ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
For the Year Ended
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J & A YOUNG GROUP LIMITED
Company Information
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J & A YOUNG GROUP LIMITED
Contents
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J & A YOUNG GROUP LIMITED
Group Strategic Report
For the Year Ended 30 September 2022
The directors present their strategic report of the Group for the year ended 30 September 2022.
The financial statements show revenue of £73.4m (2021: £56.0m).
The Group's operations expose it to a variety of financial risks that include the effects of changes in exchange rates, credit risk, liquidity risk and interest rate risk, as well as certain business risks associated with the production and handling of quantities of plastic stocks.
The directors of the Group meet regularly to review any risks and uncertainties that are either currently faced by the Group or will potentially be face by the Group in the future. Measures are then agreed upon to be put in place to mitigate these risks and uncertainties. Contingency plans have been constructed to respond in the event of a challenge to the business, and adequate sources of funding are available to meet those needs as and when they may arise.
The group's key performance indicators are as follows:
2022 2021 £000 £000 Turnover 73,412 55,980 Gross profit 14,406 11,637 Gross profit margin 19.6% 20.8% Operating profit 3,177 2,304 Profit before taxation 2,491 1,823 Net assets 35,753 36,399
The Group continues to develop and operate its unique recycling processes and considers itself to be at the forefront of plastic recycling in the UK. It continues to grow its manufacturing base and to enhance its ability to offer its customers a complete closed loop solution for their plastic waste, providing quality recycled products from their own used material. This meets all of our major customers' environmental and social responsibility requirements, whilst making a significant contribution to the circular economy within the UK.
The Group aims, year on year, to increase its yields from feed stock, improve efficiencies and maximise its output whilst continuing to invest in new R&D initiatives and plant to enhance quality and capacity.
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J & A YOUNG GROUP LIMITED
Group Strategic Report (continued)
For the Year Ended 30 September 2022
It is important to our board that we develop strong and positive relationships with our employees, customers, and suppliers as well as government and industry regulators. We have a legal responsibility under section 172 of the companies act 2006 to act in a way we consider in good faith most likely to benefit the group as a whole whilst ensuring we have oversight of long terms effect of our decisions on the business and it’s stakeholders. This statement covers how we, as a board, address this responsibility.
J and A Young (Leicester) Ltd was founded in 1975 by Jeremy Young and continues to be a privately run company to this day. Our long term strategy is to continue to invest in the group to ensure we have the infrastructure and resources in place to maintain our position as the leading independent plastics recycler in the UK. In order to meet our ambitious long term strategic objectives it is important that we form strategic partnerships with our key stakeholders. We have made significant investments in capital projects which not only benefits our key stakeholders but benefits the UK plastic recycling industry as a whole and makes a real contribution to the UK circular economy.
This report was approved by the board on 28 June 2023 and signed on its behalf.
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J & A YOUNG GROUP LIMITED
Directors' Report
For the Year Ended 30 September 2022
The directors present their report and the financial statements for the year ended 30 September 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 Group 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 the Group and to 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.
The loss for the year, after taxation, amounted to £646 thousand (2021 - profit £356 thousand).
No dividends have been paid within the year.
The directors who served during the year were:
The Group recognises the benefits of keeping employees informed of the progress of the business and of
involving them in the Group’s performance. Consultation with employees or their representatives occur regularly, with the aim of ensuring employees’ views are taken into account when decisions are made that are likely to affect their interests.
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J & A YOUNG GROUP LIMITED
Directors' Report (continued)
For the Year Ended 30 September 2022
We invest heavily in innovation to ensure we continue to provide our customers the best recycling route for their
materials whilst ensuring we meet all legal and regulatory requirements. We have monthly innovation meetings with all of our major customers with the aim of improving quality and final products. We have built, and will maintain, a reputation of transparency and fair dealings with all of our customers and suppliers. We are a family run group with roots in the Midlands and have focussed our strategic growth within this area. We also support our major customers in their charity drives with supply of bags, and products when required. Plastics recycling is critical to the reduction of environmental pollution, and we help reduce the use of virgin polymers by providing quality recycled plastic products. This results in a reduction in the use of natural resources, lower energy costs, lower water usage, and protection of forestry. We recycle and dispose of all of our waste responsibly; all of our sites have bespoke environmental permits and exceed all minimum regulatory standards for plastics recycling. Our strategic growth will continue to support the UK recycling infrastructure and make a significant contribution to the UK circular economy. persons, having regard for their particular aptitudes and abilities, and to ensure that any disabled person who is in employment with the Group received, so far as is possible, the same opportunities for training, career development and promotions as other employees.
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J & A YOUNG GROUP LIMITED
Directors' Report (continued)
For the Year Ended 30 September 2022
Summary
The Group's greenhouse gas emissions, reportable under SECR in 2021/22 were 14,100 (2021: 17,804) tonnes of carbon dioxide equivalent (tCO2e) at an emissions intensity of 0.10 (2021: 0.11) tCO2e per tonne of production for the period 1st October 2021 to 30th September 2022. These include the emissions associated with UK electricity and natural gas consumption and business travel in company and private vehicles by employees. Greenhouse gas emissions Figure 1 Greenhouse gas emissions by year (tonnes CO2e): Emissions source 2021/22 2020/21 %Share Fuel combustion: Natural gas 1,938 2,724 14% Fuel combustion: Transport 1,889 2,327 13% Purchased electricity 10,273 12,754 73% Total emissions (tCO2e) 14,100 17,804 100% Production (tonnes) 142,593 155,711 Intensity: (tCO2e per tonnes of production) 0.10 0.11 Figure 2 Greenhouse gas emissions by scope (tonnes CO2e): Emissions source 2021/22 2020/21 %Share Scope 1 3,813 5,051 27% Scope 2 10,273 12,754 73% Scope 3 14 - -% Total emissions (tCO2e) 14,100 17,804 100% Scope 1 consumption and emissions include direct combustion of natural gas, and fuels utilised for transportation operations, for example, company vehicle fleets. Scope 2 consumption and emissions refer to indirect emissions related to the consumption of purchased electricity in day to day business operations. Scope 3 consumption and emissions cover emissions resulting from sources not directly owned by us. This relates to grey fleet (business travel undertaken in employee owned vehicles) only. Energy consumption Figure 3 Energy consumption by year (kWh) Emissions source 2021/22 2020/21 %Share Natural gas 10,585,974 14,869,910 15% Transport fuel 7,837,752 9,742,517 11% Electricity 53,121,640 55,182,966 74% Total 71,545,366 79,795,393 100% Boundary, methodology and exclusions An ‘operational control’ approach has been used to define the Greenhouse Gas emissions boundary. This approach captures emissions associated with the operation of all buildings such as warehouses, offices and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies. This information was collected and reported in line with the methodology set out in the UK Government’s Environmental Reporting Guidelines, 2020. Emissions have been calculated using the latest conversion factors provided by the UK Government. There are no material omissions from the mandatory reporting scope.
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J & A YOUNG GROUP LIMITED
Directors' Report (continued)
For the Year Ended 30 September 2022
The reporting period is October 2021 to September 2022, as per the financial accounts.
Energy Efficiency Improvements
We are committed to year on year improvements in our operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years. Measures ongoing and undertaken through 2021/22 Onsite Renewable Generation J. And A. Young (Leicester) Limited have, through the reporting year, continued to review the available options for the installation of renewable generation across the business. This has included roof mounted solar photo voltaic systems, among others. Variable Speed Drive (VSD) Implementation When process equipment is replaced, the business has ensured that Variable Speed Drives (VSDs) have been installed. This has improved the efficiency of the equipment utilised throughout the business, as operation is now variable depending on demand.
Compressed Air Reviews
J. And A. Young (Leicester) Limited understands that the leaking of compressed air is a significant source of energy wastage that can affect operations. This has been a focus for the business to reduce, and as such regular reviews of compressed air equipment are undertaken to prevent leakages.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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J & A YOUNG GROUP LIMITED
Independent Auditors' Report to the Members of J & A Young Group Limited
We have audited the financial statements of J & A Young Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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J & A YOUNG GROUP LIMITED
Independent Auditors' Report to the Members of J & A Young Group Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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J & A YOUNG GROUP LIMITED
Independent Auditors' Report to the Members of J & A Young Group Limited (continued)
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 Auditors' 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 Group 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:
We identified that the principle risk of fraud or non-compliance with laws and regulations related to: • Management bias in respect of accounting estimates and judgements made; • Management override of control; • Posting of unusual journals or transactions We focussed on those areas that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing minutes of meetings of those charged with governance where available; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud. • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Performing audit work over the risk of management override controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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J & A YOUNG GROUP LIMITED
Independent Auditors' Report to the Members of J & A Young Group Limited (continued)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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J & A YOUNG GROUP LIMITED
Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2022
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J & A YOUNG GROUP LIMITED
Registered number: 06519820
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 39 form part of these financial statements.
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J & A YOUNG GROUP LIMITED
Registered number: 06519820
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 39 form part of these financial statements.
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J & A YOUNG GROUP LIMITED
Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2022
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J & A YOUNG GROUP LIMITED
Company Statement of Changes in Equity
For the Year Ended 30 September 2022
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J & A YOUNG GROUP LIMITED
Consolidated Statement of Cash Flows
For the Year Ended 30 September 2022
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J & A YOUNG GROUP LIMITED
Consolidated Analysis of Net Debt
For the Year Ended 30 September 2022
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
J & A Young Group Limited (the "Company") is a private company limited by shares and incorporated and domiciled in the UK. The registered number is 06519820 and the registered address is 15 Saxon Way East, Oakley Hay Industrial Estate, Corby, NN18 9EY.
The presentation currency of these financial statements is Sterling. All amounts in the financial statements have been rounded to the nearest £1,000.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
The Directors have made an assessment as to whether the use of going concern is appropriate, including whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. In line with International Audit Standards – ISA 570, the Directors have made this assessment in respect of a period of at least one year from the date of approval of the financial statements.
In making their assessment the Directors have paid due regard to relevant forecast financial information - including cash flows, available facility levels and in their appraisal has factored in sensitivities affecting the Group and the economy. Notwithstanding the fact that the Group has net current liabilities at the 30 September 2022, the Group generated positive cashflows from operating activities and has continued to do so in 2023 and is forecast to do so in 2024 and beyond. The Group is making necessary and significant investments in capital projects, to develop and overhaul the existing facilities to ensure that the Group continues to be one of the leading providers of plastic recycling in the UK. This will result in the Group being able to significantly expand capacity and hence drive further profitability. In the short term, investment results in cashflow requirements being made on working capital. Existing facilities are under constant review and are renegotiated where necessary, with new facilities being agreed to fund the development. Having due regard to all available information the Directors are satisfied that the Group has adequate resources to meet its liabilities as they fall due and therefore they should continue to adopt the going concern basis in preparing the financial statements.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is not recognised until the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably. Revenue in relation to packaging recovery notes (PRN) is recognised upon the transfer of the risks and rewards of ownership of the PRN to the customer. This is included in the sale of goods. Where payments on account are received from customers in advance of the point at which revenue is recognised, such payments on account are offset against work-in-progress balances.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
2.Accounting policies (continued)
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
Financial liabilities within the scope of IAS 39 are initially classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings, plus directly attributable transaction costs. Subsequently, the measurement of financial liabilities depends on their classification as follows: After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses arising on the repurchase, settlement or otherwise cancellation of liabilities are recognised respectively in finance revenue and finance cost. a) Depreciation rates based on estimates of the useful lives and residual values of the assets involved. b) Stock estimates and assumptions around the absorption of overheads and the yield percentages of finished goods from raw materials. c) Goodwill amortisation is calculated on a systematic basis over its estimated useful life.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 28
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
In April 2023 the rate of corporation tax increased to 25% from the current rate of 19%.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 30
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 31
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 32
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 33
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
The bank loan is secured against all property and assets of the company by way of a debenture.
The asset backed lending facility is secured against trade debts as well as by way of debenture against all other property and assets of the company. The hire purchase liabilities are secured against the fixed assets to which they relate but also against all other property and assets of the company in certain cases.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
The bank loan is secured against all property and assets of a subsidiary company by way of a debenture.
The hire purchase liabilities are secured against the fixed assets to which they relate but also against all other property and assets of a subsidiary company in certain cases.
Amounts payable in later than five years by instalments have interest payable at rates between 1.06% and 1.95% above LIBOR.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 36
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Page 37
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
Profit and loss account
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £212,000 (2021: £200,000).
Contributions totalling £23,000 (2021: £23,000) were payable to the scheme at the end of the year and are included in accruals.
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J & A YOUNG GROUP LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2022
30.Related party transactions (continued)
The group is ultimately controlled by the directors as a result of their 100% ownership of the issued share capital.
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