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Registered number: 01222186










J. AND A. YOUNG (LEICESTER) LIMITED










Annual Report and Financial Statements

For the Year Ended 30 September 2024

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

Company Information


Director
J R A Young 




Registered number
01222186



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. AND A. YOUNG (LEICESTER) LIMITED
 

Contents



Page
Strategic Report
1 - 2
Director's Report
3 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Notes to the Financial Statements
15 - 33


 
J. AND A. YOUNG (LEICESTER) LIMITED
 

Strategic Report
For the Year Ended 30 September 2024

Introduction
 
The director presents the Strategic Report of the Company for the year ended 30 September 2024.

Business review
 
The financial statements show revenue of £50.2m (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 and generated a profit before tax. Despite these headwinds, the Company 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 Company'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.

Financial key performance indicators
 
The company's key performance indicators are as follows:
       
2024  2023
      
 £000  £000
Turnover     
 50,177 76,453
Gross profit     
 10,447 27,032
Gross profit margin    
 20.8%  35.4%
Operating profit    
 1,934           17,498
Profit on ordinary activities before taxation
 607      16,166
Net assets     
 43,139 43,167

Other key performance indicators
 
J. and A. Young (Leicester) Limited 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 Company 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. AND A. YOUNG (LEICESTER) LIMITED
 

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

Director's statement of compliance with duty to promote the success of the Company
 
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 company as a whole whilst ensuring we have oversight of long terms effect of our decisions on the business and its 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 company 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. AND A. YOUNG (LEICESTER) LIMITED
 

 
Director's Report
For the Year Ended 30 September 2024

The director presents his report and the financial statements for the year ended 30 September 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company'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 Company will continue in business.

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

Principal activity

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

Results and dividends

The loss for the year, after taxation, amounted to £28 thousand (2023 - profit £15,277 thousand).

No dividends have been paid within the year.

Director

The director who served during the year was:

J R A Young 

Engagement with employees

The board sees our employees as our most valuable asset. Recruitment and retention of staff is therefore a critical business activity. We cannot achieve our long terms goals without the support of our team. We help to engage our team members by:
• Providing training and career development support
• Regular site meetings between senior management and site management
• Promoting internally to provide clear career improvement paths for our current staff

Page 3

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

 
Director's 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 company 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 Company’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 Company received, so far as is possible, the same opportunities for training, career development and promotions as other employees.

Page 4

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

Greenhouse gas emissions, energy consumption and energy efficiency action

Summary
J. & A. Young (Leicester) Limited’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 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 Company's sites and suppliers.
 
Page 5

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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


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 Company 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 undertaken in 2023/24
Variable Speed Compressor Installation
J. and A. Young (Leicester) Limited 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 J. and A. Young (Leicester) Limited's scope 2 emissions.

Measures prioritised for implementation in 2024/25
J. and A. Young (Leicester) Limited 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
J. and A. Young (Leicester) Limited 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 J. and A. Young (Leicester) Limited's scope 2 emissions from the lighting at the Swansea site.

Disclosure of information to auditors

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

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

Auditors

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

Page 6

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

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



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

Page 7

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

 
Independent Auditors' Report to the Members of J. and A. Young (Leicester) Limited
 

Opinion


We have audited the financial statements of J. and A. Young (Leicester) Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 8

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

 
Independent Auditors' Report to the Members of J. and A. Young (Leicester) Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 9

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

 
Independent Auditors' Report to the Members of J. and A. Young (Leicester) Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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


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

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws andregulations 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 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 of 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 the stock   provision.
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 10

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

 
Independent Auditors' Report to the Members of J. and A. Young (Leicester) 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 11

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

Statement of Comprehensive Income
For the Year Ended 30 September 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
50,177
76,453

Cost of sales
  
(39,730)
(49,421)

Gross profit
  
10,447
27,032

Distribution costs
  
(2,350)
(2,254)

Administrative expenses
  
(6,163)
(7,261)

Exceptional administrative expenses
  
-
(38)

Fair value movements
  
-
19

Operating profit
 5 
1,934
17,498

Interest receivable and similar income
  
37
-

Interest payable and similar expenses
 9 
(1,364)
(1,332)

Profit before tax
  
607
16,166

Tax on profit
 10 
(635)
(889)

(Loss)/profit for the financial year
  
(28)
15,277

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

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

The notes on pages 15 to 33 form part of these financial statements.

Page 12

 
J. AND A. YOUNG (LEICESTER) LIMITED
Registered number: 01222186

Balance Sheet
As at 30 September 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
60,214
55,966

Current assets
  

Stocks
 13 
14,644
10,634

Debtors: amounts falling due within one year
 14 
16,561
19,089

Cash at bank and in hand
 15 
2,585
358

  
33,790
30,081

Creditors: amounts falling due within one year
 16 
(29,996)
(27,153)

Net current assets
  
 
 
3,794
 
 
2,928

Total assets less current liabilities
  
64,008
58,894

Creditors: amounts falling due after more than one year
 17 
(11,960)
(7,424)

Provisions for liabilities
  

Deferred tax
 21 
(8,909)
(8,303)

Net assets
  
43,139
43,167


Capital and reserves
  

Called up share capital 
 22 
50
50

Profit and loss account
 23 
43,089
43,117

  
43,139
43,167


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




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

Date: 27 June 2025

The notes on pages 15 to 33 form part of these financial statements.

Page 13

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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
50
27,840
27,890


Comprehensive income for the year

Profit for the year
-
15,277
15,277



At 1 October 2023
50
43,117
43,167


Comprehensive income for the year

Loss for the year
-
(28)
(28)


At 30 September 2024
50
43,089
43,139


The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

1.


General information

J. and A. Young (Leicester) Limited (the "Company") is a private company limited by shares and incorporated and domiciled in the UK. The registered number is 01222186 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.
The company's ultimate parent undertaking, J & A Young Group Limited, includes the Company in its consolidated financial statements. The consolidated financial statements of J & A Young Group Limited are prepared in accordance with FRS 102 and are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. In these financial statements, the Company is considered to be a qualifying entity for the purposes of this FRS and has applied the exemptions available under FRS 102 in respect of the following disclosures:
- Reconciliation of the number of shares outstanding from the beginning to end of the period;
- Cash flow statement and related notes; and
- Key management personnel compensation.
As the consolidated financial statements of J & A Young Group Limited include the equivalent disclosures, the Company has also taken the exemptions under FRS 102 available in respect of the following disclosures:
- The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

Page 15

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)

 
2.2

Going concern

The Director has 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 Company to continue as a going concern. In line with International Audit Standards – ISA 570, the Director has 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 Director has paid due regard to relevant forecast financial information - including cash flows, available facility levels and in their appraisal has factored in sensitivities affecting the Company and the economy.
The Company 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 Company is making necessary and significant investments in capital projects, to develop and overhaul the existing facilities to ensure that the Company continues to be one of the leading providers of plastic recycling in the UK. This will result in the Company 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 Director is satisfied that the Company 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.

 
2.3

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 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'.

Page 16

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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 Company 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.

 
2.5

Operating leases: the Company as lessee

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

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 17

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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


 
2.10

Exceptional items

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

 
2.11

Intangible assets

Intangible assets representing Packaging Recovery Notes are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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.

 
2.12

Tangible fixed assets

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

At each reporting date the Company 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.

Page 18

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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.

 
2.13

Stocks

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

At each 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.

 
2.14

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.

 
2.15

Cash and cash equivalents

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

Page 19

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

Financial instruments

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

The Company 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 Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

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
Page 20

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Company 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
Page 21

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)

transfer to another party, then the Company 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 Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the company to make estimates and assumptions that affect the application of policies and reported amounts. Estimates and judgments 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) Waste disposal and stock provisions are estimated based on gradings and using average disposal prices.


4.


Turnover

2024
2023
£000
£000



Sale of goods
50,177
76,453

The director believes that a geographical analysis of turnover would be prejudicial to the interests of the company and as such, this analysis has not been disclosed.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation
4,586
4,660

Other operating lease rentals
54
52

Page 22

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

6.


Auditors' remuneration

2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
25
25

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


7.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
11,879
10,878

Social security costs
1,219
1,083

Cost of defined contribution scheme
242
226

13,340
12,187


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


        2024
        2023
            No.
            No.







Production
331
287



Administration
30
45

361
332


8.


Director's remuneration

2024
2023
£000
£000

Director's emoluments
10
27


Page 23

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

9.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
834
803

Other loan interest payable
173
221

Finance leases and hire purchase contracts
357
308

1,364
1,332


10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
-
324

Adjustments in respect of previous periods
29
(197)


29
127


Total current tax
29
127

Deferred tax


Origination and reversal of timing differences
593
859

Adjustments in respect of previous periods
13
(97)

Total deferred tax
606
762


Tax on profit
635
889
Page 24

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 30 September 2024
 
10.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


Profit on ordinary activities before tax
607
16,166


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
152
3,558

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1
24

Capital allowances for year in excess of depreciation
35
(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
13
(98)

Remeasurement of deferred tax for changes in tax rates
-
413

Non-taxable income
(29)
(166)

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

Timing differences not recognised in the computation
16
-

Losses carried back
74
-

Group relief
344
-

Total tax charge for the year
635
889


Factors that may affect future tax charges

There are no factors affecting future tax charges.


11.


Exceptional items

2024
2023
£000
£000


Exceptional items
-
38

The balance in the prior year represents the liability arising from historic remuneration trust payments.

Page 25

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

12.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under construction
Total

£000
£000
£000
£000
£000
£000



Cost


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


Additions
63
908
-
1
8,015
8,987


Disposals
-
(181)
(203)
-
-
(384)



At 30 September 2024

3,163
86,422
118
292
24,038
114,033



Depreciation


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


Charge for the year on owned assets
65
2,597
40
8
-
2,710


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


Disposals
-
(171)
(60)
-
-
(231)



At 30 September 2024

2,452
50,946
142
279
-
53,819



Net book value



At 30 September 2024
711
35,476
(24)
13
24,038
60,214



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

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

Page 26

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

13.


Stocks

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) were recognised in the Statement of Comprehensive Income.


14.


Debtors

2024
2023
£000
£000


Trade debtors
9,467
11,882

Amounts owed by group undertakings
3,729
2,425

Amounts owed by associated undertakings
1,329
515

Other debtors
2,036
4,267

16,561
19,089


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


15.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
2,585
358


Page 27

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

16.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Bank loans
4,110
7,238

Trade creditors
5,653
3,364

Amounts owed to associated undertakings
2,776
8,416

Corporation tax
9
324

Other taxation and social security
1,524
1,577

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

Other creditors
12,834
3,683

29,996
27,153


The following liabilities were secured:

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 company 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 company.
The hire purchase liabilities are secured against the fixed assets to which they relate but also against all other property and assets of the company in certain cases.

Page 28

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

17.


Creditors: Amounts falling due after more than one year

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:

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 company 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 company in certain cases.


18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

Amounts falling due within one year

Bank loans
4,110
7,238

Amounts falling due 1-2 years

Bank loans
110
110

Amounts falling due 2-5 years

Bank loans
770
880


4,990
8,228


Page 29

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

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


20.


Financial instruments

2024
2023
£000
£000

Financial assets


Financial assets that are debt instruments measured at amortised cost
14,748
17,704


Financial liabilities


Financial liabilities measured at amortised cost
(27,589)
(28,993)


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


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

Page 30

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

21.


Deferred taxation




2024


£000






At beginning of year
(8,303)


Charged to profit or loss
(606)



At end of year
(8,909)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(9,894)
(9,373)

Tax losses carried forward
915
998

Timing differences
71
72

(8,908)
(8,303)

Page 31

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

22.


Share capital

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



118 (2023 - 118) Ordinary shares of £1.00 each
-
-
50,000 (2023 - 50,000) Non Voting shares of £1.00 each
50
50

50

50



23.


Reserves

Profit and loss account

This reserve includes cumulative retained earnings.


24.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company 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.


25.


Commitments under operating leases

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

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 32

 
J. AND A. YOUNG (LEICESTER) LIMITED
 

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

26.


Related party transactions

The company has taken the available exemption in relation to disclosing transactions and balances with companies within the same wholly owned group.
Pension Schemes
J. and A. Young (Leicester) Limited transacted with three pension trusts established for the purpose of providing pension and lump sum benefits for the Group’s directors and shareholders. 
The company was charged rent of £nil, £nil and £nil (2023: £1,195,000, £367,500 and £175,000) and the company paid various costs on behalf of the pension schemes. 
J. and A. Young (Leicester) Limited owed the pension trusts £318,909, £803,364 and £1,643,926 (2023: £4,554,268, £1,424,099 and £1,204,646) at 30 September 2024. Interest of £172,861 was paid on these balances (2023: £155,257). Management charges of £273,565 (2023: £nil) were charged to one of the trusts.
Directors' transactions and balances
Various loans exist between the directors and the company. 
The director made repayments of £1,151,470 (2023: £379,824) and made drawings of £361,408 (2023: £478,715) in relation to non-company related expenditure. At the 30 September 2024 an amount of £597,010 was due from the company (2023: £193,052 due to the company).
A close family member of the director held a loan during the year company and made repayments of £1,000,000 (2023: £282,520) and made drawings for non-company related expenditure of £68,291 (2023: £77,382). At the 30 September 2024 an amount of £872,827 was due from the company (2023: £58,882 due to the company).
A close family member of the director held a loan during the year with the company and made repayments of £263,333 (2023: £95,833) and made drawings for non-company related expenditure of £90,662 (2023: £24,630). At the 30 September 2024 an amount of £217,465 was due from the company (2023: £44,794 due from the company). 
The company has taken the available exemption under FRS 102 section 1.12 reduced disclosures for subsidiaries from disclosing key management personnel remuneration.


27.


Controlling party

The company is a subsidiary undertaking of J & A Young Group Limited. The ultimate controlling party is J R A Young and his family as a result of owning 100% of the issued share capital.
The financial statements of J & A Young Group Limited are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ


Page 33