| REGISTERED NUMBER: 03477583 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 December 2024 |
| for |
| Joedan Holdings Limited |
| REGISTERED NUMBER: 03477583 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 December 2024 |
| for |
| Joedan Holdings Limited |
| Joedan Holdings Limited (Registered number: 03477583) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Statement of Comprehensive Income | 7 |
| Consolidated Balance Sheet | 8 |
| Company Balance Sheet | 9 |
| Consolidated Statement of Changes in Equity | 10 |
| Company Statement of Changes in Equity | 11 |
| Consolidated Cash Flow Statement | 12 |
| Notes to the Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Financial Statements | 14 |
| Joedan Holdings Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Floor 4 |
| Llanthony Warehouse |
| The Docks |
| Gloucester |
| Gloucestershire |
| GL1 2EH |
| Joedan Holdings Limited (Registered number: 03477583) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| We are pleased to present the report and accounts of Joedan Holdings Limited and its subsidiary for the year ended 31 December 2024. |
| As ever, we are grateful for the continued support of our employees, clients, suppliers and business partners. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group had no financial instruments at the balance sheet date other than cash and financial instruments such as debtors and creditors that arise from its operations. |
| The group is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the company's risk management and focuses on securing the company's short to medium term cash flows. |
| The group does not actively engage in the trading of financial assets and has no financial derivatives. |
| The group seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the company's bankers to ensure that sufficient funding is available for the company's needs if required. |
| KEY PERFORMANCE INDICATORS |
| The group measures its performance on a number of key performance indicators, including revenue, gross profit as well as net cash from operations. Individual job profitability is very closely monitored by the directors as this is key to the operation of the group. |
| The Group's ley financial and other performance indicators during the current period and prior period are: |
| 2024 | 2023 |
| Revenue | 14,408,099 | 12,570,137 |
| Gross profit | 8,875,966 | 7,534,925 |
| Operating profit | 581,753 | 685,394 |
| Gross profit margin % | 38% | 40% |
| Net profit margin % | 3% | 2% |
| ON BEHALF OF THE BOARD: |
| Joedan Holdings Limited (Registered number: 03477583) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the design, manufacture and sale of doors, windows and conservatories and the design and supply of bespoke aluminium extrusions. |
| DIVIDENDS |
| No dividends was distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditor, Griffiths Marshall, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Joedan Holdings Limited |
| Opinion |
| We have audited the financial statements of Joedan Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Joedan Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| 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 a Report of the Auditors 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: |
| We gained an understanding of the legal and regulatory framework applicable to Joedan Holdings Limited and the industry in which it operates and, considered the risk of acts by Management and directors of Joedan Holdings Limited which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006 and Employment Law. We made enquiries of the Directors to obtain further understanding of risks of non-compliance. |
| We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to: |
| - agreement of the financial statement disclosures to underlying supporting documentation; |
| - enquiries of management regarding known or suspected instances of non-compliance with laws and regulations; |
| - review of minutes of the Board meetings throughout the year; and |
| - obtaining an understanding of the control environment in place to prevent and detect irregularities. |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Joedan Holdings Limited |
| 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
| for and on behalf of |
| Floor 4 |
| Llanthony Warehouse |
| The Docks |
| Gloucester |
| Gloucestershire |
| GL1 2EH |
| Joedan Holdings Limited (Registered number: 03477583) |
| Consolidated Statement of Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 14,408,099 | 12,570,137 |
| Cost of sales | 8,875,966 | 7,534,925 |
| GROSS PROFIT | 5,532,133 | 5,035,212 |
| Distribution costs | 2,343 | - |
| Administrative expenses | 5,306,170 | 4,393,567 |
| 5,308,513 | 4,393,567 |
| 223,620 | 641,645 |
| Other operating income | 371,384 | 43,749 |
| OPERATING PROFIT | 5 | 595,004 | 685,394 |
| Interest receivable and similar income | 7 | 25,708 | 2,188 |
| 620,712 | 687,582 |
| Interest payable and similar expenses | 8 | 105,339 | 83,746 |
| PROFIT BEFORE TAXATION | 515,373 | 603,836 |
| Tax on profit | 9 | 127,638 | 313,072 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of tangible fixed assets |
| Deferred tax on revaluation reserve | 100,000 | 500,000 |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
100,000 |
500,000 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
487,735 |
790,764 |
| Profit attributable to: |
| Owners of the parent | 387,735 | 290,764 |
| Total comprehensive income attributable to: |
| Owners of the parent | 487,735 | 790,764 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Consolidated Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 | 1,204,461 | 1,402,840 |
| Tangible assets | 13 | 6,551,579 | 4,741,285 |
| Investments | 14 | 775,090 | 725,100 |
| 8,531,130 | 6,869,225 |
| CURRENT ASSETS |
| Stocks | 15 | 1,413,269 | 894,378 |
| Debtors | 16 | 2,713,469 | 1,706,140 |
| Cash at bank and in hand | 1,064,210 | 1,242,444 |
| 5,190,948 | 3,842,962 |
| CREDITORS |
| Amounts falling due within one year | 17 | 3,489,291 | 2,542,551 |
| NET CURRENT ASSETS | 1,701,657 | 1,300,411 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
10,232,787 |
8,169,636 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(2,568,612 |
) |
(1,056,383 |
) |
| PROVISIONS FOR LIABILITIES | 22 | (431,932 | ) | (368,745 | ) |
| NET ASSETS | 7,232,243 | 6,744,508 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 100,100 | 100,100 |
| Share premium | 25,239 | 25,239 |
| Revaluation reserve | 1,820,361 | 1,720,361 |
| Retained earnings | 5,286,543 | 4,898,808 |
| SHAREHOLDERS' FUNDS | 7,232,243 | 6,744,508 |
| The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2025 and were signed on its behalf by: |
| Mr J A Purcaro - Director |
| Joedan Holdings Limited (Registered number: 03477583) |
| Company Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Share premium |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 453,416 | 149,635 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Joedan Holdings Limited (Registered number: 03477583) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Share | Revaluation | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 | 100,100 | 4,608,044 | 25,239 | 1,220,361 | 5,953,744 |
| Changes in equity |
| Total comprehensive income | - | 290,764 | - | 500,000 | 790,764 |
| Balance at 31 December 2023 | 100,100 | 4,898,808 | 25,239 | 1,720,361 | 6,744,508 |
| Changes in equity |
| Total comprehensive income | - | 387,735 | - | 100,000 | 487,735 |
| Balance at 31 December 2024 | 100,100 | 5,286,543 | 25,239 | 1,820,361 | 7,232,243 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up |
| share | Retained | Share | Revaluation | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,098,559 | 515,705 |
| Interest paid | (62,422 | ) | (20,303 | ) |
| Interest element of hire purchase payments paid |
(42,917 |
) |
(18,968 |
) |
| Finance costs paid | 25,499 | - |
| Tax paid | (211,677 | ) | (211,188 | ) |
| Net cash from operating activities | 1,807,042 | 265,246 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (2,162,951 | ) | (35,499 | ) |
| Purchase of fixed asset investments | (1,267,767 | ) | (25,000 | ) |
| Sale of tangible fixed assets | 39,457 | 1,800 |
| Sale of fixed asset investments | 410,000 | - |
| Interest received | 25,708 | 2,188 |
| Net cash from investing activities | (2,955,553 | ) | (56,511 | ) |
| Cash flows from financing activities |
| Repayment of bank loans | 924,958 | (124,284 | ) |
| Payment of finance lease obligations | 45,319 | (101,527 | ) |
| Amount withdrawn by directors | - | (202,339 | ) |
| Net cash from financing activities | 970,277 | (428,150 | ) |
| Decrease in cash and cash equivalents | (178,234 | ) | (219,415 | ) |
| Cash and cash equivalents at beginning of year |
2 |
1,242,444 |
1,461,859 |
| Cash and cash equivalents at end of year |
2 |
1,064,210 |
1,242,444 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation | 515,373 | 603,836 |
| Depreciation charges | 336,274 | 334,313 |
| Profit on disposal of fixed assets | (81 | ) | (680 | ) |
| Finance costs | 105,339 | 83,746 |
| Finance income | (25,708 | ) | (2,188 | ) |
| 931,197 | 1,019,027 |
| Increase in stocks | (518,891 | ) | (65,908 | ) |
| Increase in trade and other debtors | (621,372 | ) | (241,870 | ) |
| Increase/(decrease) in trade and other creditors | 2,307,625 | (195,544 | ) |
| Cash generated from operations | 2,098,559 | 515,705 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 1,064,210 | 1,242,444 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 1,242,444 | 1,461,859 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,242,444 | (178,234 | ) | 1,064,210 |
| 1,242,444 | (178,234 | ) | 1,064,210 |
| Debt |
| Finance leases | (313,752 | ) | (45,319 | ) | (359,071 | ) |
| Debts falling due within 1 year | (24,240 | ) | (51,918 | ) | (76,158 | ) |
| Debts falling due after 1 year | (845,463 | ) | (873,040 | ) | (1,718,503 | ) |
| (1,183,455 | ) | (970,277 | ) | (2,153,732 | ) |
| Total | 58,989 | (1,148,511 | ) | (1,089,522 | ) |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Joedan Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. The principal accounting policies adopted are set out below. |
| The 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 for parent company information presented within the consolidated financial statements: |
| Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
| Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
| Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
| Basis of consolidation |
| The consolidated financial statements incorporate those of Joedan Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 December 2021. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
| Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group. |
| The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Judgements and key sources of estimation and uncertainty |
| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The main areas of accounting estimates are: |
| - Revenue and margin recognition on long term contracts |
| - Stock provision |
| - Recoverability of trade debtors |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs of that contract. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Intangible assets other than goodwill |
| Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Software | 33.33% straight line |
| Development costs | 25% straight line |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 | 1% straight line |
| Showroom | 15% and 25% straight line |
| Office refurbishment | 5% straight line |
| Plant and equipment | 5% - 25% straight line and 15% reducing balance |
| Office equipment and computers | 33.33% straight line |
| Motor vehicles | 25% reducing balance |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account. |
| 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. |
| 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. |
| Financial instruments |
| Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| 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. |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Equity instruments |
| Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
| Foreign exchange |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
| Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
| Employee and retirement 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. |
| Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment of fixed assets |
| At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
| The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
| Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, 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 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 prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
| Fixed asset investments |
| Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available. |
| In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
| A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
| Other fixed asset investments 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. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Windows and doors | 14,408,099 | 12,570,137 |
| 14,408,099 | 12,570,137 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries | 3,395,647 | 2,973,046 |
| Social security costs | 395,316 | 387,880 |
| Other pension costs | 224,099 | 258,353 |
| 4,015,062 | 3,619,279 |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Directors | 3 | 3 |
| Management | 54 | 54 |
| Production/distribution | 121 | 121 |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration | 721,990 | 666,249 |
| Directors' pension contributions to money purchase schemes | 142,400 | 182,400 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| Defined benefit schemes | 1 | 1 |
| Information regarding the highest paid director is as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Emoluments etc | 121,546 | 177,045 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire of plant and machinery | 51,824 | 64,192 |
| Other operating leases | 786,408 | 291,392 |
| Depreciation - owned assets | 417,780 | 253,999 |
| Profit on disposal of fixed assets | (81 | ) | (680 | ) |
| Goodwill amortisation | 65,868 | 79,119 |
| Computer software amortisation | - | 1,035 |
| Foreign exchange differences | 25,688 | 28,826 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | AUDITORS' REMUNERATION |
| 31.12.24 | 31.12.23 |
| Fees payable to the company's auditor and associates: | £ | £ |
| For audit services |
| Audit of the financial statements of the group and company | 3,600 | 3,600 |
| Audit of the financial statements of the company's subsidiaries | 8,000 | 8,000 |
| 11,600 | 11,600 |
| For other services |
| All other non-audit services | 0 | 0 |
| 7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Interest received | 25,708 | 2,188 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Bank interest | 476 | - |
| Other interest | 61,946 | 64,778 |
| Hire purchase | 42,917 | 18,968 |
| 105,339 | 83,746 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 177,024 | 211,727 |
| Adjustment in respect of prior |
| periods | (93,076 | ) | - |
| Total current tax | 83,948 | 211,727 |
| Deferred tax | 43,690 | 101,345 |
| Tax on profit | 127,638 | 313,072 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before tax | 515,373 | 603,836 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
128,843 |
150,959 |
| Effects of: |
| Expenses not deductible for tax purposes | 66,722 | 119,841 |
| Income not taxable for tax purposes | 19,360 | - |
| Depreciation in excess of capital allowances | 5,976 | 36,689 |
| Taxation prior year | (93,076 | ) | - |
| Amortisation on assets not qualifying for tax allowances | - | 19,780 |
| credit |
| respect of prior years |
| CT hybrid rate adjustment | (187 | ) | (14,197 | ) |
| Total tax charge | 127,638 | 313,072 |
| Tax effects relating to effects of other comprehensive income |
| 31.12.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets |
| Deferred tax on revaluation reserve | 100,000 | - | 100,000 |
| 100,000 | - | 100,000 |
| 31.12.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of tangible fixed assets |
| Deferred tax on revaluation reserve | 500,000 | - | 500,000 |
| 500,000 | - | 500,000 |
| 10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 11. | RETIREMENT BENEFIT SCHEMES |
| A defined contribution pension scheme is in operation for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. |
| The charge to profit or loss in respect of defined contribution schemes in the year ended 31st December 2024 was £224,099 (2023: £258,353). |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | INTANGIBLE FIXED ASSETS |
| On 23 October 2024, Tracker Marine Limited became a wholly owned subsidiary of Joedan Holdings Limited. Net assets were £910,288 which resulted in negative goodwill of £132,511. Negative goodwill is being written off over the estimated life of 10 years in common until its depreciation policy. |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 | 4,493,872 | 203,388 | 1,663,383 |
| Additions | 1,609,201 | - | 345,194 |
| Disposals | - | - | - |
| Revaluations | 99,999 | - | - |
| At 31 December 2024 | 6,203,072 | 203,388 | 2,008,577 |
| DEPRECIATION |
| At 1 January 2024 | 739,599 | 203,388 | 1,085,057 |
| Charge for year | 63,289 | - | 196,353 |
| Eliminated on disposal | - | - | - |
| At 31 December 2024 | 802,888 | 203,388 | 1,281,410 |
| NET BOOK VALUE |
| At 31 December 2024 | 5,400,184 | - | 727,167 |
| At 31 December 2023 | 3,754,273 | - | 578,326 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 | 1,108,862 | 696,229 | 8,165,734 |
| Additions | 208,556 | - | 2,162,951 |
| Disposals | (251,503 | ) | - | (251,503 | ) |
| Revaluations | - | - | 99,999 |
| At 31 December 2024 | 1,065,915 | 696,229 | 10,177,181 |
| DEPRECIATION |
| At 1 January 2024 | 731,901 | 664,504 | 3,424,449 |
| Charge for year | 142,152 | 15,986 | 417,780 |
| Eliminated on disposal | (216,627 | ) | - | (216,627 | ) |
| At 31 December 2024 | 657,426 | 680,490 | 3,625,602 |
| NET BOOK VALUE |
| At 31 December 2024 | 408,489 | 15,739 | 6,551,579 |
| At 31 December 2023 | 376,961 | 31,725 | 4,741,285 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Cost or valuation at 31 December 2024 is represented by: |
| Freehold | Short | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| Valuation in 2022 | 279,708 | - | - |
| Valuation in 2023 | 500,000 | - | - |
| Valuation in 2024 | 100,000 | - | - |
| Cost | 5,323,364 | 203,388 | 2,008,577 |
| 6,203,072 | 203,388 | 2,008,577 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Valuation in 2022 | - | - | 279,708 |
| Valuation in 2023 | - | - | 500,000 |
| Valuation in 2024 | - | - | 100,000 |
| Cost | 1,065,915 | 696,229 | 9,297,473 |
| 1,065,915 | 696,229 | 10,177,181 |
| The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts: |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Plant and equipment | - | - | - | - |
| Motor vehicles | 51,536 | 68,714 | - | - |
| 51,536 | 68,714 | 51,536 | 68,714 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold | Motor | Computer |
| property | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £1,841,665 (2023 - £1,841,665), being cost £2,170,292 (2023 - £2,170,292) and depreciation £328,627 (2023 - £328,627). |
| The freehold properties held at valuation of £1,825,000 on 10 March 2015 were revalued on 14 May 2021 at £2,620,000 by Alder King LLP, independent property surveyors. The directors believe that the 14 May 2021 valuation of the freehold properties held at 10 March 2015 accurately reflects the value of these freehold properties at both 31 December 2020 and 31 December 2021. The year end balance includes the properties valued at £2,620,000 and additions since 10 March 2015 at cost. |
| During the year, the valuation on the property held at Daish way, IOW was valued at £800,000. |
| 14. | FIXED ASSET INVESTMENTS |
| Group |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 January 2024 | 725,100 |
| Additions | 489,990 |
| Disposals | (440,000 | ) |
| At 31 December 2024 | 775,090 |
| NET BOOK VALUE |
| At 31 December 2024 | 775,090 |
| At 31 December 2023 | 725,100 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group | Unlisted |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 2,904,437 |
| Additions | 1,267,767 |
| Disposals | ( |
) | (440,000 | ) |
| At 31 December 2024 | 3,732,204 |
| NET BOOK VALUE |
| At 31 December 2024 | 3,732,204 |
| At 31 December 2023 | 2,904,437 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| 15. | STOCKS |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Stocks | 914,879 | 612,154 |
| Work-in-progress | 498,390 | 282,224 |
| 1,413,269 | 894,378 |
| 16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Trade debtors | 1,560,786 | 1,210,591 |
| Amounts owed by group undertakings | 576,000 | - |
| Other debtors | 325,287 | 161,984 |
| Directors' current accounts | 130,147 | 202,188 | 130,147 | 202,188 |
| VAT | - | - |
| Prepayments | 121,249 | 131,377 |
| 2,713,469 | 1,706,140 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 76,158 | 24,240 |
| Hire purchase contracts (see note 20) | 109,944 | 102,832 |
| Payments on account | 397,713 | 491,640 |
| Trade creditors | 1,453,061 | 1,267,186 |
| Amounts owed to participating interests | 576,000 | - | 25,000 | 25,000 |
| Tax | 177,073 | 304,802 |
| Social security and other taxes | 170,780 | 142,849 |
| VAT | 155,086 | 81,146 | - | - |
| Other creditors | 302,809 | 53,647 |
| Accrued expenses | 70,667 | 74,209 |
| 3,489,291 | 2,542,551 |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 1,718,503 | 845,463 |
| Hire purchase contracts (see note 20) | 249,127 | 210,920 |
| Other creditors | 600,982 | - |
| 2,568,612 | 1,056,383 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year or | on demand: |
| Bank overdrafts | - | - |
| Bank loans | 76,158 | 24,240 |
| 76,158 | 24,240 |
| Amounts falling due between one and | two years: |
| Bank loans - over 1 year | 1,718,503 | 845,463 |
| The bank loan is secured by legal charges over the freehold property owned by the company, by debenture over the company's assets and by way of an intercompany guarantee. |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| 31.12.24 | 31.12.23 |
| Future minimum lease payments due under finance leases: | £ | £ |
| Within one year | 140,105 | 114,624 |
| In two to five years | 274,752 | 219,643 |
| 414,857 | 334,267 |
| Less: future finance charges | (55,786 | ) | (19,046 | ) |
| 359,071 | 315,221 |
| Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. |
| The finance leases are secured against the assets to which they relate. |
| Company |
| 31.12.24 | 31.12.23 |
| Future minimum lease payments due under finance leases: | £ | £ |
| Within one year | 126,419 | 82,314 |
| In two to five years | 274,752 | 204,799 |
| 401,171 | 287,113 |
| Less: future finance charges | (55,657 | ) | (17,758 | ) |
| 345,514 | 269,355 |
| Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 43 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments |
| Group |
| Non-cancellable | operating leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year | 149,716 | 230,840 |
| Between one and five years | 27,582 | 165,401 |
| 177,298 | 396,241 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 21. | FINANCIAL INSTRUMENTS |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Carrying amount of financial assets |
| Instruments measured at fair value through |
| profit or loss | 775,090 | 725,100 | 775,090 | 725,100 |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 169,030 | 105,203 | ( |
) | ( |
) |
| Other timing differences | 262,902 | 263,542 | 262,902 | 263,542 |
| 431,932 | 368,745 | 261,290 | 241,930 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | 368,745 |
| Provided during year | 63,187 |
| Balance at 31 December 2024 | 431,932 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year |
| Balance at 31 December 2024 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | 1 | 100,100 | 100,100 |
| Joedan Holdings Limited (Registered number: 03477583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 24. | RELATED PARTY DISCLOSURES |
| The Group has taken advantage of the exemption in FRS102 section 33 from the requirement to disclose transactions with wholly owned group companies. |
| During the year the group paid £180,000 (2023: £180,000) to Groomberry Limited a related party by virtue of John Purcaro being a director and shareholder in both companies. At the year end the group was owed from Groomberry Limited £nil (2023: £nil). The amounts paid are in relation to rent payable to Groomberry Limited. |
| Company |
| The company has taken advantage of the exemption in FRS102 section 33 from the requirement to disclose transactions with wholly owned group companies. |
| Key management personnel does not include directors. |
| 25. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is John Purcaro. |