Company registration number 02026169 (England and Wales)
JACK BRAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
JACK BRAND LIMITED
COMPANY INFORMATION
Directors
Mr A Iqbal
Ms M Tatum
Mr P Winson
Company number
02026169
Registered office
3rd Floor
Great Titchfield House
14-18 Great Titchfield Street
London
W1W 8BD
Auditor
Sam Rogoff & Co Ltd
3rd Floor
Great Titchfield House
14-18 Great Titchfield Street
London
W1W 8BD
Business address
Bridge House Buildings
Gipping Road
Ipswich
Suffolk
IP6 0HX
JACK BRAND LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 24
JACK BRAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The company's trading performance has seen strong growth in turnover as the company continued to attract new customers and increase sales to its existing customer base. The gross profit margin increased significantly, driven by enhanced operational efficiencies, absolute cost reductions, and savings realised through economies of scale.

 

The company recorded a profit before tax of £2,058,133 (2023: loss of £814,745), reflecting a turnaround driven by management's commitment to ensuring the company's long-term success.

Principal risks and uncertainties

The principal risks and uncertainties faced by the company are common to those faced by other businesses in the sector. The main risk factor continues to be the cost and availability of poultry which is affected by the market price of the end product, the price of feed, weather conditions, and the incidence of poultry disease outbreaks. The directors closely monitor these factors to mitigate these risks and are confident that the company is well placed for the future.

Key performance indicators

KPI's relevant to the company are as follows:

 

 

30.09.2024

 

30.09.2023

 

 

£'000

 

£'000

 

 

 

 

 

Sales

 

44,038

 

26,750

Gross profit

 

8,689

 

3,170

Operating profit/ (loss)

 

2,051

 

(808)

Profit/ (loss) before tax

2,058

 

(815)

 

Future prospects

The directors consider the future prospects of the company to be promising due to strong levels of growth and are actively looking to increase efficiencies, invest, and expand operations further.

On behalf of the board

.............................................
Mr A Iqbal
Director
Date: .............................................
JACK BRAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of poultry processing.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Iqbal
Ms M Tatum
Mr P Winson
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A Iqbal
Director
27 June 2025
JACK BRAND LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JACK BRAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF JACK BRAND LIMITED
- 4 -

Qualified Opinion

We have audited the financial statements of Jack Brand 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 notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until after 30th September 2023 and thus did not observe the counting of physical inventories at the end of the prior year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30th September 2023, which are included in the balance sheet at £258,402, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £258,402 held at 30 September 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

JACK BRAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF JACK BRAND LIMITED (CONTINUED)
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

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

Basis for qualified opinion on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit.

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

 

Except for the matter described in the basis for qualified opinion section of our report, 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 and 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

JACK BRAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF JACK BRAND LIMITED (CONTINUED)
- 6 -

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as considerations as to where and how fraud may occur in the entity.

Based on our understanding of the company and the industry, we identified that key legislation includes the Companies Act 2006, UK Financial reporting standards, UK tax legislation, distributable profits legislation, Food Standards legislation, and Health and Safety legislation. We discussed with the directors their policies and procedures regarding compliance with laws and regulations.

We considered the extent to which non-compliance might have a material effect on the financial statements and the audit team was alert to any indicators of non-compliance. We did not identify any instances of actual or suspected non-compliance.

In consideration of the extent to which the financial statements might be materially misstated we identified that the principal risk related to management bias affecting accounting estimates. Accordingly, we carried out audit procedures including enquiry and challenge of management estimates, testing the appropriateness of entries in the nominal ledger, journal testing, and the performance of analytical procedures.

There are inherent limitations in the audit procedures carried out, and any irregularities arising from fraud may be inherently more difficult to detect than those resulting from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Emily Brown
Senior Statutory Auditor
For and on behalf of Sam Rogoff & Co Ltd
27 June 2025
Chartered Accountants
Statutory Auditor
3rd Floor
Great Titchfield House
14-18 Great Titchfield Street
London
W1W 8BD
JACK BRAND LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
44,037,884
26,749,809
Cost of sales
(35,348,891)
(23,579,568)
Gross profit
8,688,993
3,170,241
Distribution costs
(3,208,491)
(1,611,505)
Administrative expenses
(3,476,234)
(2,410,755)
Other operating income
47,066
44,421
Operating profit/(loss)
4
2,051,334
(807,598)
Interest receivable and similar income
7
13,932
1,256
Interest payable and similar expenses
8
(7,133)
(8,403)
Profit/(loss) before taxation
2,058,133
(814,745)
Tax on profit/(loss)
9
(513,688)
338,090
Profit/(loss) for the financial year
1,544,445
(476,655)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JACK BRAND LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
955,400
648,235
Investment property
13
403,031
403,031
Investments
14
14
14
1,358,445
1,051,280
Current assets
Stocks
15
215,041
258,402
Debtors
16
8,947,519
8,003,847
Cash at bank and in hand
1,484,111
159,962
10,646,671
8,422,211
Creditors: amounts falling due within one year
17
(5,311,093)
(4,549,474)
Net current assets
5,335,578
3,872,737
Total assets less current liabilities
6,694,023
4,924,017
Creditors: amounts falling due after more than one year
18
(213,334)
(70,000)
Provisions for liabilities
Deferred tax liability
21
169,689
87,462
(169,689)
(87,462)
Net assets
6,311,000
4,766,555
Capital and reserves
Called up share capital
23
100,000
100,000
Profit and loss reserves
6,211,000
4,666,555
Total equity
6,311,000
4,766,555

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Mr A Iqbal
Director
Company registration number 02026169 (England and Wales)
JACK BRAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100,000
113,052
5,293,438
5,506,490
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(476,655)
(476,655)
Dividends
10
-
-
(263,280)
(263,280)
Transfers
-
(113,052)
113,052
-
Balance at 30 September 2023
100,000
-
0
4,666,555
4,766,555
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,544,445
1,544,445
Balance at 30 September 2024
100,000
-
0
6,211,000
6,311,000
JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
1
Accounting policies
Company information

Jack Brand Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London, W1W 8BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Claydon Poultry Ltd. These consolidated financial statements are available from its registered office, 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London, W1W 8BD.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on receipt of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% - 5% straight line basis (land not depreciated)
Leasehold land and buildings
Straight line over the lease period
Plant and equipment
25% on a reducing balance basis
Computer equipment
33% on a reducing balance basis
Motor vehicles
25% on a reducing balance basis

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuations

The group includes investment property held at fair value. The valuation of the property is determined based on estimated market rent and rental yields. The directors obtain valuations from qualified surveyors with relevant experience.

Depreciation

The company estimates the rates of depreciation used to write down the different classes of assets the company owns. This is based on prior experience of asset lives while taking into account any additional circumstances. Once fully depreciated over its useful life the asset should be stated at its residual value or £nil if there is no residual value.

Valuation of stock

The value of stock is estimated using a full cost absorption calculation in determining the cost price.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Poultry products
44,037,884
26,749,809
2024
2023
£
£
Other revenue
Interest income
13,932
1,256

All sales were made to customers in the United Kingdom.

4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(9,976)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
45,500
12,000
Depreciation of owned tangible fixed assets
150,082
100,211
Impairment of owned tangible fixed assets
-
0
6,090
Loss/(profit) on disposal of tangible fixed assets
208
(8,426)
Operating lease charges
225,965
174,461

The agreed audit fee for the year is £24,000. The audit fees amounting to £45,500 comprise the estimated year to September 2024 fee of £24,000 and the year to September 2023 fee of £21,500.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
82
42
Distribution
1
1
Administrative
4
2
Management
6
7
Maintenance
4
3
Total
97
55

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,266,370
1,631,895
Social security costs
252,697
127,351
Pension costs
42,521
26,358
3,561,588
1,785,604
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
112,500
45,098

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 2).

 

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,932
1,256
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
7,133
8,403
JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
5,909
-
0
Deferred tax
Origination and reversal of timing differences
507,779
(338,090)
Total tax charge/(credit)
513,688
(338,090)

Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 (on 10 June 2021) including an increase to the main rate to 25% from 1 April 2023. The effective rate in the year to September 2024 is 25%, whereas the effective rate in the year to September 2023 was 22%.

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

 

The average corporation tax rate for the tax year was 25%

2024
2023
£
£
Profit/(loss) before taxation
2,058,133
(814,745)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
514,533
(179,244)
Tax effect of expenses that are not deductible in determining taxable profit
37,862
27,715
Tax effect of income not taxable in determining taxable profit
(290)
(1,854)
Tax effect of utilisation of tax losses not previously recognised
(425,369)
-
0
Effect of change in corporation tax rate
-
0
(40,571)
Deferred tax adjustments in respect of prior years
-
0
(204,779)
Tax at marginal rate
(844)
-
0
Capital allowances
(119,799)
(16,163)
Deferred tax timing differences
507,595
76,806
Taxation charge/(credit) for the year
513,688
(338,090)
10
Dividends
2024
2023
£
£
Final paid
-
0
220,000
Interim paid
-
0
43,280
-
263,280
JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
12
-
0
6,090
Recognised in:
Administrative expenses
-
6,090
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
376,230
2,049,471
4,549,465
48,783
529,933
7,553,882
Additions
250,000
-
0
204,826
5,628
-
0
460,454
Disposals
-
0
-
0
(12,400)
-
0
(65,000)
(77,400)
At 30 September 2024
626,230
2,049,471
4,741,891
54,411
464,933
7,936,936
Depreciation and impairment
At 1 October 2023
26,230
2,049,471
4,318,111
43,989
467,846
6,905,647
Depreciation charged in the year
12,500
-
0
116,985
3,474
17,123
150,082
Eliminated in respect of disposals
-
0
-
0
(12,395)
-
0
(61,798)
(74,193)
At 30 September 2024
38,730
2,049,471
4,422,701
47,463
423,171
6,981,536
Carrying amount
At 30 September 2024
587,500
-
0
319,190
6,948
41,762
955,400
At 30 September 2023
350,000
-
0
231,354
4,794
62,087
648,235

More information on impairment movements in the year is given in note 11.

13
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
403,031
JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Investment property
(Continued)
- 20 -

Unit B, Great Blakenham, was revalued in June 2020 by Akermans Chartered Surveyors on a fair value basis to £400,000. Akermans hold Chartered Surveyor qualifications with 30 years experience in property valuations. Its historical cost is £241,265.

 

The directors have considered the fair value of the property and are of the opinion that no revaluation is required in the year as the value has not materially changed.

14
Fixed asset investments
2024
2023
£
£
Unlisted investments
14
14

Unlisted investments relates to the ownership of 14 £1 Ordinary Shares in Bridge Trading Estate Maintenance Co. Limited.

15
Stocks
2024
2023
£
£
Raw materials and consumables
124,102
103,278
Finished goods and goods for resale
90,939
155,124
215,041
258,402
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,167,513
3,018,981
Amounts owed by group undertakings
3,766,308
3,766,308
Other debtors
795,222
593,166
Prepayments and accrued income
218,476
199,839
8,947,519
7,578,294
Deferred tax asset (note 21)
-
0
425,553
8,947,519
8,003,847
JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
40,000
40,000
Obligations under finance leases
20
50,000
-
0
Trade creditors
4,101,694
4,222,064
Amounts owed to group undertakings
430,000
-
0
Corporation tax
5,909
-
0
Other taxation and social security
70,149
40,945
Other creditors
37,142
48,210
Accruals and deferred income
576,199
198,255
5,311,093
4,549,474
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
30,000
70,000
Obligations under finance leases
20
183,334
-
0
213,334
70,000
19
Loans and overdrafts
2024
2023
£
£
Bank loans
70,000
110,000
Payable within one year
40,000
40,000
Payable after one year
30,000
70,000

The bank loan is a Coronavirus Business Interruption Loan Scheme (CBILS) loan which is secured by a first legal charge over the company's freehold commercial property.

Jack Brand Limited is entitled to a first year capital repayment holiday and a Business Interruption Payment (BIP) of £15,250 covering first year interest. 60 monthly instalments of £3,333.33 are due commencing July 2021. Interest is on a floating rate basis which will never be less than the margin of 2.95%.

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
50,000
-
0
In two to five years
183,334
-
0
233,334
-
0

Finance lease payments represent rentals payable by the company for a Solar Photovoltaic system for a cash price of £300,000. The agreement commenced on 2 May 2024 and has an expected duration of 60 months. £50,000 was paid as a deposit such that the hire purchase arrangement provided £250,000 credit. The agreement includes an option to purchase at the end of the agreement for a token amount subject to adherence of all obligations in the agreement.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
169,689
47,778
-
-
Tax losses
-
-
-
425,370
Revaluations
-
39,684
-
-
Retirement benefit obligations
-
-
-
183
169,689
87,462
-
425,553
2024
Movements in the year:
£
Asset at 1 October 2023
(338,091)
Charge to profit or loss
507,780
Liability at 30 September 2024
169,689

Of the deferred tax liability at 30 September 2024, £22,421.38 is expected to unwind in the year to 30 September 2025.

 

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,521
26,358

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000

All shares carry equal voting rights and are entitled to both dividend and capital distributions.

24
Operating lease commitments
Lessee

Operating lease payments recognised as an expense in the period totalled £210,000 (2023: £174,461).

 

Operating lease payments represent the rental of 79, 81 and land to the north of Gipping Road, Great Blakenham from Chesterfield Poultry Holdings Limited for £210,000 per annum, payable monthly. The rental arrangement with Chesterfield Poultry Holdings Limited was agreed on 28 June 2023 and is effective for 10 years. The Chesterfield Poultry Holdings rental arrangement is subject to rental reviews and includes a renewal option. The first rent review is in 2026.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
210,000
210,361
Between two and five years
840,000
840,000
In over five years
774,667
984,667
1,824,667
2,035,028
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

JACK BRAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
25
Related party transactions
(Continued)
- 24 -

The company purchased and sold goods to IHP Limited, a company under common control. Purchases and sales were £9,262,638 and £1,032,260 (2023: £2,161,010 and £184,552). The company owed IHP Limited net £1,350,452 (balance due of £1,545,533 less balance owed of £195,081) at the year end (2023: net £978,682).

 

The company purchased services from CHK Transport Ltd, a company wholly owned by a director of Jack Brand Limited. Purchases were £2,302,034 (2023: £6,075). At the year end a balance of £39,672 was due to the company (2023: £nil).

 

Transactions with related parties for the purposes of trade took place on an arm's length basis.

26
Ultimate controlling party

The immediate parent company is Jack Brand Holdings Limited by virtue of its 100% shareholding in the company.

The largest and smallest group in which the results of the company are consolidated is that of Claydon Poultry Ltd.

 

The registered office address for the above companies, and the address from which consolidated accounts can be requested is 3rd Floor, Great Titchfield House, 14-18 Great Titchfield Street, London, United Kingdom, W1W 8BD.

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