REGISTERED NUMBER: 06800355 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
J M POSNER LIMITED |
REGISTERED NUMBER: 06800355 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
J M POSNER LIMITED |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Notes to the Consolidated Financial Statements | 10 |
J M POSNER LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
wholesale supply and distribution of confectionery supplies and equipment. |
DIRECTORS |
POLITICAL DONATIONS AND EXPENDITURE |
During the year the group made non political donations to charities in the amount of £5,632. |
DIRECTOR CHANGES |
After the year end Justin Posner passed away. Tim Hills, Toni Posner and Tia Posner have subsequently been appointed as directors, and the Company and its Board are confident that they have ample capability to continue to trade. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Xeinadin Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 March 2023 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J M POSNER LIMITED |
Opinion |
We have audited the financial statements of J M Posner Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J M POSNER LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
J M POSNER LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: |
o Gaining an extensive knowledge of the Company and its external environment, as well as the regulatory structures it must operate within; |
o Obtaining sufficient understanding of the internal control systems, including those in place for the detection and prevention of fraud. |
o Confirmation and identification of any related parties with management, and review of transactions throughout the period to identify any previously undisclosed related parties. |
o Evaluating the design effectiveness of said systems to ensure they are operating at a satisfactory level. |
o Understanding the Company's current financial performance as well as future plans. |
o Discussions with management as to any known or suspected instances of non-compliance with laws and regulations as well as fraud. |
o Testing journal entries and investigated the rationale behind significant or unusual transactions. |
o Challenging and assessing significant estimates, judgements and assumptions made in accounting policies. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
o agreeing financial statement disclosures to underlying supporting documentation; |
o reading the minutes of meetings of those charged with governance; |
o enquiring of management as to actual and potential litigation and claims; and |
o reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
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. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
CONSOLIDATED INCOME STATEMENT |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 13,888,943 | 12,422,529 |
Cost of sales | 10,389,602 | 8,692,531 |
GROSS PROFIT | 3,499,341 | 3,729,998 |
Administrative expenses | 1,703,470 | 2,163,187 |
OPERATING PROFIT | 4 | 1,795,871 | 1,566,811 |
Interest receivable and similar income | 13,970 | 2 |
1,809,841 | 1,566,813 |
Interest payable and similar expenses | - | (43,213 | ) |
PROFIT BEFORE TAXATION | 1,809,841 | 1,610,026 |
Tax on profit | 347,090 | 297,922 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,462,751 | 1,312,104 |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
CONSOLIDATED BALANCE SHEET |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 29,437 | 36,768 |
Investments | 7 | 41,896 | - |
71,333 | 36,768 |
CURRENT ASSETS |
Stocks | 8 | 2,283,563 | 1,688,508 |
Debtors | 9 | 1,431,466 | 1,459,422 |
Investments | 10 | 1,000,000 | - |
Cash at bank and in hand | 1,578,984 | 2,205,126 |
6,294,013 | 5,353,056 |
CREDITORS |
Amounts falling due within one year | 11 | 1,750,681 | 2,148,065 |
NET CURRENT ASSETS | 4,543,332 | 3,204,991 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 4,614,665 | 3,241,759 |
PROVISIONS FOR LIABILITIES | 5,199 | 5,044 |
NET ASSETS | 4,609,466 | 3,236,715 |
CAPITAL AND RESERVES |
Called up share capital | 122 | 122 |
Retained earnings | 4,609,344 | 3,236,593 |
4,609,466 | 3,236,715 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 6 December 2023 and were signed on its behalf by: |
T Hills - Director |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
COMPANY BALANCE SHEET |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Investments | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Company's profit for the financial year | 1,333,092 | 1,187,405 |
The financial statements were approved by the Board of Directors and authorised for issue on |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
J M Posner Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.23 | 31.3.22 |
£ | £ |
Depreciation - owned assets | 15,772 | 4,225 |
Auditors' remuneration | 10,813 | - |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 6,423 | 10,321 | 20,774 | 23,506 | 61,024 |
Additions | - | - | 4,571 | 5,690 | 10,261 |
Disposals | - | - | (107 | ) | (1,977 | ) | (2,084 | ) |
At 31 March 2023 | 6,423 | 10,321 | 25,238 | 27,219 | 69,201 |
DEPRECIATION |
At 1 April 2022 | 2,274 | 6,488 | 4,314 | 11,180 | 24,256 |
Charge for year | 2,075 | 1,816 | 5,528 | 6,353 | 15,772 |
Eliminated on disposal | - | - | - | (264 | ) | (264 | ) |
At 31 March 2023 | 4,349 | 8,304 | 9,842 | 17,269 | 39,764 |
NET BOOK VALUE |
At 31 March 2023 | 2,074 | 2,017 | 15,396 | 9,950 | 29,437 |
At 31 March 2022 | 4,149 | 3,833 | 16,460 | 12,326 | 36,768 |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
6. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
7. | FIXED ASSET INVESTMENTS |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Loans to group undertakings | 41,896 | - |
41,896 | - |
Additional information is as follows: |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
7. | FIXED ASSET INVESTMENTS - continued |
Group |
Loans to |
group |
undertakings |
£ |
New in year | 41,896 |
At 31 March 2023 | 41,896 |
Company |
Loans to |
group |
undertakings |
£ |
New in year |
At 31 March 2023 |
8. | STOCKS |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Stocks | 2,283,563 | 1,688,508 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Trade debtors | 1,192,929 | 1,184,184 |
Amounts owed by group undertakings | - | 10,000 |
Other debtors | 195,029 | 69,406 |
Directors' current accounts | - | 147,064 | - | 147,064 |
VAT | - | - |
Prepayments | 43,508 | 48,768 |
1,431,466 | 1,459,422 |
10. | CURRENT ASSET INVESTMENTS |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Other | 1,000,000 | - |
J M POSNER LIMITED (REGISTERED NUMBER: 06800355) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.23 | 31.3.22 | 31.3.23 | 31.3.22 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | - |
Trade creditors | 1,192,653 | 1,114,429 |
Tax | 346,269 | 296,860 |
Social security and other taxes | 22,398 | 409,047 |
Pensions | 3,611 | 2,301 | 3,611 | 2,301 |
VAT | 15,939 | 25,863 | - | - |
Other creditors | 155,215 | 282,383 |
Accrued expenses | 14,596 | 17,182 |
1,750,681 | 2,148,065 |