - Jukes Brokers Limited
During the year ended 30 September 2024 dividends totalling £74,970 (2023: £108,415) were paid by I G Jukes & Co Limited to Jukes Brokers Limited, the company's parent company.
Dividends payable - Mr A D Williams
During the year ended 30 September 2024 dividends totalling £17,000 (2023: £16,500) were paid by I G Jukes & Co Limited to Mr A D Williams, a director of and shareholder in I G Jukes & Co Limited.
Dividends payable - JN Godsall & Co Limited
During the year ended 30 September 2024 dividends totalling £158,030 (2023: £112,840) were paid by I G Jukes & Co Limited to JN Godsall & Co Limited, a company in which Mr J O Godsall is also a director. At 30 September 2024 an amount of £1,880 (2023: £1,740) remained due from JN Godsall & Co Limited to I G Jukes & Co Limited.
Amounts owed by group undertakings
Included within creditors falling due within one year as at 30 September 2024 is a total of £nil (2023: £58,408) owed by I G Jukes & Co Limited to Jukes Brokers Limited. Also, as at 30 September 2024 an amount of £13 (2023: £13) remains due to I G Jukes & Co Limited from Jukes Brokers Limited.
Finally, as at 30 September 2024 an amount of £34,286 (2023: £nil) remained due to I G Jukes & Co Limited from Selly Oak Insurance Services Limited, a subsidiary of the company.
13
PARENT COMPANY
The company is under the majority control of Jukes Brokers Limited and JN Godsall & Co Limited by virtue of their 90% joint holding in the issued ordinary share capital of I G Jukes & Co Limited.
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