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COMPANY REGISTRATION NUMBER: 10644362
JJO Holdings Limited
Financial Statements
For the Year Ended
28 February 2025
JJO Holdings Limited
Financial Statements
Year Ended 28 February 2025
Contents
Pages
Officers and Professional Advisers
1
Strategic Report
2 to 6
Directors' Report
7 to 9
Independent Auditor's Report to the Members
10 to 13
Consolidated Statement of Comprehensive Income
14
Consolidated Statement of Financial Position
15
Company Statement of Financial Position
16
Consolidated Statement of Changes in Equity
17
Company Statement of Changes in Equity
18
Consolidated Statement of Cash Flows
19
Notes to the Financial Statements
20 to 34
JJO Holdings Limited
Officers and Professional Advisers
The Board of Directors
L. Greenhalgh
S.E. Greenhalgh
G. Greenhalgh
Registered Office
Avalon House
Bacup
Lancashire
OL13 0EA
Auditor
Beever and Struthers
Chartered accountants & statutory auditor
The Beehive
Lions Drive
Shadsworth Business Park
Blackburn
BB1 2QS
Bankers
National Westminster Bank Plc
5th Floor
1 Spinningfield Square
Manchester
M3 3AP
Solicitors
Forbes Solicitors
Rutherford House
4 Wellington Street (St. Johns)
Blackburn
BB1 8DD
JJO Holdings Limited
Strategic Report
Year Ended 28 February 2025
The economic headwinds detailed in last years report have intensified, will little sign of them abating. We benchmark our performance against a number of key competitors, almost all of whom are exhibiting comparable performance levels. Indeed, the single figure percentage decline in our turnover places us in the top quartile of the benchmark group. This is testimony to our strategies to further improve our bathroom offering which has proved the most resilient product category and establishing our contracts division which continues to grow. The group judges performance based on a number of KPIs. Stock turnover has returned to pre pandemic levels, improving from 5.2 last year to 6.3 in this period, a ratio not seen since 2019. During the supply chain issues caused as a result of the Covid demand surge and output restrictions it was prudent to build stocks to ensure that production capacity could be safely maintained. However, as the market has cooled and supplier capacity is back to normal this safety net is no longer required, enabling previously tied up cash to be released. As detailed above sales levels across the home improvement and furniture industries have been under pressure, our turnover is down 9% from 2024. Gross margin has been affected by non variable labour costs, as an employee-owned business the needs of our staff are placed higher than in those businesses with a more traditional ownership model. So, any staff reduction has been organic. It also seems prudent to retain loyal, knowledgeable and highly skilled staff in preparation for the upturn when it arrives. With tight market price competition, natural staff attrition and a focus on cost reduction have contributing to a 1.4% increase in margin. The above-mentioned decrease in stock levels and focus on maintaining cash has resulted in an improvement from 2.13 to 2.45 for the current ratio. For the coming year, our focus is to continue to play the strengths of our business model. A world class production facility, our own distribution fleet and a heritage of innovation.
The group uses various financial instruments. These include loans, cash, equity instruments, preference shares and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The existence of these finance instruments exposes the group to a number of financial risks which are described in more detail below. Market risk Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and liquidity risk. The group's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled 'interest rate risk' below. Currency risk The group is exposed to transaction foreign exchange risk. Transaction exposures, including those associated with forecast transactions, are hedged when known, principally using forward currency contracts. Whilst the aim is to achieve an economic hedge, the group does not adopt an accounting policy of hedge accounting for these financial statements. A number of the group's purchases are from suppliers in Europe. These purchases are invoiced in Euros. The group uses forward currency contracts to minimise the risk associated with that exposure. Liquidity risk The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Management actively manage cash to ensure that there is sufficient funds to meet business requirements. Interest rate risk The group finances its operations through a mixture of retained profits, bank borrowings and preference shares. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities. The interest rate exposure to the financial assets and liabilities of the group at 28 February 2025 is shown below. Fixed rate - bank loans, finance leases and preference shares Floating rate - Cash and other loans Zero rate - Trade debtors and trade creditors Credit risk The group's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counter parties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conduction with debt ageing and collection history. The group also has credit insurance to further minimise the risk.
STATEMENT BY THE DIRECTORS IN PERFORMANCE OF THEIR STATUTORY DUTIES IN ACCORDANCE WITH S172(1) COMPANIES ACT 2006 The revised UK Corporate Governance Code ('2018 Code') was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') require Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. The Board welcomes the direction of the UK Financial Reporting Council (the 'FRC'). This S172 statement explains how JJO Holdings Limited ("JJO") Directors: . - have engaged with employees, suppliers, customers and others; and - have had regard to employee interests, the need to foster the company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the company during the financial year. The S172 statement focuses on matters of strategic importance to JJO, and the level of information disclosed is consistent with the size and the complexity of the business. General confirmation of Directors' duties When making decisions, each Director ensures that he/she acts in the way he/she considers, in good faith, would most likely promote the Company's success for the benefit of its members as a whole, and in doing so have regard (among other matters) to: S172(1) (A) "The likely consequences of any decision in the long term" The board of JJO always considers the short, medium and long-term impact of strategic decisions taken by the company. Where possible these decisions are taken in light of structural changes to national and international markets, shifts in the economy and wider social trends. For example JJO have long followed a policy of waste minimalization and energy efficiency, winning nationally recognised awards in these areas, such as in 2011 we were National Runner up in the EEF future manufacturing awards in the energy efficiency category whilst in 2017 we were the winner of the North West green heroes award in the same category, which has in turn developed a culture of sustainability in the business. S172(1) (B) "The interests of the company's employees" JJO established a formal framework for employee communication over 10 years ago. The Works committee is made up of representatives of each department of the business and they meet on a bi-monthly basis where they are able to bring concerns and questions to Directors of the company. On at least two occasions per year this will be the Managing Director. The Works committee addresses all areas of concern for staff members such as training, working conditions and career development. During the negotiations around the 2019 salary review the committee highlighted concerns of staff around the length of the working week. As a result of this the working work was reduced by 3 hours per week, with no loss of earnings and productivity was maintained at previous levels. We also operate a 'Manager's Forum' where management and supervisory staff share best practice and explore ways to enhance operations. In 2010 JJO introduced an 'Employee charter' which clearly laid out the principals and standards expected by the company for interactions between employees. The key message was one of mutual respect. The Directors are all long-term employees of the business who operate an open door policy to any staff issues. The company understands that its key asset is the workforce who individually and collective drive the business forward. To ensure that this is perpetuated, the company provides structured training and rewards to all engaged staff. On 2nd March 2021, the shareholders sold 67% of the shares in the holding company, JJO Holdings Limited , to an Employee Ownership Trust (EOT). Whilst the first duty of the EOT is to operate in the commericial interests of JJO, the second imperative is to act in the interests of the employees. To this end we have appointed an EOT steering committee which shadows the decisions made by the board of directors. The trustees are also consulted about decisions of major significance. S172(1) (C) "The need to foster the company's business relationships with suppliers, customers and others" JJO prides itself on the longevity of relationships with suppliers and customers. We have been dealing with our main supplier of painted and timber doors in Italy for over 40 years, other main suppliers have been trading with the business for decades. With these principal suppliers we settle accounts within 14 days of receiving goods, in exchange for a payment discount. This generates a spirit of trust and cooperation. We enjoy similar long term and mutually productive relationships with customers, a a number of whom are second generation contacts. Relationships with customers are helped by regular visits from established and emphatic Area sales managers. A further advantage enjoyed by the business is that we make deliveries on our own fleet of trucks operated by our own drivers, who are proud to act as ambassadors for the business. JJO also enjoys long term relationships with its Bankers, having been with Nat West since they were the District Bank. We have traded with the same Insurance Broker for over 40 years. S172(1) (D) "The impact of the company's operations on the community and the environment" JJO has operated from its premises in Rossendale for over 150 years, that level of longevity generates a heritage and tradition that knits into the very fabric of the local community. As one of the larger employers in the area we feel a duty to lead by example in terms of best practice. In addition to employing multiple generations and members of the same families, we activity display our commitment to localis m by placing orders with businesses in the area, be they builders or printers. We are also active in support of local good causes supporting Stacksteads Brass band, sponsoring Bacup Borough Football Club and donating to Rossendale Hospice. Our Managing Director was a director of the East Lancashire Chamber of Commerce, Growth Lancashire Ltd and an active member of the Rossendale business leaders' forum. S172(1) (E) "The desirability of the company maintaining a reputation for high standards of business conduct" JJO uses the strength of its balance sheet to ensure that it exceeds government guidance on the prompt payment of invoices, ensuring that suppliers are treated fairly. In terms of product quality, the company has achieved the FIRA gold award for excellence in furniture quality and customer service. The business was also proud to reach the exacting standards required to attain ISO standards 9001 (Quality management), 14001 (Environmental management), ISO45001 (Health and Safety management) and 50001 (Energy management). S172(1) (F) "The need to act fairly as between members of the company" JJO Is an employee-owned business; after weighing up all relevant factors, the directors consider which course of action best enables delivery of our strategy through the long-term, taking into consideration the impact on stakeholders. The intention of the directors is to operate the business in a responsible manner, operating within the high standards of business conduct required in line with all regulatory requirements, and go od governance expected for a business such as ours, and in doing so, will contribute to the delivery of our strategic plan. Culture The culture of our company has evolved over many years of successfully building a business. Whilst it does embody traditional beliefs, such as delivering value for money and mutual respect, it is modern, inclusive and fit for 21st Century. We recognise that history is appreciated but the present and future are of greater significance. Stakeholder engagement (including employee engagement The company operates a two-way system of information exchange for views, questions and best practice. Shopfloor workers are represented by the Works council, supervisory and management is represented by the Manager forum, whilst high level Management sit on the Executive committee. These bodies meet bi-monthly and the chair of each group also sits on another body to ensure continuity. We also operate a bi-monthly in house magazine 'JJO journal' which details developments small and large within the business, and this is circulated to employees, suppliers, customers and other stakeholders as appropriate. Principal decisions A. Adapting our business plan to suit a hard market With a heritage stretching back over 150 years JJO has adapted to massive changes across the economy and society. For example during the Global financial crisis of 2007-2008 we launched our bathroom division. Our reaction to the current economic situation has been to create a contracts division which targets mid-size builders and developers. B. Maintain service levels, stock availability and Order fulfilment levels Clearly the temptation in a difficult market is to reduce stock and service levels, we take a completely different approach. Using our balance sheet strength and strong cash position JJO has ensured delivery frequency together with complete and right first time deliveries are constantly improving, thus removing the issue of various 'soft costs' such as dealing with incomplete and late orders.
This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:
S.E. Greenhalgh
Director
Registered office:
Avalon House
Bacup
Lancashire
OL13 0EA
JJO Holdings Limited
Directors' Report
Year Ended 28 February 2025
The directors present their report and the financial statements of the group for the year ended 28 February 2025 .
Directors
The directors who served the company during the year were as follows:
L. Greenhalgh
S.E. Greenhalgh
G. Greenhalgh
Dividends
The directors do not recommend the payment of a dividend.
Greenhouse Gas Emissions and Energy Consumption
Methodologies for Energy and Emissions Calculations
The group uses a wireless monitoring system to analyse energy consumption. The energy used by the group in ( Kwh) in the year ended 28.02.25 compared to 29.02.24 is as follows :-
2025 % of turnover 2024 % of turnover
£ £ £ £
Electricity 218,764 1 294,331 1
CO2 45,295 59,788
Gas 624,767 2 716,182 2
CO2 114,270 131,432
Diesel (litres) 372,653 1 400,213 1
Total energy consumption 843,531 3 1,010,513 3
Total CO2 159,565 191,220 1
Principal Measures Taken to Increase Energy Efficiency
Energy efficiency measures taken include certification to ISO50001, installed 1200 energy saving regulator, installation of a wireless energy monitoring system, replacement dust extraction system with eco gates and variable speed motors and LED energy efficient lighting replacement programme implemented.
Employment of Disabled Persons
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person although due to the high level of manufacturing operations the number of opportunities are limited. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to to to disabled employees wherever appropriate.
Employee Involvement
The directors recognise the benefits of developing excellent working relationships at all levels throughout the business. Employees are encouraged to develop their career with J & J Ormerod Plc (the company's principal subsidiary company) and regular consultation takes place between the directors and employees via the medium of a company wide works council. Slavery and Human Trafficking Policy J & J Ormerod Plc is a designer, manufacturer and distributor of kitchen, bedroom and bathroom furniture that is committed to driving out acts of modern day slavery and human trafficking within its business and from within its supply chains, including sub-contractors. The company acknowledges responsibility to the Modern Slavery Act 2015 and will ensure transparency within the company and with suppliers of goods and services. As part of the company's due diligence processes into slavery and human trafficking the supplier approval process will incorporate a review of the controls undertaken by our suppliers. J & J Ormerod Plc will not support or deal with any business knowingly involved in slavery or human trafficking. The company's directors shall take responsibility for implementing this policy statement and its objectives and shall provide adequate resources and investment to ensure that slavery and human trafficking is not taking place within the company and, or within its supply chains. We expect the same high standards from all of our contractors, suppliers, as part of our due diligence processes, in the coming years we will include prohibitions against the use of forced, compulsory or trafficked labour, or anyone held in slavery or servitude, whether adults or children, and we expect that our suppliers will hold their own suppliers to the same high standards. A copy of this policy will be accessible electronically to all employees and any other interested parties. This policy takes into account, and supports the procedures and requirements documented within our Integrated Management System, which are compliant with the requirements of ISO 9001:2015, ISO 14001:2015, ISO 50001:2011 and Forest Stewardship Council (FSC). The implementation and operation of these management systems underlines our commitment to this policy. This policy is communicated to all levels of the company, and that it is annually reviewed by the directors to ensure its continuing suitability and relevance to the company's activities.
Disclosure of Information in the Strategic Report
The company has chosen to disclose certain information, including how the company fosters its business relationships with suppliers, customers and others, the future development opportunities for the company and financial instrument risk management policies in the strategic report rather than the directors report.
Directors' Responsibilities Statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:
S.E. Greenhalgh
Director
Registered office:
Avalon House
Bacup
Lancashire
OL13 0EA
JJO Holdings Limited
Independent Auditor's Report to the Members of JJO Holdings Limited
Year Ended 28 February 2025
Opinion
We have audited the financial statements of JJO Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 28 February 2025 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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
We have nothing to report to you in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
The directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
The directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
In our evaluation of the directors’ conclusions, we have reviewed the assumptions within the cashflow forecasts prepared by the Directors along with their strategic plans. Based on the work we 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 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: To assist with identifying and assessing risks associated with material misstatements, including fraud and non compliance of laws and regulations, we carried out the following procedures; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the company through discussions with directors and other management; - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify any unusual or unexpected relationships; - Tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and - Investigated the rationale behind significant or unusual transactions. 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 auditor’s report. 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 an auditor's report and for no other purpose. To the fullest expect permitted by law, we do not accept or assume responsibility to anyone other than the company's members as a body, for our audit work, for this report, or for the opinions we we have formed.
Suzanne Lomax BA FCA
(Senior Statutory Auditor)
For and on behalf of
Beever and Struthers
Chartered accountants & statutory auditor
The Beehive
Lions Drive
Shadsworth Business Park
Blackburn
BB1 2QS
27 August 2025
JJO Holdings Limited
Consolidated Statement of Comprehensive Income
Year Ended 28 February 2025
2025
2024
Note
£
£
Turnover
4
32,655,089
35,992,519
Cost of sales
( 24,826,273)
( 27,846,983)
-------------
-------------
Gross profit
7,828,816
8,145,536
Distribution costs
( 1,693,554)
( 1,901,682)
Administrative expenses
( 6,979,745)
( 6,563,617)
Other operating income
5
29,199
205,739
------------
------------
Operating loss
6
( 815,284)
( 114,024)
Other interest receivable and similar income
10
37,558
42,316
Interest payable and similar expenses
11
( 464,952)
( 354,269)
------------
------------
Loss before taxation
( 1,242,678)
( 425,977)
Tax on loss
12
205,438
81,535
------------
---------
Loss for the financial year and total comprehensive income
( 1,037,240)
( 344,442)
------------
---------
All the activities of the group are from continuing operations.
JJO Holdings Limited
Consolidated Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
13
16,620,494
17,627,770
Investments
14
331,081
860,626
-------------
-------------
16,951,575
18,488,396
Current assets
Stocks
15
5,198,904
6,877,992
Debtors
16
5,722,247
6,359,443
Investment Properties
17
529,545
Cash at bank and in hand
733,137
972,278
-------------
-------------
12,183,833
14,209,713
Creditors: amounts falling due within one year
18
( 4,969,412)
( 6,642,294)
-------------
-------------
Net current assets
7,214,421
7,567,419
-------------
-------------
Total assets less current liabilities
24,165,996
26,055,815
Creditors: amounts falling due after more than one year
19
( 5,774,158)
( 6,421,299)
Provisions
21
( 1,217,603)
( 1,423,041)
-------------
-------------
Net assets
17,174,235
18,211,475
-------------
-------------
Capital and reserves
Called up share capital
24
291,079
291,079
Revaluation reserve
25
5,036,381
5,036,381
Other reserves, including the fair value reserve
25
16,519
16,519
Profit and loss account
25
11,830,256
12,867,496
-------------
-------------
Shareholders funds
17,174,235
18,211,475
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:
S.E. Greenhalgh
Director
Company registration number: 10644362
JJO Holdings Limited
Company Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Investments
14
786,179
786,179
Current assets
Debtors
16
24,500
24,500
--------
--------
Net current assets
24,500
24,500
---------
---------
Total assets less current liabilities
810,679
810,679
Creditors: amounts falling due after more than one year
19
( 519,600)
( 519,600)
---------
---------
Net assets
291,079
291,079
---------
---------
Capital and reserves
Called up share capital
24
291,079
291,079
---------
---------
Shareholders funds
291,079
291,079
---------
---------
The profit for the financial year of the parent company was £Nil (2024: £Nil).
These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:
S.E. Greenhalgh
Director
Company registration number: 10644362
JJO Holdings Limited
Consolidated Statement of Changes in Equity
Year Ended 28 February 2025
Called up share capital
Revaluation reserve
Other reserves, including the fair value reserve
Profit and loss account
Total
£
£
£
£
£
At 1 March 2023
291,079
5,036,381
16,519
14,689,424
20,033,403
Loss for the year
( 344,442)
( 344,442)
---------
------------
--------
-------------
-------------
Total comprehensive income for the year
( 344,442)
( 344,442)
EOT contribution
( 1,477,486)
( 1,477,486)
---------
------------
--------
-------------
-------------
Total investments by and distributions to owners
( 1,477,486)
( 1,477,486)
At 29 February 2024
291,079
5,036,381
16,519
12,867,496
18,211,475
Loss for the year
( 1,037,240)
( 1,037,240)
---------
------------
--------
-------------
-------------
Total comprehensive income for the year
( 1,037,240)
( 1,037,240)
---------
------------
--------
-------------
-------------
At 28 February 2025
291,079
5,036,381
16,519
11,830,256
17,174,235
---------
------------
--------
-------------
-------------
JJO Holdings Limited
Company Statement of Changes in Equity
Year Ended 28 February 2025
Called up share capital
Profit and loss account
Total
£
£
£
At 1 March 2023
291,079
291,079
Profit for the year
At 29 February 2024
291,079
291,079
Profit for the year
---------
----
---------
At 28 February 2025
291,079
291,079
---------
----
---------
JJO Holdings Limited
Consolidated Statement of Cash Flows
Year Ended 28 February 2025
2025
2024
£
£
Cash flows from operating activities
Loss for the financial year
( 1,037,240)
( 344,442)
Adjustments for:
Depreciation of tangible assets
1,184,850
1,197,132
Fair value adjustment of investment property
( 222,391)
Other interest receivable and similar income
( 37,558)
( 42,316)
Interest payable and similar expenses
464,952
354,269
Loss/(gains) on disposal of tangible assets
35,716
( 70,637)
Tax on profit
( 205,438)
( 81,535)
Accrued (income)/expenses
( 724,120)
346,114
Changes in:
Stocks
1,679,088
692,730
Trade and other debtors
636,566
( 70,898)
Trade and other creditors
( 476,349)
( 12,689)
------------
------------
Cash generated from operations
1,520,467
1,745,337
Interest paid
( 464,952)
( 354,269)
Interest received
37,558
42,316
Tax paid
( 139,205)
------------
------------
Net cash from operating activities
1,093,073
1,294,179
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 113,557)
( 247,548)
Proceeds from sale of tangible assets
133,014
229,465
------------
------------
Net cash from/(used in) investing activities
19,457
( 18,083)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 538,385)
( 517,778)
Payments of finance lease liabilities
( 813,286)
( 704,083)
EOT contribution
( 1,477,486)
------------
------------
Net cash used in financing activities
( 1,351,671)
( 2,699,347)
------------
------------
Net decrease in cash and cash equivalents
( 239,141)
( 1,423,251)
Cash and cash equivalents at beginning of year
972,278
2,395,529
---------
------------
Cash and cash equivalents at end of year
733,137
972,278
---------
------------
JJO Holdings Limited
Notes to the Financial Statements
Year Ended 28 February 2025
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Avalon House, Bacup, Lancashire, OL13 0EA.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. True and Fair Override At 28 February 2025 the group had missed targets in relation to its bank loan covenants. The bank waived this contravention post year end, they were unable to waive the noncompliance pre year end as they could not have been aware of the position. The Bank have confirmed that they would have supported the group in respect of the breach if they had been aware of the position at the year end, based on this the group has adopted a true and fair override and the loan has been disclosed in the financial statements reflecting the loan maturity profile as if no such breach had taken place.
Going Concern
During the year and post year end the bank covenants were contravened, the bank has been fully supportive of the group and revised bank covenants are in the process of being renegotiated. We have undertaken various sensitivities to the forecasts which demonstrate the Group can continue to operate as a going concern for a period of at least twelve months from when the financial statements are authorised for issue if refinancing is required.
Disclosure Exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of JJO Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. - Investment properties are measured at fair value, with changes in fair value being recognised in the profit or loss. In determining this, the valuation is on an open market basis for existing use based on the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The Directors have estimated the market value at the year end by reviewing movements in local property indices. - Determination of whether leases entered into by the company as lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Key sources of estimation uncertainty - Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Determination of whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. - Determination of recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the directors the debt is not fully recoverable. A provision of £120,332 (2024: £75,471) has been recognised against trade debtors. - Determination of whether a provision against stock is considered necessary. A provision of £313,332 (2024: £423,744) has been recognised against stock. - Determination of whether a provision against discounts allowed but not yet taken is considered necessary. A provision of £101,526 (2024: £210,180) has been recognised in creditors.
Revenue Recognition
Revenue from the sale of goods of wholesale kitchens, bedrooms, bathrooms and associated products is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% reducing balance
Long leasehold property
-
Over remaining lease term
Plant and machinery
-
10% - 33% reducing balance
Motor vehicles
-
25% reducing balance
Freehold land totalling £1,795,000 is not depreciated.
Investment Property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is subsequently measured at fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Once an investment property is marketed for sale it is transferred into current assets at fair value.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. The preference shares are classified as a financial liability and the dividend is treated as interest as both the dividend and redemption are compulsory.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2025
2024
£
£
Sale of goods
32,655,089
35,992,519
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group, over 99% of which is undertaken in the United Kingdom.
5. Other Operating Income
2025
2024
£
£
Rental income
29,199
72,491
Other operating income
133,248
--------
---------
29,199
205,739
--------
---------
6. Operating Loss
Operating profit or loss is stated after charging/crediting:
2025
2024
£
£
Depreciation of tangible assets
1,184,850
1,197,132
Loss/(gains) on disposal of tangible assets
35,716
( 70,637)
Fair value adjustments to investment property
( 222,391)
Impairment of trade debtors
77,238
117,451
Foreign exchange differences
( 31)
Operating lease rent
415,291
367,482
------------
------------
7. Auditor's Remuneration
2025
2024
£
£
Fees payable for the audit of the financial statements
50,000
45,000
--------
--------
Fees payable to the company's auditor and its associates for other services:
Taxation advisory services
9,562
9,000
--------
--------
8. Staff Costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2025
2024
No.
No.
Production staff
189
198
Distribution staff
68
71
Administrative staff
19
22
----
----
276
291
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2025
2024
£
£
Wages and salaries
9,281,183
10,041,806
Social security costs
916,111
1,031,604
Other pension costs
330,491
337,021
-------------
-------------
10,527,785
11,410,431
-------------
-------------
Included in aggregate payroll costs is £397,391 (2024: £324,323) in relation to key management personnel.
9. Directors' Remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2025
2024
£
£
Remuneration
533,584
594,763
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2025
2024
No.
No.
Defined contribution plans
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2025
2024
£
£
Aggregate remuneration
416,301
423,582
---------
---------
10. Other Interest Receivable and Similar Income
2025
2024
£
£
Interest on cash and cash equivalents
37,558
42,316
--------
--------
11. Interest Payable and Similar Expenses
2025
2024
£
£
Interest on banks loans and overdrafts
186,910
207,517
Interest on obligations under finance leases and hire purchase contracts
65,395
43,907
Dividends paid on shares classed as debt
51,960
51,960
Other interest payable and similar charges
160,687
50,885
---------
---------
464,952
354,269
---------
---------
12. Tax on Profit
Major components of tax income
2025
2024
£
£
Current tax:
UK current tax income
( 204,782)
Adjustments in respect of prior periods
( 36,286)
----
---------
Total current tax
( 241,068)
----
---------
Deferred tax:
Origination and reversal of timing differences
( 205,438)
159,533
---------
---------
Tax on profit
( 205,438)
( 81,535)
---------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 24.49 %).
2025
2024
£
£
Loss on ordinary activities before taxation
( 1,242,678)
( 425,977)
------------
---------
Loss on ordinary activities by rate of tax
( 310,670)
( 104,322)
Adjustment to tax charge in respect of prior periods
( 36,286)
Effect of expenses not deductible for tax purposes
102,261
16,041
Effect of capital allowances and depreciation
( 45,976)
38,325
Effect of revenue exempt from tax
( 54,464)
Effect of different UK tax rates on some earnings
59,171
Unused tax losses
48,947
------------
---------
Tax on profit
( 205,438)
( 81,535)
------------
---------
Deferred tax comprises a current year credit of £205,438, and a prior year charge of £159,533.
Losses incurred during the year have been carried forward to be used against future profits. Prior year losses have been carried back to prior periods, however due to the change in UK corporation tax rate these losses were been carried back at 19% rather than 24.49%. The effect of this is included in the £59,171 reconciling item above. .
13. Tangible Assets
Group
Freehold property
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2024
12,267,754
190,000
17,510,987
3,950,589
33,919,330
Additions
6,496
82,258
257,550
346,304
Disposals
( 346,783)
( 425,981)
( 772,764)
-------------
---------
-------------
------------
-------------
At 28 February 2025
12,267,754
196,496
17,246,462
3,782,158
33,492,870
-------------
---------
-------------
------------
-------------
Depreciation
At 1 March 2024
1,930,929
41,593
12,141,499
2,177,539
16,291,560
Charge for the year
170,836
3,022
567,503
443,489
1,184,850
Disposals
( 244,979)
( 359,055)
( 604,034)
-------------
---------
-------------
------------
-------------
At 28 February 2025
2,101,765
44,615
12,464,023
2,261,973
16,872,376
-------------
---------
-------------
------------
-------------
Carrying amount
At 28 February 2025
10,165,989
151,881
4,782,439
1,520,185
16,620,494
-------------
---------
-------------
------------
-------------
At 29 February 2024
10,336,825
148,407
5,369,488
1,773,050
17,627,770
-------------
---------
-------------
------------
-------------
The company has no tangible assets.
In 2014 as permitted by the transitional provision of FRS 15, the group selected not to adopt a policy of revaluation of tangible fixed assets. The group retained the book value of land and buildings that were previously revalued at 28 February 2013.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 28 February 2025
1,045,945
1,085,190
2,131,135
------------
------------
------------
At 29 February 2024
1,188,925
1,125,600
2,314,525
------------
------------
------------
14. Investments
Group
Investments properties
£
Cost
At 1 March 2024
860,626
Transfers
(529,545)
---------
At 28 February 2025
331,081
---------
Impairment
At 1 March 2024 and 28 February 2025
---------
Carrying amount
At 28 February 2025
331,081
---------
At 29 February 2024
860,626
---------
Company
Shares in group undertakings
£
Cost
At 1 March 2024 and 28 February 2025
786,179
---------
Impairment
At 1 March 2024 and 28 February 2025
---------
Carrying amount
At 1 March 2024 and 28 February 2025
786,179
---------
At 29 February 2024
786,179
---------
Investment properties are measured at fair value, with changes in fair value being recognised in the profit or loss.
The value as at 28 February 2025 has been determined by the directors. Details on the assumptions made and the key sources of estimation uncertainty are given in note 3.
The comparable historical cost of investment properties at 28 February 2025 was £361,088 (2024: £361,088) including those held for sale and therefore disclosed as current assets, and aggregate impairment of £nil (2024: £Nil).
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
JJO Group Limited
England and Wales
Ordinary
100
Preference
100
J & J Ormerod Plc
England and Wales
Ordinary
100
Preference
100
European Door Concepts Limited
England and Wales
Ordinary
100
Shares held in J & J Ormerod Plc and European Door Concepts Limited are held indirectly through JJO Group Limited. The subsidiaries have the same registered office as JJO Holdings Limited , details of which are set out in note 1. The only active subsidiary is J & J Ormerod Plc which carries out the trading activity of the group.
15. Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
237,937
316,849
Finished goods and goods for resale
4,960,967
6,561,143
------------
------------
----
----
5,198,904
6,877,992
------------
------------
----
----
16. Debtors
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade debtors
4,185,142
4,639,047
Amounts owed by group undertakings
24,500
24,500
Prepayments and accrued income
1,216,149
1,302,100
Corporation tax repayable
240,438
241,068
Other debtors
80,518
177,228
------------
------------
--------
--------
5,722,247
6,359,443
24,500
24,500
------------
------------
--------
--------
17. Investment Properties
Group
Company
2025
2024
2025
2024
£
£
£
£
Investment property held for sale
529,545
---------
----
----
----
18. Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
559,674
540,000
Trade creditors
2,883,343
3,519,764
Accruals and deferred income
151,299
875,419
Social security and other taxes
417,628
275,366
Obligations under finance leases and hire purchase contracts
605,952
813,286
Other creditors
351,516
618,459
------------
------------
----
----
4,969,412
6,642,294
------------
------------
----
----
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The bank loan is secured by way of fixed charges and negative pledges against group's Freehold property alongside a cross guarantee from other group entities, JJO Group Limited and J & J Ormerod Plc.
19. Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
3,926,959
4,485,018
Shares classed as financial liabilities
519,600
519,600
519,600
519,600
Obligations under finance leases and hire purchase contracts
429,106
802,311
Director loan accounts
614,370
614,370
Other loans
284,123
------------
------------
---------
---------
5,774,158
6,421,299
519,600
519,600
------------
------------
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £1,455,548 (2024: £2,109,988) for the group and £1,455,548 (2024: £2,109,988) for the company in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The bank loan is secured by way of fixed charges and negative pledges against group's Feehold property, and a cross guaranteebetween the company, JJO Group Limited and J & J Ormerod Plc. The bank loan incurs a fixed interest rate of 3.91%.
20. Finance Leases and Hire Purchase Contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Not later than 1 year
605,952
813,286
Later than 1 year and not later than 5 years
429,106
802,311
------------
------------
----
----
1,035,058
1,615,597
------------
------------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 March 2024
1,423,041
Charge against provision
( 205,438)
------------
At 28 February 2025
1,217,603
------------
The company does not have any provisions.
22. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Included in provisions (note 21)
1,217,603
1,423,041
------------
------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2025
2024
2025
2024
£
£
£
£
Accelerated capital allowances
1,267,982
1,427,637
Unused tax losses
( 45,976)
Other timing differences
( 4,403)
( 4,596)
------------
------------
----
----
1,217,603
1,423,041
------------
------------
----
----
23. Employee Benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 330,491 (2024: £ 337,021 ).
At the balance sheet date £42,695 (2024: £45,068) is outstanding which is included within other creditors.
24. Called Up Share Capital
Issued, called up and fully paid
2025
2024
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £1 each
278,579
278,579
278,579
278,579
Ordinary shares of £5 each
2,500
12,500
2,500
12,500
---------
---------
---------
---------
281,079
291,079
281,079
291,079
---------
---------
---------
---------
Amounts presented in liabilities:
Fixed 10% non-redeemable cumulative shares of £ 1 each
519,600
519,600
519,600
519,600
---------
---------
---------
---------
The Fixed 10% Non Redeemable Cumulative Preference Shares entitle the holders to a Preference dividend to be paid monthly in arrears. On liquidation or otherwise, the holders are entitled to be paid, out of the surplus assets of the company remaining after payment of its liabilities, the capital paid up on the shares together with a sum equal to any accruals or arrears of dividend. The holders are entitled to receive notice of general meetings but are not entitled to attend such meetings and to vote upon any resolution unless the dividend is more than twelve months in arrears on the date of the notice convening the meeting or the resolution is for winding up of the company or the resolution is one which in any way varies the rights or restrictions attaching to the shares. In such circumstances, each share carries one vote. These shares are classed as liabilities in accordance with FRS102.
25. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Other reserve - This reserve comprises the merger reserve arising on consolidation. Profit and loss account - This reserve records retained earnings and accumulated losses. Included within the profit and loss account is £461,626 of non-distributable reserves.
26. Analysis of Changes in Net Debt
At 1 Mar 2024
Cash flows
At 28 Feb 2025
£
£
£
Cash at bank and in hand
972,278
(239,141)
733,137
Debt due within one year
(1,353,286)
187,660
(1,165,626)
Debt due after one year
(6,421,299)
931,264
(5,490,035)
------------
---------
------------
( 6,802,307)
879,783
( 5,922,524)
------------
---------
------------
JJO Holdings Limited
Notes to the Financial Statements (continued)
Year Ended 28 February 2025
27. Capital Commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Tangible assets
127,375
----
---------
----
----
28. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Not later than 1 year
605,952
50,801
Later than 1 year and not later than 5 years
429,106
67,500
------------
---------
----
----
1,035,058
118,301
------------
---------
----
----
29. Directors' Advances, Credits and Guarantees
The credit balances on the directors' current accounts at the balance sheet date were £363,145 (2024: £363,145) to Mr L. Greenhalgh , £153,901 (2024: £153,901) to Mr S.E Greenhalgh and £97,324 (2024: £97,324) to Ms G. Greenhalgh . Loan repayments were also made during the year. Gross loan interest of £91,805 (2024: £29,055), £38,907 (2024: £12,314) and £24,604 (2024: £7,787) were charged respectively during the year.
30. Related Party Transactions
Group
Mr S.G. Ashton is a director of SA Kitchens & Bedrooms Limited, a customer of the company. During the year the company sold goods totalling £36,767 (2024: £39,163) to and purchased goods totalling £2,571 (2024: £3,135) from SA Kitchens & Bedrooms Limited. At 28 February 2025 SA Kitchens & Bedrooms Limited owed £14,694 (2024: £8,562) which is included within debtors and the group owed SA Kitchens & Bedrooms Limited £nil (2024: £443) which is included within creditors. The J & J Ormerod Plc Retirement Benefit Scheme, established for the benefit of certain company directors, owns certain properties occupied by the company. During the year, the company was charged £241,633 (2024: £241,300) in respect of independently assessed rent. The company also occupies a property owned by a Self Invested Personal Pension Scheme established for the benefit of Mrs E. Greenhalgh, mother of three of the directors. During the year, the company was charged £55,000 (2024: £55,000) for rent. Miss E. Greenhalgh made a loan to the company of which £284,123 (2024: £284,123) was still outstanding at 28 February 2025. Gross interest of £nil (2024: £Nil) was charged to the company during the year.
Company
No transactions with related parties were undertaken with the company such as required to be disclosed under FRS 102.
31. Controlling Party
The group was considered to be under the control of the Allan Greenhalgh Children's Settlement 2012, by virtue of the fact it owned a majority of the ordinary issued share capital and had a right to exercise the majority of the voting rights. On 2 March 2021 the J & J Ormerod Employee Ownership Trust acquired 67% of the shares in the company. The Employee Ownership Trust is controlled by its trustee, J & J Ormerod (EOT) Limited.