ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 01253632

JAMES A. JOBLING AND COMPANY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

JAMES A. JOBLING AND COMPANY LIMITED

COMPANY INFORMATION

Directors	T E Jobling-Purser
	A I Jobling-Purser
	E W Jobling-Purser
	D E Jobling-Purser
	J McCreary (resigned 7 May 2024)
	P McCreary
	P Coulson
	J Flynn (appointed 1 September 2024)
	D Gardener (appointed 3 January 2025)


Registered number	01253632


Registered office	Paradise Works
	Scotswood Road
	Newcastle upon Tyne
	Tyne and Wear
	NE15 6BZ


Independent auditors	Ryecroft Glenton
	Chartered Accountants & Statutory Auditors
	32 Portland Terrace
	Newcastle upon Tyne
	Tyne and Wear
	NE2 1QP

JAMES A. JOBLING AND COMPANY LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Income and Retained Earnings	8
Balance Sheet	9
Statement of Cash Flows	10
Analysis of Net Debt	11
Notes to the Financial Statements	12 - 28

JAMES A. JOBLING AND COMPANY LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their Strategic Report for the year ended 31 December 2024.

Business review and key performance indicators

Turnover for the year decreased by 8.9% from the previous year which was fully expected.

We have continued to benefit from highway infrastructure maintenance.

We continue to put resources into growing our export sales to Europe and beyond.

The directors continue to invest in new product development, for use in applications both at home and abroad.

Full details of the 2024 results are shown on page 8 of our Financial Statements.

The Company’s key performance indicators show an approximate £1.19m decrease in gross profit which again, was expected.

Principal risks and uncertainties

Financial risks
Management ensures that top priority is given to the constant application within the business of robust credit control and cash collection systems, which are continually reviewed, with the aim of seeking to mitigate liquidity risk. These policies are designed to avoid the main financial risk of any organisation, namely that it may have difficulty in meeting its financial obligations.
Credit risk
Management routinely reviews the level of credit which we afford our customers in the interest of minimising the exposure of the business to bad debts.
Commodity price risk
Systems and procedures are in place to ensure that so far as possible our buyers are constantly aware of the price competition which exists in the market place..

This report was approved by the board on 9 September 2025 and signed on its behalf.

D E Jobling-Purser

Director

Page 1

JAMES A. JOBLING AND COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Company continued to be that of the manufacture of bituminous products, asphalts, macadams, anti-corrosive materials and specialist surfacing materials.

Results and dividends

The profit for the year, after taxation, amounted to £3,273,790 (2023 - £4,111,904).

Directors

The directors who served during the year were:

T E Jobling-Purser

A I Jobling-Purser

E W Jobling-Purser

D E Jobling-Purser

J McCreary (resigned 7 May 2024)

P McCreary

P Coulson

J Flynn (appointed 1 September 2024)

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.

Page 2

JAMES A. JOBLING AND COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The directors believe that the company possesses both the financial and managerial resources in order to capitalise on the opportunities which shall come its way in the future.

Research and development activities

The directors are mindful of the benefit of both refreshing and expanding the company’s product range, and they actively promote the area of Research and Development with both the financial support and the management time required to carry this out successfully.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 September 2025 and signed on its behalf.

D E Jobling-Purser

Director

Page 3

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY LIMITED

Opinion

We have audited the financial statements of James A. Jobling and Company Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the 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 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 31 December 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 United Kingdom, including the Financial Reporting Council'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.

Page 4

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 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, 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 Directors' Responsibilities Statement set out on page 2, 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 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.

Page 5

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY LIMITED (CONTINUED)

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 an Auditors' 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:

The extent to which the audit was considered capable of detecting irregularities including fraud
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the responsible individual 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, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including Companies Act 2006, taxation legislation, data protection and employment legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence provided to us; 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; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships; and
• tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC and the Company’s legal advisors where available.

Page 6

JAMES A. JOBLING AND COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JAMES A. JOBLING AND COMPANY LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Auditors' 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 Auditors' Report 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.

Deborah Graham (Senior Statutory Auditor)

for and on behalf of

Ryecroft Glenton

Chartered Accountants

Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

Tyne and Wear

NE2 1QP

9 September 2025

Page 7

JAMES A. JOBLING AND COMPANY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	32,018,994	35,154,648
Cost of sales		(19,879,635)	(21,823,914)
Gross profit		12,139,359	13,330,734
Distribution costs		(2,580,169)	(2,936,320)
Administrative expenses		(5,718,942)	(5,162,016)
Operating profit	5	3,840,248	5,232,398
Interest receivable and similar income	9	404,905	170,669
Interest payable and similar expenses	10	-	(1,233)
Profit before tax		4,245,153	5,401,834
Tax on profit	11	(971,363)	(1,289,930)
Profit after tax		3,273,790	4,111,904



Retained earnings at the beginning of the year	14,088,651	12,481,480
	14,088,651	12,481,480
Profit for the year	3,273,790	4,111,904
Dividends declared and paid	(3,000,000)	(2,504,733)
Retained earnings at the end of the year	14,362,441	14,088,651

The notes on pages 12 to 28 form part of these financial statements.

Page 8

JAMES A. JOBLING AND COMPANY LIMITED

REGISTERED NUMBER: 01253632

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	13		3,394,201		2,905,598
Investments	14		300,000		300,000
			3,694,201		3,205,598
Current assets
Stocks	15	1,758,512		1,455,081
Debtors: amounts falling due within one year	16	4,473,872		5,770,166
Current asset investments		5,073,732		-
Cash at bank and in hand	18	7,178,412		11,238,338
		18,484,528		18,463,585
Creditors: amounts falling due within one year	19	(6,740,282)		(6,689,640)
Net current assets			11,744,246		11,773,945
Total assets less current liabilities			15,438,447		14,979,543
Creditors: amounts falling due after more than one year	20		(312,495)		(300,000)
Provisions for liabilities
Deferred tax	23	(613,511)		(440,892)
			(613,511)		(440,892)
Net assets			14,512,441		14,238,651

Capital and reserves
Called up share capital	24	150,000	150,000
Profit and loss account	25	14,362,441	14,088,651
		14,512,441	14,238,651

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2025.

D E Jobling-Purser

Director

The notes on pages 12 to 28 form part of these financial statements.

Page 9

JAMES A. JOBLING AND COMPANY LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	3,273,790	4,111,904
Adjustments for:
Depreciation of tangible assets	772,204	632,298
Interest paid	-	1,233
Interest received	(404,905)	(170,669)
Taxation charge	971,363	1,289,930
(Increase) in stocks	(303,431)	(178,241)
Decrease/(increase) in debtors	1,296,294	(1,130,397)
Increase in creditors	517,538	504,153
Corporation tax (paid)	(1,303,126)	(609,864)
Net cash generated from operating activities	4,819,727	4,450,347

Cash flows from investing activities
Purchase of tangible fixed assets	(1,392,673)	(850,307)
Sale of tangible fixed assets	131,867	304,621
Purchase of short-term unlisted investments	(5,073,732)	-
Interest received	404,905	170,669
Net cash from investing activities	(5,929,633)	(375,017)
Cash flows from financing activities
Repayment of/new finance leases	49,980	(31,000)
Dividends paid	(3,000,000)	(2,504,733)
Interest paid	-	(1,233)
Net cash used in financing activities	(2,950,020)	(2,536,966)
Net (decrease)/increase in cash and cash equivalents	(4,059,926)	1,538,364
Cash and cash equivalents at beginning of year	11,238,338	9,699,974
Cash and cash equivalents at the end of year	7,178,412	11,238,338

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	7,178,412	11,238,338
	7,178,412	11,238,338

Page 10

JAMES A. JOBLING AND COMPANY LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	New finance leases	At 31 December 2024
£	£	£	£

Cash at bank and in hand	11,238,338	(4,059,926)	-	7,178,412
Debt due within 1 year	(1,078,606)	(808,476)	-	(1,887,082)
Finance leases	-	-	(49,980)	(49,980)
	10,159,732	(4,868,402)	(49,980)	5,241,350

The notes on pages 12 to 28 form part of these financial statements.

Page 11

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Paradise Works, Scotswood Road, Newcastle upon Tyne, Tyne and Wear, NE15 6BZ. The company number is 01253632.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements by section 402 of the Companies Act as all of it's subsidiaries are immaterial and are therefore able to be excluded from consolidation by section 405 of the Companies Act.

2.3

Going concern

The company had net assets of £14,512,441 (2023 - £14,238,651) as at 31 December 2024, including cash at bank and in hand of £7,178,412 (2023 - £11,238,338) and generated a profit before tax for the year then ended of £4,245,153 (2023 - £5,401,834).
The directors expect that the company will have sufficient funds to meet its liabilities as they fall due for at least the next 12 months.
The company is financed through the capital introduced by the directors and by profits retained within the business. The company has no external finance, other than secured hire purchase contracts.
Consequently, the directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Page 12

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	4% straight line
Plant and machinery	-	10% straight line
Motor vehicles	-	25% straight line
Fixtures and fittings	-	15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Financial instruments (continued)

measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgements in applying the accounting policies applied, or any key sources of estimation uncertainty in preparing these financial statements.

Turnover

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	29,553,315	32,195,213
Rest of the world	2,465,679	2,959,435
	32,018,994	35,154,648

Depreciation of tangible fixed assets

772,203

632,298

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors for the audit of the Company's financial statements

20,850

20,640

Wages and salaries	3,646,836	3,394,680
Social security costs	398,637	370,047
Cost of defined contribution scheme	75,000	67,384
	4,120,473	3,832,111

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Production and administration	68	70

8.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	1,190,202	1,239,790
Company contributions to defined contribution pension schemes	23,963	20,963
	1,214,165	1,260,753

	During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £337,463 (2023 - £354,352).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £8,500).

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable
		2024	2023
		£	£

Bank interest receivable	399,810	147,186
Other interest receivable	5,095	23,483
	404,905	170,669

10.	Interest payable and similar expenses
		2024	2023
		£	£

	Bank interest payable	-	1,233
		-	1,233

Corporation tax
Current tax on profits for the year	931,570	1,226,252
Adjustments in respect of previous periods	(132,826)	-
	798,744	1,226,252

Total current tax	798,744	1,226,252

Deferred tax
Origination and reversal of timing differences	172,619	63,678
Total deferred tax	172,619	63,678


	Tax on profit	971,363	1,289,930

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

4,245,153

5,401,834

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	1,061,288	1,270,511
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	27,747	15,264
Capital allowances for year in excess of depreciation	13,906	387
Adjustments to tax charge in respect of prior periods	(132,826)	-
Changes in provisions leading to an increase (decrease) in the tax charge	1,248	3,768
Total tax charge for the year	971,363	1,289,930

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Final	3,000,000	2,504,733
		3,000,000	2,504,733

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	1,534,362	5,938,948	645,105	383,965	8,502,380
Additions	81,919	765,744	482,630	62,380	1,392,673
Disposals	-	(62,154)	(279,780)	-	(341,934)
At 31 December 2024	1,616,281	6,642,538	847,955	446,345	9,553,119
Depreciation
At 1 January 2024	380,016	4,586,650	331,674	298,442	5,596,782
Charge for the year on owned assets	64,651	460,006	199,859	31,027	755,543
Charge for the year on financed assets	-	16,660	-	-	16,660
Disposals	-	(49,987)	(160,080)	-	(210,067)
At 31 December 2024	444,667	5,013,329	371,453	329,469	6,158,918
Net book value
At 31 December 2024	1,171,614	1,629,209	476,502	116,876	3,394,201
At 31 December 2023	1,154,346	1,352,298	313,431	85,523	2,905,598

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	66,640	-
	66,640	-

14.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	811,572
	At 31 December 2024	811,572
	Impairment
	At 1 January 2024	511,572
	At 31 December 2024	511,572
	Net book value
	At 31 December 2024	300,000
	At 31 December 2023	300,000

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

Jobling Purser Limited	Paradise Works, Scotswood Road, Newcastle Upon Tyne, NE15 6BZ	Dormant	Ordinary	100%
Aeronavia Limited	As above	Dormant	Ordinary	100%
Readers Specialist Tours Limited	As above	Dormant	Ordinary	100%
Carbon Research Limited	As above	Dormant	Ordinary	100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Jobling Purser Limited	300,000	-
Aeronavia Limited	(119,881)	-
Readers Specialist Tours Limited	(3,988)	-
Carbon Research Limited	(415,400)	-

15.	Stocks
		2024	2023
		£	£

Raw materials and consumables	965,121	936,849
Finished goods and goods for resale	793,391	518,232
	1,758,512	1,455,081

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.

Debtors

					2024	2023
					£	£


Trade debtors	3,909,702	4,321,116
Other debtors	315,952	1,253,021
Prepayments and accrued income	248,218	196,029
	4,473,872	5,770,166

17.	Current asset investments
		2024	2023
		£	£

Unlisted investments	5,073,732	-
	5,073,732	-

At the year end there was a balance of £5,073,732 (2023 - £nil) placed on short term deposits. The short terms deposits have maturity dates ranging from 6 months to 9 months.

18.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	7,178,412	11,238,338
	7,178,412	11,238,338

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	3,490,617	3,824,421
Corporation tax	251,432	755,813
Other taxation and social security	737,035	626,954
Obligations under finance lease and hire purchase contracts	37,485	-
Other creditors	1,887,082	1,078,606
Accruals and deferred income	336,631	403,846
	6,740,282	6,689,640

Hire purchase contracts are secured on the assets to which they relate.

20.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Net obligations under finance leases and hire purchase contracts	12,495	-
Amounts owed to group undertakings	300,000	300,000
	312,495	300,000

Within one year	37,485	-
Between 1-5 years	12,495	-
	49,980	-

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	Financial instruments
		2024	2023
		£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	3,909,702	4,321,116

	Financial liabilities
	Financial liabilities measured at amortised cost	4,167,328	4,513,417

	Financial assets measured at amortised cost comprise trade debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts due to group undertakings, hire purchase contracts and accruals.

23.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(440,892)	(377,214)
Charged to profit or loss	(172,619)	(63,678)
At end of year	(613,511)	(440,892)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	(613,511)	(440,892)
		(613,511)	(440,892)

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

3,000 (2023 - 82,500) A Ordinary shares of £1.00 each	3,000	82,500
1,500 (2023 - 1,500) B Ordinary shares of £1.00 each	1,500	1,500
33,000 (2023 - 33,000) C Ordinary shares of £1.00 each	33,000	33,000
33,000 (2023 - 33,000) D Ordinary shares of £1.00 each	33,000	33,000
39,750 (2023 - nil) E Ordinary shares of £1.00 each	39,750	-
39,750 (2023 - nil) F Ordinary shares of £1.00 each	39,750	-

	150,000	150,000

On 2 July 2024 39,750 Ordinary A shares of £1 each were re-designated as Ordinary E shares of £1 each. On the same date a further 39,750 Ordinary A shares of £1 each were re-designated as Ordinary F shares of £1 each.
All shares rank pari passu.

25.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

26.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £75,000 (2023 - £67,384). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date.

Not later than 1 year	201,581	212,564
Later than 1 year and not later than 5 years	654,059	698,640
Later than 5 years	314,000	471,000
	1,169,640	1,382,204

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JAMES A. JOBLING AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

28.

Related party transactions

Rent of £157,000 (2023 - £157,000) was paid to The Trustees of James A Jobling & Co Limited Retirement and Death Benefit Scheme during the year. A further £9,750 (2023 - £9,750) was paid for right of way access. There are no outstanding balances at the year end relating to these transactions (2023 - £nil).
At 31 December 2024, the Company had a current account of £257,000 (2023 - £443,691) due to T E Jobling-Purser.
At 31 December 2024 the Company had a current account of £979,519 (2023 - £634,913) due to D E Jobling-Purser.
At 31 December 2024 the Company had a current account of £650,780 (2023 - £1,005,112 due from) due to E W Jobling-Purser.
During the year dividends of £500,000 (2023 - £417,400), £1,177,484 (2023 - £948,237) and £1,322,516 (2023 - £1,139,096) were paid to T E Jobling-Purser, D E Jobling-Purser and E W Jobling-Purser respectively.
The individuals who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is £1,214,164 (2023 - £1,260,753).

29.	Controlling party

Following a share restructure in July 2024, it is the opinion of the directors that there is no single controlling party.

Page 28