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Registration number: 08292604

JJ Martin (Catering Appliance Superstore) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

JJ Martin (Catering Appliance Superstore) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4 to 5

Notes to the Unaudited Financial Statements

6 to 14

 

JJ Martin (Catering Appliance Superstore) Limited

Company Information

Directors

P Wearmouth

J Wearmouth

A Wearmouth

Registered office

Catering Appliance Superstore
Mintsfeet Road South
Kendal
LA9 6ND

Accountants

Stables Thompson & Briscoe Limited
Chartered Accountants & Business AdvisersLowther House
Lowther Street
Kendal
Cumbria
LA9 4DX

 

JJ Martin (Catering Appliance Superstore) Limited

(Registration number: 08292604)
Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

1,696,312

1,809,117

Tangible assets

5

41,331

49,439

 

1,737,643

1,858,556

Current assets

 

Stocks

6

1,260,473

1,148,149

Debtors

7

750,782

846,750

Cash at bank and in hand

 

563,485

451,736

 

2,574,740

2,446,635

Creditors: Amounts falling due within one year

8

(1,971,499)

(1,801,749)

Net current assets

 

603,241

644,886

Total assets less current liabilities

 

2,340,884

2,503,442

Creditors: Amounts falling due after more than one year

8

(815,448)

(995,448)

Provisions for liabilities

(10,332)

-

Net assets

 

1,515,104

1,507,994

Capital and reserves

 

Called up share capital

9

57

57

Share premium reserve

99,995

99,995

Capital redemption reserve

11

11

Retained earnings

1,415,041

1,407,931

Shareholders' funds

 

1,515,104

1,507,994

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

JJ Martin (Catering Appliance Superstore) Limited

(Registration number: 08292604)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 16 July 2025 and signed on its behalf by:
 

.........................................
P Wearmouth
Director

 

JJ Martin (Catering Appliance Superstore) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

At 1 January 2024

57

99,995

11

1,407,931

Profit for the year

-

-

-

320,110

Dividends

-

-

-

(313,000)

At 31 December 2024

57

99,995

11

1,415,041

Total
£

At 1 January 2024

1,507,994

Profit for the year

320,110

Dividends

(313,000)

At 31 December 2024

1,515,104

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

At 1 January 2023

57

99,995

(3,411,250)

34,556

Prior period adjustment

-

-

-

-

At 1 January 2023 (As restated)

57

99,995

(3,411,250)

34,556

Profit for the year

-

-

-

-

Other comprehensive income

-

-

-

(34,556)

Total comprehensive income

-

-

-

(34,556)

Dividends

-

-

-

-

Other capital redemption reserve movements

-

-

3,411,261

-

At 31 December 2023

57

99,995

11

-

 

JJ Martin (Catering Appliance Superstore) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Retained earnings
£

Total
£

At 1 January 2023

4,795,892

1,519,250

Prior period adjustment

(3,411,261)

(3,411,261)

At 1 January 2023 (As restated)

1,384,631

(1,892,011)

Profit for the year

228,300

228,300

Other comprehensive income

-

(34,556)

Total comprehensive income

228,300

193,744

Dividends

(205,000)

(205,000)

Other capital redemption reserve movements

-

3,411,261

At 31 December 2023

1,407,931

1,507,994

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Catering Appliance Superstore
Mintsfeet Road South
Kendal
LA9 6ND

These financial statements were authorised for issue by the Board on 16 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% straight line

Website development costs

20% straight line

Motor vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 22).

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Development costs
 £

Total
£

Cost or valuation

At 1 January 2024

30,000

2,256,104

2,286,104

At 31 December 2024

30,000

2,256,104

2,286,104

Amortisation

At 1 January 2024

30,000

446,987

476,987

Amortisation charge

-

112,805

112,805

At 31 December 2024

30,000

559,792

589,792

Carrying amount

At 31 December 2024

-

1,696,312

1,696,312

At 31 December 2023

-

1,809,117

1,809,117

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

42,305

277,406

10,215

329,926

Additions

-

5,362

-

5,362

Disposals

-

(220,739)

-

(220,739)

At 31 December 2024

42,305

62,029

10,215

114,549

Depreciation

At 1 January 2024

16,465

261,038

2,984

280,487

Charge for the year

4,231

6,851

2,388

13,470

Eliminated on disposal

-

(220,739)

-

(220,739)

At 31 December 2024

20,696

47,150

5,372

73,218

Carrying amount

At 31 December 2024

21,609

14,879

4,843

41,331

At 31 December 2023

25,840

16,368

7,231

49,439

Included within the net book value of land and buildings above is £21,609 (2023 - £25,840) in respect of short leasehold land and buildings.
 

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Other inventories

1,260,473

1,148,149

7

Debtors

Current

2024
£

2023
£

Trade debtors

463,925

439,716

Prepayments

286,857

407,034

 

750,782

846,750

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

60,000

-

Trade creditors

 

1,391,289

1,323,314

Taxation and social security

 

253,068

255,621

Accruals and deferred income

 

223,595

180,160

Other creditors

 

43,547

42,654

 

1,971,499

1,801,749

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

815,448

995,448

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A - Ordinary shares of £1 each

7

7

7

7

B - Ordinary shares of £1 each

7

7

7

7

C - Ordinary shares of £1 each

34

34

34

34

D - Ordinary shares of £1 each

9

9

9

9

57

57

57

57

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(34,556)

(34,556)

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

815,448

995,448

Current loans and borrowings

2024
£

2023
£

Other borrowings

60,000

-

12

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

-

-

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

71,132

70,425

Later than one year and not later than five years

159,866

177,163

230,998

247,588

The amount of non-cancellable operating lease payments recognised as an expense during the year was £51,071 (2023 - £37,304).

 

JJ Martin (Catering Appliance Superstore) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

13

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £6,785.71 (2023 - £5,714.2857) per each A - Ordinary shares

47,500

40,000

Interim dividend of £11,785.72 (2023 - £5,714.2857) per each B - Ordinary shares

82,500

40,000

Interim dividend of £2,573.53 (2023 - £1,838.235) per each C - Ordinary shares

87,500

62,500

Interim dividend of £10,611.12 (2023 - £6,944.44) per each D - Ordinary shares

95,500

62,500

313,000

205,000

14

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Dividends paid to directors

2024
£

2023
£

A Wearmouth

Interim dividends

47,500

40,000

 

 

J Wearmouth

Interim dividends

82,500

40,000

 

 

P Wearmouth

Interim dividends

87,500

62,500