Company registration number 1834731 (England and Wales)
JACKSON TRADING COMPANY PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JACKSON TRADING COMPANY PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 36
JACKSON TRADING COMPANY PLC
COMPANY INFORMATION
Directors
Mr P.H.J. Jackson
Mrs A Jackson
Mr. C.P.C.H. Jackson
Miss J.A.I. Jackson
Miss J.A.C.V. Jackson
Mr D.W. Jackson
Mr H. Walters
Mrs M. Colclough
(Appointed 1 April 2024)
Mr J.C.W. Jackson
(Appointed 1 April 2024)
Secretary
Mrs A Jackson
Company number
1834731
Registered office
42-44 Norwood High Street
London
SE27 9NR
Auditor
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
JACKSON TRADING COMPANY PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
The results for the year are set out on page 7 of these financial statements.
The key performance indicators of the group are as follows:
The group is also increasingly benefitting from the growing financial success of associate companies, which are making a material and growing impact on overall profitability.
Despite the challenging environment, the group’s current ratio has remained strong, and we will continue to monitor this closely in the future to ensure it is maintained at its current level where possible.
Principal risks and uncertainties
Competition
Competition is considered a significant risk to the group, as there are increasing numbers of competitors globally, particularly in online markets. To mitigate this risk, we continue to invest in our website as well as working with online marketplaces, with the aim that our perfumery range will be available worldwide.
Counterfeit products
Our products are sold globally, and it is an ongoing challenge to identify and remove counterfeit products when they appear in our markets. However, we are constantly evolving security and 'hard to copy' features on our packaging, determined to keep ahead of the counterfeiters.
Current economic situation
The year under review has been challenging for the company due to several factors that are out of our control: regional wars resulting in global, political and economic uncertainty, price rises from suppliers as inflation continues to have an impact, hyper-inflationary economies in certain of our overseas markets with associated currency valuation issues and embargoes on the import of non-essential luxury goods into some export markets. This creates some challenges regarding future sales and cash flows.
The group continues to closely monitor the impact of these factors on its worldwide business and liquidity, and believes, through the growing diversity of global markets and related income streams, it is well placed to see through the uncertainty.
Mrs A. Jackson
Secretary
25 June 2025
JACKSON TRADING COMPANY PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group continued to be the manufacture, marketing and sale of perfumery products.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P.H.J. Jackson
Mrs A Jackson
Mr. C.P.C.H. Jackson
Mr C.W.J. Jackson
(Resigned 1 April 2024)
Miss J.A.I. Jackson
Miss J.A.C.V. Jackson
Mr D.W. Jackson
Mr H. Walters
Mrs M. Colclough
(Appointed 1 April 2024)
Mr J.C.W. Jackson
(Appointed 1 April 2024)
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £3,000,000 (2023: £2,925,000).
Financial instruments
Interest rate risk
The group finances its operations through a mixture of retained profits, intercompany loans and bank loans. The group's exposure to interest rate fluctuations on its bank loans is covered by the retained earnings of the group.
Currency risk
The group has some exposure to currency risk as it makes sales in Sterling, US Dollars and Euros and has bank accounts denominated in all three currencies. However, the risk is not considered to be material.
Credit risk
The group monitors credit risk closely and considers that its current policy of credit checks meets its objective of managing exposure to credit risk.
The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
Future developments
The directors anticipate that results for 2024 will exceed those for the current reporting period.
Auditor
The auditor, Bright Grahame Murray, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
JACKSON TRADING COMPANY PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors’ indemnities
The group has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.
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.
By order of the board
Mrs A. Jackson
Secretary
25 June 2025
JACKSON TRADING COMPANY PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JACKSON TRADING COMPANY PLC
- 4 -
Opinion
We have audited the financial statements of Jackson Trading Company PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent 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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
JACKSON TRADING COMPANY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JACKSON TRADING COMPANY PLC
- 5 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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, 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion., is detailed below.
In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
JACKSON TRADING COMPANY PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JACKSON TRADING COMPANY PLC
- 6 -
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, employment legislation and health and safety.
We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for 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, revenue recognition, related parties outside normal course of business and management override.
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 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.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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.
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.
Matthew Eade (Senior Statutory Auditor)
For and on behalf of Bright Grahame Murray
Chartered Accountants
Statutory Auditor
Emperor's Gate
114a Cromwell Road
Kensington
London
SW7 4AG
25 June 2025
JACKSON TRADING COMPANY PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
18,909,797
18,075,188
Cost of sales
(10,808,064)
(10,072,993)
Gross profit
8,101,733
8,002,195
Distribution costs
(1,539,279)
(1,424,230)
Administrative expenses
(4,305,679)
(4,496,985)
Other operating income
166,327
142,532
Operating profit
7
2,423,102
2,223,512
Share of results of joint ventures
-
(28,353)
Income from participating interests
10
327,224
418,521
Other interest receivable and similar income
10
208,946
96,274
Interest payable and similar expenses
6
(22,968)
(21,690)
Profit before taxation
2,936,304
2,688,264
Tax on profit
8
(699,373)
(608,722)
Profit for the financial year
2,236,931
2,079,542
Profit for the financial year is attributable to:
- Owners of the parent company
2,235,387
2,078,511
- Non-controlling interests
1,544
1,031
2,236,931
2,079,542
The profit and loss account has been prepared on the basis that all operations are continuing operations.
JACKSON TRADING COMPANY PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
2,236,931
2,079,542
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
3,792
(56,020)
Cash flow hedges gain arising in the year
Total comprehensive income for the year
2,240,723
2,023,522
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,239,179
2,022,491
- Non-controlling interests
1,544
1,031
2,240,723
2,023,522
JACKSON TRADING COMPANY PLC
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
2,436
16,436
Tangible assets
12
5,704,014
5,928,392
Investments
13
1,992,205
1,697,129
7,698,655
7,641,957
Current assets
Stocks
16
9,048,234
10,899,498
Debtors
17
9,037,898
8,794,073
Cash at bank and in hand
7,108,858
5,612,852
25,194,990
25,306,423
Creditors: amounts falling due within one year
18
(9,688,459)
(8,967,783)
Net current assets
15,506,531
16,338,640
Total assets less current liabilities
23,205,186
23,980,597
Creditors: amounts falling due after more than one year
19
(125,000)
(355,762)
Provisions for liabilities
Deferred tax liability
23
295,970
314,342
(295,970)
(314,342)
Net assets
22,784,216
23,310,493
Capital and reserves
Called up share capital
25
250,000
243,750
Share premium account
509,250
282,500
Capital redemption reserve
26
18,750
18,750
Profit and loss reserves
22,000,352
22,761,173
Equity attributable to owners of the parent company
22,778,352
23,306,173
Non-controlling interests
5,864
4,320
Total equity
22,784,216
23,310,493
JACKSON TRADING COMPANY PLC
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
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 25 June 2025 and are signed on its behalf by:
25 June 2025
Mr P.H.J. Jackson
Mr H. Walters
Director
Director
Company registration number 1834731 (England and Wales)
JACKSON TRADING COMPANY PLC
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
500,118
509,158
Investments
13
730,770
730,790
1,230,888
1,239,948
Current assets
Debtors falling due after more than one year
17
4,193,282
4,190,311
Debtors falling due within one year
17
10,889,229
10,480,559
Cash at bank and in hand
3,213,484
2,918,207
18,295,995
17,589,077
Creditors: amounts falling due within one year
18
(7,304,871)
(7,014,120)
Net current assets
10,991,124
10,574,957
Total assets less current liabilities
12,222,012
11,814,905
Creditors: amounts falling due after more than one year
19
-
(20,762)
Net assets
12,222,012
11,794,143
Capital and reserves
Called up share capital
25
250,000
243,750
Share premium account
509,250
282,500
Capital redemption reserve
26
18,750
18,750
Profit and loss reserves
11,444,012
11,249,143
Total equity
12,222,012
11,794,143
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,194,869 (2023 - £1,351,806 profit).
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:
25 June 2025
Mr P.H.J. Jackson
Mr H. Walters
Director
Director
Company registration number 1834731 (England and Wales)
JACKSON TRADING COMPANY PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2023
243,750
282,500
18,750
23,663,682
24,208,682
3,289
24,211,971
Year ended 31 December 2023:
Profit for the year
-
-
-
2,078,511
2,078,511
1,031
2,079,542
Other comprehensive income:
-
Currency translation differences
-
-
-
(56,020)
(56,020)
-
(56,020)
Total comprehensive income for the year
-
-
-
2,022,491
2,022,491
1,031
2,023,522
Dividends
9
-
-
-
(2,925,000)
(2,925,000)
-
(2,925,000)
Balance at 31 December 2023
243,750
282,500
18,750
22,761,173
23,306,173
4,320
23,310,493
Year ended 31 December 2024:
Profit for the year
-
-
-
2,235,387
2,235,387
1,544
2,236,931
Other comprehensive income:
Currency translation differences
-
-
-
3,792
3,792
-
3,792
Total comprehensive income for the year
-
-
-
2,239,179
2,239,179
1,544
2,240,723
Issue of share capital
25
6,250
226,750
-
-
233,000
-
233,000
Dividends
9
-
-
-
(3,000,000)
(3,000,000)
-
(3,000,000)
Balance at 31 December 2024
250,000
509,250
18,750
22,000,352
22,778,352
5,864
22,784,216
JACKSON TRADING COMPANY PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
243,750
282,500
18,750
12,822,337
13,367,337
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,351,806
1,351,806
Dividends
9
-
-
-
(2,925,000)
(2,925,000)
Balance at 31 December 2023
243,750
282,500
18,750
11,249,143
11,794,143
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
3,194,869
3,194,869
Issue of share capital
25
6,250
226,750
-
-
233,000
Dividends
9
-
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2024
250,000
509,250
18,750
11,444,012
12,222,012
JACKSON TRADING COMPANY PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
5,064,618
3,571,910
Interest paid
(22,968)
(21,690)
Income taxes paid
(647,025)
(473,764)
Net cash inflow from operating activities
4,394,625
3,076,456
Investing activities
Purchase of tangible fixed assets
(139,675)
(32,903)
Proceeds from disposal of tangible fixed assets
-
1,000
Proceeds from disposal of associates
20
-
Proceeds from disposal of joint ventures
-
(103,346)
Loans made to associates
(75,000)
-
Interest received
208,946
96,274
Other income received from associates
107,128
141,901
Net cash generated from investing activities
101,419
102,926
Financing activities
Proceeds from issue of shares
233,000
-
Repayment of bank loans
(210,000)
(210,000)
Payment of finance leases obligations
(26,802)
(12,148)
Dividends paid to equity shareholders
(3,000,000)
(2,925,000)
Net cash used in financing activities
(3,003,802)
(3,147,148)
Net increase in cash and cash equivalents
1,492,242
32,234
Cash and cash equivalents at beginning of year
5,612,852
5,636,502
Effect of foreign exchange rates
3,764
(55,884)
Cash and cash equivalents at end of year
7,108,858
5,612,852
JACKSON TRADING COMPANY PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(317,400)
1,864,336
Income taxes paid
(81,495)
(25,177)
Net cash (outflow)/inflow from operating activities
(398,895)
1,839,159
Investing activities
Proceeds from disposal of joint ventures
20
(100)
Interest received
353,204
276,250
Dividends received
3,134,750
1,318,750
Net cash generated from investing activities
3,487,974
1,594,900
Financing activities
Proceeds from issue of shares
233,000
-
Payment of finance leases obligations
(26,802)
(12,148)
Dividends paid to equity shareholders
(3,000,000)
(2,925,000)
Net cash used in financing activities
(2,793,802)
(2,937,148)
Net increase in cash and cash equivalents
295,277
496,911
Cash and cash equivalents at beginning of year
2,918,207
2,421,296
Cash and cash equivalents at end of year
3,213,484
2,918,207
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Jackson Trading Company PLC (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is 42-44 Norwood High Street, London, SE27 9NR.
The Group consists of Jackson Trading Company PLC and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements 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.
1.2
Basis of consolidation
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.
The consolidated group financial statements consist of the financial statements of the parent company Jackson Trading Company PLC 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 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
The turnover shown in the profit and loss account represents sales of perfumery products and royalties earned in the year, exclusive of Value Added Tax.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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.
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.
1.6
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:
Trademarks
25% p.a. on a straight line basis
1.7
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.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property and land
over the shorter of the period of the lease or 50 years
Tooling
10% - 33% on a straight line basis
Fixtures, fittings & equipment
20% on a straight line basis
Motor vehicles
20% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method.
Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
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). 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.
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.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.10
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.
Property stock is held at the lower of cost and estimated selling price, net of selling fees.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
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.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
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.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 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.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
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.
The financial statements of overseas subsidiary undertakings are translated at the average rate of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity.
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.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful lives of intangible and tangible assets
The group depreciates intangible and tangible assets over their useful economic lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.
Stock provisions
A significant proportion of the group's activities relate to the manufacture and sale of perfumery products. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning that may be required. In determining the provision, management considers the nature and condition of stock, as well as applying assumptions regarding the future usage of raw materials and future sales of finished goods.
3
Turnover and other revenue
The turnover and pre tax profit are attributable to the principal activity of the group.
The directors are of the opinion that disclosures of segmental information by geographical area is unfairly prejudicial to the group and, therefore, has been omitted.
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,386,965
1,136,192
Company pension contributions to defined contribution schemes
34,200
27,355
1,421,165
1,163,547
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2023 - 6).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
215,425
212,142
Company pension contributions to defined contribution schemes
5,100
4,635
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
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
Production
5
4
-
-
Sales
10
12
-
-
Administration
4
7
-
1
Directors
16
7
8
7
Total
35
30
8
8
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,961,956
1,979,755
1,420,815
1,266,271
Social security costs
304,537
252,233
192,553
166,330
Pension costs
66,024
71,433
35,190
31,255
2,332,517
2,303,421
1,648,558
1,463,856
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
21,690
21,690
Other finance costs:
Other interest payable
1,278
-
Total finance costs
22,968
21,690
7
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,586)
65,944
Fees payable to the group's auditor for the audit of the group's financial statements
54,000
46,000
Depreciation of owned tangible fixed assets
364,081
365,460
(Profit)/loss on disposal of tangible fixed assets
-
100
Amortisation of intangible assets
14,000
14,000
Operating lease charges
35,258
50,012
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Operating profit
(Continued)
- 25 -
The amortisation of intangible assets is included within administrative expenses.
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
730,623
653,372
Adjustments in respect of prior periods
(3,994)
Double tax relief
(1,577)
(1,611)
Total current tax
725,052
651,761
Deferred tax
Origination and reversal of timing differences
(25,679)
(43,039)
Total tax charge
699,373
608,722
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,936,304
2,688,264
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
734,076
672,066
Tax effect of expenses that are not deductible in determining taxable profit
(3,114)
(7,161)
Effect of change in corporation tax rate
-
(41,025)
Permanent capital allowances in excess of depreciation
(7,378)
Effect of overseas tax rates
(33,073)
(35,278)
Under/(over) provided in prior years
3,994
Losses carried back
53,822
Other differences
(2,510)
(2,567)
Remeasurement of deferred tax for changes in tax rates
(23,757)
Taxation charge
699,373
608,722
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
3,000,000
2,925,000
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
10
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
151,670
44,891
Other interest income
57,276
51,383
Total interest revenue
208,946
96,274
Income from fixed asset investments
Income from participating interests - associates
327,224
418,521
Total income
536,170
514,795
Disclosed on the profit and loss account as follows:
Income from associates
327,224
418,521
Other interest receivable and similar income
208,946
96,274
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
151,670
44,891
11
Intangible fixed assets
Group
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
111,253
1,594,239
1,705,492
Amortisation and impairment
At 1 January 2024
111,253
1,577,803
1,689,056
Amortisation charged for the year
14,000
14,000
At 31 December 2024
111,253
1,591,803
1,703,056
Carrying amount
At 31 December 2024
2,436
2,436
At 31 December 2023
16,436
16,436
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Tangible fixed assets
Group
Freehold property and land
Tooling
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
5,025,315
2,177,650
689,923
85,720
7,978,608
Additions
100,000
39,675
139,675
Exchange adjustments
99
99
At 31 December 2024
5,025,315
2,277,650
729,697
85,720
8,118,382
Depreciation and impairment
At 1 January 2024
662,323
810,384
527,969
49,540
2,050,216
Depreciation charged in the year
71,048
214,497
69,496
9,040
364,081
Exchange adjustments
71
71
At 31 December 2024
733,371
1,024,881
597,536
58,580
2,414,368
Carrying amount
At 31 December 2024
4,291,944
1,252,769
132,161
27,140
5,704,014
At 31 December 2023
4,362,992
1,367,266
161,954
36,180
5,928,392
Company
Freehold property and land
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
472,978
85,720
558,698
Depreciation and impairment
At 1 January 2024
49,540
49,540
Depreciation charged in the year
9,040
9,040
At 31 December 2024
58,580
58,580
Carrying amount
At 31 December 2024
472,978
27,140
500,118
At 31 December 2023
472,978
36,180
509,158
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
22,180
22,180
Loans to subsidiaries
14
700,000
700,000
Investments in associates
15
1,992,205
1,622,136
8,590
8,510
Investments in joint ventures
74,993
100
1,992,205
1,697,129
730,770
730,790
Movements in fixed asset investments
Group
Shares in associates and joint ventures
£
Cost or valuation
At 1 January 2024
1,697,129
Share of results for year
295,096
Disposals
(20)
At 31 December 2024
1,992,205
Carrying amount
At 31 December 2024
1,992,205
At 31 December 2023
1,697,129
Movements in fixed asset investments
Company
Shares in subsidiaries, associates and joint ventures
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2024
30,790
700,000
730,790
Disposals
(20)
-
(20)
At 31 December 2024
30,770
700,000
730,770
Carrying amount
At 31 December 2024
30,770
700,000
730,770
At 31 December 2023
30,790
700,000
730,790
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Horsmonden Storage LLP
England & Wales
Provision of cold storage facilities
Ordinary shares
99.90
-
Milton Lloyd (Trade Marks) Limited
England & Wales
Licensing of perfume brands
Ordinary shares
100.00
-
Milton Lloyd FZE
Dubai
Trading in perfumes, cosmetics and beauty products
Ordinary shares
0
100.00
Milton Lloyd Limited
England & Wales
Manufacture, marketing and sale of perfumery products
Ordinary shares
100.00
-
Taylor of London Limited
England & Wales
Licensing of perfume brands
Ordinary shares
100.00
-
Validax Limited
England & Wales
Licensing of software
Ordinary shares
80.00
-
Milton Lloyd Inc
United States of America
Trading in perfumes, cosmetics and beauty products
Ordinary shares
0
100.00
Milton-Lloyd (UK) Limited
England & Wales
Dormant
Ordinary shares
100.00
-
15
Associates
Details of associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Aerosol Systems Company Limited
England & Wales
Manufacture of aerosol and liquid filling machinery
Ordinary
0
40
James Patrick Frames Limited
England & Wales
Holding company
Ordinary
25
-
Rose & Hollis Limited
England & Wales
Sale & distribution of products for picture framing
Ordinary
0
20
Finch Electrical Distribution Limited
England & Wales
Supply of electrical equipment
Ordinary
40
-
Bookham (ASC) Limited
England & Wales
Property Investment
Ordinary
40
-
Grafton Estate Agents Limited
England & Wales
Estate agent
Ordinary
40
-
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,447,073
5,018,401
-
-
Finished goods and goods for resale
5,601,161
5,881,097
9,048,234
10,899,498
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,467,054
3,726,269
1,981
4,302
Amounts owed by group undertakings
-
-
4,949,644
5,921,479
Amounts owed by undertakings in which the company has a participating interest
-
-
178,146
103,146
Other debtors
5,114,310
3,935,336
5,031,767
3,870,256
Prepayments and accrued income
263,252
942,157
727,691
581,376
8,844,616
8,603,762
10,889,229
10,480,559
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
4,000,000
4,000,000
Other debtors
140,278
144,614
140,278
144,614
140,278
144,614
4,140,278
4,144,614
Deferred tax asset (note 23)
53,004
45,697
53,004
45,697
193,282
190,311
4,193,282
4,190,311
Total debtors
9,037,898
8,794,073
15,082,511
14,670,870
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
210,000
210,000
Obligations under finance leases
22
20,761
26,801
20,761
26,801
Trade creditors
1,832,274
1,341,289
Amounts owed to group undertakings
1,183,121
1,525,343
Corporation tax payable
372,903
294,876
113,709
81,559
Other taxation and social security
115,316
164,107
61,344
64,280
Other creditors
5,128,388
4,432,533
5,128,388
4,432,533
Accruals and deferred income
2,008,817
2,498,177
797,548
883,604
9,688,459
8,967,783
7,304,871
7,014,120
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
125,000
335,000
Obligations under finance leases
22
20,762
20,762
125,000
355,762
-
20,762
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
335,000
545,000
Payable within one year
210,000
210,000
Payable after one year
125,000
335,000
The bank loans are secured by a fixed charge over machinery included in fixed assets.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
21
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,721,642
7,806,219
15,001,816
14,743,797
Carrying amount of financial liabilities
Measured at amortised cost
9,325,240
8,864,562
7,129,818
6,889,043
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
20,761
26,801
20,761
26,801
In two to five years
20,762
20,762
20,761
47,563
20,761
47,563
23
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
ACAs
296,634
315,188
(3,126)
(4,502)
Bonus provision
-
-
43,100
37,275
Retirement benefit obligations
(664)
(846)
530
424
Other timing differences
-
-
12,500
12,500
295,970
314,342
53,004
45,697
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Deferred taxation
(Continued)
- 33 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
ACAs
-
-
(3,126)
(4,502)
Bonus provision
-
-
43,100
37,275
Retirement benefit obligations
-
-
530
424
Other timing differences
-
-
12,500
12,500
-
-
53,004
45,697
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
268,645
(45,697)
Credit to profit or loss
(25,679)
(7,307)
Liability/(Asset) at 31 December 2024
242,966
(53,004)
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
66,024
71,433
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
25
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100,000 (2023: 97,500) Ordinary shares of £2.50 each
250,000
243,750
On 10 July 2024, the company issued 2,500 ordinary shares of £2.50 each for £233,000. As a result share premium of £226,750 arose on the issue.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
26
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At beginning and end of year
18,750
18,750
18,750
18,750
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, considered to be the directors and certain of the senior management personnel, is as follows.
2024
2023
£
£
Aggregate compensation
1,609,047
1,316,006
Other information
The group has provided a guarantee to the bankers of Aerosol Systems Company Limited in the sum of £250,000 as security for present and future indebtedness of that company.
Included in other debtors at 31 December 2024 is an amount of £3,952,287 (2023: £3,866,354 ) owed by Jackson Trading (Properties) Ltd, a company in which certain directors and shareholders have a beneficial interest. This amount is unsecured and repayable on demand and incurs an interest charge of 1% p.a. Interest earned in the year amounted to £38,665 (2023: £39,567).
28
Directors' transactions
Dividends totalling £3,000,000 (2023 - £2,925,000) were paid in the year in respect of shares held by the parent company's directors.
29
Controlling party
The group is controlled by Mr P.H.J. Jackson.
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
30
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
3,194,869
1,351,806
Adjustments for:
Taxation charged
106,338
81,838
Investment income
(3,487,954)
(1,595,000)
Depreciation and impairment of tangible fixed assets
9,040
12,040
Movements in working capital:
(Increase)/decrease in debtors
(404,334)
758,494
Increase in creditors
264,641
1,255,158
Cash (absorbed by)/generated from operations
(317,400)
1,864,336
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,236,931
2,079,542
Adjustments for:
Share of results of associates and joint ventures
-
28,353
Taxation charged
699,373
608,722
Finance costs
22,968
21,690
Investment income
(536,170)
(514,795)
(Gain)/loss on disposal of tangible fixed assets
-
100
Amortisation and impairment of intangible assets
14,000
14,000
Depreciation and impairment of tangible fixed assets
364,081
365,460
Movements in working capital:
Decrease in stocks
1,851,264
1,446,972
Increase in debtors
(236,518)
(709,930)
Increase in creditors
648,689
231,796
Cash generated from operations
5,064,618
3,571,910
32
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,918,207
295,277
3,213,484
Obligations under finance leases
(47,563)
26,802
(20,761)
2,870,644
322,079
3,192,723
JACKSON TRADING COMPANY PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
33
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
5,612,852
1,492,242
3,764
7,108,858
Borrowings excluding overdrafts
(545,000)
210,000
-
(335,000)
Obligations under finance leases
(47,563)
26,802
-
(20,761)
5,020,289
1,729,044
3,764
6,753,097
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