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Registered number: 06519820










J & A YOUNG GROUP LIMITED










Annual Report and Financial Statements

For the Year Ended 30 September 2024

 
J & A YOUNG GROUP LIMITED
 

Company Information


Directors
J R A Young 
J J G Young 
D P R Young 




Registered number
06519820



Registered office
15 Saxon Way East
Oakley Hay Industrial Estate

Corby

NN18 9EY




Independent auditors
PKF Smith Cooper Audit Limited

2 Lace Market Square

Nottingham

NG1 1PB





 
J & A YOUNG GROUP LIMITED
 

Contents



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 6
Independent Auditors' Report
7 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 45


 
J & A YOUNG GROUP LIMITED
 

Group Strategic Report
For the Year Ended 30 September 2024

Introduction
 
The directors present their strategic report of the Group for the year ended 30 September 2024.

Business review
 
The financial statements show revenue of £50.5m (2023: £76.5m). Revenue and margins for the year ended 2024 were adversely impacted by cyclical market pressures. The business made the strategic decision to reduce sales volumes during this uncertain period and instead, to build inventory of processed material in anticipation of the market recovering. The business focused on controlling its costs during the period. Despite these headwinds, the Group maintained its long-term strategic focus and continued to invest substantially in its core operations, including the opening of a new HDPE recycling plant and continued development of a new multi-polymer facility in Swansea. This sustained investment reflects a proven growth strategy that ensures the business is well positioned to capitalise on opportunities when market conditions stabilise. Due to the high investment throughout 2024, the business generated a large, deferred tax liability at the yearend.

Principal risks and uncertainties
 
The Group's operations expose it to a variety of financial risks that include the effects of changes in exchange rates, credit risk, liquidity risk and interest rate risk, as well as certain business risks associated with the production and handling of quantities of plastic stocks.
The directors of the Group meet regularly to review any risks and uncertainties that are either currently faced by the Group or will potentially be face by the Group in the future. Measures are then agreed upon to be put in place to mitigate these risks and uncertainties. Contingency plans have been constructed to respond in the event of a challenge to the business, and adequate sources of funding are available to meet those needs as and when they may arise.

Financial key performance indicators
 
The group's key performance indicators are as follows:
       
2024  2023
       
£000  £000
Turnover      
50,463 76,453
Gross profit      
10,226 27,032
Gross profit margin               
20.3%  35.4%
Operating profit     
223      16,470
(Loss)/profit before taxation                
(1,262) 15,138
Net assets      
53,311 50,002

Other key performance indicators
 
The Group continues to develop and operate its unique recycling processes and considers itself to be at the forefront of plastic recycling in the UK. It continues to grow its manufacturing base and to enhance its ability to offer its customers a complete closed loop solution for their plastic waste, providing quality recycled products from their own used material. This meets all of our major customers' environmental and social responsibility requirements, whilst making a significant contribution to the circular economy within the UK.
The Group aims, year on year, to increase its yields from feed stock, improve efficiencies and maximise its output whilst continuing to invest in new R&D initiatives and plant to enhance quality and capacity.

Page 1

 
J & A YOUNG GROUP LIMITED
 

Group Strategic Report (continued)
For the Year Ended 30 September 2024

Directors' statement of compliance with duty to promote the success of the Group
 
It is important to our board that we develop strong and positive relationships with our employees, customers, and suppliers as well as government and industry regulators. We have a legal responsibility under section 172 of the companies act 2006 to act in a way we consider in good faith most likely to benefit the group as a whole whilst ensuring we have oversight of long terms effect of our decisions on the business and it’s stakeholders. This statement covers how we, as a board, address this responsibility. 
J and A Young (Leicester) Ltd was founded in 1975 by Jeremy Young and continues to be a privately run company to this day.
Our long term strategy is to continue to invest in the group to ensure we have the infrastructure and resources in place to maintain our position as the leading independent plastics recycler in the UK.
In order to meet our ambitious long term strategic objectives it is important that we form strategic partnerships with our key stakeholders. We have made significant investments in capital projects which not only benefits our key stakeholders but benefits the UK plastic recycling industry as a whole and makes a real contribution to the UK circular economy.


This report was approved by the board on 27 June 2025 and signed on its behalf.



................................................
J R A Young
Director

Page 2

 
J & A YOUNG GROUP LIMITED
 

 
Directors' Report
For the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group 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 for the Group's financial statements and then apply them consistently;

make judgments 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 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group in the period under review was that of plastic and cardboard waste reclamation and recycling along with production of plastic bags from reclaimed plastics.

Results and dividends

The loss for the year, after taxation, amounted to £1,470 thousand (2023 - profit £14,249 thousand).

No dividends have been paid within the year.

Directors

The directors who served during the year were:

J R A Young 
J J G Young 
D P R Young 

Engagement with employees

The Group recognises the benefits of keeping employees informed of the progress of the business and of involving them in the Group’s performance. Consultation with employees or their representatives occur regularly, with the aim of ensuring employees’ views are taken into account when decisions are made that are likely to affect their interests.

Page 3

 
J & A YOUNG GROUP LIMITED
 

 
Directors' Report (continued)
For the Year Ended 30 September 2024

Engagement with suppliers, customers and others

We invest heavily in innovation to ensure we continue to provide our customers the best recycling route for their materials whilst ensuring we meet all legal and regulatory requirements. We have monthly innovation meetings with all of our major customers with the aim of improving quality and final products. We have built, and will maintain, a reputation of transparency and fair dealings with all of our customers and suppliers.
We are a family run group with roots in the Midlands and have focussed our strategic growth within this area. We also support our major customers in their charity drives with supply of bags, and products when required.
Plastics recycling is critical to the reduction of environmental pollution, and we help reduce the use of virgin polymers by providing quality recycled plastic products. This results in a reduction in the use of natural resources, lower energy costs, lower water usage, and protection of forestry. We recycle and dispose of all of our waste responsibly; all of our sites have bespoke environmental permits and exceed all minimum regulatory standards for plastics recycling.
Our strategic growth will continue to support the UK recycling infrastructure and make a significant contribution to the UK circular economy.

Disabled employees

It is the Group’s policy to give full and fair consideration to applications for employment made by disabled persons, having regard for their particular aptitudes and abilities, and to ensure that any disabled person who is in employment with the Group received, so far as is possible, the same opportunities for training, career development and promotions as other employees.

Greenhouse gas emissions, energy consumption and energy efficiency action

Summary
The Group’s greenhouse gas emissions, reportable under SECR in 2023/24 were 15,098 (2023: 12,880) tonnes of carbon dioxide equivalent (tCO2e) at an emissions intensity of 0.19 (2023: 0.15) tCO2e per tonne of production for the period 1st October 2023 to 30th September 2024.
These include the emissions associated with UK electricity and natural gas consumption and business travel in company and private vehicles by employees.
Greenhouse gas emissions - location based
Figure 1 Greenhouse gas emissions by year (tonnes CO2e):
Emissions source     2023/24   2022/23   %Share
Fuel combustion: Natural gas    3,093   1,974    20%
Fuel combustion: Transport    2,396   2,315    16%
Purchased electricity     9,609    8,591    64%
Total emissions (tCO2e)    15,098  12,880   100%
Production (tonnes)     80,913  86,929
Intensity: (tCO2e per tonnes of production)  0.19    0.15
Figure 2 Greenhouse gas emissions by scope (tonnes CO2e):
Emissions source     2023/24   2022/23   %Share
Scope 1       5,445   4,247   36%
Scope 2       9,609              8,591    64%
Scope 3       44   42   -%
Total emissions (tCO2e)    15,098  12,880   100%
Scope 1 consumption and emissions include direct combustion of natural gas, other fuels such as LPG, ultra-low-sulphur diesel burning oil, and fuels utilised for transportation operations, for example, company vehicle fleets. Scope 2 consumption and emissions cover indirect emissions related to the consumption of purchased
Page 4

 
J & A YOUNG GROUP LIMITED
 

 
Directors' Report (continued)
For the Year Ended 30 September 2024

electricity in day to day business operations. Scope 3 consumption and emissions cover emissions resulting from sources not directly owned by us. This relates to grey fleet (business travel undertaken in employee owned vehicles) only.
Methodology
This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol – Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019).
Government Emissions Factor Database 2023 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/10/2023 - 30/09/2024.
Estimations were undertaken to cover missing billing periods for properties directly invoiced to Jayplas. These were calculated at the meter level on a kWh/day pro-rata basis.
All estimations equated to 0.13% of reported consumption.
Market-based emissions have been calculated using supplier-specific fuel mix emissions factor for each of the Group's sites and suppliers.
FY2023 Scope 1 transport emissions have been restated to include newly available company car expenditure data. The figures for FY2023 have been updated to reflect this new data and have been restated in the current year's report.
Intensity metrics have been calculated using total tCO2e figures and the selected performance indicator agreed with the Group for the relevant report period, being total tonnes of production of 80,913 (2023: 86,929).

Energy Efficiency Improvements
We are committed to year on year improvements in our operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.
Measures ongoing and undertaken through 2023/24
Variable Speed Compressor Installation
The Group installed one 132 kW variable speed compressor to replace the two 90kW fixed speed compressors at the Normanton site. This new, variable speed compressor automatically controls the speed of the unit to match the load, as opposed to its older, fixed-speed equivalent. This, in turn, will result in lower energy consumption of the compressor unit at the Normanton site, helping to reduce Jayplas' scope 2 emissions.

Measures prioritised for implementation in 2024/25
The Group is planning to make screw and barrel changes to extrusion lines 3 and 9 at the Worksop site. Extrusion lines are extremely energy-demanding pieces of machinery and run most efficiently when operating at the design conditions for the motor and screw, with barrel insulation reducing temperature fluctuations. Therefore, screw and barrel changes to these lines will likely improve their energy-efficiency and reduce the electricity consumption of the extrusion lines at the Worksop site.
LED Lighting Replacement at the Swansea Site
The Group is planning the installation of a new LED lighting system in the extrusion department at the Swansea site. The installation of a more energy-efficient lighting system will lead to a reduction in the system's electricity consumption and therefore a reduction in the Group's scope 2 emissions from the lighting at the Swansea site.

Page 5

 
J & A YOUNG GROUP LIMITED
 

 
Directors' Report (continued)
For the Year Ended 30 September 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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2025 and signed on its behalf.
 





................................................
J R A Young
Director

Page 6

 
J & A YOUNG GROUP LIMITED
 

 
Independent Auditors' Report to the Members of J & A Young Group Limited
 

Opinion


We have audited the financial statements of J & A Young Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's loss 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 Group 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 Group's or the 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.


Page 7

 
J & A YOUNG GROUP LIMITED
 

 
Independent Auditors' Report to the Members of J & A Young Group Limited (continued)


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
J & A YOUNG GROUP LIMITED
 

 
Independent Auditors' Report to the Members of J & A Young Group 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 Group 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:

Based on our understanding of the Group and industry, we identify the key laws and regulations affecting the Group. We identified that the principle risk of fraud or non-compliance with laws and regulations related to:
• Management bias in respect of accounting estimates and judgements made;
• Management override of control;
• Posting of unusual journals or transactions
We focussed on those areas that could give rise to a material misstatement in the Group financial statements.
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and    claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations   and fraud.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.
• Performing audit work over the risk of management override controls, including testing of journal entries    and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias in particular waste    disposal and stock provisons.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


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 9

 
J & A YOUNG GROUP LIMITED
 

 
Independent Auditors' Report to the Members of J & A Young Group 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.





Sarah Flear (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

27 June 2025
Page 10

 
J & A YOUNG GROUP LIMITED
 

Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2024

2024
2023
Note
£000
£000

  

Turnover
4
50,463
76,453

Cost of sales
  
(40,237)
(49,421)

Gross profit
  
10,226
27,032

Distribution costs
  
(2,350)
(2,254)

Administrative expenses
  
(7,653)
(8,289)

Exceptional administrative expenses
  
-
(38)

Fair value movements
  
-
19

Operating profit
 5 
223
16,470

Interest receivable and similar income
  
428
-

Interest payable and similar expenses
 10 
(1,913)
(1,332)

(Loss)/profit before taxation
  
(1,262)
15,138

Tax on (loss)/profit
 11 
(208)
(889)

(Loss)/profit for the financial year
  
(1,470)
14,249

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(1,470)
14,249

  
(1,470)
14,249

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

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

The notes on pages 19 to 45 form part of these financial statements.

Page 11

 
J & A YOUNG GROUP LIMITED
Registered number: 06519820

Consolidated Balance Sheet
As at 30 September 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
8,218
9,246

Tangible assets
 14 
60,791
55,966

Investment property
 16 
2,052
-

  
71,061
65,212

Current assets
  

Stocks
 17 
14,644
10,634

Debtors: amounts falling due after more than one year
 18 
9,006
-

Debtors: amounts falling due within one year
 18 
15,008
16,679

Cash at bank and in hand
 19 
3,685
358

  
42,343
27,671

Creditors: amounts falling due within one year
 20 
(39,236)
(27,154)

Net current assets
  
 
 
3,107
 
 
517

Total assets less current liabilities
  
74,168
65,729

Creditors: amounts falling due after more than one year
 21 
(11,960)
(7,424)

Provisions for liabilities
  

Deferred taxation
 25 
(8,897)
(8,303)

  
 
 
(8,897)
 
 
(8,303)

Net assets
  
53,311
50,002


Capital and reserves
  

Called up share capital 
 26 
26,525
23,400

Merger relief reserve
 27 
1,654
-

Profit and loss account
 27 
25,132
26,602

  
53,311
50,002


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.



................................................
J R A Young
Director

The notes on pages 19 to 45 form part of these financial statements.

Page 12

 
J & A YOUNG GROUP LIMITED
Registered number: 06519820

Company Balance Sheet
As at 30 September 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 15 
29,125
26,000

  
29,125
26,000

Current assets
  

Debtors: amounts falling due within one year
 18 
57
-

Cash at bank and in hand
 19 
1
-

  
58
-

Creditors: amounts falling due within one year
 20 
(2,776)
(2,425)

Net current liabilities
  
 
 
(2,718)
 
 
(2,425)

Total assets less current liabilities
  
26,407
23,575

  

  

Net assets
  
26,407
23,575


Capital and reserves
  

Called up share capital 
 26 
26,525
23,400

Profit and loss account brought forward
  
175
175

Loss/(profit) for the year
  
(293)
-

Profit and loss account carried forward
  
(118)
175

  
26,407
23,575


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.


................................................
J R A Young
Director

The notes on pages 19 to 45 form part of these financial statements.

Page 13

 
J & A YOUNG GROUP LIMITED
 

Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2024


Called up share capital
Merger relief reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£000
£000
£000
£000
£000


At 1 October 2022
23,400
-
12,353
35,753
35,753


Comprehensive income for the year

Profit for the year
-
-
14,249
14,249
14,249



At 1 October 2023
23,400
-
26,602
50,002
50,002


Comprehensive income for the year

Loss for the year
-
-
(1,470)
(1,470)
(1,470)


Contributions by and distributions to owners

Shares issued during the year
3,125
-
-
3,125
3,125

Interest created on business combination
-
1,654
-
1,654
1,654


At 30 September 2024
26,525
1,654
25,132
53,311
53,311


The notes on pages 19 to 45 form part of these financial statements.

Page 14

 
J & A YOUNG GROUP LIMITED
 

Company Statement of Changes in Equity
For the Year Ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 October 2022
23,400
175
23,575



At 1 October 2023
23,400
175
23,575


Comprehensive income for the year

Loss for the year
-
(293)
(293)


Contributions by and distributions to owners

Shares issued during the year
3,125
-
3,125


At 30 September 2024
26,525
(118)
26,407


The notes on pages 19 to 45 form part of these financial statements.

Page 15

 
J & A YOUNG GROUP LIMITED
 

Consolidated Statement of Cash Flows
For the Year Ended 30 September 2024

2024
2023
£000
£000

Cash flows from operating activities

(Loss)/profit for the financial year
(1,470)
14,249

Adjustments for:

Amortisation of intangible assets
1,028
1,028

Depreciation of tangible assets
4,810
4,660

Loss on disposal of tangible assets
(44)
(116)

Interest paid
1,914
1,332

Interest received
(428)
-

Taxation charge
208
889

(Increase)/decrease in stocks
(4,010)
3,356

Decrease/(increase) in debtors
7,332
(3,637)

(Increase)/decrease in amounts owed by associated undertakings
(9,821)
575

Increase/(decrease) in creditors
8,896
(12,270)

(Decrease)/increase in amounts owed to associated undertakings
(6,830)
2,630

Increase/(decrease) in provisions
-
(962)

Net fair value losses/(gains) recognised in P&L
-
(19)

Corporation tax (paid)/received
(345)
197

Net cash generated from operating activities

1,240
11,912


Cash flows from investing activities

Purchase of tangible fixed assets
(9,555)
(11,413)

Sale of tangible fixed assets
197
410

Sale of investment properties
18,780
-

Interest received
428
-

HP interest paid
(357)
(308)

Cash introduced on acquisition
2,324
-

Net cash from investing activities

11,817
(11,311)

Cash flows from financing activities

New secured loans
-
898

Repayment of loans
(13,633)
(2,825)

Other new loans
274
-

Repayment of/new finance leases
5,185
-

Interest paid
(1,556)
(1,024)

Net cash used in financing activities
(9,730)
(2,951)

Net increase/(decrease) in cash and cash equivalents
3,327
(2,350)

Cash and cash equivalents at beginning of year
358
2,708


Cash and cash equivalents at the end of year comprise:
Page 16

 
J & A YOUNG GROUP LIMITED
 

Consolidated Statement of Cash Flows (continued)
For the Year Ended 30 September 2024


2024
2023

£000
£000


Cash at bank and in hand
3,685
358


The notes on pages 19 to 45 form part of these financial statements.

Page 17

 
J & A YOUNG GROUP LIMITED
 

Consolidated Analysis of Net Debt
For the Year Ended 30 September 2024







At 1 October 2023
Cash flows
Acquisition and disposal of subsidiaries
New finance leases
Other non-cash changes
At 30 September 2024
£000

£000

£000

£000

£000

£000

Cash at bank and in hand

358

1,003

2,324

-

-

3,685

Debt due after 1 year

(990)

-

-

-

110

(880)

Debt due within 1 year

(7,283)

7,283

-

(9,754)

(110)

(9,864)

Finance leases

(8,985)

2,815

-

(8,000)

-

(14,170)


(16,900)
11,101
2,324
(17,754)
-
(21,229)

The notes on pages 19 to 45 form part of these financial statements.

Page 18

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

J & A Young Group Limited (the "Company") is a private company limited by shares and incorporated and domiciled in the UK. The registered number is 06519820 and the registered address is 15 Saxon Way East, Oakley Hay Industrial Estate, Corby, NN18 9EY.
The presentation currency of these financial statements is Sterling. All amounts in the financial statements have been rounded to the nearest £1,000.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Acquisitions made by share issue, for example by share for share exchange, account for the difference between subsidiary net asset values at acquisition and nominal value of the shares issued by the Company or a subsidiary Company as a separate reserve termed the merger relief reserve. The share for share exchange was accounted for as a group reconstruction using the merger accounting method.

Page 19

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Directors have made an assessment as to whether the use of going concern is appropriate, including whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. In line with International Audit Standards – ISA 570, the Directors have made this assessment in respect of a period of at least one year from the date of approval of the financial statements. 
In making their assessment the Directors have paid due regard to relevant forecast financial information - including cash flows, available facility levels and in their appraisal has factored in sensitivities affecting the Group and the economy.
The Group generated positive cashflows from operating activities and has continued to do so in 2025 and is forecast to do so in 2026 and beyond. The Group is making necessary and significant investments in capital projects, to develop and overhaul the existing facilities to ensure that the Group continues to be one of the leading providers of plastic recycling in the UK. This will result in the Group being able to significantly expand capacity and hence drive further profitability. In the short term, investment results in cashflow requirements being made on working capital. Existing facilities are under constant review and are renegotiated where necessary, with new facilities being agreed to fund the development.  
Having due regard to all available information the Directors are satisfied that the Group has adequate resources to meet its liabilities as they fall due and therefore they should continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Revenue

Turnover represents net invoiced sales of goods, excluding value added tax.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is not recognised until the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably.
Revenue in relation to packaging recovery notes (PRN) is recognised upon the transfer of the risks and rewards of ownership of the PRN to the customer. This is included in the sale of goods.
Where payments on account are received from customers in advance of the point at which revenue is recognised, such payments on account are offset against work-in-progress balances.

 
2.6

Operating leases: the Group 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.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.11

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.


 
2.12

Exceptional items

Exceptional items are transactions of the Group that are presented separately due to their size or incidence.

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

Page 22

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Depreciation is provided on the following basis:

Leasehold property improvements
-
5% to 20% on cost
Plant and machinery
-
5% to 50% on cost
Motor vehicles
-
25% on cost
Fixtures and fittings
-
20% to 25% on cost

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.

Horses in training
Horses in training are recognised initially at cost and are depreciated on a straight line basis over their useful economic lives.
Males - straight line basis over 10 years
Females - straight line basis over 16 years
Where retired horses are not kept for breeding, they are fully impaired.
Horses in breeding
In a departure from FRS 102, rather than disclosing as a separate class of biological fixed asset, horses in breeding have been disclosed as a separate category of property, plant and equipment. The accounting treatment is equivalent to biological assets and again these assets are depreciated on a straight line basis over their useful economic lives after initial recognition at cost.
Males - straight line basis over 10 years
Females - straight line basis over 16 years

Page 23

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.15

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.
Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Plastics

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 balance sheet 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.

Bloodstock
Bloodstock was in perior periods classified within stocks in current assets to align with industry standards. This was a departure from FRS 102 which suggests that horses in training should be accounted for as fixed assets and brood mares as biological assets.
Bloodstock was split into the following categories:
Stud farm
Broodmares
Yearlings
Racing
Horses in training
Bloodstock was valued at the lower of cost and net realisable value, with book value being considered on an annual basis and impairment adjustments being made where necessary.
All horses stocks are now accounted for as fixed assets following a change in accounting treatment/estimates

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 24

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.19

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 25

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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
Page 26

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)

the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 27

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.23

Financial liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs.
Subsequently, the measurement of financial liabilities depends on their classification as follows:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss includes financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are acquired for the purpose of repurchasing in the near term. Derivatives, including separately embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in profit or loss.

Interest bearing loans and borrowings

Obligations for loans and borrowings are recognised when the Group becomes party to the related contracts and are measured initially at the fair value of consideration received less directly attributable transaction costs.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost.

Page 28

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the Group to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are considered to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are:
a) Depreciation rates based on estimates of the useful lives and residual values of the assets involved.
b) Stock estimates and assumptions around the absorption of overheads and the yield percentages of finished goods from raw materials.
c) Goodwill amortisation is calculated on a systematic basis over its estimated useful life.
d) Horses in training and horses in breeding
Horses held for the purpose of income generation are held within fixed assets and are stated at cost less accumulated depreciation and any impairments. Cost includes purchase price and any directly attributable costs. Depreciation is estimated by directors taking into account such factors as sex, health, performance and changes in market conditions:
Horses in training (male): 10 years straight line
Horses in training (female): 16 years straight line
Horses in breeding (female): 16 years straight line


4.


Turnover

2024
2023
£000
£000



Sale of goods
49,704
76,453

Rental income
118
-

Other income
641
-

50,463
76,453

The directors believe that a geographical analysis of turnover would be prejudicial to the interests of the company and as such has not been disclosed.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation
4,810
4,660

Other operating lease rentals
54
52

Goodwill amortisation
1,028
1,028

Page 29

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

6.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £293 thousand (2023 - profit £NIL).


7.


Auditors' remuneration

2024
2023
£000
£000

Fees payable to the Company's auditors and their associates in respect of:

Audit of group financial statements
4
4

Audit of subsidiary financial statements
32
25

All other services
12
9


8.


Employees

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


Group
Group
2024
2023
£000
£000


Wages and salaries
12,143
10,897

Social security costs
1,219
1,083

Cost of defined contribution scheme
242
226

13,604
12,206


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


        2024
        2023
            No.
            No.







Production
331
287



Administration
36
45

367
332

Page 30

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

9.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
42
47


The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).

The total accrued pension provision of the highest paid director at 30 September 2024 amounted to £NIL (2023 - £NIL).


10.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
1,109
803

Other loan interest payable
447
221

Finance leases and hire purchase contracts
357
308

1,913
1,332


11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
178
324

Adjustments in respect of previous periods
29
(197)


207
127


Total current tax
207
127

Deferred tax


Origination and reversal of timing differences
(20)
859

Adjustments in respect of previous periods
21
(97)

Total deferred tax
1
762


Taxation on profit on ordinary activities
208
889
Page 31

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£000
£000


(Loss)/profit on ordinary activities before tax
(1,263)
15,138


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
(316)
3,332

Effects of:


Non-tax deductible amortisation of goodwill and acquisition adjustments
230
226

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
85
24

Capital allowances for year in excess of depreciation
91
(38)

Interest rate swap spreading
-
(13)

Adjustments to tax charge in respect of prior periods
29
(197)

Adjustments to tax charge in respect of prior periods - deferred tax
21
(98)

Remeasurement of deferred tax for changes in tax rates
-
413

Non-taxable income
(94)
(166)

Movement in deferred tax not recognised
14
(2,594)

Losses carried back
74
-

Capital gains
43
-

Timing differences not recognised in the computation
31
-

Total tax charge for the year
208
889


Factors that may affect future tax charges

There are no factors affecting future tax charges.


12.


Exceptional items

2024
2023
£000
£000


Exceptional items
-
38

-
38

This represents the liability arising from historic remuneration trust payments.

Page 32

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

13.


Intangible assets

Group





Goodwill

£000



Cost


At 1 October 2023
20,551



At 30 September 2024

20,551



Amortisation


At 1 October 2023
11,305


Charge for the year on owned assets
1,028



At 30 September 2024

12,333



Net book value



At 30 September 2024
8,218



At 30 September 2023
9,246



Page 33

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

14.


Tangible fixed assets

Group






Horses in training
Leasehold property improvs
Horses in breeding
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under constr'n
Total

£000
£000
£000
£000
£000
£000
£000
£000



Cost


At 1 October 2023
-
3,100
-
85,695
321
291
16,023
105,430


Additions
515
63
54
908
-
1
8,015
9,556


Transfers from stock
232
-
-
-
-
-
-
232


Disposals
-
-
-
(562)
(203)
-
-
(765)



At 30 September 2024

747
3,163
54
86,041
118
292
24,038
114,453



Depreciation


At 1 October 2023
-
2,387
-
46,644
162
271
-
49,464


Charge for the year on owned assets
222
65
2
2,597
40
8
-
2,934


Charge for the year on financed assets
-
-
-
1,876
-
-
-
1,876


Disposals
-
-
-
(552)
(60)
-
-
(612)



At 30 September 2024

222
2,452
2
50,565
142
279
-
53,662



Net book value



At 30 September 2024
525
711
52
35,476
(24)
13
24,038
60,791



At 30 September 2023
-
713
-
39,051
159
20
16,023
55,966

Page 34

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

           14.Tangible fixed assets (continued)

Transfers from stock
Following a change in accounting estimate, horses in training and horses in breeding are now classified as fixed assets rather than stocks. During the year, the group transferred £232,000 from stock to fixed assets.

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


2024
2023
£000
£000



Plant and machinery
23,502
17,388


15.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost


At 1 October 2023
26,000


Additions
3,125



At 30 September 2024
29,125





Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

J & A Young (Holdings) Limited
15 Saxon Way East, Corby, NN18 9EY
Ordinary, ordinary A and non-voting
100%
Oakham Property Investments Limited
15 Saxon Way East, Oakley Hay Industrial Estate, Corby, Northants, England, NN18 9EY
Ordinary
100%

Page 35

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

J. and A. Young (Leicester) Limited
15 Saxon Way East, Corby, NN18 9EY
Ordinary and non-voting
100%
Jayplas (Corby) Limited
15 Saxon Way East, Corby, NN18 9EY
Ordinary and ordinary A
100%
J & A Young (Racing) Limited
15 Saxon Way East, Oakley Hay Industrial Estate, Corby, Northants, United Kingdom, NN18 9EY
Ordinary
100%
Charnwood Campus Management Limited
15 Saxon Way East, Oakley Hay Industrial Estate, Corby, Northants, United Kingdom, NN18 9EY
Ordinary
100%

The individual accounts of Charnwood Campus Management Limited for the year ended 30 September 2024 are exempt from audit by virtue of section 479A Companies Act 2006.


16.


Investment property

Group


Freehold investment property

£000



Valuation


Disposals
(18,780)


On acquisition of subsidiaries
20,832



At 30 September 2024
2,052

Investment property valuations were made by the directors. The properties are carried at fair value derived from the current market rents and investment property yields for comparable real estate.
All properties were acquired at fair value on 5 December 2023 and therefore as at 30 September 2024 there have been no further revaluation adjustments.





Page 36

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

17.


Stocks

Group
Group
2024
2023
£000
£000

Plastics
14,644
10,634


The difference between purchase price or production cost of stocks and their replacement cost is not material.
The carrying value of stocks are stated net of cumulative impairment losses totalling £1,761k (2023: £1,940k). Impairment reversals totalling £179k (2023: £855k impairment losses) were recognised in the Statement of Comprehensive Income.


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Due after more than one year

Due from participating interests
9,006
-
-
-

9,006
-
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Due within one year

Trade debtors
11,539
11,882
-
-

Amounts owed by group undertakings
-
-
1
-

Amounts owed by associated undertakings
1,329
515
-
-

Other debtors
2,140
4,282
56
-

15,008
16,679
57
-


Included within other debtors is an asset backed lending facility which was in a debit position of £223k (2023: £2,630k).


19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Cash at bank and in hand
3,685
358
1
-


Page 37

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
4,110
7,238
-
-

Other loans
5,754
-
-
-

Trade creditors
5,702
3,364
1
-

Amounts owed to group undertakings
-
-
2,775
2,425

Amounts owed to associated undertakings
4,536
8,416
-
-

Corporation tax
187
324
-
-

Other taxation and social security
2,515
1,577
-
-

Obligations under finance lease and hire purchase contracts
3,090
2,551
-
-

Other creditors
13,340
3,684
-
-

Accruals and deferred income
2
-
-
-

39,236
27,154
2,776
2,425



The following liabilities were secured:
Group
Group
2024
2023
£000
£000

Bank loans
4,110
7,238

Obligations under finance lease and hire purchase contracts
3,090
2,551

7,200
9,789

Details of security provided:

The bank loans are secured against all property and assets of the Group by way of a debenture and also against the property of a company under common control.
The asset backed lending facility is secured against trade debts as well as by way of debenture against all other property and assets of the Group.
The hire purchase liabilities are secured against the fixed assets to which they relate but also against all other property and assets of the Group in certain cases.

Page 38

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£000
£000

Bank loans
880
990

Net obligations under finance leases and hire purchase contracts
11,080
6,434

11,960
7,424



The following liabilities were secured:
Group
Group
2024
2023
£000
£000


Bank loans
880
990

Net obligations under finance leases and hire purchase contracts
11,080
6,434

11,960
7,424

Details of security provided:

The bank loans are secured against all property and assets of the Group by way of a debenture and also against the property of a company under common control.
The hire purchase liabilities are secured against the fixed assets to which they relate but also against all other property and assets of the Group in certain cases.




22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
4,110
7,238

Other loans
5,754
-

Amounts falling due 1-2 years

Bank loans
110
110

Amounts falling due 2-5 years

Bank loans
770
880


10,744
8,228


Page 39

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£000
£000

Within one year
3,090
2,551

Between 1-5 years
9,080
5,868

Over 5 years
2,000
566

14,170
8,985


24.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Financial assets

Financial assets that are debt instruments measured at amortised cost
22,097
15,279
1
-


Financial liabilities

Financial liabilities measured at amortised cost
(35,152)
(28,993)
(2,776)
(2,425)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by associated undertakings, asset backed lending facilities and directors loan accounts.


Financial liabilities measured at amortised cost comprise bank loans, other loans, trade creditors, asset backed lending facilities, amounts owed to associated undertakings, amounts owed to group undertakings and obligations under finance lease and hire purchase contracts.

Page 40

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

25.


Deferred taxation


Group



2024


£000






At beginning of year
(8,303)


Arising on business combinations
(594)



At end of year
(8,897)







Group
Group
2024
2023
£000
£000

Accelerated capital allowances
(9,898)
(9,373)

Tax losses carried forward
914
998

Timing differences
87
72

(8,897)
(8,303)

Page 41

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

26.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



26,525,000 (2023 - 23,400,000) Preferred ordinary shares of £1.00 each
26,525
23,400
15 (2023 - 132) Ordinary shares of £1.00 each
-
-
117 (2023 - nil) A shares of £0.33 each
-
-
117 (2023 - nil) B shares of £0.33 each
-
-
107 (2023 - nil) C1 shares of £0.34 each
-
-
10 (2023 - nil) C2 shares of £0.34 each
-
-

26,525

23,400

All shares rank equally for voting rights. The ordinary shares rank behind the preference shares for dividends and in respect of par value for return on capital.


3,125,000 Preference ordinary shares were issued and fully paid at par value with a nominal value of £3,125,000.


27.


Reserves

Merger relief reserve

The merger relief reserve was formed as a result of a group reconstruction. It is the difference between the net asset value of subsidiaries and the nominal value of the shares issued on acquisition or group reconstruction.

Profit and loss account

This reserve includes cumulative retained earnings.

Page 42

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

28.
 

Business combinations

On 5 December 2023 J & A Young Group Limited acquired 100% of the ordinary share capital of Oakham Property Investments Limited with the acquisition including the following subsidiaries:
J & A Young (Racing) Limited
Charnwood Campus Management Limited

Acquisition of Oakham Property Investments Limited (including two subsidiaries)

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£000
£000
£000

Fixed Assets

Tangible
20,632
200
20,832

20,632
200
20,832

Current Assets

Stocks
232
-
232

Debtors
6,045
-
6,045

Cash at bank and in hand
2,324
-
2,324

Total Assets
29,233
200
29,433

Creditors

Due within one year
(24,060)
-
(24,060)

Deferred taxation
(594)
-
(594)

Total Identifiable net assets
4,579
200
4,779


Merger relief reserve following share for share exchange
(1,654)

Total purchase consideration
3,125

Consideration

£000


Equity instruments
3,125

Total purchase consideration
3,125



Page 43

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

28.Business combinations (continued)

No goodwill arose on acquisition as it was accounted for using a merger relief reserve being the difference between the net assets of the subsidiary at the point of acquisition and the nominal value of shares issued in the share for share exchange transaction.
The results of Oakham Property Investments Limited (including two subsidiaries) since acquisition are as follows:

Current period since acquisition
£000

Turnover
300

(Loss) for the period since acquisition
(249)


29.


Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Group to the scheme and amounted to £242,000 (2023: £226,000).
Contributions totalling £87,000 (2023: £42,000) were payable to the scheme at the end of the year and are included in accruals.


30.


Commitments under operating leases

At 30 September 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Not later than 1 year
75
54

Later than 1 year and not later than 5 years
87
56

162
110

Page 44

 
J & A YOUNG GROUP LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024

31.


Related party transactions

Pension Schemes
The group transacted with four pension trusts established for the purpose of providing pension and lump sum benefits for the group’s directors and shareholders. 
The group were charged rent of £nil (2023: £1,195,000, £367,500 and £175,000) and the group paid various costs on behalf of the pension schemes. 
The group owed the pension trusts £4,618,994, £1,424,099, £1,222,348 and £7,449,219 (2023: £2,934,739, £495,303, £275,850 and £nil) at 30 September 2024. Interest of £225,343 accrued on one of the balances (2023: £nil).
The group sold investment properties to related pension schemes at market value of £18,780,000. The disposal transaction involved a mixture of cash, loan settlements and deferred consideration. The remaining deferred consideration balance totals £9,006,115 and is included within amounts due from participating interests in greater than one year. Interest accrues on the deferred consideration debtor at 2% above base rate, the total accrued in the year amounted to £346,115.
Directors' transactions and balances
Various loans exist between the directors and the group. 
One director made repayments of £6,621,926 (2023: £379,824) and made drawings of £5,813,762 (2023: £478,715) in relation to non-company related expenditure. At the 30 September 2024 an amount of £615,112 was due from the group (2023: £193,052 due to the group).
One director held a loan during the year group and made repayments of £1,193,528 (2023: £282,520) and made drawings for non-company related expenditure of £261,819 (2023: £77,382). At the 30 September 2024 an amount of £872,827 was due from the group (2023: £58,882 due to the group).
One director held a loan during the year with the group and made repayments of £264,438 (2023: £95,833) and made drawings for non-company related expenditure of £91,767 (2023: £24,630). At the 30 September 2024 an amount of £217,465 was due from the group (2023: £44,794). 
Key management personnel consist of the directors only and therefore remuneration details have not been duplicated in this note.


32.


Controlling party

The group is ultimately controlled by the directors as a result of their 100% ownership of the issued share capital.


Page 45