The directors present their strategic report for the year ended 31 December 2024.

Turnover growth has continued in 2024 with the focus on growing the contract kitchen business.

Profitability improved as worldwide supply chain issues settled following a turbulent time during 2023.

Business has continued to remain strong with the focus on growing the contract kitchen business.

The financial resources available are suitable for its needs.

Common to most manufacturers, a moving marketplace and the movement to source goods are the principal risks and uncertainties facing the company.

The company has taken the steps it believes are necessary to ensure supply chain continuity following the previous years disruption from the Covid-19 pandemic, the continued implementation of Brexit and the ongoing impact of the Ukraine conflict.

Whilst all Covid-19 restrictions have been removed, the company is well placed to withstand any new consequences of the Covid-19 pandemic. All necessary social distancing, PPE and hygiene requirements have previously been implemented and could be re-introduced if required without having a material detrimental effect on the company.

Cash resources remain strong.

The directors monitor the business in a number of ways. These include sales revenue and gross margin together with working capital and liquid funds.

Turnover decreased by 6% compared to the previous year. There was an increase in gross profit percentage to 34.52% (2023 – 32.09%) with distribution costs remaining similar (2023 - 9% increase) and an increase in administrative expenses of 1.7% (2023 - 25.24% increase) resulting in an overall profit before tax percentage of 4.91% (2023 - 4.75%).

Working capital has increased by £1,128,254 over the year to stand at £7,334,883 however liquid funds have decreased by £192,000 to stand at £1,750,000 at the year end. This is a result of business levels increasing as the year progressed. The company previously held increased stockholdings to combat supply chain disruption due to Brexit and Ukraine conflict issues however this has now been stream-lined back towards normal trading levels.

On behalf of the board

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

The principal activity of the company continued to be that of manufacturing joiners.

The results for the year are set out on page 9.

Dividends have been paid at various times over the year as profits have been generated and funds have been available. See Note 11.

The directors listed below have held office during the whole of the period from 1 January, 2023, to the date of this report except where otherwise stated:

The interest charges on the financial lease obligations are on a fixed term repayment basis. The details are included at note 17.

Expenditure on the development of new products is written off to the profit and loss account as incurred.

The company started 2024 profitably and business levels remain strong with the focus on growing the contract kitchen business.

New markets and opportunities are constantly being reviewed and evaluated.

In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Joinery and Timber Creations (65) Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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.

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;

• we identified the laws and regulations applicable to the company through discussion with directors and management and, for a company within the construction industry, we deem these to be standard company laws and regulations. These included those which could directly impact the financial statements being the Companies Act 2006, FRS102 and UK corporate tax law;

• we also identified other laws and regulations (such as employment law, health & safety regulations, ISO standards, AML, etc.) which could have an impact on operations and we deem these to be standard for a company in this industry and where appropriate investigated any areas of non-compliance;

• the engagement partner ensured that the engagement team were aware of this and collectively had appropriate competence, capabilities and skills to recognize non-compliance with applicable laws and regulations over the course of their audit work;

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 a susceptibility to fraud, and 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 a full comparison of the annual results to identify and unusual or unexpected amounts;

• tested journal entries to identify any unusual transactions;

• considered whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias

• investigated the rationale behind significant or unusual transactions where found; and

• carried out a review for any undisclosed related party transactions

In response to the risk of fraud arising from revenue recognition and related valuation of work in progress, we;

• performed analytical procedures to identify any unusual or unexpected results;

• considered whether any judgements and assumptions made in determining related accounting estimates were indicative of bias; and

• carried out substantive procedures to ensure the appropriateness of the company's income recognition policy and confirm the completeness of income and accuracy of cut-off procedures

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

• we reviewed the financial statements and disclosures and agreed them to underlying supporting documentation;

• we assessed areas of significant risk to the company and tailored our audit work to address these;

• discussion with management over any actual or potential litigation or claims against the company;

• reviewing correspondence with relevant regulators and legal advisors where any potential non-compliance exists. This included review of correspondence with HMRC ; and

• discussions with management detailing high level review of the activities of the year, and investigation of any matters that would impact upon the financial statements.

• assessing and addressing areas of significant risk including revenue recognition and valuation of work in progress

Due to 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 regulations. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation. As part of our review care was taken to identify any related parties.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Joinery and Timber Creations (65) Limited is a private company limited by shares incorporated in Scotland. The registered office is Camperdown Works, 27 Harrison Road, Dundee, DD2 3SN.

The financial statements were prepared under the historical cost convention with the exception of the property which is included at deemed cost on transition to FRS102 based on their valuation in 1996 for the Camperdown factory. It is now the company's policy not to revalue fixed assets.

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 principal accounting policies adopted are set out below.

The company has taken advantage of the following disclosure exemptions: the requirements of Section 7 Statement of Cash Flows. This information is given in the consolidated accounts of the parent company.

At the balance sheet date the company had strong cash balances and a significant net current asset position. Ittrue has dealt well with significant changes in the UK economy, due to Covid-19 and Brexit and the Ukraine Conflict.

The directors have adopted the going concern basis of accounting in preparing these financial statements. In determining whether the going concern basis continues to be appropriate, the directors have prepared forecasts of not less than 12 months from the date of approval of these financial statements.

The conclusion is that the company has adequate resources to continue in operational existence for at least 12 months form the approval of the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company only enters into financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash other other consideration expected to be paid or received.

Financial assets measured at cost and amortised are assessed at the end of each reporting period for evidence of impairment and if found, and impairment loss is recognised in the Statement of Comprehensive Income.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets are depreciated over their useful lives. The actual lives of the assets are assed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as usage levels and maintenance programmes are taken into account. The directors have assed that no changes were required to the estimated useful lives of tangible fixed assets and therefore have determined that the depreciation policy remains appropriate.

The directors consider whether there are any indicators that the balances relating to trade debtors and amounts owed by contract customers will not be recoverable to ensure adequate provision is made for any potentially irrecoverable amounts. Provision is based on the directors knowledge of the customers concerned.

At the end of the lease of the Manhattan Works units, the units are required to be put back to the same condition they were when the new lease was initiated in February 2022. Using a dilapidations assessment report from a firm of Chartered Surveyors, the cost of such work has been estimated by the directors.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 5).

From 1st April 2023 the corporation tax rate for companies with taxable profits of over £250,000 changed from 19% to 25%. Therefore the effective tax rate for the prior period is 23.52%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The land and property was valued by Graham and Sibbald, Chartered Surveyors on the 24th August 2022. This valuation verified the current net book value and so no adjustment was made. The property is held at deemed cost on transition to FRS102 based on its valuation in 1996.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Freehold land and buildings with a carrying amount of £1,300,552 (2023 - £1,362,041) have been pledged to secure borrowings of the company.

Amounts falling due after more than one year and included in amounts owed by contract customers above total £85,540 (2023 - £98,712).

Finance lease payments represents rentals payable by the company for certain items of plant and machinery and also motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

At the end of the lease of the Manhattan Works units, the units are required to be put back to the same condition as they were when the new lease was initiated in February 2022. Using a dilapidations assessment report from a firm of Chartered Surveyors, the cost of such work has been estimated by the directors.

The lease is due to end in 2027 and this is when the costs are expected to occur.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is expected to reverse over a number of years and relates to accelerated capital allowances that are expected to mature within the same period.

The company operates defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.

The A ordinary shares and the B ordinary shares constitute separate classes of shares for the purposes of dividends and other distributions of profits. Both classes of share rank equally on a return of assets.

During 2019 the parent company obtained a bank term loan. As part of the security arrangements, the company gave an unlimited guarantee supported by a floating charge and a standard security over the land and buildings at Harrison Road which are owned by the company.

Cross guarantees between Joinery & Timber Creations (65) Limited , JTC Furniture Group Limited, JTC Furniture Group Holdings Limited and Woodland Kitchens (N.I.) Limited are supported by a floating charge over each company.

Operating lease rentals represent rentals payable by the company for certain assets such as lorries and vans and also various properties. The agreements have variable notice periods.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The company regards Woodland Kitchens (N.I.) Limited - Registration number NI030446 as its parent company who hold 100% of the share capital of JTC Furniture Group Holdings Limited, who hold 100% of the share capital of JTC Furniture Group Limited, the parent company.

The Parent of the largest group in which the results are consolidated is Woodland Kitchens (N.I.) Limited. Woodland Kitchens (N.I.) Limited is registered in Northern Ireland.