Jepson Holdings Limited Group accounts (Group and Company)

JEPSON HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02218447

Jepson Holdings Limited

Financial Statements

30 June 2022

Jepson Holdings Limited

Financial Statements

Year ended 30 June 2022

Contents	Page

Strategic report	1

Directors' report	2

Independent auditor's report to the members	4

Consolidated statement of comprehensive income	8

Consolidated statement of financial position	9

Company statement of financial position	10

Consolidated statement of changes in equity	11

Company statement of changes in equity	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

Jepson Holdings Limited

Strategic Report

Year ended 30 June 2022

The directors present their strategic report for the year ended 30 June 2022. Review of the business The principal activity of the group is the manufacture and sale of vehicle number plates and signs. The profit before tax of the group shows consistent profitability in monetary terms over the last two years. The deferred tax movement has led to the tax charge being a credit rather than a charge. Principal Risks and uncertainties The group operates in a mature and price sensitive environment and seeks to mitigate competitive risk by striving to provide quality, service and value into the market place. Competition from other companies operating in the same fields as those in the group mean that margins have been squeezed during the year. Future developments Research and development activities have been ongoing to help the group maintain their competitive edge. A new website for one of the subsidiaries has helped increase the traffic to the website and as a result the sales have increased. Results and performance The group has continued to endeavour to position itself to deliver to its customers the best products, service and value for money by continually innovating and improving its products, service, planning, processes and people. The business environment in which part of the group operates has been difficult during this year with price increases in raw materials affecting the gross margin. By maintaining a strong balance sheet the group is still able to evaluate a variety of strategic options and opportunities as they arise. Key performance indicators of the group Performance indicators are provided by the results of the group for the year, as set out on pages 10 to 15. The results show a profit on ordinary activities before tax of £1.699m (2021 - £2.103m) and a net worth of £17.015m (2021 - £15.993m) on the balance sheet, with in excess of £11.2m in cash (2021 - £11.5m in cash).

This report was approved by the board of directors on 26 January 2023 and signed on behalf of the board by:

Mr P G Jepson

Director

Registered office:

364 - 366 Cemetery Road

Sheffield

England

S11 8FT

Jepson Holdings Limited

Directors' Report

Year ended 30 June 2022

The directors present their report and the financial statements of the group for the year ended 30 June 2022 .

Directors

The directors who served the company during the year were as follows:

Mr P G Jepson
Miss B A Jepson

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Disclosure of information in the strategic report

The company has chosen to include information about future developments within the strategic report.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and 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 judgments 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 26 January 2023 and signed on behalf of the board by:

Mr P G Jepson

Director

Registered office:

364 - 366 Cemetery Road

Sheffield

England

S11 8FT

Jepson Holdings Limited

Independent Auditor's Report to the Members of Jepson Holdings Limited

Year ended 30 June 2022

Opinion

We have audited the financial statements of Jepson Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2022 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 30 June 2022 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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.

Responsibilities of directors

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

Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: Audit risks identified - the nature of the industry and sector, control environment and business performance; - results of our enquiries of management, about their own identification and assessment of the risks of irregularities; - any matters we identified having made enquiries about the documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to income recognition, banking procedures and segregation of duties. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. Audit response to risks identified As a result of performing the above, we identified income recognition, stock valuation and provisions as key audit matters related to the potential risk of fraud. In order to mitigate the risk identified, enquiries were made of key management personnel as to the processes surrounding the recording of sales and and cut-off tests were conducted to ensure no issues were apparent. As well as attendance at the physical stock take at the year end, stock pricing and net realisable values tests were conducted and observation and enquiry used to ascertain the suitability of provisions included. No audit issues were identified during these procedures. In addressing the risk of fraud through management override of controls, our procedures included reviewing and 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. It was clear from the work conducted throughout the audit that there had been no management override of controls and that each transaction had been correctly and properly recorded as appropriate. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Allen ACA FCCA

(Senior Statutory Auditor)

For and on behalf of

Allen, West and Foster Limited

Chartered accountants & statutory auditor

Omega Court

364-366 Cemetery Road

Sheffield

S11 8FT

26 January 2023

Jepson Holdings Limited

Consolidated Statement of Comprehensive Income

Year ended 30 June 2022

		2022	2021
Note		£	£
Turnover	4	16,648,439	19,215,089

Cost of sales	12,521,600	14,339,753
	------------	------------
Gross profit	4,126,839	4,875,336

Administrative expenses		3,202,611	3,046,084
Other operating income	5	79,089	134,007
		-----------	-----------
Operating profit	6	1,003,317	1,963,259

(Loss)/gain on financial assets at fair value through profit or loss		( 25,111)	78,345
Other interest receivable and similar income	10	720,755	61,764
		-----------	-----------
Profit before taxation		1,698,961	2,103,368

Tax on profit	11	267,548	313,238
		-----------	-----------
Profit for the financial year		1,431,413	1,790,130
		-----------	-----------

Revaluation of tangible assets	65,909	–
	-----------	-----------
Total comprehensive income for the year	1,497,322	1,790,130
	-----------	-----------

All the activities of the group are from continuing operations.

Jepson Holdings Limited

Consolidated Statement of Financial Position

30 June 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	14	3,098,845	2,180,411

Current assets

Stocks	15	2,185,971	1,725,297
Debtors	16	1,931,910	2,166,417
Investments	17	502,205	527,316
Cash at bank and in hand		11,261,458	11,567,305
		------------	------------
		15,881,544	15,986,335

Creditors: amounts falling due within one year	18	1,700,785	2,112,038
		------------	------------
Net current assets		14,180,759	13,874,297
		------------	------------
Total assets less current liabilities		17,279,604	16,054,708

Provisions	19	264,434	61,624
		------------	------------
Net assets		17,015,170	15,993,084
		------------	------------

Capital and reserves

Called up share capital	23	446,840	446,840
Revaluation reserve	24	336,262	299,362
Capital redemption reserve	24	571,415	571,415
Other reserves, including the fair value reserve	24	1,031,658	525,496
Profit and loss account	24	14,628,995	14,149,971
		------------	------------
Shareholders funds		17,015,170	15,993,084
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 26 January 2023 , and are signed on behalf of the board by:

Mr P G Jepson

Director

Company registration number: 02218447

Jepson Holdings Limited

Company Statement of Financial Position

30 June 2022

	2022	2021
Note	£	£

Current assets

Debtors	16	2,257,544	2,257,544
Investments	17	2,089,474	2,089,474
Cash at bank and in hand		351	770
		-----------	-----------
		4,347,369	4,347,788

Creditors: amounts falling due within one year	18	3,145,169	3,145,169
		-----------	-----------
Net current assets		1,202,200	1,202,619
		-----------	-----------
Total assets less current liabilities		1,202,200	1,202,619
		-----------	-----------

Capital and reserves

Called up share capital	23	446,840	446,840
Capital redemption reserve	24	537,806	537,806
Profit and loss account	24	217,554	217,973
		-----------	-----------
Shareholders funds		1,202,200	1,202,619
		-----------	-----------

The loss for the financial year of the parent company was £ 419 (2021: £Nil).

These financial statements were approved by the board of directors and authorised for issue on 26 January 2023 , and are signed on behalf of the board by:

Mr P G Jepson

Director

Company registration number: 02218447

Jepson Holdings Limited

Consolidated Statement of Changes in Equity

Year ended 30 June 2022

			Called up share capital	Revaluation reserve	Capital redemption reserve	Other reserves, including the fair value reserve	Profit and loss account	Total
Note			£	£	£	£	£	£
At 1 July 2020			446,840	313,212	571,415	525,496	12,549,436	14,406,399

Profit for the year							1,790,130	1,790,130
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account		–	( 13,850)	–	–	13,850	–
			---------	---------	---------	---------	------------	------------
Total comprehensive income for the year			–	( 13,850)	–	–	1,803,980	1,790,130

Dividends paid and payable		12	–	–	–	–	( 203,445)	( 203,445)
			---------	---------	---------	---------	------------	------------
Total investments by and distributions to owners			–	–	–	–	( 203,445)	( 203,445)

At 30 June 2021			446,840	299,362	571,415	525,496	14,149,971	15,993,084

Profit for the year							1,431,413	1,431,413
Other comprehensive income for the year:
	Revaluation of tangible assets	14	–	65,909	–	–	–	65,909
	Reclassification from revaluation reserve to profit and loss account		–	( 29,009)	–	–	29,009	–
	Reclassification from fair value reserve to profit and loss account		–	–	–	506,162	(506,162)	–
			---------	---------	---------	---------	------------	------------
Total comprehensive income for the year			–	36,900	–	506,162	954,260	1,497,322

Dividends paid and payable		12	–	–	–	–	( 475,236)	( 475,236)
			----	----	----	----	---------	---------
Total investments by and distributions to owners			–	–	–	–	( 475,236)	( 475,236)

			---------	---------	---------	-----------	------------	------------
At 30 June 2022			446,840	336,262	571,415	1,031,658	14,628,995	17,015,170
			---------	---------	---------	-----------	------------	------------

Jepson Holdings Limited

Company Statement of Changes in Equity

Year ended 30 June 2022

	Called up share capital	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£
At 1 July 2020	446,840	537,806	217,973	1,202,619

Profit for the year			–	–

At 30 June 2021	446,840	537,806	217,973	1,202,619

Loss for the year			( 419)	( 419)
	---------	---------	---------	-----------
Total comprehensive income for the year	–	–	( 419)	( 419)

	---------	---------	---------	-----------
At 30 June 2022	446,840	537,806	217,554	1,202,200
	---------	---------	---------	-----------

Jepson Holdings Limited

Consolidated Statement of Cash Flows

Year ended 30 June 2022

	2022	2021
	£	£

Cash flows from operating activities

Profit for the financial year	1,431,413	1,790,130

Adjustments for:
Depreciation of tangible assets	236,052	191,276
Gain on financial assets at fair value through profit or loss	(655,889)	(78,345)
Other interest receivable and similar income	( 720,755)	( 61,764)
Gains on disposal of tangible assets	( 27,984)	( 2,456)
Tax on loss	267,548	313,238
Accrued (income)/expenses	( 48,855)	106,771

Changes in:
Stocks	( 460,674)	132,700
Trade and other debtors	234,507	( 291,389)
Trade and other creditors	( 68,318)	( 112,716)
	-----------	-----------
Cash generated from operations	187,045	1,987,445

Interest received	720,755	61,764
Tax paid	( 358,818)	( 119,522)
	---------	-----------
Net cash from operating activities	548,982	1,929,687
	---------	-----------

Cash flows from investing activities

Purchase of tangible assets	( 428,893)	( 6,716)
Proceeds from sale of tangible assets	49,300	6,900
Purchases of other investments	–	( 5,722)
	---------	-----------
Net cash used in investing activities	( 379,593)	( 5,538)
	---------	-----------

Cash flows from financing activities

Dividends paid	( 475,236)	( 203,445)
	---------	-----------
Net cash used in financing activities	( 475,236)	( 203,445)
	---------	-----------

Net (decrease)/increase in cash and cash equivalents	( 305,847)	1,720,704
Cash and cash equivalents at beginning of year	11,567,305	9,846,601
	------------	------------
Cash and cash equivalents at end of year	11,261,458	11,567,305
	------------	------------

Jepson Holdings Limited

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 364 - 366 Cemetery Road, Sheffield, S11 8FT, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.

Consolidation

The financial statements consolidate the financial statements of Jepson Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Computer software	-	33 % straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	4% straight line
Plant and machinery	-	15% reducing balance and 33% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	20% and 33% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the 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 profit or loss unless the provision was originally recognised as part of the cost of an asset. When a 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2022	2021
	£	£
Sale of goods	16,648,439	19,215,089
	------------	------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2022	2021
	£	£
United Kingdom	13,709,596	16,676,324
Overseas	2,938,843	2,538,765
	------------	------------
	16,648,439	19,215,089
	------------	------------

5. Other operating income

	2022	2021
	£	£
Rental income	79,089	84,060
Other operating income	–	49,947
	-------	---------
	79,089	134,007
	-------	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2022	2021
	£	£
Depreciation of tangible assets	236,052	191,276
Gains on disposal of tangible assets	( 27,984)	( 2,456)
Impairment of trade debtors	1,911	12,167
Foreign exchange differences	15,024	26,636
	---------	---------

7. Auditor's remuneration

	2022	2021
	£	£
Fees payable for the audit of the financial statements	17,000	17,000
	-------	-------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	1,500	1,500
	-------	-------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2022	2021
	No.	No.
Production staff	36	36
Administrative staff	38	38
Management staff	3	3
	----	----
	77	77
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2022	2021
	£	£
Wages and salaries	2,385,000	2,405,605
Social security costs	209,896	207,888
Other pension costs	92,003	85,197
	-----------	-----------
	2,686,899	2,698,690
	-----------	-----------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2022	2021
	£	£
Remuneration	133,786	104,334
Company contributions to defined contribution pension plans	9,248	28,825
	---------	---------
	143,034	133,159
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2022	2021
	No.	No.
Defined contribution plans	1	1
	----	----

10. Other interest receivable and similar income

	2022	2021
	£	£
Interest on loans and receivables	27,186	23,616
Interest on cash and cash equivalents	11,149	35,744
Interest on bank deposits	1,420	2,404
Gain on fair value adjustment of financial assets at fair value through profit or loss	681,000	–
	---------	-------
	720,755	61,764
	---------	-------

11. Tax on loss

Major components of tax income

	2022	2021
	£	£

Current tax:

UK current tax income	64,738	358,765

Deferred tax:

Origination and reversal of timing differences	202,810	( 45,527)
	---------	---------
Tax on loss	267,548	313,238
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	1,698,961	2,103,368
	-----------	-----------
Profit on ordinary activities by rate of tax	322,882	399,640
Adjustment to tax charge in respect of prior periods	–	( 33,235)
Other tax adjustment to increase/(decrease) tax liability	( 55,334)	( 53,167)
	-----------	-----------
Tax on loss	267,548	313,238
	-----------	-----------

12. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2022	2021
	£	£
Dividends	475,236	203,445
	---------	---------

13. Intangible assets

Group	Goodwill	Computer software	Total
	£	£	£
Cost
At 1 July 2021 and 30 June 2022	575,435	21,000	596,435
	---------	-------	---------
Amortisation
At 1 July 2021 and 30 June 2022	575,435	21,000	596,435
	---------	-------	---------
Carrying amount
At 1 July 2021 and 30 June 2022	–	–	–
	---------	-------	---------
At 30 June 2021	–	–	–
	---------	-------	---------

The company has no intangible assets.

14. Tangible assets

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2021	2,138,091	3,383,192	40,744	382,794	86,393	6,031,214
Additions	–	411,134	1,810	15,949	–	428,893
Disposals	–	( 110,587)	–	( 89,832)	–	( 200,419)
Revaluations	746,909	–	–	–	–	746,909
	-----------	-----------	-------	---------	-------	-----------
At 30 Jun 2022	2,885,000	3,683,739	42,554	308,911	86,393	7,006,597
	-----------	-----------	-------	---------	-------	-----------
Depreciation
At 1 Jul 2021	183,529	3,290,599	40,744	249,538	86,393	3,850,803
Charge for the year	35,000	164,568	603	35,881	–	236,052
Disposals	–	( 110,587)	–	( 68,516)	–	( 179,103)
	-----------	-----------	-------	---------	-------	-----------
At 30 Jun 2022	218,529	3,344,580	41,347	216,903	86,393	3,907,752
	-----------	-----------	-------	---------	-------	-----------
Carrying amount
At 30 Jun 2022	2,666,471	339,159	1,207	92,008	–	3,098,845
	-----------	-----------	-------	---------	-------	-----------
At 30 Jun 2021	1,954,562	92,593	–	133,256	–	2,180,411
	-----------	-----------	-------	---------	-------	-----------

The company has no tangible assets.

The freehold land and buildings were valued on 22 June 2022 on an open market basis by SMC Chartered Surveyors by a MRICS. The investment properties of the company were valued on an open market basis as follows:- 9 June 2022, Unit 2 Meynell Road, Darlington, DL3 0YQ by Carver Commercial Chartered Surveyors and Property Consultants. 8 June 2021, Unit 1, Gateway Business Park, London, SE28 0EZ by Hindwoods Chartered Surveyors. 11 June 2022, Flat 6, Golden Gates, 1 Ferry Way, Sandbanks, Poole, BH13 7QN by Smith Robinson Higley Chartered Surveyors. 1 June 2022, 39A and 39B Pine Road, Winton, Bournemouth, BH9 1LT by Nettleship Sawyer Chartered Surveyors. 23 June 2022, 1022 Dumbarton Road, Whiteinch, Glasgow, G14 9UL by DM Hall Chartered Surveyors. The valuations were updated by the directors at 30 June 2022 to reflect changes in the open market value of the properties held.

Tangible assets held at valuation

The cost of the freehold property (excluding investment property) is comprising the following:-

	2022	2021
	£	£
Original cost and additions at cost	370,283	370,283
Valuation in 2002	56,632	56,632
Valuation in 2010	402,176	402,176
Valuation in 2015	(20,000)	(20,000)
Valuation in 2022	65,909	–
	---------	---------
Total	875,000	809,091
	---------	---------

In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Group	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
At 30 Jun 2022
Aggregate cost	1,172,913	3,683,739	42,554	308,911	86,393	5,294,510
Aggregate depreciation	(312,176)	(3,344,580)	(41,347)	(216,903)	(86,393)	(4,001,399)
	-----------	-----------	-------	---------	-------	-----------
Carrying value	860,737	339,159	1,207	92,008	–	1,293,111
	-----------	-----------	-------	---------	-------	-----------

At 30 Jun 2021
Aggregate cost	1,172,913	3,383,192	40,744	382,794	86,393	5,066,036
Aggregate depreciation	(293,662)	(3,290,599)	(40,744)	(249,538)	(86,393)	(3,960,936)
	-----------	-----------	-------	---------	-------	-----------
Carrying value	879,251	92,593	–	133,256	–	1,105,100
	-----------	-----------	-------	---------	-------	-----------

15. Stocks

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Raw materials and consumables	436,260	246,955	–	–
Finished goods and goods for resale	1,749,711	1,478,342	–	–
	-----------	-----------	----	----
	2,185,971	1,725,297	–	–
	-----------	-----------	----	----

16. Debtors

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Trade debtors	1,857,418	2,018,354	–	–
Amounts owed by group undertakings	–	–	2,257,544	2,257,544
Prepayments and accrued income	50,005	56,777	–	–
Other debtors	24,487	91,286	–	–
	-----------	-----------	-----------	-----------
	1,931,910	2,166,417	2,257,544	2,257,544
	-----------	-----------	-----------	-----------

17. Investments

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Investments in group undertakings	–	–	2,089,474	2,089,474
Investments in bonds	502,205	527,316	–	–
	---------	---------	-----------	-----------
	502,205	527,316	2,089,474	2,089,474
	---------	---------	-----------	-----------

The bonds are included at their market value at each balance sheet date.

The investments in group undertakings are for the companies listed below, all of which are registered in England and Wales. All of these subsidiaries are included within the consolidation. All of the share capital held is for ordinary shares.

		Proportion owned
	Jepson & Co Limited	99
	Jepsons Signs Limited	100
	Degron Limited	100
	Kenric Plastics Limited	99
	NP Screws Limited	99
	Regis Specialised Accessories Limited	100
	National Numbers Limited	100

All of the subsidiaries have 44 East Bank Road, Sheffield, S2 3QN as their registered office, with the exception of National Numbers Limited. National Numbers Limited's registered office is The Grange, PO Box 20, Billingham, TS23 1XY.

18. Creditors: amounts falling due within one year

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Trade creditors	1,009,690	941,248	–	–
Amounts owed to group undertakings	–	–	3,145,169	3,145,169
Accruals and deferred income	397,068	445,923	–	–
Corporation tax	64,707	358,787	–	–
Social security and other taxes	95,583	220,301	–	–
Other creditors	133,737	145,779	–	–
	-----------	-----------	-----------	-----------
	1,700,785	2,112,038	3,145,169	3,145,169
	-----------	-----------	-----------	-----------

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 July 2021	61,624
Additions	202,810
	---------
At 30 June 2022	264,434
	---------

The company does not have any provisions.

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Included in provisions (note 19)	264,434	61,624	–	–
	---------	-------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Accelerated capital allowances	15,370	( 45,527)	–	–
Revaluation of tangible assets	66,209	53,686	–	–
Fair value adjustment of investment property	182,855	53,465	–	–
	---------	-------	----	----
	264,434	61,624	–	–
	---------	-------	----	----

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 92,003 (2021: £ 85,197 ).

22. Financial instruments

The carrying amount for each category of financial instrument is as follows:

Financial assets measured at fair value through profit or loss

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Financial assets measured at fair value through profit or loss	16,970,388	16,837,745	2,257,896	2,258,314
	------------	------------	-----------	-----------

Financial liabilities measured at fair value through profit or loss

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
Financial liabilities measured at fair value through profit or loss	1,700,784	2,112,038	3,145,169	3,145,169
	-----------	-----------	-----------	-----------

23. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	446,840	446,840	446,840	446,840
	---------	---------	---------	---------

24. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income (freehold property). The value shown within the reserve is net of the applicable deferred taxation provision. Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in the statement of comprehensive income (investment property). The value shown within the reserve is net of the applicable deferred taxation provision. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

25. Fair value reserve

The following movements on the fair value reserve are included within other reserves, including the fair value reserve in the statement of changes in equity:

	Group		Company
	2022	2021	2022	2021
	£	£	£	£
At start of year	525,496	525,496	–	–
Reclassification from fair value reserve to profit and loss account	506,162	–	–	–
		---------		----
At end of year		525,496		–
		---------		----

26. Analysis of changes in net debt

	At 1 Jul 2021	Cash flows	At 30 Jun 2022
	£	£	£
Cash at bank and in hand	11,567,305	(305,847)	11,261,458
Current asset investments	527,316	(25,111)	502,205
	------------	---------	------------
	12,094,621	( 330,958)	11,763,663
	------------	---------	------------

27. Controlling party

Control is exercised by the trustees of the G.E. Jepson Discretionary Settlement which controls the majority of the voting share capital. Copies of the group accounts are available from the registered office at 364 - 366 Cemetery Road, Sheffield, S11 8FT.