JSB Companies Limited - Limited company accounts 22.3
JSB Companies Limited - Limited company accounts 22.3
| REGISTERED NUMBER: 08898596 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| FOR |
| JSB COMPANIES LIMITED |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 19 |
| JSB COMPANIES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
Gary Sargeant |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 5 White Oak Square |
| London Road |
| Swanley |
| Kent |
| BR8 7AG |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| The director presents his strategic report of the company and the group for the year ended 30 June 2022. |
| The group continued its principal activity as wholesale and catering butchers. |
| REVIEW OF BUSINESS |
| Since the resumption of business following the Covid pandemic results have proved encouraging and the Group has traded profitably in the year under review. |
| COVID FINANCIAL SUPPORT |
| The Group is funding repayment of its CBILS Loans and other support from the Group's financiers. The trading recovery is believed sustainable and adequate to meet these commitments. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Currently the UK and World economies conspire to affect trading conditions whether in regard to the pricing or availability of product, and overhead costs generally: |
| - Increases in raw material costs Weakness of Sterling |
| - Supply chains |
| - Wage and overhead inflationary pressures. |
| Where possible these main risks are being addressed on a daily basis by placing emphasis on UK product, together with operating to shorter term pricing agreements. |
| With the support of staff both at production and administrative levels it is hoped to contain the effects of adverse cost increases. |
| ON BEHALF OF THE BOARD: |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| The director presents his report with the financial statements of the company and the group for the year ended 30 June 2022. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group continued to be that of wholesale and catering butchers. |
| DIVIDENDS |
| Ordinary dividends were paid amounting to £160,000. The director does not recommend payment of a further dividend. |
| DIRECTOR |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 company and the group and of 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 judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| AUDITORS |
| The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JSB COMPANIES LIMITED |
| Opinion |
| We have audited the financial statements of JSB Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2022 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 group's and the parent 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JSB COMPANIES LIMITED |
| 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JSB COMPANIES LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| During the audit we identify and assess the risk of material misstatements of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks. |
| In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following: |
| - We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK GAAP, UK corporate taxation laws and the Data Protection Act. |
| - We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making inquiries to the management and directors of known or suspected instances of fraud and non-compliance with laws and regulations. These enquiries are corroborated through follow up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
| - We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
| a) Identifying the controls management has put in place to prevent and detect fraud; |
| b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| c) Challenging assumptions and judgements made by management in its significant accounting estimates; and |
| d) We designed our audit procedures to respond to the assessment of the risk of fraud through management override of controls. This includes the identification and testing of related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature and a review of profit margins. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JSB COMPANIES LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| 5 White Oak Square |
| London Road |
| Swanley |
| Kent |
| BR8 7AG |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 16,514,430 | 8,822,905 |
| Cost of sales | 13,245,933 | 7,387,209 |
| GROSS PROFIT | 3,268,497 | 1,435,696 |
| Distribution costs | 1,305,489 | 847,273 |
| Administrative expenses | 1,379,217 | 1,041,312 |
| 2,684,706 | 1,888,585 |
| 583,791 | (452,889 | ) |
| Other operating income | 42,685 | 509,995 |
| OPERATING PROFIT | 4 | 626,476 | 57,106 |
| Income from fixed asset investments | 3,087 | - |
| Interest receivable and similar income | 16 | - |
| 3,103 | - |
| 629,579 | 57,106 |
| Interest payable and similar expenses | 5 | 125,321 | 47,524 |
| PROFIT BEFORE TAXATION | 504,258 | 9,582 |
| Tax on profit | 6 | 82,615 | 12,232 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 421,643 | (2,650 | ) |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 421,643 | (2,650 | ) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
421,643 |
(2,650 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 421,643 | (2,650 | ) |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONSOLIDATED BALANCE SHEET |
| 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 2,208,274 | 2,274,236 |
| Investments | 10 | 258,934 | - |
| Investment property | 11 | 475,000 | 475,000 |
| 2,942,208 | 2,749,236 |
| CURRENT ASSETS |
| Stocks | 12 | 624,349 | 308,044 |
| Debtors | 13 | 3,758,379 | 2,745,172 |
| Cash at bank and in hand | 650,509 | 888,726 |
| 5,033,237 | 3,941,942 |
| CREDITORS |
| Amounts falling due within one year | 14 | 4,938,777 | 3,640,629 |
| NET CURRENT ASSETS | 94,460 | 301,313 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
3,036,668 |
3,050,549 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(1,985,579 |
) |
(2,300,658 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (136,546 | ) | (96,991 | ) |
| NET ASSETS | 914,543 | 652,900 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONSOLIDATED BALANCE SHEET - continued |
| 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 15,002 | 15,002 |
| Non Distributable retained |
| Earnings bfwd | 21 | 124,500 | 124,500 |
| Retained earnings | 21 | 775,041 | 513,398 |
| SHAREHOLDERS' FUNDS | 914,543 | 652,900 |
| The financial statements were approved by the director and authorised for issue on 28 November 2022 and were signed by: |
| R J Sheppard - Director |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| COMPANY BALANCE SHEET |
| 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 160,000 | 160,000 |
| The financial statements were approved by the director and authorised for issue on |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| Non |
| Distributable |
| Called up | retained |
| share | Retained | Earnings | Total |
| capital | earnings | bfwd | equity |
| £ | £ | £ | £ |
| Balance at 1 July 2020 | 15,002 | 676,048 | 124,500 | 815,550 |
| Changes in equity |
| Dividends | - | (160,000 | ) | - | (160,000 | ) |
| Total comprehensive income | - | (2,650 | ) | - | (2,650 | ) |
| Balance at 30 June 2021 | 15,002 | 513,398 | 124,500 | 652,900 |
| Changes in equity |
| Dividends | - | (160,000 | ) | - | (160,000 | ) |
| Total comprehensive income | - | 421,643 | - | 421,643 |
| Balance at 30 June 2022 | 15,002 | 775,041 | 124,500 | 914,543 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2020 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 June 2021 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 June 2022 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 655,429 | 119,473 |
| Interest paid | (119,018 | ) | (47,524 | ) |
| Finance costs paid | (6,303 | ) | - |
| Net cash from operating activities | 530,108 | 71,949 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (154,398 | ) | (19,633 | ) |
| Purchase of fixed asset investments | (289,442 | ) | - |
| Sale of tangible fixed assets | 114,509 | 7,897 |
| Interest received | 16 | - |
| Dividends received | 3,087 | - |
| Net cash from investing activities | (326,228 | ) | (11,736 | ) |
| Cash flows from financing activities |
| New loans in year | - | 322,270 |
| Loan repayments in year | (280,575 | ) | - |
| Amount introduced by directors | 45,827 | 49,108 |
| Amount withdrawn by directors | (47,349 | ) | - |
| Equity dividends paid | (160,000 | ) | (160,000 | ) |
| Net cash from financing activities | (442,097 | ) | 211,378 |
| (Decrease)/increase in cash and cash equivalents | (238,217 | ) | 271,591 |
| Cash and cash equivalents at beginning of year |
2 |
888,726 |
617,135 |
| Cash and cash equivalents at end of year | 2 | 650,509 | 888,726 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2022 | 2021 |
| £ | £ |
| Profit before taxation | 504,258 | 9,582 |
| Depreciation charges | 105,574 | 100,094 |
| Loss on disposal of fixed assets | 277 | 2,668 |
| Loss on revaluation of fixed assets | 30,508 | - |
| Finance costs | 125,321 | 47,524 |
| Finance income | (3,103 | ) | - |
| 762,835 | 159,868 |
| Increase in stocks | (316,305 | ) | (138,088 | ) |
| Increase in trade and other debtors | (1,011,685 | ) | (1,585,604 | ) |
| Increase in trade and other creditors | 1,220,584 | 1,683,297 |
| Cash generated from operations | 655,429 | 119,473 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 June 2022 |
| 30/6/22 | 1/7/21 |
| £ | £ |
| Cash and cash equivalents | 650,509 | 888,726 |
| Year ended 30 June 2021 |
| 30/6/21 | 1/7/20 |
| £ | £ |
| Cash and cash equivalents | 888,726 | 617,135 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/7/21 | Cash flow | At 30/6/22 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 888,726 | (238,217 | ) | 650,509 |
| 888,726 | (238,217 | ) | 650,509 |
| Debt |
| Debts falling due within 1 year | (283,612 | ) | (34,504 | ) | (318,116 | ) |
| Debts falling due after 1 year | (2,300,658 | ) | 315,079 | (1,985,579 | ) |
| (2,584,270 | ) | 280,575 | (2,303,695 | ) |
| Total | (1,695,544 | ) | 42,358 | (1,653,186 | ) |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 1. | STATUTORY INFORMATION |
| JSB Companies Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the group. |
| Basis of consolidation |
| In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
| Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
| The consolidated financial statements incorporate those of JSB Companies Limited and all of its subsidiaries \ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
| All financial statements are made up to 30 June 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the companies 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. |
| There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in these accounts. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. This will be upon despatch of the goods as it is at this point that the amount of revenue can be measured reliably and 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 |
| Long leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Government grants |
| The group has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and 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 and loss. Reversals of impairment losses are also recognised in the profit and loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Operating lease commitments |
| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Employee benefits |
| Short term employee benefits, including holiday entitlement and other non-monetary benefits, and contributions to personal pension schemes are recognised as an expense in the period in which they are incurred. |
| Short term debtors and creditors |
| 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 income statement in other operating expenses. |
| Cash and cash equivalents |
| Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2022 | 2021 |
| £ | £ |
| Wages and salaries | 2,412,220 | 1,976,513 |
| Social security costs | 208,138 | 159,243 |
| Other pension costs | 118,225 | 109,711 |
| 2,738,583 | 2,245,467 |
| The average number of employees during the year was as follows: |
| 2022 | 2021 |
| Production staff | 60 | 43 |
| Distribution staff | 24 | 24 |
| Administrative staff | 21 | 21 |
| Other staff | 3 | 4 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 108 (2021 - 92 ) . |
| 2022 | 2021 |
| £ | £ |
| Director's remuneration | - | - |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2022 | 2021 |
| £ | £ |
| Hire of plant and machinery | 19,549 | 19,280 |
| Depreciation - owned assets | 105,574 | 100,094 |
| Loss on disposal of fixed assets | 277 | 2,668 |
| Auditors' remuneration | 22,000 | 22,000 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2022 | 2021 |
| £ | £ |
| Bank interest | - | 3,870 |
| Bank loan interest | 32,300 | 30,072 |
| Interest payable | 86,718 | 13,582 |
| Investment costs | 6,303 | - |
| 125,321 | 47,524 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2022 | 2021 |
| £ | £ |
| Current tax: |
| UK corporation tax | 43,060 | - |
| Deferred tax | 39,555 | 12,232 |
| Tax on profit | 82,615 | 12,232 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2022 | 2021 |
| £ | £ |
| Profit before tax | 504,258 | 9,582 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
95,809 |
1,821 |
| Effects of: |
| Expenses not deductible for tax purposes | 47,984 | 29,138 |
| Income not taxable for tax purposes | (586 | ) | - |
| Depreciation in excess of capital allowances | 4,116 | - |
| respect of prior years |
| Tax Losses | (64,708 | ) | (18,727 | ) |
| Total tax charge | 82,615 | 12,232 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2022 | 2021 |
| £ | £ |
| Interim | 160,000 | 160,000 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Long | to | Plant and |
| leasehold | property | machinery |
| £ | £ | £ |
| COST |
| At 1 July 2021 | 1,776,542 | 1,100,842 | 531,068 |
| Additions | - | 101,078 | 39,110 |
| Disposals | - | (101,078 | ) | (13,431 | ) |
| At 30 June 2022 | 1,776,542 | 1,100,842 | 556,747 |
| DEPRECIATION |
| At 1 July 2021 | 719,236 | 24,995 | 478,166 |
| Charge for year | 33,882 | 22,017 | 29,743 |
| Eliminated on disposal | - | - | - |
| At 30 June 2022 | 753,118 | 47,012 | 507,909 |
| NET BOOK VALUE |
| At 30 June 2022 | 1,023,424 | 1,053,830 | 48,838 |
| At 30 June 2021 | 1,057,306 | 1,075,847 | 52,902 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2021 | 183,599 | 24,580 | 3,616,631 |
| Additions | 1,160 | 13,050 | 154,398 |
| Disposals | - | (480 | ) | (114,989 | ) |
| At 30 June 2022 | 184,759 | 37,150 | 3,656,040 |
| DEPRECIATION |
| At 1 July 2021 | 108,194 | 11,804 | 1,342,395 |
| Charge for year | 14,632 | 5,300 | 105,574 |
| Eliminated on disposal | - | (203 | ) | (203 | ) |
| At 30 June 2022 | 122,826 | 16,901 | 1,447,766 |
| NET BOOK VALUE |
| At 30 June 2022 | 61,933 | 20,249 | 2,208,274 |
| At 30 June 2021 | 75,405 | 12,776 | 2,274,236 |
| 10. | FIXED ASSET INVESTMENTS |
| Group |
| Listed |
| investments |
| £ |
| COST |
| Additions | 289,442 |
| At 30 June 2022 | 289,442 |
| PROVISIONS |
| Impairments | 30,508 |
| At 30 June 2022 | 30,508 |
| NET BOOK VALUE |
| At 30 June 2022 | 258,934 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2021 |
| and 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| Details of the company's subsidiaries at 30 June 2022 are as follows: |
Name of undertaking |
Address |
Class of shares held |
% Held Direct Indirect |
| Bristolian Properties Limited | See below | Ordinary | 100 |
| John Sheppard Butchers Limited | See below | Ordinary | 100 |
| John Sheppard Direct Limited | See below | Ordinary | 100 |
| Registered office addresses (all UK unless otherwise indicated): |
| All Unit 5, 6 & 7, Ashley Parade, Bristol, BS2 9XS |
| 11. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2021 |
| and 30 June 2022 | 475,000 |
| NET BOOK VALUE |
| At 30 June 2022 | 475,000 |
| At 30 June 2021 | 475,000 |
| The Investment Property comprises of 232 Cheltenham Road, Bristol, BS6 5QU. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as at 30 June 2022. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 12. | STOCKS |
| Group |
| 2022 | 2021 |
| £ | £ |
| Stocks | 624,349 | 308,044 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2022 | 2021 | 2022 | 2021 |
| £ | £ | £ | £ |
| Trade debtors | 3,308,679 | 2,322,517 |
| Other debtors | 199,993 | 185,363 |
| Directors' loan accounts | 47,349 | 45,827 | - | - |
| VAT | 71,240 | 18,100 |
| Prepayments | 131,118 | 173,365 |
| 3,758,379 | 2,745,172 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts (see note 16) | 318,116 | 283,612 |
| Trade creditors | 1,780,715 | 1,464,145 |
| Tax | 43,060 | - |
| Social security and other taxes | 73,329 | 162,290 |
| Other creditors | 2,109,272 | 1,405,729 |
| Accruals and deferred income | 614,285 | 324,853 |
| 4,938,777 | 3,640,629 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2022 | 2021 | 2022 | 2021 |
| £ | £ | £ | £ |
| Bank loans (see note 16) | 1,985,579 | 2,300,658 |
| Amounts owed to group undertakings | - | - | 5,000 | 5,000 |
| 1,985,579 | 2,300,658 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 318,116 | 283,612 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 1,368,913 | 1,417,323 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 583,333 | 783,335 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 33,333 | 100,000 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Non-cancellable operating | leases |
| 2022 | 2021 |
| £ | £ |
| Within one year | 312,938 | 372,604 |
| Between one and five years | 1,037,556 | 861,134 |
| 1,350,494 | 1,233,738 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 18. | SECURED DEBTS |
| Bristolian Properties: |
| HSBC Bank PLC holds a floating charge with a negative pledge on all the assets, property or undertaking of the company. Units 5, 6 & 7 Ashley Trading Estate contains a negative pledge. |
| John Sheppard Butchers Limited: |
| HSBC Bank PLC has a legal mortgage, legal assignment and chattel mortgage on all monies due or to become due from the company to the charge on any account whatsoever. They also hold a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery of the company. |
| HSBC Invoice Finance (UK) Limited holds a floating charge with a negative pledge on all the property or undertaking of the company. They also hold a fixed charge on purchased debts which fail to vest and the amount is secured on all monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge. |
| Midlands Bank PLC holds a fixed and floating charge on all monies due or to become due from the company to the chargee on any account whatsoever. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group |
| 2022 | 2021 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 136,546 | 96,991 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2021 | 96,991 |
| Provided during the year | 39,555 |
| Balance at 30 June 2022 | 136,546 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1 | 15,002 | 15,002 |
| JSB COMPANIES LIMITED (REGISTERED NUMBER: 08898596) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2022 |
| 21. | RESERVES |
| Group |
| Non |
| Distributable |
| retained |
| Retained | Earnings |
| earnings | bfwd | Totals |
| £ | £ | £ |
| At 1 July 2021 | 513,398 | 124,500 | 637,898 |
| Profit for the year | 421,643 | 421,643 |
| Dividends | (160,000 | ) | (160,000 | ) |
| At 30 June 2022 | 775,041 | 124,500 | 899,541 |
| 22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| At the Balance sheet date Mr R Sheppard owed the group £47,349 (2021: £45,827). |
| 23. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| A dividend of £160,000 was paid to the shareholders during the year. |
| Other than the directors there are no other members of key management. Directors' remuneration is reported in note 3. |
| 24. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mr Richard Sheppard by virtue of his shareholding. |