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COMPANY REGISTRATION NUMBER: 03706255
Jenkinson Construction Group Limited
Filleted Unaudited Financial Statements
31 July 2023
Jenkinson Construction Group Limited
Financial Statements
Year ended 31 July 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
Jenkinson Construction Group Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Jenkinson Construction Group Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jenkinson Construction Group Limited for the year ended 31 July 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Jenkinson Construction Group Limited in accordance with the terms of our engagement letter dated 19 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Jenkinson Construction Group Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jenkinson Construction Group Limited and its director for our work or for this report.
It is your duty to ensure that Jenkinson Construction Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jenkinson Construction Group Limited. You consider that Jenkinson Construction Group Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Jenkinson Construction Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
8 April 2024
Jenkinson Construction Group Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
54,622
21,869
Current assets
Stocks
73,632
39,163
Debtors
8
84,154
100,389
Cash at bank and in hand
112,829
97,633
---------
---------
270,615
237,185
Creditors: amounts falling due within one year
9
193,936
222,774
---------
---------
Net current assets
76,679
14,411
---------
--------
Total assets less current liabilities
131,301
36,280
Creditors: amounts falling due after more than one year
10
116,010
144,790
---------
---------
Net assets/(liabilities)
15,291
( 108,510)
---------
---------
Jenkinson Construction Group Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
180
180
Profit and loss account
15,111
( 108,690)
--------
---------
Shareholders funds/(deficit)
15,291
( 108,510)
--------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr R Jenkinson
Director
Company registration number: 03706255
Jenkinson Construction Group Limited
Notes to the Financial Statements
Year ended 31 July 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 The Depot, Hicks Street, Sheffield, S3 8BL.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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 years on a straight line basis
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.
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:
Plant and machinery
-
15% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
4. Government grants
Income from Government grants is in respect of the Sheffield City Council Clean Air Zone Financial Assistance Scheme.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 12 ).
6. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
26,000
--------
Amortisation
At 1 August 2022 and 31 July 2023
26,000
--------
Carrying amount
At 31 July 2023
--------
At 31 July 2022
--------
7. Tangible assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
5,568
2,843
67,354
75,765
Additions
1,623
165
42,125
43,913
Disposals
( 11,120)
( 11,120)
-------
-------
--------
---------
At 31 July 2023
7,191
3,008
98,359
108,558
-------
-------
--------
---------
Depreciation
At 1 August 2022
4,668
2,392
46,836
53,896
Charge for the year
257
76
10,347
10,680
Disposals
( 10,640)
( 10,640)
-------
-------
--------
---------
At 31 July 2023
4,925
2,468
46,543
53,936
-------
-------
--------
---------
Carrying amount
At 31 July 2023
2,266
540
51,816
54,622
-------
-------
--------
---------
At 31 July 2022
900
451
20,518
21,869
-------
-------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 July 2023
28,201
--------
At 31 July 2022
16,841
--------
8. Debtors
2023
2022
£
£
Trade debtors
81,457
98,059
Other debtors
2,697
2,330
--------
---------
84,154
100,389
--------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,867
9,747
Trade creditors
53,611
39,798
Social security and other taxes
43,169
66,344
Related company creditor
19,019
16,139
Other creditors
66,270
90,746
---------
---------
193,936
222,774
---------
---------
Included within creditors falling due within one year are liabilities in respect of hire purchase of £10,771 (2022 £7,941), which are secured by the company.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,912
30,746
Other creditors
90,098
114,044
---------
---------
116,010
144,790
---------
---------
The company has borrowed £50,000 under the Government's Covid bounce back loan scheme.
This loan is repayable within 6 years from September 2020, with no repayments due for the first 12 months.
Interest of 2.5% is payable monthly, in arrears, on this loan; the Government covers the first 12 months interest charge.
The Government acts as guarantor to the lender for this loan.
Included within creditors falling due after one year are liabilities in respect of hire purchase of £15,098 (2022 £14,044), which are secured by the company.
11. Director's advances, credits and guarantees
At the period end date, the company was indebted to its director, by way of loan, in the following sum: R Jenkinson £125,624 (2022 £181,503) The balance is unsecured and not subject to an interest charge. Of the total, a minimum of £75,000 is not scheduled for repayment until, at the earliest, twelve months after the accounting reference date.