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 2021 |
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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 2021 |
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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 2021 |
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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 | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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Jaylow Supplies Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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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 Auditor |
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 2021 |
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The directors present their strategic report for the year ended 31 December 2021. |
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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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2021 | 2020 |
£ | £ |
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Turnover | 138,389,378 | 99,400,153 |
Profit after Tax | 5,282,947 | 1,582,430 |
Gross Margin | 11.07% | 7.02% |
Shareholders Funds | 25,817,314 | 20,534,367 |
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Shareholders funds increased due to the year's profits. |
The company's margin has increased during the year. |
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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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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 trade debtors were within assigned terms. |
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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 company manages this risk by providing value added services to its client, having fast response time not only in supplying the goods but also in handling customer queries and by maintaining strong relationship with customers. |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Strategic Report |
for the Year Ended 31 December 2021 |
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SECTION 172(1) STATEMENT |
The directors have always paid due regard to the effect of their actions on various stakeholders who have an interest in the business. Section 172 of the Companies Act requires us to report each year on the steps taken to fulfil these obligations towards our stakeholders. There are various parties who may be affected by the decisions made by the Board of Directors in the day to day running of the business and as such can be considered stakeholders. It is the responsibility of the board of directors to consider these interests in order to deliver the best possible outcome. |
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Employees & Suppliers |
We actively engage with our suppliers and the employees who form an integral part of our operation and are considered key strategic partners. |
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The company has a loyal team of employees, most of whom have been employed with us for many years. Their efforts are highly valued and the company seeks to offer an environment in which the employees can thrive.Training, pension and other benefits are offered. Health and safety and employee welfare are the key areas which management insist upon. |
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Customers |
We focus on providing best experience to our customers and are always seeking ways to add value by investing in the future. |
We value the strategic relationships we have with our key customers who have been with us from a long period of time based on reliability and trust. |
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GOING CONCERN |
As the general economy is emerging from COVID-19 and also adjust to the post Brexit deal, the market remains challenging with material and labour shortages widely reported across a wide range of industries including trading sector. |
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As a result of the above, the company takes a cautious approach in obtaining orders and mitigating risk where possible by forward planning with the supply chain and the customers. The company's profitability has increased with the increase in sales specially in the last six months to the year end. |
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Furthermore, the directors believe that the strength of the company and its experience in the field along with the strong reputation and name will enable the company to move forward. |
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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 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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CHARITABLE DONATIONS AND EXPENDITURE |
During the year the company made charitable donations amounting to £722,642 (2020: £469,000). |
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POST BALANCE SHEET EVENTS |
The economy in general and this company in particular has recovered from the affect of COVID-19 epidemic last year. The first and the second quarter of 2021 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 2022 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 2021 |
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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 2021 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 2021 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 |
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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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 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. |
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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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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures. |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the directors. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
- Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. |
- There are inherent limitations in the audit procedures performed. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the company and to ensure that the overall content and presentation of the financial statements gives a fair view. |
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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. |
Report of the Independent Auditors to the Members of |
Jaylow Supplies Limited |
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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 Auditor |
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 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
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TURNOVER | 4 |
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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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8,321,162 | 4,732,537 |
6,996,019 | 2,244,230 |
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Other operating income |
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OPERATING PROFIT | 6 |
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Profit/loss on sale of |
tangible fixed assets | 8 | ( |
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Profit/loss on sale of invest | 8 |
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7,033,821 | 2,296,940 |
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Interest receivable and similar income |
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7,055,550 | 2,309,202 |
Amounts written off investments | 9 | 10 | - |
7,055,540 | 2,309,202 |
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Interest payable and similar expenses | 10 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 11 |
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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 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
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Investments | 13 |
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Investment property | 14 |
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CURRENT ASSETS |
Stocks | 15 |
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Debtors | 16 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 17 |
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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 | 21 |
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Retained earnings | 22 |
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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 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2021 |
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Jaylow Supplies Limited (Registered number: 00463864) |
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Cash Flow Statement |
for the Year Ended 31 December 2021 |
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31.12.21 | 31.12.20 |
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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Purchase of fixed asset investments | - | (10 | ) |
Sale of tangible fixed assets |
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Sale of fixed asset investments |
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Sale of investment property |
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Interest received |
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Net cash from investing activities |
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Cash flows from financing activities |
Amount withdrawn by directors | - | (19,990 | ) |
Net cash from financing 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 |
(33,059,658 |
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(18,197,927 |
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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 2021 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.12.21 | 31.12.20 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 545,942 | 353,783 |
Finance income | (21,729 | ) | (12,262 | ) |
7,059,676 | 2,327,501 |
(Increase)/decrease in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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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 2021 |
31/12/21 | 1/1/21 |
£ | £ |
Cash and cash equivalents | 218,573 | 471,816 |
Bank overdrafts |
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(29,261,839 | ) | (33,059,658 | ) |
Year ended 31 December 2020 |
31/12/20 | 1/1/20 |
£ | £ |
Cash and cash equivalents | 471,816 | 32,428 |
Bank overdrafts |
( |
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(33,059,658 | ) | (18,197,927 | ) |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
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At 1/1/21 | Cash flow | At 31/12/21 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 471,816 | (253,243 | ) | 218,573 |
Bank overdrafts | (33,531,474 | ) | 4,051,062 | (29,480,412 | ) |
(33,059,658 | ) |
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(29,261,839 | ) |
Total | (33,059,658 | ) | 3,797,819 | (29,261,839 | ) |
Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Jaylow Supplies Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | 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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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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Government grants |
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment in subsidiary company is held at cost. |
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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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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. |
Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
The principal raw material elements of stock are copper and PVC. Due to the fluctuating nature of copper and PVC markets the stock is stated at the lower of cost and selling price less estimated costs to sell. |
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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. |
Jaylow Supplies Limited (Registered number: 00463864) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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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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Provisions |
Provisions are recognised when there is a present obligation arising from past events, and the settlement of this obligation will result in an outflow of economic benefits from an entity. |
|
Provisions are recognised as a liability in the statement of financial position and the amount of provision as an expense. |
|
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the profit or loss unless the provision was originally recognised as part of an asset. When the provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in the finance costs in profit or loss in the period it arises. |
|
4. | TURNOVER |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by geographical market is given below: |
|
31.12.21 | 31.12.20 |
£ | £ |
United Kingdom |
|
|
Europe |
|
|
|
|
|
5. | EMPLOYEES AND DIRECTORS |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
|
5. | EMPLOYEES AND DIRECTORS - continued |
|
The average number of employees during the year was as follows: |
31.12.21 | 31.12.20 |
|
Administration | 32 | 24 |
Warehouse | 27 | 30 |
|
|
|
31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows: |
|
Money purchase schemes |
|
|
|
Information regarding the highest paid director is as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Emoluments etc |
|
|
|
6. | OPERATING PROFIT |
|
The operating profit is stated after charging: |
|
31.12.21 | 31.12.20 |
£ | £ |
Other operating leases |
|
|
Depreciation - owned assets |
|
|
|
7. | AUDITORS' REMUNERATION |
31.12.21 | 31.12.20 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
22,232 |
20,207 |
|
8. | EXCEPTIONAL ITEMS |
31.12.21 | 31.12.20 |
£ | £ |
Profit/loss on sale of |
tangible fixed assets | ( |
) |
|
Profit/loss on sale of invest |
|
|
34,452 | - |
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
|
9. | AMOUNTS WRITTEN OFF INVESTMENTS |
31.12.21 | 31.12.20 |
£ | £ |
Amounts w/o invs | 10 | - |
|
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.21 | 31.12.20 |
£ | £ |
Bank loan interest |
|
|
Interest on late payment of |
corporation tax |
|
|
|
|
|
11. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Corporation tax (over)/under paid | (136 | ) | - |
|
Tax on profit |
|
|
|
UK corporation tax was charged at 19%) in 2020. |
|
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: |
|
31.12.21 | 31.12.20 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
|
|
|
Effects of: |
Income and expenses not deductible for tax purposes | (6,545 | ) | - |
Depreciation and loss on disposal for the period in excess of capital allowances |
(3,492 |
) |
1,459 |
Corporation tax overprovided in previous years | (136 | ) | - |
due to rate changes |
investment |
investment property |
|
Total tax charge | 1,226,651 | 372,989 |
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
|
12. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Fixtures & |
machinery | vehicles | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
( |
) |
|
( |
) |
At 31 December 2021 |
|
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
( |
) |
At 31 December 2021 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
13. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
|
Disposals | ( |
) |
At 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: 5 North End Road, London, NW11 7RJ |
Nature of business:
|
% |
Class of shares: | holding |
|
|
31.12.21 |
|
£ | £ |
Aggregate capital and reserves |
|
|
|
The subsidiary Leajay Ltd has been dissolved during the year on 07th September 2021. |
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
|
14. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
|
Disposals | ( |
) |
At 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
During the year Jaylow has acted as the principal on behalf of Leajay regarding sale of property. The other property was sold last year. |
|
15. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Finished goods and goods for |
resale |
|
|
|
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
|
|
Other debtors | 3,547,691 | 2,265,118 |
Directors' current accounts | 4,215 | 4,215 |
VAT |
|
|
Prepayments & Accrued Income |
|
|
|
|
|
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts (see note 18) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Pension Payable | 1,352 | 1,184 |
VAT | 6,127,181 | - |
Net wages | - | (2,556 | ) |
Accrued expenses |
|
|
Deferment Duty&Control Account | - | 2,414,364 |
|
|
Jaylow Supplies Limited (Registered number: 00463864) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
|
18. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
19. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
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. |
|
20. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.21 | 31.12.20 |
£ | £ |
Bank overdrafts |
|
|
|
Bank facilities are secured by a fixed and floating debenture. |
|
21. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
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 2021 |
|
|
22. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2021 |
|
Profit for the year |
|
At 31 December 2021 |
|
|
23. | 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 £ 24,020 (2020: £21,162). |
|
24. | CONTINGENT LIABILITIES |
|
The company has given a guarantee of £2,000,000 towards the bank loan provided to Belljoe Tzedoko Ltd., a charity which has common directors. |
|
25. | CAPITAL COMMITMENTS |
|
The capital expenditure authorised and contracted for by the company was £Nil (2020:£Nil). |
|
26. | 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 £70,993 (2020: £70,993). The amount is interest free and repayable on demand. |
|
As at the balance sheet date, the balance owing from Bridgeholt Ltd was £1,698,520 (2020: £1,438,520). The amount is interest free and repayable on demand. |
|
As at the balance sheet date, the balance owing from Blackfair Ltd was £210,000 (2020: £210,000). The amount is interest free and repayable on demand. |
|
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 £ 550,000 (2020: £500,000). |
|
As at the balance sheet date, there is an amount of £529,500 (2020: £529,500) owing from M/s C Lobenstein, an employee of the company. The company receives interest on the balance. |
|
As at the balance sheet date, there is an amount of £995,000 (2020: £0) owing from B Lobenstein, an employee of the company. The company receives interest on the balance. |
|
27. | 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 2021 |
|
|
28. | FINANCIAL INSTRUMENTS |
|
2021 | 2020 |
£ | £ |
|
Financial assets measured at amortized cost | 47,718,533 | 45,766,850 |
|
Financial liabilities measured at amortized cost | 38,501,504 | 34,968,634 |
|
Financial assets measured at amortized cost are comprised of trade debtors of £44,166,627 (2020: £42,596,006) and other debtors of £3,551,906 (2020: £3,170,764). |
|
Financial liabilities measured at amortized cost are comprised of short term bank loans and overdrafts of £29,480,412 (2020: £33,531,474), trade creditors of £1,225,293 (2020: £865,692) and other creditors of £7,795,799 (2020: £574,168). During the year, the company paid interest amounting to £543,610 (2020: £353,762) on the short term bank loan. |