REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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Jaylow Supplies Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Jaylow Supplies Limited |
Jaylow Supplies Limited (Registered number: 00463864) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Jaylow Supplies Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
5 North End Road |
London |
NW11 7RJ |
Jaylow Supplies Limited (Registered number: 00463864) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company remains that of electrical cable distributors. |
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REVIEW OF BUSINESS |
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Key financial and other performance indicators during the year were as follows:- |
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2019 | 2018 |
£ | £ |
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Turnover | 89,928,731 | 92,221,144 |
Margin | 6.3% | 5.8% |
Profit after Tax | 360,271 | 254,061 |
Shareholders Funds | 18,951,937 | 18,591,666 |
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Shareholders funds increased due to the year's profits. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
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The company possesses the required management expertise to monitor and manage risk. The principal risks and uncertainties facing the company are as follows: |
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Economic Risks |
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Any economic downturn is likely to lead to a reduction in the number of infrastructure projects as many companies prepare to consolidate and slowdown investment in the tougher economic climate. |
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Price Risks |
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Price risks arise on the company's product range due to changes in commodity prices. There is a management team dedicated to monitoring product prices to ensure exposure is limited. |
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Financial Risks |
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The company reduces its exposure to variability of foreign exchange rates by mostly buying and selling its product in the same currency. This limits the risk to any surplus which collects in foreign currency accounts. |
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Brexit Risks |
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The lack of clarity arising from UK leaving the Trade Union has increase the level of economic uncertainty. This risk is further increased if at the end of the transition period there is no agreement similar to the previous of EU Agreement. Following UK's withdrawal from the European Union there would be changes in VAT and custom duty regime for the goods imported from and exported to the Community leading to an increase in cost of the goods. However the company's risk is limited as there is very little trade with EU businesses. |
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Credit risk |
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A risk that one party will cause financial loss to another party by failing to discharge an obligation. It is the company's policy to minimise such losses by ensuring deferred terms are only granted to those customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. At the balance sheet date most of the total trade debtors were within assigned terms. |
Jaylow Supplies Limited (Registered number: 00463864) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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Liquidity risk |
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The risk that the company will encounter difficulty in meeting its obligations associated with financial liabilities. |
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Operational Risks |
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The emerging risk & uncertainty arising from COVID-19 pandemic has severely affected the economic conditions globally. The spread of COVID-19 is impacting all areas of business from supply chain to revenue. |
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GOING CONCERN |
The industry has been affected by the consequences of COVID-19. During the period from end of March 2020 to mid May 2020 operations were significantly reduced. However the operations gained momentum from July 2020 since the gradual easing of COVID-19 lockdown and with additional health and safety procedures and social distancing measures. |
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The turnover and profit of July 2020 to September 2020 has been exceptionally higher and we believe that this will continue through the rest of the year up to 31 December 2020. |
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Whilst the uncertainty remains we have adapted to the challenge and are confident that with the new government schemes and favourable operation of property building and development the demand will continue to increase. |
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FUTURE DEVELOPMENTS |
Though there is continuous uncertainty surrounding COVID-19 , the directors are satisfied with the orders and demand and are of the opinion that future work streams and company's broad client base will help the company to continue to develop and progress. |
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ON BEHALF OF THE BOARD: |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report. |
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POLITICAL DONATIONS AND EXPENDITURE |
During the year the company made charitable donations amounting to £422,000 (2018: £456,000). |
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EXPANSION OF FACILITIES |
During 2019 the company expanded its warehousing facilities, increasing capacity by 60%. This has resulted in one off expenses relating to this expansion totalling just over £200,000 |
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POST BALANCE SHEET EVENTS |
The economy in general and this company in particular were affected by COVID-19 epidemic. However in the third quarter of 2020 trading has been exceptionally strong as property building and development have continued in favourable trading conditions and the company has made profit during the first three quarters of 2020 and anticipates finishing the year equally strongly. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Jaylow Supplies Limited (Registered number: 00463864) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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AUDITORS |
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Jaylow Supplies Limited |
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Opinion |
We have audited the financial statements of Jaylow Supplies Limited (the 'company') for the year ended 31 December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 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. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Jaylow Supplies Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
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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. |
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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. |
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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. |
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for and on behalf of
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Statutory Auditors |
5 North End Road |
London |
NW11 7RJ |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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4,867,972 | 4,252,279 |
800,792 | 1,054,719 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Profit/loss on sale of |
tangible fixed assets | 6 |
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851,355 | 1,095,197 |
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Interest receivable and similar income |
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869,554 | 1,113,557 |
Gain/loss on revaluation of investment
property |
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(336,309 |
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869,554 | 777,248 |
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Interest payable and similar expenses | 7 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investment property | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 13 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were authorised for issue by the Board of Directors and authorised for issue on
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Jaylow Supplies Limited (Registered number: 00463864) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Cash Flow Statement |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
(23,109,061 |
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(20,730,279 |
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Cash and cash equivalents at end of year | 2 |
( |
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( |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.19 | 31.12.18 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on revaluation of fixed assets | - | 336,309 |
Finance costs | 435,761 | 386,492 |
Finance income | (18,199 | ) | (18,360 | ) |
888,316 | 1,108,985 |
(Increase)/decrease in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2019 |
31/12/19 | 1/1/19 |
£ | £ |
Cash and cash equivalents | 32,428 | 4,291 |
Bank overdrafts |
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(18,197,927 | ) | (23,109,061 | ) |
Year ended 31 December 2018 |
31/12/18 | 1/1/18 |
£ | £ |
Cash and cash equivalents | 4,291 | 96,860 |
Bank overdrafts |
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(23,109,061 | ) | (20,730,279 | ) |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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At 1/1/19 | Cash flow | At 31/12/19 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,291 | 28,137 | 32,428 |
Bank overdrafts | (23,113,352 | ) | 4,882,997 | (18,230,355 | ) |
(23,109,061 | ) |
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(18,197,927 | ) |
Total | (23,109,061 | ) | 4,911,134 | (18,197,927 | ) |
Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Jaylow Supplies Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£) and figures are rounded to the nearest £1. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include: |
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Investment property valuation |
Investment property is stated at directors valuation. Although the director is familiar with the value of property in the area, the valuations are subject to a degree of uncertainty, in particular, during times of difficult economic conditions. |
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Trade debtors |
The majority of trade debtors are paid within the agreed conditions. Management makes judgements regarding recoverability of aged debtors using external evidence of the credit status of the counterparty and where necessary will impair the carrying values. |
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Turnover |
Turnover represents the net value of electrical cable sold to customers excluding VAT. The net value takes into account trade discounts, settlement discounts and rebates. |
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Revenue from sale of goods is recognised when significant risks & rewards of the ownership has been transferred to the buyer (on despatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Fixtures & fittings | - |
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Investment property |
Investment property is stated at the directors' estimate of market value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Stocks |
The principal raw material elements of stock are copper and PVC. Due to the fluctuating nature of the world copper and PVC markets the stock is stated at the lower of cost and selling price less estimated costs to sell. |
Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are classified and accounted for as either debt instruments or financial liabilities, according to the contractual arrangements entered into. |
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Basic financial instruments |
Debtors |
Trade and other debtors are recognised initially at transaction price and subsequently at amortised cost. |
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Creditors |
Trade and other creditors are recognised initially at transaction price and subsequently at amortised cost. Other financial liabilities, including bank overdrafts, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Revenue recognition |
Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. |
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Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on despatch of goods. |
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Going concern |
The accounts have been prepared on the going concern basis. The directors consider that there are no material uncertainties regarding the company's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements. |
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3. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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31.12.19 | 31.12.18 |
£ | £ |
United Kingdom |
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Europe |
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4. | EMPLOYEES AND DIRECTORS |
31.12.19 | 31.12.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.19 | 31.12.18 |
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Administration | 28 | 28 |
Warehouse | 28 | 27 |
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31.12.19 | 31.12.18 |
£ | £ |
Directors' remuneration |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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Information regarding the highest paid director is as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Emoluments etc |
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Accrued pension at 31 December 2019 |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.19 | 31.12.18 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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6. | EXCEPTIONAL ITEMS |
31.12.19 | 31.12.18 |
£ | £ |
Profit/loss on sale of |
tangible fixed assets | ( |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.19 | 31.12.18 |
£ | £ |
Bank loan interest |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Tax on profit |
|
|
|
UK corporation tax was charged at 19%) in 2018. |
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
8. | 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: |
|
31.12.19 | 31.12.18 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
|
|
|
Effects of: |
deductible for tax purposes |
Depreciation and loss on disposal for the period in excess of capital allowances |
(8,899 |
) |
(2,412 |
) |
in previous years |
due to rate changes |
(Profit)/Loss on disposal of investment | - | 965 |
Gain/loss on revaluation of investment property | - | 63,898 |
Total tax charge | 73,522 | 136,695 |
|
9. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Fixtures |
machinery | vehicles | & fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) |
|
( |
) |
At 31 December 2019 |
|
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
( |
) |
At 31 December 2019 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
|
At 31 December 2018 |
|
|
|
|
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
|
Due to the outbreak of COVID-19 and the uncertainties surrounding it the valuation of an investment property by an independent valuer would have been difficult due to internal procedures of the valuing company, government imposed restrictions and the unwillingness of the occupants to grant access. |
|
Considering the limitation on access to evidential data and inclusion of material valuation uncertainty in the report no revaluations of an investment property were made during the year. |
|
11. | STOCKS |
31.12.19 | 31.12.18 |
£ | £ |
Finished goods and goods for |
resale |
|
|
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
|
|
Other debtors | 1,771,365 | 2,013,150 |
VAT |
|
|
Prepayments |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT | - | 422,943 |
Net wages | 23,500 | - |
Directors' current accounts | 15,775 | 15,775 |
Accrued expenses |
|
|
|
|
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
The above relates to a lease for land and buildings and leases for vehicles and forklifts. The lease for land and buildings was renewed on 30 September 2020. Rent is paid on a quarterly basis and is charged to the profit and loss account on a straight-line basis over the lease term. |
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.19 | 31.12.18 |
£ | £ |
Bank overdrafts |
|
|
|
Bank facilities are secured by a fixed and floating debenture. |
|
17. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
|
"A" Ordinary Shares | £1 | 25,000 | 25,000 |
|
"B" Ordinary Shares | £1 | 1,000 | 1,000 |
26,000 | 26,000 |
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
18. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2019 |
|
Profit for the year |
|
At 31 December 2019 |
|
|
19. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme for the directors. The assets of the scheme are held separately from those of the company in an independently administered fund. The contributions for the year were £83,748 (2018: £115,602). At the year end there were no outstanding contribution. |
|
For the employees the company has paid to the pension scheme £ 18,677(2018: £10,839) during the year. |
|
20. | CONTINGENT LIABILITIES |
|
The company has given a guarantee of £2,000,000 towards the bank loan provided to Belljoe Tzedoko Ltd.. |
|
21. | CAPITAL COMMITMENTS |
|
The capital expenditure authorised and contracted for by the company was £Nil (2018:£Nil). |
|
22. | RELATED PARTY DISCLOSURES |
|
Mr M Lobenstein is also a director of Margstein Property Ltd, Bridgeholt Ltd, Blackfair Ltd, Emlow Ltd and Belljoe Tzedoko Ltd. |
|
As at the balance sheet date, the balance owing from Margstein Property Ltd was £69,347 (2018: £69,347). The amount is interest free and repayable on demand. |
|
As at the balance sheet date, the balance owing from Bridgeholt Ltd was £958,520 (2018: £958,520). The amount is interest free and repayable on demand. |
|
As at the balance sheet date, the balance owing from Blackfair Ltd was £210,000 (2018: £210,000). The amount is interest free and repayable on demand. |
|
During the year, the company paid rent for storage space to Emlow Ltd at market rate of £5,670 (2018: £8,750). |
|
Belljoe Tzedoko Ltd is a charitable company which owns the warehouse used by Jaylow Supplies Limited. During the year, the company paid rent for the warehouse, at market rate, of £ 350,000(2018: £300,000). |
|
As at the balance sheet date, there is an amount of £536,490 (2018: £746,490) owing from M/s C Lobenstein, an employee of the company. The company receives interest on the balance. |
|
23. | ULTIMATE CONTROLLING PARTY |
|
There is no controlling party in this company. |
|
The persons with significant control are: |
|
Mrs B Lobenstein - holds 25-50% of the Share Capital |
Mr M Lobenstein - holds 25-50% of the Share Capital |
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
|
24. | FINANCIAL INSTRUMENTS |
|
2019 | 2018 |
£ | £ |
|
Financial assets measured at amortized cost | 27,086,589 | 33,220,838 |
|
Financial liabilities measured at amortized cost | 19,009,591 | 24,134,450 |
|
Financial assets measured at amortized cost are comprised of trade debtors of £ 25,287,723 (2018: £31,207,688) and other debtors of £17,98,866 (2018: £2,013,150). |
|
Financial liabilities measured at amortized cost are comprised of short term bank loans and overdrafts of £18,230,355 (2018: £23,113,352), trade creditors of £566,361 (2018: £366,935) and other creditors of £212,875 (2018: £654,163). During the year, the company paid interest amounting to £435,761 (2018: £386,492) on the short term bank loan. |