| REGISTERED NUMBER: |
| Jch Marine & Offshore Supplies Ltd |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 30 November 2024 |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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 £ |
| The total distribution of dividends for the year ended 30 November 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| St Mary's House |
| Crewe Road |
| Alsager |
| Stoke-On-Trent |
| ST7 2EW |
| 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 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING PROFIT/(LOSS) | 6 | ( |
) |
| Interest receivable and similar income |
| 837,534 | (80,139 | ) |
| Interest payable and similar expenses | 8 | ( |
) | ( |
) |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 9 | ( |
) | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Prior year adjustment | 11 | ( |
) |
| 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 |
| Tangible assets | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 16 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Retained earnings | 23 | 654,124 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Prior year adjustment | - | ( |
) | ( |
) |
| As restated |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| 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 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Loan repayments received in the year |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Factoring account movement in year | (237,121 | ) | 782,949 |
| Capital repayments in year |
| Amount withdrawn by directors | (277,721 | ) | (77,953 | ) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) |
| Depreciation charges |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Finance costs | 8,890 | 36,324 |
| Finance income | (9,145 | ) | - |
| 954,008 | (16,465 | ) |
| (Increase)/decrease in stocks | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations | ( |
) |
| 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 | ( |
) | 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| Improvements to property | - |
| Fixtures, fittings & equipment | - |
| Motor vehicles | - |
| 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 |
| Europe |
| South America |
| Africa | 5,410,386 | 7,364,803 |
| Rest of the World | 193,704 | 139,231 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| as restated |
| Average Number of Staff |
| 5. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 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 |
| Other operating leases |
| Depreciation - owned assets |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| Foreign exchange differences |
| 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 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Bank interest | ( |
) |
| HMRC Interest |
| Loan |
| Hire purchase | ( |
) |
| 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 |
| Deferred tax | ( |
) |
| Tax on profit/(loss) |
| 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 | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses | ( |
) |
| Deferred Tax | (17,690 | ) | 8,543 |
| Other | - | 26 |
| Total tax charge | 189,638 | 8,569 |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Interim |
| 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 stock | 935,822 | (197,549 | ) | 738,273 |
| Accruals | 0 | 130,000 | 130,000 |
| Cost of sales | (12,444,270 | ) | (327,547 | ) | (12,771,817 | ) |
| Gross profit | 2,083,050 | (327,547 | ) | 1,755,503 |
| Profit before tax | 211,084 | (327,547 | ) | (116,463 | ) |
| Retained earnings | (909,801 | ) | 255,677 | (654,124 | ) |
| Tax | (80,439 | ) | 71,870 | (8,569 | ) |
| Profit after tax | 130,645 | (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 |
| AMORTISATION |
| At 1 December 2023 |
| Amortisation for year |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 13. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures, |
| to | Plant and | fittings | Motor |
| property | machinery | & equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 14. | STOCKS |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Stocks |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 374,934 | 97,213 |
| VAT |
| Prepayments and accrued income |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Other loans (see note 18) |
| Hire purchase contracts (see note 19) |
| Trade creditors |
| Tax |
| Other creditors |
| Accrued expenses |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| as restated |
| £ | £ |
| Other loans (see note 18) |
| Hire purchase contracts (see note 19) |
| 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 |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | - |
| 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 |
| Between one and five years |
| 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 |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 30 November 2024 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | as restated |
| £ | £ |
| 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 |
| Prior year adjustment | ( |
) |
| Profit for the year |
| Dividends | ( |
) |
| At 30 November 2024 |
| 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. |