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REGISTERED NUMBER: 07079065 (England and Wales)















Jch Marine & Offshore Supplies Ltd

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2024






Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


Jch Marine & Offshore Supplies Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTORS: J Hynes
D J Bond





REGISTERED OFFICE: JCH House
Highgate Trade Park
Charles Clowes Drive
Stoke-on-Trent
Staffordshire
ST6 4JZ





REGISTERED NUMBER: 07079065 (England and Wales)





AUDITORS: Marshall & Co
Chartered Accountants
St Mary's House
Crewe Road
Alsager
Stoke-On-Trent
ST7 2EW

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Strategic Report
for the Year Ended 30 November 2024

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

REVIEW OF BUSINESS
The principal business of the company is to supply products and equipment to the offshore industry. The
company's profit for the financial year is £639,006 (2023: loss of £125,032). The company has net assets of £1,193,230 (2023: £654,224).

The company prospered by a complete review of it's overhead after increased overhead over the previous few years. Efficiencies were derived from reduced transportation costs, improved cashflow, stronger supplier support for large transactions and streamlining staff roles

PRINCIPAL RISKS AND UNCERTAINTIES
Price and financial risk
Ongoing inflationary pressures will always present a price risk. International political and economic uncertainty add to the financial risk for the company.

Customer retention risk
The loss of a key client may negatively impact profits. Senior staff protect strong business and trusted relationships with key clients, client retention is also protected by the quality service that the company provides.

Cashflow, liquidity and credit risk
Bibby Financial Services have been a long standing, supportive financial provider for JCH supporting it's ongoing cashflow and liquidity requirements. Credit risk is removed by using credit insurance on all debtors where credit terms are provided.

Going Concern
These financial statements have been produced on a going concern basis; this reflects the directors' views that the company will be able to meet its liabilities as they are due for at least twelve months from the date of signing of the financial statements. The directors' have placed continued emphasis on cost reduction, monitoring daily cash flows as well as evaluating rolling cash flow forecasts. No significant additional risks to the going concern position have been identified.

FINANCIAL KEY PERFORMANCE INDICATORS
The director monitors the performance of the company using the following key performance indicators (KPIs):

Turnover - £13.1 million (2023: £14.5 million). This represents a decrease of 9.8%

Gross profit margin - 20% (2023: 12%).

FUTURE DEVELOPMENTS
JCH continue to seek growth opportunity attracting new customers and supporting existing clients, working closely with them to support their own expanding aspirations.

We have seen growth in large project work and are pleased with the success in quoting to supply goods in this area. We also are actively proactive in forming JV's to support countries where local supply is encouraged by their governments, hence increasing opportunities with existing customers.

There is a substantial growth opportunities in certain parts of the world which we are actively pursuing.

ON BEHALF OF THE BOARD:





J Hynes - Director


29 August 2025

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the retail of marine equipment.

DIVIDENDS
An interim dividend of £1000 per share was paid on 30 November 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2024 will be £ 100,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

J Hynes
D J Bond

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Marshall & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Hynes - Director


29 August 2025

Report of the Independent Auditors to the Members of
Jch Marine & Offshore Supplies Ltd

Opinion
We have audited the financial statements of Jch Marine & Offshore Supplies Ltd (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 November 2024 and of its 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 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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
Jch Marine & Offshore Supplies Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 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.

Report of the Independent Auditors to the Members of
Jch Marine & Offshore Supplies Ltd


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:

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102 and Companies Act 2006.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

• The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Performing a physical verification of key assets.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant related party balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards.

The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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
Jch Marine & Offshore Supplies Ltd


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.




E E Marshall-Birks (Senior Statutory Auditor)
for and on behalf of Marshall & Co
Chartered Accountants
St Mary's House
Crewe Road
Alsager
Stoke-On-Trent
ST7 2EW

29 August 2025

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Statement of Comprehensive
Income
for the Year Ended 30 November 2024

2024 2023
as restated
Notes £    £   

TURNOVER 3 13,098,695 14,527,820

Cost of sales (10,457,041 ) (12,771,817 )
GROSS PROFIT 2,641,654 1,756,003

Administrative expenses (1,813,265 ) (1,836,142 )
OPERATING PROFIT/(LOSS) 6 828,389 (80,139 )

Interest receivable and similar income 9,145 -
837,534 (80,139 )

Interest payable and similar expenses 8 (8,890 ) (36,324 )
PROFIT/(LOSS) BEFORE TAXATION 828,644 (116,463 )

Tax on profit/(loss) 9 (189,638 ) (8,569 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

639,006

(125,032

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

639,006

(125,032

)
Prior year adjustment 11 (255,679 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

383,327

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Balance Sheet
30 November 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Intangible assets 12 - 1,000
Tangible assets 13 287,281 186,657
287,281 187,657

CURRENT ASSETS
Stocks 14 760,376 738,273
Debtors 15 3,751,706 3,282,476
Cash at bank and in hand 477,439 603,520
4,989,521 4,624,269
CREDITORS
Amounts falling due within one year 16 (3,928,395 ) (3,976,751 )
NET CURRENT ASSETS 1,061,126 647,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,348,407

835,175

CREDITORS
Amounts falling due after more than one
year

17

(137,117

)

(145,201

)

PROVISIONS FOR LIABILITIES 21 (18,060 ) (35,750 )
NET ASSETS 1,193,230 654,224

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 1,193,130 654,124
SHAREHOLDERS' FUNDS 1,193,230 654,224

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





J Hynes - Director


Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 100 1,029,156 1,029,256

Changes in equity
Dividends - (250,000 ) (250,000 )
Total comprehensive income - 130,647 130,647
Balance at 30 November 2023 100 909,803 909,903
Prior year adjustment - (255,679 ) (255,679 )
As restated 100 654,124 654,224

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 639,006 639,006
Balance at 30 November 2024 100 1,193,130 1,193,230

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Cash Flow Statement
for the Year Ended 30 November 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 694,881 (135,877 )
Interest paid (14,819 ) (12,952 )
Interest element of hire purchase payments
paid

5,929

(23,372

)
Tax paid (33,219 ) (82,583 )
Net cash from operating activities 652,772 (254,784 )

Cash flows from investing activities
Purchase of tangible fixed assets (169,878 ) (93,442 )
Sale of tangible fixed assets 14,221 62,531
Interest received 9,145 -
Loan repayments received in the year 45,000 38,500
Net cash from investing activities (101,512 ) 7,589

Cash flows from financing activities
Loan repayments in year (62,500 ) (62,500 )
Factoring account movement in year (237,121 ) 782,949
Capital repayments in year 1 -
Amount withdrawn by directors (277,721 ) (77,953 )
Equity dividends paid (100,000 ) (250,000 )
Net cash from financing activities (677,341 ) 392,496

(Decrease)/increase in cash and cash equivalents (126,081 ) 145,301
Cash and cash equivalents at beginning of
year

2

603,520

458,219

Cash and cash equivalents at end of year 2 477,439 603,520

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
as restated
£    £   
Profit/(loss) before taxation 828,644 (116,463 )
Depreciation charges 94,103 83,557
Loss/(profit) on disposal of fixed assets 31,516 (19,883 )
Finance costs 8,890 36,324
Finance income (9,145 ) -
954,008 (16,465 )
(Increase)/decrease in stocks (22,103 ) 413,268
Increase in trade and other debtors (236,509 ) (328,940 )
Decrease in trade and other creditors (515 ) (203,740 )
Cash generated from operations 694,881 (135,877 )

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 30 November 2024
30/11/24 1/12/23
£    £   
Cash and cash equivalents 477,439 603,520
Year ended 30 November 2023
30/11/23 1/12/22
as restated
£    £   
Cash and cash equivalents 603,520 458,219


Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/12/23 Cash flow changes At 30/11/24
£    £    £    £   
Net cash
Cash at bank
and in hand 603,520 (126,081 ) 477,439
603,520 (126,081 ) 477,439
Debt
Finance leases (125,518 ) (1 ) (69,585 ) (195,104 )
Debts falling due
within 1 year (2,166,741 ) 247,537 - (1,919,204 )
Debts falling due
after 1 year (52,083 ) 52,083 - -
(2,344,342 ) 299,619 (69,585 ) (2,114,308 )
Total (1,740,822 ) 173,538 (69,585 ) (1,636,869 )

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Jch Marine & Offshore Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Nil dep'n on property improvements
Fixtures, fittings & equipment - 15% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
as restated
£    £   
United Kingdom 537,445 743,533
Europe 317,531 208,827
South America 6,639,629 6,071,426
Africa 5,410,386 7,364,803
Rest of the World 193,704 139,231
13,098,695 14,527,820

4. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 741,765 716,857
Social security costs 60,088 62,480
Other pension costs 105,420 131,627
907,273 910,964

The average number of employees during the year was as follows:
2024 2023
as restated

Average Number of Staff 27 26

5. DIRECTORS' EMOLUMENTS
2024 2023
as restated
£    £   
Directors' remuneration 48,572 55,496
Directors' pension contributions to money purchase schemes 44,237 86,438

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
as restated
£    £   
Hire of plant and machinery 3,719 8,501
Other operating leases 141,384 192,395
Depreciation - owned assets 93,102 82,557
Loss/(profit) on disposal of fixed assets 31,516 (19,883 )
Goodwill amortisation 1,000 1,000
Foreign exchange differences 945 7,848

7. AUDITORS' REMUNERATION
2024 2023
as restated
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,000

-
Auditors' remuneration for non audit work 12,000 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank interest (16 ) 192
HMRC Interest 2,816 747
Loan 12,019 12,013
Hire purchase (5,929 ) 23,372
8,890 36,324

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 207,328 26

Deferred tax (17,690 ) 8,543
Tax on profit/(loss) 189,638 8,569

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 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:

2024 2023
as restated
£    £   
Profit/(loss) before tax 828,644 (116,463 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

207,161

(29,116

)

Effects of:
Expenses not deductible for tax purposes 9,746 12,557
Capital allowances in excess of depreciation (5,775 ) -
Depreciation in excess of capital allowances - 12,755
Utilisation of tax losses (3,804 ) 3,804
Deferred Tax (17,690 ) 8,543
Other - 26
Total tax charge 189,638 8,569

10. DIVIDENDS
2024 2023
as restated
£    £   
Interim 100,000 250,000

11. PRIOR YEAR ADJUSTMENT

During the current financial year, the company identified that closing stock as at 30 November 2023 was overstated by £197,549 and accruals understated by £130,000, due to prior year cut off issues that have been rectified by new accounting system controls. In accordance with FRS 102 Section 10 Accounting Policies, Estimates and Errors, the company has corrected this error retrospectively by restating the prior year comparative figures. The impact of this adjustment is as follows:

Impact of the Adjustment
The overstatement of closing stock in the prior year led to an overstatement of profit and net assets as at 30 November 2023. The following restatements have been made:


As previously
reported

Adjustment

Restated
£   £   £   
Closing stock935,822(197,549)738,273
Accruals0130,000130,000
Cost of sales(12,444,270)(327,547)(12,771,817)
Gross profit2,083,050(327,547)1,755,503
Profit before tax211,084(327,547)(116,463)
Retained earnings(909,801)255,677(654,124)
Tax(80,439)71,870(8,569)
Profit after tax130,645(255,677)(125,032)


Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

12. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 10,000
AMORTISATION
At 1 December 2023 9,000
Amortisation for year 1,000
At 30 November 2024 10,000
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 1,000

13. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to Plant and fittings Motor
property machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 December 2023 9,738 - 214,455 184,664 408,857
Additions - 116,642 18,183 104,638 239,463
Disposals - - - (71,794 ) (71,794 )
At 30 November 2024 9,738 116,642 232,638 217,508 576,526
DEPRECIATION
At 1 December 2023 - - 159,675 62,525 222,200
Charge for year - 29,161 19,918 44,023 93,102
Eliminated on disposal - - - (26,057 ) (26,057 )
At 30 November 2024 - 29,161 179,593 80,491 289,245
NET BOOK VALUE
At 30 November 2024 9,738 87,481 53,045 137,017 287,281
At 30 November 2023 9,738 - 54,780 122,139 186,657

14. STOCKS
2024 2023
as restated
£    £   
Stocks 760,376 738,273

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 2,482,695 2,447,847
Amounts owed by group undertakings 415,818 460,818
Other debtors 146,601 50,588
Directors' current accounts 374,934 97,213
VAT 135,619 225,010
Prepayments and accrued income 196,039 1,000
3,751,706 3,282,476

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Other loans (see note 18) 1,919,204 2,166,741
Hire purchase contracts (see note 19) 57,987 32,400
Trade creditors 1,395,262 1,601,628
Tax 174,110 1
Other creditors 102,538 35,981
Accrued expenses 279,294 140,000
3,928,395 3,976,751

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
as restated
£    £   
Other loans (see note 18) - 52,083
Hire purchase contracts (see note 19) 137,117 93,118
137,117 145,201

18. LOANS

An analysis of the maturity of loans is given below:

2024 2023
as restated
£    £   
Amounts falling due within one year or on demand:
Other loans 1,919,204 2,166,741

Amounts falling due between one and two years:
Other loans - 1-2 years - 52,083

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

19. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 57,987 32,400
Between one and five years 137,117 93,118
195,104 125,518

20. SECURED DEBTS

Included within other loans due under one year is £1,867,120 (2023: £2,104,241) due to the invoice financing company, this amount is secured by way of fixed and floating charge on the company assets.

21. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax
Accelerated capital allowances 18,060 35,750

Deferred
tax
£   
Balance at 1 December 2023 35,750
Credit to Statement of Comprehensive Income during year (17,690 )
Balance at 30 November 2024 18,060

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
100 Ordinary £1 100 100

Jch Marine & Offshore Supplies Ltd (Registered number: 07079065)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

23. RESERVES
Retained
earnings
£   

At 1 December 2023 909,803
Prior year adjustment (255,679 )
654,124
Profit for the year 639,006
Dividends (100,000 )
At 30 November 2024 1,193,130

24. RELATED PARTY DISCLOSURES

2024 2023
£ £

Directors' loan account
Balance brought forward 97,213 19,261
(Capital Introduced)/Drawings 377,720 327,953
Dividends (99,999 ) (250,001 )
Balance carried forward 374,934 97,213

L & J Holdings Ltd

A company under common control.


During the year, the company paid rent of £123,000 (2023: £156,000) to L & J Holdings Ltd.

Additionally, during the year, the company received loan repayments of £45,000 (2023: £38,500) from L & J Holdings Limited. At the end of the year, the balance due from L & J Holdings Limited was £415,818 (2023: £460,818).

The company has provided guarantees on behalf of L & J Holdings Limited in respect of loans owed by that company. The loans are secured by way of a fixed charge over property held in that company and therefore it is highly unlikely that any liability will arise in this company.

25. ULTIMATE CONTROLLING PARTY

The controlling party is J Hynes.