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Company Registration Number 03225236























JOHN ROBERTS HOLDINGS LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2024


























img67c6.png

 
JOHN ROBERTS HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
S Littlewood 
J Smith 
C Beresford 




Registered number
03225236



Registered office
Christies High Mill
Settle

North Yorkshire

BD24 9LX




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Number 3

Acorn Business Park

Airedale Business Centre

Skipton

North Yorkshire

BD23 2UE




Bankers
Santander UK plc
2 Triton Square

Regent's Place

London

United Kingdom

NW1 3AN





 
JOHN ROBERTS HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 27


 
JOHN ROBERTS HOLDINGS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the strategic report and financial statements for the year ended 31 December 2024.

Fair review of the company's business
 
The Company continues to make good progress with its ongoing business strategy, to strengthen its position as the market leader in the manufacture and supply of Converted Paper Packaging (CPP) products, with a focus towards margin sustainability and growth over incremental volume growth.
The results achieved demonstrate the ongoing positive impact of the above in a what proved to be a relatively stable market landscape, which following market wide paper price reductions in Q1 of 10-12%, saw little raw material price fluctuation through the year.
Operating and raw material purchasing flexibility continued to allow us to take advantage of specific opportunities presented for additional gross margin growth, which over the year delivered a gross RM contribution increase of 3.3% points over 2023, though due to other cost pressures the Gross Margin delivered was unchanged from 2023.
The above was as result of our ongoing strategy of targeting specific packaging sectors for both volume and margin growth with our increased variety of CPP products, whilst carefully managing our exposure to the mainstream Corrugated Sheet Board (CSB) product market. A policy which led to an overall 1.5% reduction in total volumes vs 2023 but saw 1.5% volume growth (to 71% of total volume) in the key CPP products.
 
Turnover was down by 8.3% on 2023 as a direct impact of the Q1 market price reductions, which alongside the challenges presented by inflationary cost pressure on many of the key direct and indirect cost lines, resulted in a 1.4% fall in Operating Profit as a % of Sales.
Similar market conditions are expected to continue through 2025 and onwards, with continued pressure on costs. In consequence, our ongoing plans and expectations focus on maintaining with our ongoing strategy as highlighted in the first paragraph, through retaining financial and operational flexibility to facilitate a speedy reaction to upward and or downward fluctuations across all paper packaging markets.
The Executive Management Team continue to develop and refine its multi-year business plan with the emphasis on developing its people, new product development, sustainability, customer relationships and thus further strengthening the resilience of the business from further swings in market demand.

Principal risks and uncertainties
 
The 2024 results again confirmed the business’s ability to adapt to varying market conditions, as previously demonstrated over the last 5 years. This is enabled through its ability to flex production and product focus, to maximise opportunity when circumstances allow. This robustness to perform in varied market conditions illustrates that the business remains well positioned to continue to develop and thrive.
Cash at bank comprises of bank balances and the carrying amounts approximate to fair value.
The credit risk on cash at bank is negligible as the counterparties are banks with high credit ratings. The company’s main risk relates to trade debtors, which are part of an invoice discounting arrangement. The company manages this risk through credit control procedures and where possible insures against such risks. The carrying amount for debtors is net of provision for doubtful debts.
Potential volatility in the economic climate and continued pressure on Labour costs and potentially fuel costs, along with the cyclical nature of pricing and demand within the paper industry, represent risks which need to be managed. The company operates within competitive markets but its balanced product offering and Management’s ability to react quickly to changing circumstances, result in the business being well positioned to adapt to change.

Page 1

 
JOHN ROBERTS HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Key performance indicators
 
The company's key financial performance indicators in the year were as follows:

2024
2023
        £
        £
Turnover

14,109,092

15,388,655
 
Gross margin %

33

33
 
Profit before tax

1,487,870

1,883,622
 

Position of the business at the end of the year

Management are confident that the business is well positioned to deliver strong performance in the forthcoming year. The strategic changes implemented over the previous 6 years have ensured greater resilience to external factors and an enhanced opportunity for development, which have been supported by selective investment in new equipment, facilitating both increased capacity and the opportunity for new product ranges and markets to be explored in the short to mid-term.


This report was approved by the board and signed on its behalf.



................................................
S Littlewood
Director

Date: 25 June 2025

Page 2

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company was the manufacture of converted paper packaging and corrugated paper products.

Results and dividends

The profit for the year, after taxation, amounted to £1,153,545 (2023 - £1,412,570).

The directors do not recommend payment of a final dividend.
In a relatively challenging cost inflationary market environment and with an 8.3% (£1.2m) fall in turnover caused by market initiated price £/tonne decreases, the business achieved positive gross contribution (% of Sales) growth which despite the unavoidable above normal increases in some key cost lines as a result of government/economic initiatives which heavily impact the manufacturing sector, the company successfully returned an Operating Profit of £1.53m only 1.4% down (% of Sales) vs 2023. 

Directors

The directors who served during the year were:

S Littlewood 
P Nelson (resigned 5 January 2024)
J Smith 
C Beresford 

Page 3

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
S Littlewood
Director

Date: 25 June 2025

Page 4

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN ROBERTS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of John Roberts Holdings Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN ROBERTS HOLDINGS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN ROBERTS HOLDINGS LIMITED (CONTINUED)


Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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

• We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.
 
• We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes or evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
• We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
• We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
• We enquired of the directors and third-party advisors about actual and potential litigation and claims.
• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN ROBERTS HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Rohan Day (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Skipton

25 June 2025
Page 8

 
JOHN ROBERTS HOLDINGS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,109,092
15,388,655

Cost of sales
  
(9,522,584)
(10,386,497)

Gross profit
  
4,586,508
5,002,158

Distribution costs
  
(1,307,679)
(1,294,189)

Administrative expenses
  
(1,746,094)
(1,818,739)

Operating profit
 5 
1,532,735
1,889,230

Interest payable and similar expenses
 9 
(44,865)
(5,608)

Profit before tax
  
1,487,870
1,883,622

Tax on profit
 10 
(334,325)
(471,052)

Profit for the financial year
  
1,153,545
1,412,570

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
JOHN ROBERTS HOLDINGS LIMITED
REGISTERED NUMBER: 03225236

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,470,839
1,499,953

  
1,470,839
1,499,953

Current assets
  

Stocks
 13 
592,381
543,095

Debtors: amounts falling due within one year
 14 
14,686,375
14,088,176

Cash at bank and in hand
 15 
318,956
58,837

  
15,597,712
14,690,108

Creditors: amounts falling due within one year
 16 
(3,037,123)
(2,469,260)

Net current assets
  
 
 
12,560,589
 
 
12,220,848

Total assets less current liabilities
  
14,031,428
13,720,801

Creditors: amounts falling due after more than one year
 17 
(606,031)
(143,123)

Provisions for liabilities
  

Deferred tax
 20 
(89,951)
(95,777)

  
 
 
(89,951)
 
 
(95,777)

Net assets
  
13,335,446
13,481,901


Capital and reserves
  

Called up share capital 
 22 
424,500
424,500

Share premium account
  
2,425,500
2,425,500

Revaluation reserve
  
473,674
473,674

Profit and loss account
  
10,011,772
10,158,227

  
13,335,446
13,481,901


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.




................................................
S Littlewood
Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
JOHN ROBERTS HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
424,500
2,425,500
473,674
8,805,657
12,129,331


Comprehensive income for the year

Profit for the year
-
-
-
1,412,570
1,412,570


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(60,000)
(60,000)



At 1 January 2024
424,500
2,425,500
473,674
10,158,227
13,481,901


Comprehensive income for the year

Profit for the year
-
-
-
1,153,545
1,153,545

Dividends: Equity capital
-
-
-
(1,300,000)
(1,300,000)


At 31 December 2024
424,500
2,425,500
473,674
10,011,772
13,335,446


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

John Roberts Holdings Limited is a company limited by shares incorporated in England and Wales. The registered office is Christies High Mill, Settle, North Yorkshire, BD24 9LX.
The principal activity of the Company was the manufacture of converted paper packaging and corrugated paper products.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of John Roberts Solutions Limited as at 31 December 2024 and these financial statements may be obtained from Christies High Mill, Settle, North Yorkshire, BD24 9LX.

  
2.3

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

Page 12

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

The directors believe that the company has adequate resources to continue in operational existence for a period of no less than 12 months from the approval of the financial statements.
In reaching their conclusion, the directors have considered their cash flows for a period of twelve months from the date of approval of the financial statements. In doing so the directors have considered the availability of funding, both externally and internally and have concluded that there is sufficient and substantial headroom within the company’s working capital facilities throughout the year. 
After consideration of all factors, the directors continue adopt the going concern basis in preparing the financial statements.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 13

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.7

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.

  
2.8

Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and the reducing balance method.

Depreciation is provided on the following basis:

Freehold Land and buildings
-
2% straight line
Plant and machinery
-
25% - 33% reducing balance
Motor vehicles
-
33% reducing balance
Fixtures and fittings
-
25% - 33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.10

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Impairment losses are reversed if, and only if, the reasons for the loss have ceased to apply.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 15

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

  
2.14

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 charged in the fair value of the hedged asset or liability that are attributable to the hedged risk.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies 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.

Page 16

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Manufacture of corrugated paper products and paper conversion
14,109,092
15,388,655

14,109,092
15,388,655


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Fees payable to the company's auditor
19,500
18,000

Depreciation of tangible fixed assets
131,370
170,970

Operating lease rentals
94,421
109,076

(Profit)/loss on disposal of tangible fixed assets
585
(500)


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,500
18,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,556,273
2,470,743

Social security costs
265,311
253,224

Cost of defined contribution scheme
91,882
85,214

2,913,466
2,809,181


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
40
44



Distribution
11
9



Administrative
10
9

61
62


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
309,867
359,068

Company contributions to defined contribution pension schemes
14,696
14,215

324,563
373,283


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £137,043 (2023 - £143,625).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,140 (2023 - £6,721).

Page 18

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other interest paid
39,614
357

Finance leases and hire purchase contracts
5,251
5,251

44,865
5,608


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
371,808
442,453

Adjustments in respect of previous periods
(31,657)
26,260


340,151
468,713


Total current tax
340,151
468,713

Deferred tax


Origination and reversal of timing differences
(5,826)
2,339

Total deferred tax
(5,826)
2,339


Tax on profit
334,325
471,052
Page 19

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate (2023 - marginal rate) of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,487,870
1,883,622


Profit on ordinary activities multiplied by standard rate (2023 - marginal rate) of corporation tax in the UK of 25% (2023 - 23.52%)
371,968
443,028

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,586
3,071

Adjustments to tax charge in respect of prior periods
(31,657)
26,260

Other differences leading to an increase (decrease) in the tax charge
-
2,998

Group relief
(8,572)
(10,218)

Remeasurement of deferred tax for changes in tax rates
-
33

Permanent capital allowances in excess of depreciation
-
5,880

Total tax charge for the year
334,325
471,052


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid
1,300,000
60,000

1,300,000
60,000

Page 20

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Freehold Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,250,000
3,894,729
279,797
354,138
5,778,664


Additions
-
85,841
-
18,500
104,341


Disposals
-
-
-
(10,500)
(10,500)



At 31 December 2024

1,250,000
3,980,570
279,797
362,138
5,872,505



Depreciation


At 1 January 2024
125,000
3,671,240
271,478
210,993
4,278,711


Charge for the year on owned assets
25,000
55,872
2,774
12,949
96,595


Charge for the year on financed assets
-
-
-
34,776
34,776


Disposals
-
-
-
(8,416)
(8,416)



At 31 December 2024

150,000
3,727,112
274,252
250,302
4,401,666



Net book value



At 31 December 2024
1,100,000
253,458
5,545
111,836
1,470,839



At 31 December 2023
1,125,000
223,489
8,319
143,145
1,499,953

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
69,531
104,307

69,531
104,307

Page 21

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
460,387
462,663

Finished goods and goods for resale
131,994
80,432

592,381
543,095



14.


Debtors

2024
2023
£
£

Trade debtors
2,556,661
2,303,409

Amounts owed by group undertakings
11,893,548
11,523,020

Invoice financing
-
40,645

Prepayments and accrued income
236,166
221,102

14,686,375
14,088,176



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
318,956
58,837

318,956
58,837


Page 22

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Invoice financing
838,447
-

Bank loans
60,000
-

Trade creditors
1,362,872
1,408,292

Corporation tax
79,891
292,453

Other taxation and social security
374,534
372,954

Obligations under finance lease and hire purchase contracts
34,748
30,863

Other creditors
120,435
159,341

Accruals and deferred income
166,196
205,357

3,037,123
2,469,260


The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
34,748
30,863

Invoice financing
838,447
-

Bank loan
60,000
-

933,195
30,863

Details of security provided:

Invoice financing is secured by way of a debenture including a fixed charge and floating charge over the assets held by the company.
The obligations under finance lease and hire purchase contracts are secured by charges over the assets acquired under relevant agreements.
For details of security of the bank loan, see note 18.

Page 23

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
490,000
-

Net obligations under finance leases and hire purchase contracts
116,031
143,123

606,031
143,123


The following liabilities were secured:

2024
2023
£
£



Net obligations under finance leases and hire purchase contracts
116,031
143,123

Bank loan
490,000
-

606,031
143,123

Details of security provided:

The net obligations under finance lease and hire purchase contracts are secured by charges over the assets acquired under relevant agreements.
For details of security of the bank loan, see note 18.

Page 24

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
60,000
-


60,000
-

Amounts falling due 1-2 years

Bank loans
60,000
-


60,000
-

Amounts falling due 2-5 years

Bank loans
180,000
-


180,000
-

Amounts falling due after more than 5 years

Bank loans
250,000
-

250,000
-

550,000
-


The bank loan was drawn down on 28th February 2024. The loan bears interest at 2.95% above Base Rate and is repayable in equal monthly instalments over 10 years from the drawn down date. 
The loan is secured by means of a Debenture and legal mortgage over land and buildings owned by the Company and by means of a Cross Company Guarantee with John Roberts Ventures Limited and John Roberts Solutions Limited .
Under the agreed covenants, the loan would be repayable on demand if the company‘s debt service cover is less than 200% and the loan to value exceeds 70%.  

Page 25

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
34,748
30,863

Between 1-5 years
116,031
110,976

Over 5 years
-
32,147

150,779
173,986


20.


Deferred taxation




2024
2023


£

£






At beginning of year
95,777
93,438


Charged to profit or loss
(5,826)
2,339



At end of year
89,951
95,777

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
89,951
95,777

89,951
95,777


21.


Pension Commitments

2024
2023
£
£



Charge to profit or loss in respect of defined contribution schemes
91,882
85,214

91,882
85,214

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. There were no contributions payable at the year end date.

Page 26

 
JOHN ROBERTS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



424,500 (2023 - 424,500) Ordinary shares of £1.00 each
424,500
424,500



23.


Contingent liabilities

There is an unlimited multilateral guarantee given to the bank between John Roberts Ventures Limited,
John Roberts Solutions Limited and John Roberts Holdings Limited.
In addition the company has given a guarantee in favour of HM Revenue and Customs for £30,000
(2023: £30,000).
Santander UK Plc hold fixed and floating charges over the company's property and assets.


24.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
143,171
116,924

Later than 1 year and not later than 5 years
141,760
224,246

284,931
341,170


25.


Related party transactions

The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with entities which are part of the Group, since 100% of the voting rights in the Company are controlled within the Group and the Company is included within the Group accounts which are publicly available.


26.


Controlling party

The immediate parent company is John Roberts Ventures Limited, a company registered in England and Wales.
The ultimate parent undertaking is John Roberts Solutions Limited, a company registered in England and Wales. Johns Roberts Solutions Limited is also the parent undertaking of the largest and smallest group for which accounts are to be drawn up and of which the Company is a member.
Copies of consolidated financial statements of John Roberts Solutions Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.


Page 27