J.E.S. Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 10126451

J.E.S. Holdings Limited

Financial Statements

31 December 2024

J.E.S. Holdings Limited

Financial Statements

Year ended 31 December 2024

CONTENTS	PAGE

Officers and professional advisers	1

Strategic report	2

Director's report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

J.E.S. Holdings Limited

Officers and Professional Advisers

Director	Mr V T Johnson

Registered office	29 Smallwood Road
	Baglan
	Port Talbot
	Wales
	SA12 8AP

Auditor	James & Uzzell Ltd
	Chartered Certified Accountants & Statutory Auditor
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

J.E.S. Holdings Limited

Strategic Report

Year ended 31 December 2024

The director presents his strategic report for the year to 31 December 2024. The group provides pipework fabrications and structural steelwork to industrial and commercial clients throughout the UK and throughout a range of sectors, including steel, fuel, chemical and pharmaceutical. The group also provides other engineering services, such as under pressure drilling, pipeline inspection and valve overhaul. REVIEW OF BUSINESS The group contracts with a key customer, Tata Steel UK and the level of sales is reliant upon the demand for maintenance from Tata Steel UK. Annual sales fluctuations are therefore expected and gross margin targets depend upon the mixture of job types and the competition within the tendering process. The group has responded to the recent announcement by Tata Steel UK to close parts of the plant by diversifying into new markets and working into new sectors such as petrochemical, oil & gas and metals and mining. The Group is also working with the UK & Welsh Governments aim to reduce carbon omissions by becoming involved in renewable energy contracts in the near future involving offshore wind, whilst also fulfilling current contracts and being involved in the decommissioning process of Tata Steel UK. The group has developed a state-of-the-art skills academy to develop Welding and Fabrication skills and has created a Centre of Excellence based in Port Talbot. It uses expert face-2-face tuition; accumulated workforce skills and experience, the latest equipment, industry tested protocols and interactive, immersive, digital technologies to drive a competency and capability hub for Welding and Fabrication skills in south Wales. In doing so, it aims to ensure the creation and continuous replenishment of a highly skilled, work ready, labour-force that is 'future proofed' for the demands of the Celtic Freeport, the drive to Net Zero and the requirements of the Circular Economy. FINANCIAL KEY PERFORMANCE INDICATORS

	2024	2023
	£	£
Turnover	15,597	19,327
Gross Profit Margin (%)	30	27
Operating Profit	2,105	2,840
Operating Profit Margin (%)	11	15

DEVELOPMENT AND PERFORMANCE The director aims to maintain the management policies which has resulted in the group's growth in recent years. The results for the current year show that the group has maintained the successful results as in previous years, with the gross profit margin levels in line with expectations. The group are investigating new opportunities in the market and have started diversifying into new areas.

PRINCIPAL RISKS AND UNCERTAINTIES

As a result of the group's concentration of sales with one key customer, there is a significant risk to the company in relation to the loss of this key customer. The director recognises that such a risk exists and strive to ensure that the quality of the group's services, efficiency of service delivery and compliance with key laws and regulations exceeds that of the group's competitors, therefore helping to mitigate the risk of loss of the key customer. The director also seeks to obtain contracts from other customers and have increased sales from new customers within the year. The retention of skilled staff is another risk facing the group and the director aims to ensure that rates of pay offered by the group are competitive, whilst still ensuring that the group is able to continue to trade profitably. The group delivers its services within a heavy industry environment and adherence to stringent health and safety regulations and safe working practices is of paramount importance. The director and senior key employees have extensive experience within the heavy industry environment; the group has developed training and monitoring procedures that ensure compliance with key regulations and the group has enjoyed an excellent record with regard to the instances of accidents.

This report was approved by the board of directors on 11 September 2025 and signed on behalf of the board by:

Vivian Johnson

Mr V T Johnson

Director

J.E.S. Holdings Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the financial statements of the group for the year ended 31 December 2024 .

DIRECTOR

The director who served the company during the year was as follows:

Mr V T Johnson

DIVIDENDS

Particulars of recommended dividends are detailed in note 13 to the financial statements.

FUTURE DEVELOPMENTS

The director is optimistic regarding the future prospects of the group and consider that the current year will continue to be profitable. The afterdate results show that activity has continued to be stable. Following the announcement of the closure of part of the plant of their key customer, the group is diversifying into new markets and expanding their customers base as well as continuing its contracts with existing customers. The group maintains long standing relationships with a number of customers and suppliers throughout the UK and continues to seek to expand this customer base. The group has received a positive response to the development of its Skills Academy. While this will help JES as a group to transform, diversify and grow, it is wholly inclusive, open and available to all.

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise bank balances, director loans, hire purchase agreements, trade debtors and creditors. The main purpose of these instruments is to raise funds for and finance the group's operations.

The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of deposit accounts and current accounts. The group has accumulated a high level of cash reserves in order to mitigate the credit risk associated with trade debtors and to facilitate growth.

In respect of the director loans, these comprise loans to and from the director. No interest is charged on the loans and repayments are set at a level dependant upon the working capital needs of the group.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit risk. The group also maintains increased cash reserves, to mitigate the differential between average debtor days and average creditor days. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The group is exposed to price risk as a result of its operations, in particular adverse fluctuations in employment related costs and the costs of raw materials. The group manages price risk by reviewing prices of goods with various suppliers, ensuring that they are receiving a competitive price and that price increases are passed on to the group's customers. The group also regularly reviews the labour rates paid to employees to ensure that they are competitive, yet are able to be recharged to the group's customers.

RESEARCH AND DEVELOPMENT

The group will continue its policy of investment in research and development in order to retain a competitive position in the market.

QUALIFYING INDEMNITY PROVISION

The Articles of Association of the Group contain an indemnity in favour of all the Directors of the Group that, subject to law, indemnifies the Directors, out of the assets of the Group, from any liability incurred by them in defending any proceedings in which judgement is given in their favour (or otherwise disposed of without any finding or admission of any material breach of duty on their part).

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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. DISCLOSURE OF INFORMATION TO THE AUDITORS

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 11 September 2025 and signed on behalf of the board by:

Vivian Johnson

Mr V T Johnson

Director

J.E.S. Holdings Limited

Independent Auditor's Report to the Members of J.E.S. Holdings Limited

Year ended 31 December 2024

OPINION

We have audited the financial statements of J.E.S. Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 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 31 December 2024 and of the group's profit 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

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

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 director is 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 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.

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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's 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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the 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; and

RESPONSIBILITIES OF THE DIRECTOR

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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: - We obtained an understanding of the legal regulatory frameworks that are applicable to the company and determined that the most significant of those relate to the reporting framework (United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Stand as applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)) and the relevant tax compliance regulations, principally relating to those issued by HMRC. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being the General Data Protection Regulation, and those laws and regulations relating to health and safety and employee matters. - We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and by understanding the entity level controls implemented by those charged with governance. - We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered where the significant estimates and judgements are in the financial statements. We assessed the programmes and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures including testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud or error. - Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved, journal entry testing, with a focus on manual journals or unusual transactions based on our understanding of the business. Health and Safety is one of the key regulations to the group due to the nature of the work that the group conducts. Health & safety policies and procedures were confirmed to be in place and accident records were reviewed to ensure action had been taken where incidents had occurred to prevent them reoccurring. We also contacted the group's solicitors and confirmed documentation in relation to property transactions was completed and submitted correctly. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.

EMMA LOUISE HUGHES

(Senior Statutory Auditor)

For and on behalf of

James & Uzzell Ltd

Chartered Certified Accountants & Statutory Auditor

Axis 15, Axis Court

Mallard Way

Riverside Business Park

Swansea

SA7 0AJ

11 September 2025

J.E.S. Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
TURNOVER	4	15,597,042	19,327,615

Cost of sales	10,964,441	14,025,444
	-------------	-------------
GROSS PROFIT	4,632,601	5,302,171

Administrative expenses		2,857,308	2,461,920
Other operating income	5	329,615	–
		------------	------------
OPERATING PROFIT	6	2,104,908	2,840,251

Other interest receivable and similar income	10	176,307	180,568
Interest payable and similar expenses	11	3,260	1,135
		------------	------------
PROFIT BEFORE TAXATION		2,277,955	3,019,684

Tax on profit	12	579,246	778,110
		------------	------------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		1,698,709	2,241,574
		------------	------------

Profit for the financial year attributable to:

The owners of the parent company	1,538,082	2,020,662
Non-controlling interests	160,627	220,912
	------------	------------
	1,698,709	2,241,574
	------------	------------

All the activities of the group are from continuing operations.

J.E.S. Holdings Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Tangible assets	14	1,249,418	868,965

CURRENT ASSETS

Stocks	16	881,822	857,970
Debtors	17	7,973,320	9,574,781
Cash at bank and in hand		10,883,418	9,035,770
		-------------	-------------
		19,738,560	19,468,521

CREDITORS: amounts falling due within one year	18	5,314,811	6,189,551
		-------------	-------------
NET CURRENT ASSETS		14,423,749	13,278,970
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		15,673,167	14,147,935

CREDITORS: amounts falling due after more than one year	19	23,751	8,130

PROVISIONS	21	187,053	69,462
		-------------	-------------
NET ASSETS		15,462,363	14,070,343
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	25	15,004	15,004
Profit and loss account	26	14,726,371	13,494,978
		-------------	-------------
EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY		14,741,375	13,509,982

NON-CONTROLLING INTERESTS	720,988	560,361
	-------------	-------------
	15,462,363	14,070,343
	-------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

Vivian Johnson

Mr V T Johnson

Director

Company registration number: 10126451

J.E.S. Holdings Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Tangible assets	14	15,677	21,052
Investments	15	15,004	15,004
		--------	--------
		30,681	36,056

CURRENT ASSETS

Stocks	16	856,822	832,970
Debtors	17	3,312	88,087
Cash at bank and in hand		9,898,175	7,788,278
		-------------	------------
		10,758,309	8,709,335

CREDITORS: amounts falling due within one year	18	121,564	104,947
		-------------	------------
NET CURRENT ASSETS		10,636,745	8,604,388
		-------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		10,667,426	8,640,444

PROVISIONS	21	3,919	5,263
		-------------	------------
NET ASSETS		10,663,507	8,635,181
		-------------	------------

CAPITAL AND RESERVES

Called up share capital	25	15,004	15,004
Profit and loss account	26	10,648,503	8,620,177
		-------------	------------
SHAREHOLDERS FUNDS		10,663,507	8,635,181
		-------------	------------

The profit for the financial year of the parent company was £ 2,247,015 (2023: £ 2,374,770 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

Vivian Johnson

Mr V T Johnson

Director

Company registration number: 10126451

J.E.S. Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£
AT 1 JANUARY 2023		15,004	11,700,816	11,715,820	339,449	12,055,269

Profit for the year			2,020,662	2,020,662	220,912	2,241,574
		--------	-------------	-------------	---------	-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	2,020,662	2,020,662	220,912	2,241,574

Dividends paid and payable	13	–	( 226,500)	( 226,500)	–	( 226,500)
		--------	-------------	-------------	---------	-------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		–	( 226,500)	( 226,500)	–	( 226,500)

AT 31 DECEMBER 2023		15,004	13,494,978	13,509,982	560,361	14,070,343

Profit for the year			1,538,082	1,538,082	160,627	1,698,709
		--------	-------------	-------------	---------	-------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	1,538,082	1,538,082	160,627	1,698,709

Dividends paid and payable	13	–	( 306,689)	( 306,689)	–	( 306,689)
		----	---------	---------	----	---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		–	( 306,689)	( 306,689)	–	( 306,689)

		--------	-------------	-------------	---------	-------------
AT 31 DECEMBER 2024		15,004	14,726,371	14,741,375	720,988	15,462,363
		--------	-------------	-------------	---------	-------------

J.E.S. Holdings Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Total
		£	£	£
AT 1 JANUARY 2023		15,004	6,383,907	6,398,911

Profit for the year			2,374,770	2,374,770
		--------	------------	------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	2,374,770	2,374,770

Dividends paid and payable	13	–	( 138,500)	( 138,500)
		--------	------------	------------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		–	( 138,500)	( 138,500)

AT 31 DECEMBER 2023		15,004	8,620,177	8,635,181

Profit for the year			2,247,015	2,247,015
		--------	------------	------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		–	2,247,015	2,247,015

Dividends paid and payable	13	–	( 218,689)	( 218,689)
		----	---------	---------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS		–	( 218,689)	( 218,689)

		--------	-------------	-------------
AT 31 DECEMBER 2024		15,004	10,648,503	10,663,507
		--------	-------------	-------------

J.E.S. Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the financial year	1,698,709	2,241,574

Adjustments for:
Depreciation of tangible assets	80,748	81,792
Other interest receivable and similar income	( 176,307)	( 180,568)
Interest payable and similar expenses	3,260	1,135
(Gains)/loss on disposal of tangible assets	( 25,931)	7,722
Tax on profit	579,246	778,110
Accrued (income)/expenses	( 373,550)	2,045,304

Changes in:
Stocks	( 23,852)	( 832,970)
Trade and other debtors	1,551,017	( 850,272)
Trade and other creditors	( 543,921)	( 1,469,096)
	------------	------------
Cash generated from operations	2,769,419	1,822,731

Interest paid	( 3,260)	( 1,135)
Interest received	176,307	180,568
Tax paid	( 545,527)	( 390,319)
	------------	------------
Net cash from operating activities	2,396,939	1,611,845
	------------	------------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	( 646,668)	( 721,938)
Proceeds from sale of tangible assets	211,398	41,745
	------------	------------
Net cash used in investing activities	( 435,270)	( 680,193)
	------------	------------

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings	186,163	–
Payments of finance lease liabilities	6,505	( 10,573)
Dividends paid	( 306,689)	( 226,500)
	------------	------------
Net cash used in financing activities	( 114,021)	( 237,073)
	------------	------------

NET INCREASE IN CASH AND CASH EQUIVALENTS	1,847,648	694,579
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	9,035,770	8,341,191
	-------------	------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	10,883,418	9,035,770
	-------------	------------

J.E.S. Holdings Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

J.E.S. Holdings Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are those of a holding company and holding of assets for investment purposes.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the group made up to 31 December 2024. Business combinations are accounted for under the merger accounting method. All intra-group balances and transactions are eliminated on consolidation. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The group meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. This expectation also takes into account any potential inflationary and interest rate risks. The group's forecasts and projections, taking account reasonably the aforementioned possible changes in trading performance, show that the group should be able to operate within the level of its current facilities. The director has considered the impact of the closure of certain areas within the plant of one of their key customers, and has implemented the effect of this into the projections for the next 3 years. The group is looking at new opportunities in the market and has started diversifying into new areas to minimise any risks imposed on the group. Therefore the group continues to adopt the going concern basis in preparing its financial statements.

Disclosure exemptions

The individual parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of J.E.S (Holdings) Limited which can be obtained from the registered office. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102 in the individual parent company accounts (a) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows.1.12(c). (b) From the financial instrument disclosures, required under FRS 102 paragraphs, 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A, as the information is provided in the consolidated financial statement disclosures. (c) From disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Consolidation

The consolidated financial statements incorporate the financial statements of J.E.S. Holdings Limited , and its subsidiary undertakings for the year ended 31 December 2024. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Groups accounting policies when preparing the consolidated financial statements. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss, is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss on disposal includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. Where control of a subsidiary is achieved in stages, the initial acquisition that gave control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit ot loss arising on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group's interests in the entity. A demerger occurred of the group historically and as a result of the reconstruction, the group financial statements are completed using merger accounting for the members included at the time of the reconstruction. Uniform accounting policies have been used throughout the group. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with bank, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Sale of goods

Turnover from the sale of property is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on exchange of contracts.

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to date of sale.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from electrical and mechanical installation and maintenance together with building fabric installation and maintenance is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to uncertified applications and afterdate sales.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

When it is probable that costs will exceed the total turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Research & development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets. (ii) Stock provision The group conducts electrical and mechanical installation and maintenance together with building fabric installation and maintenance. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. (iii) Impairment of debtors and investments The group makes an estimate of the recoverable value of trade and other debtors and investments. When assessing impairment of trade and other debtors and investments, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See related notes for the net carrying amount of the debtors and associated impairment provision. (iv) Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. (v) Going concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard. (vi) Research & Development Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated (vii) Work in progress provision Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorization.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Operating leases

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Short leasehold property	-	20% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% reducing balance

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stock and work in progress

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. Work in progress on long term contracts is valued at selling price in line with FRS102 and is included as accrued income in debtors. All other work in progress is 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 work in progress 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.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

4. TURNOVER

Turnover arises from:

	2024	2023
	£	£
Sale of goods	189,000	–
Rendering of services	15,408,042	19,327,615
	-------------	-------------
	15,597,042	19,327,615
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. OTHER OPERATING INCOME

	2024	2023
	£	£
Other operating income	329,615	–
	---------	----

6. OPERATING LOSS

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Depreciation of tangible assets	80,748	81,792
(Gains)/loss on disposal of tangible assets	( 25,931)	7,722
Impairment of trade debtors	–	20
Operating Lease Payments	62,533	63,755
	--------	--------

7. AUDITOR'S REMUNERATION

	2024	2023
	£	£
Fees payable for the audit of the financial statements	23,525	21,975
	--------	--------

8. STAFF COSTS

The average number of persons employed by the group during the year, including the director, amounted to:

	2024	2023
	No.	No.
Production staff	85	93
Administrative staff	3	3
Management staff	12	13
	----	----
	100	109
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	6,671,982	8,561,661
Social security costs	764,190	778,334
Other pension costs	120,823	114,976
	------------	------------
	7,556,995	9,454,971
	------------	------------

9. DIRECTOR'S REMUNERATION

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	44,741	43,267
Company contributions to defined contribution pension plans	1,050	1,050
	--------	--------
	45,791	44,317
	--------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	1	1
	----	----

The above includes amounts paid by subsidiaries.

10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2024	2023
	£	£
Interest on cash and cash equivalents	176,307	180,568
	---------	---------

11. INTEREST PAYABLE AND SIMILAR EXPENSES

	2024	2023
	£	£
Interest on obligations under finance leases and hire purchase contracts	3,260	1,135
	------	------

12. TAX ON PROFIT

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	461,655	713,314
Adjustments in respect of prior periods	–	59,860
	---------	---------
Total current tax	461,655	773,174
	---------	---------

Deferred tax:

Origination and reversal of timing differences	117,591	4,936
	---------	---------
Tax on profit	579,246	778,110
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	2,277,955	3,019,684
	------------	------------
Profit on ordinary activities by rate of tax	569,489	754,921
Adjustment to tax charge in respect of prior periods	–	59,860
Effect of expenses not deductible for tax purposes	8,478	9,581
Effect of capital allowances and depreciation	–	( 4,937)
Effect of different UK tax rates on some earnings	–	(45,969)
Enhanced capital allowances	(116,313)	–
Deferred Tax	117,592	4,936
Underprovision	–	(282)
	------------	------------
Tax on profit	579,246	778,110
	------------	------------

13. DIVIDENDS

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	306,689	226,500
	---------	---------

14. TANGIBLE ASSETS

Group	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	594,917	234,110	32,419	361,330	1,222,776
Additions	463,003	53,165	714	129,786	646,668
Disposals	( 184,047)	–	–	( 4,950)	( 188,997)
	---------	---------	--------	---------	------------
At 31 December 2024	873,873	287,275	33,133	486,166	1,680,447
	---------	---------	--------	---------	------------
Depreciation
At 1 January 2024	17,710	163,430	32,161	140,510	353,811
Charge for the year	7,710	17,781	226	55,031	80,748
Disposals	–	–	–	( 3,530)	( 3,530)
	---------	---------	--------	---------	------------
At 31 December 2024	25,420	181,211	32,387	192,011	431,029
	---------	---------	--------	---------	------------
Carrying amount
At 31 December 2024	848,453	106,064	746	294,155	1,249,418
	---------	---------	--------	---------	------------
At 31 December 2023	577,207	70,680	258	220,820	868,965
	---------	---------	--------	---------	------------

Company	Plant and machinery
	£
Cost
At 1 January 2024 and 31 December 2024	21,500
	--------
Depreciation
At 1 January 2024	448
Charge for the year	5,375
	--------
At 31 December 2024	5,823
	--------
Carrying amount
At 31 December 2024	15,677
	--------
At 31 December 2023	21,052
	--------

Included in the total net book value of motor vehicles was £12,656 (2023: £25,203) in respect of assets held under finance leases. Tangible fixed assets with a net book value of the same amount have been pledged as security for liabilities in the company.

15. INVESTMENTS

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	15,004
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 1 January 2024 and 31 December 2024	15,004
	--------
At 31 December 2023	15,004
	--------

Investments are measured by cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.

The company owns more than 20% of the issued share capital of the following companies:

Name	Nature of business	Country of registration	Shares held, class/percentage
J.E.S. Group Limited	Mechanical engineering activities	England & Wales	15004 Ordinary Shares - 89.95%
J.E.S. Port Talbot Limited	Dormant	England & Wales	15002 Ordinary Shares - 89.95%

Subsidiaries, associates and other investments

J.E.S. (Port Talbot) Limited, Company Number: 02126368, is exempt from the requirements of the Companies Act relating to audit of its accounts by virtue of s479A Companies Act 2006.

16. STOCKS

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	25,000	25,000	–	–
Work in progress	856,822	832,970	856,822	832,970
	---------	---------	---------	---------
	881,822	857,970	856,822	832,970
	---------	---------	---------	---------

17. DEBTORS

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	6,330,230	8,391,894	–	–
Prepayments and accrued income	755,564	857,276	–	–
Other debtors	887,526	325,611	3,312	88,087
	------------	------------	------	--------
	7,973,320	9,574,781	3,312	88,087
	------------	------------	------	--------

18. CREDITORS: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	186,163	–	–	–
Payments received on account	713,918	1,008,289	–	–
Trade creditors	723,522	818,043	613	1,110
Accruals and deferred income	2,374,014	2,798,008	86,126	97,031
Corporation tax	662,987	523,609	34,822	6,806
Social security and other taxes	632,928	930,550	–	–
Obligations under finance leases and hire purchase contracts	–	9,116	–	–
Director loan accounts	–	–	3	–
Other creditors	21,279	101,936	–	–
	------------	------------	---------	---------
	5,314,811	6,189,551	121,564	104,947
	------------	------------	---------	---------

Obligations under finance leases and hire purchase contracts totalling £18,346 (2023: £11,841) are secured over the asset to which they relate.

19. CREDITORS: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accruals and deferred income	5,405	5,405	–	–
Obligations under finance leases and hire purchase contracts	18,346	2,725	–	–
	--------	------	----	----
	23,751	8,130	–	–
	--------	------	----	----

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
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	–	9,116	–	–
Later than 1 year and not later than 5 years	18,346	2,725	–	–
	--------	--------	----	----
	18,346	11,841	–	–
	--------	--------	----	----

21. PROVISIONS

Group	Deferred tax (note 22)
	£
At 1 January 2024	69,462
Charge against provision	117,591
	---------
At 31 December 2024	187,053
	---------

Company	Deferred tax (note 22)
	£
At 1 January 2024	5,263
Charge against provision	( 1,344)
	------
At 31 December 2024	3,919
	------

The expected net reversal of deferred tax assets and liabilities in 2025 is £46,763. This primarily relates to the reversal of timing differences on capital allowances.

22. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 21)	187,053	69,462	3,919	5,263
	---------	--------	------	------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	187,053	69,462	3,919	5,263
	---------	--------	------	------

23. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 120,823 (2023: £ 114,976 ).

24. GOVERNMENT GRANTS

The amounts recognised in the financial statements for government grants are as follows:

Group		Company
2024	2023	2024	2023
£	£	£	£

Recognised in creditors:

Deferred government grants due after more than one year	5,405	5,405	–	–
	------	------	----	----

25. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary 'A' shares of £ 1 each	7,502	7,502	7,502	7,502
Ordinary 'B' shares of £ 1 each	7,502	7,502	7,502	7,502
	--------	--------	--------	--------
	15,004	15,004	15,004	15,004
	--------	--------	--------	--------

26. RESERVES

Profit and loss account - This reserve records retained earnings and accumulated losses. Non Controlling Interest account - This represents reserves attributable to minority interests post merger.

27. ANALYSIS OF CHANGES IN NET DEBT

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	9,035,770	1,847,648	10,883,418
Debt due within one year	(9,116)	(177,047)	(186,163)
Debt due after one year	(2,725)	(15,621)	(18,346)
	------------	------------	-------------
	9,023,929	1,654,980	10,678,909
	------------	------------	-------------

J.E.S. Holdings Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

28. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	20,618	48,152	–	–
Later than 1 year and not later than 5 years	82,470	20,023	–	–
Later than 5 years	309,263	–	–	–
	---------	--------	----	----
	412,351	68,175	–	–
	---------	--------	----	----

29. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The balance at the year end outstanding from the directors of was £Nil (2023: £82,602). No interest has been charged on this balance.

30. RELATED PARTY TRANSACTIONS

Group

The balance at the year end outstanding from other related parties was £661,481 (2023: £242,010). No interest has been charged on this balance.

31. CONTROLLING PARTY

The ultimate controlling parties are Mr V Johnson and Mrs E Johnson, by virtue of their shareholding.