5 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,490,000 7,188 7,188 3,490,000 3,490,000 3,490,000 xbrli:pure xbrli:shares iso4217:GBP 12579720 2023-01-01 2023-12-31 12579720 2023-12-31 12579720 2022-12-31 12579720 2022-01-01 2022-12-31 12579720 2022-12-31 12579720 core:PlantMachinery 2023-01-01 2023-12-31 12579720 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12579720 bus:Director6 2023-01-01 2023-12-31 12579720 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12579720 core:WithinOneYear 2023-12-31 12579720 core:WithinOneYear 2022-12-31 12579720 core:UKTax 2023-01-01 2023-12-31 12579720 core:UKTax 2022-01-01 2022-12-31 12579720 core:ShareCapital 2023-12-31 12579720 core:ShareCapital 2022-12-31 12579720 core:OtherReservesSubtotal 2023-12-31 12579720 core:OtherReservesSubtotal 2022-12-31 12579720 core:RetainedEarningsAccumulatedLosses 2023-12-31 12579720 core:RetainedEarningsAccumulatedLosses 2022-12-31 12579720 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-12-31 12579720 core:RevaluationPropertyPlantEquipmentDeferredTax 2022-12-31 12579720 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 12579720 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 12579720 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 12579720 bus:SmallEntities 2023-01-01 2023-12-31 12579720 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12579720 bus:FullAccounts 2023-01-01 2023-12-31 12579720 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12579720 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12579720 bus:OrdinaryShareClass1 2023-12-31 12579720 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 12579720
Jennings Farms Limited
Filleted Unaudited Financial Statements
31 December 2023
Jennings Farms Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
3,490,000
3,490,000
Current assets
Debtors
7
8,506
10,286
Cash at bank and in hand
49,285
44,865
--------
--------
57,791
55,151
Creditors: amounts falling due within one year
8
11,054
13,766
--------
--------
Net current assets
46,737
41,385
------------
------------
Total assets less current liabilities
3,536,737
3,531,385
Provisions
614,435
616,232
------------
------------
Net assets
2,922,302
2,915,153
------------
------------
Capital and reserves
Called up share capital
10
100
100
Other reserves
1,025,073
1,025,073
Profit and loss account
1,897,129
1,889,980
------------
------------
Shareholders funds
2,922,302
2,915,153
------------
------------
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 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 year 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 Farms Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 April 2024 , and are signed on behalf of the board by:
Ms M Jennings
Director
Company registration number: 12579720
Jennings Farms Limited
Notes to the Financial Statements
Year ended 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 Whiteacres, Wheatley Road, Garsington, Oxon, OX44 9DU.
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 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.
Taxation
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.
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:
Plant and machinery
-
25% reducing balance
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
3,168
5,766
Deferred tax:
Origination and reversal of timing differences
( 1,797)
146,560
-------
---------
Tax on profit
1,371
152,326
-------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 20 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
8,520
23,196
-------
--------
Profit on ordinary activities by rate of tax
3,168
4,407
Effect of capital allowances and depreciation
( 1,900)
Other tax adjustment to increase/(decrease) tax liability
( 1,797)
149,819
-------
---------
Tax on profit
1,371
152,326
-------
---------
6. Tangible assets
Freehold property
£
Cost or valuation
At 1 January 2023
3,490,000
Additions
7,188
Revaluations
( 7,188)
------------
At 31 December 2023
3,490,000
------------
Depreciation
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
3,490,000
------------
At 31 December 2022
3,490,000
------------
The fair value of investment properties has been calculated by the directors who do not consider that an external valuation is required. The fair value stated is as at 31st December 2023 as follows: Cost 1,032,261 Revaluation 31.12.20 2,457,739 ----------- 3,490,000 -----------
7. Debtors
2023
2022
£
£
Trade debtors
3,771
4,171
Other debtors
4,735
6,115
-------
--------
8,506
10,286
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,591
2,778
Corporation tax
3,168
5,766
Social security and other taxes
1,855
3,128
Other creditors
2,440
2,094
--------
--------
11,054
13,766
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
614,435
616,232
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Revaluation of tangible assets
614,435
616,232
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Reserves
The Other Reserves of £1,025,073 and £1,843,304 of the profit and loss reserves are non distributable.
12. Parent company
The company is a wholly owned subsidiary of J W Jennings Limited.