Company Registration No. SC147948 (Scotland)
C.F. JENNINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
C.F. JENNINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
C.F. JENNINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,593,410
2,474,243
Investments
4
269
269
2,593,679
2,474,512
Current assets
Debtors
5
753,025
433,417
Cash at bank and in hand
11,412
221,934
764,437
655,351
Creditors: amounts falling due within one year
6
(576,579)
(512,840)
Net current assets
187,858
142,511
Total assets less current liabilities
2,781,537
2,617,023
Creditors: amounts falling due after more than one year
7
(1,026,081)
(990,838)
Provisions for liabilities
(166,584)
(129,768)
Net assets
1,588,872
1,496,417
Capital and reserves
Called up share capital
11,500
11,500
Profit and loss reserves
1,577,372
1,484,917
Total equity
1,588,872
1,496,417

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

C.F. JENNINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 August 2022 and are signed on its behalf by:
S F JENNINGS
S E JENNINGS
S F Jennings
S E Jennings
Director
Director
Company Registration No. SC147948
C.F. JENNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

C.F. Jennings Limited is a private company limited by shares incorporated in Scotland. The registered office is Boyne Villa, Nigg, Aberdeen, AB12 3LL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straight line
Equipment
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

C.F. JENNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

C.F. JENNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
31
31
C.F. JENNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Tangible fixed assets
Land and buildings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
1,712,535
64,632
2,334,072
4,111,239
Additions
24,361
-
0
420,224
444,585
Disposals
-
0
-
0
(243,765)
(243,765)
At 31 December 2021
1,736,896
64,632
2,510,531
4,312,059
Depreciation and impairment
At 1 January 2021
5,475
43,375
1,588,146
1,636,996
Depreciation charged in the year
34,738
4,251
180,152
219,141
Eliminated in respect of disposals
-
0
-
0
(137,488)
(137,488)
At 31 December 2021
40,213
47,626
1,630,810
1,718,649
Carrying amount
At 31 December 2021
1,696,683
17,006
879,721
2,593,410
At 31 December 2020
1,707,060
21,257
745,926
2,474,243
4
Fixed asset investments
2021
2020
£
£
Other investments other than loans
269
269
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2021 & 31 December 2021
269
Carrying amount
At 31 December 2021
269
At 31 December 2020
269
C.F. JENNINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
753,025
432,427
Other debtors
-
0
990
753,025
433,417
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
53,000
63,000
Trade creditors
215,659
103,999
Corporation tax
1,689
56,865
Other taxation and social security
159,716
162,991
Other creditors
146,515
125,985
576,579
512,840
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
766,195
800,051
Other creditors
259,886
190,787
1,026,081
990,838
8
Related party transactions
Transactions with related parties

During the year, the company made advances to the directors of £235,000 and credits were received by the company of £235,000 which resulted in amounts due from the company at the year end of £nil (2020 - £nil). The loan is unsecured and interest free with no fixed repayment terms in place.

2021-12-312021-01-01false25 August 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityS F JenningsC F JenningsS E JenningsMr J R M GrantSC1479482021-01-012021-12-31SC1479482021-12-31SC1479482020-12-31SC147948core:PlantMachinery2021-12-31SC147948core:ComputerEquipment2021-12-31SC147948core:MotorVehicles2021-12-31SC147948core:PlantMachinery2020-12-31SC147948core:ComputerEquipment2020-12-31SC147948core:MotorVehicles2020-12-31SC147948core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-31SC147948core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-31SC147948core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-31SC147948core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-31SC147948core:CurrentFinancialInstruments2021-12-31SC147948core:CurrentFinancialInstruments2020-12-31SC147948core:Non-currentFinancialInstruments2021-12-31SC147948core:Non-currentFinancialInstruments2020-12-31SC147948core:ShareCapital2021-12-31SC147948core:ShareCapital2020-12-31SC147948core:RetainedEarningsAccumulatedLosses2021-12-31SC147948core:RetainedEarningsAccumulatedLosses2020-12-31SC147948bus:Director12021-01-012021-12-31SC147948bus:Director32021-01-012021-12-31SC147948core:PlantMachinery2021-01-012021-12-31SC147948core:FurnitureFittings2021-01-012021-12-31SC147948core:MotorVehicles2021-01-012021-12-31SC1479482020-01-012020-12-31SC147948core:PlantMachinery2020-12-31SC147948core:ComputerEquipment2020-12-31SC147948core:MotorVehicles2020-12-31SC1479482020-12-31SC147948core:ComputerEquipment2021-01-012021-12-31SC147948core:WithinOneYear2021-12-31SC147948core:WithinOneYear2020-12-31SC147948bus:PrivateLimitedCompanyLtd2021-01-012021-12-31SC147948bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-31SC147948bus:FRS1022021-01-012021-12-31SC147948bus:AuditExemptWithAccountantsReport2021-01-012021-12-31SC147948bus:Director22021-01-012021-12-31SC147948bus:CompanySecretary12021-01-012021-12-31SC147948bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP