25 false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 168,945 115,040 5,391 120,431 48,514 53,905 xbrli:pure xbrli:shares iso4217:GBP 02742590 2023-02-01 2023-12-31 02742590 2023-12-31 02742590 2023-01-31 02742590 2022-02-01 2023-01-31 02742590 2023-01-31 02742590 core:NetGoodwill 2023-02-01 2023-12-31 02742590 core:LandBuildings core:LongLeaseholdAssets 2023-02-01 2023-12-31 02742590 core:PlantMachinery 2023-02-01 2023-12-31 02742590 bus:Director1 2023-02-01 2023-12-31 02742590 core:NetGoodwill 2023-01-31 02742590 core:NetGoodwill 2023-12-31 02742590 core:LandBuildings 2023-01-31 02742590 core:PlantMachinery 2023-01-31 02742590 core:LandBuildings 2023-12-31 02742590 core:PlantMachinery 2023-12-31 02742590 core:LandBuildings 2023-02-01 2023-12-31 02742590 core:WithinOneYear 2023-12-31 02742590 core:WithinOneYear 2023-01-31 02742590 core:AfterOneYear 2023-12-31 02742590 core:AfterOneYear 2023-01-31 02742590 core:ShareCapital 2023-12-31 02742590 core:ShareCapital 2023-01-31 02742590 core:RetainedEarningsAccumulatedLosses 2023-12-31 02742590 core:RetainedEarningsAccumulatedLosses 2023-01-31 02742590 core:NetGoodwill 2023-01-31 02742590 core:LandBuildings 2023-01-31 02742590 core:PlantMachinery 2023-01-31 02742590 bus:SmallEntities 2023-02-01 2023-12-31 02742590 bus:AuditExemptWithAccountantsReport 2023-02-01 2023-12-31 02742590 bus:FullAccounts 2023-02-01 2023-12-31 02742590 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2023-12-31 02742590 bus:PrivateLimitedCompanyLtd 2023-02-01 2023-12-31
COMPANY REGISTRATION NUMBER: 02742590
JENNINGS & BARRETT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
JENNINGS & BARRETT LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
31 Dec 23
31 Jan 23
Note
£
£
£
Fixed assets
Intangible assets
5
48,514
53,905
Tangible assets
6
69,614
72,504
---------
---------
118,128
126,409
Current assets
Debtors
7
138,166
129,331
Cash at bank and in hand
22,906
6,715
---------
---------
161,072
136,046
Creditors: amounts falling due within one year
8
236,940
211,569
---------
---------
Net current liabilities
75,868
75,523
---------
---------
Total assets less current liabilities
42,260
50,886
Creditors: amounts falling due after more than one year
9
16,777
30,388
Provisions
Taxation including deferred tax
8,560
7,498
--------
--------
Net assets
16,923
13,000
--------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
15,923
12,000
--------
--------
Shareholders funds
16,923
13,000
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JENNINGS & BARRETT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr R Bould
Director
Company registration number: 02742590
JENNINGS & BARRETT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 FEBRUARY 2023 TO 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Vogans Mill Wharf, 17 Mill Street, London, SE1 2BZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cash flows
The company has taken advantage of the small companies exemption and not prepared a statement of cash flows.
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.
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
-
10% 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:
Leasehold property
-
10% straight line
Plant and machinery
-
20% reducing balance
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.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. Employee numbers
The average number of persons employed by the company during the period amounted to 25 (2023: 21 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 December 2023
168,945
---------
Amortisation
At 1 February 2023
115,040
Charge for the period
5,391
---------
At 31 December 2023
120,431
---------
Carrying amount
At 31 December 2023
48,514
---------
At 31 January 2023
53,905
---------
6. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 February 2023
67,219
100,205
167,424
Additions
7,645
7,645
--------
---------
---------
At 31 December 2023
67,219
107,850
175,069
--------
---------
---------
Depreciation
At 1 February 2023
12,264
82,656
94,920
Charge for the period
5,496
5,039
10,535
--------
---------
---------
At 31 December 2023
17,760
87,695
105,455
--------
---------
---------
Carrying amount
At 31 December 2023
49,459
20,155
69,614
--------
---------
---------
At 31 January 2023
54,955
17,549
72,504
--------
---------
---------
7. Debtors
31 Dec 23
31 Jan 23
£
£
Trade debtors
101,420
86,084
Other debtors
36,746
43,247
---------
---------
138,166
129,331
---------
---------
8. Creditors: amounts falling due within one year
31 Dec 23
31 Jan 23
£
£
Bank loans and overdrafts
13,938
44,420
Trade creditors
67,448
69,254
Corporation tax
31,349
6,505
Social security and other taxes
51,223
50,498
Other creditors
72,982
40,892
---------
---------
236,940
211,569
---------
---------
9. Creditors: amounts falling due after more than one year
31 Dec 23
31 Jan 23
£
£
Bank loans and overdrafts
16,777
30,388
--------
--------