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COMPANY REGISTRATION NUMBER: 04414364
MICHAEL A JENNINGS ASSOCIATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
MICHAEL A JENNINGS ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
76,581
102,233
Current assets
Debtors
7
1,216,562
1,147,946
Cash at bank and in hand
200,311
251,323
------------
------------
1,416,873
1,399,269
Creditors: amounts falling due within one year
8
666,828
733,003
------------
------------
Net current assets
750,045
666,266
---------
---------
Total assets less current liabilities
826,626
768,499
Creditors: amounts falling due after more than one year
9
103,435
147,430
Provisions
Taxation including deferred tax
12,129
16,431
---------
---------
Net assets
711,062
604,638
---------
---------
Capital and reserves
Called up share capital
10
108,110
108,110
Capital redemption reserve
35,135
35,135
Profit and loss account
567,817
461,393
---------
---------
Shareholders funds
711,062
604,638
---------
---------
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 30 September 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 .
MICHAEL A JENNINGS ASSOCIATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
J A Kerton
A J McShane
Director
Director
Company registration number: 04414364
MICHAEL A JENNINGS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 5 The Chambers, Vineyard, Abingdon-on-Thames. The trading address is Ipsum Court, 24 The Quadrant, Abingdon Science Park, Abingdon-on-Thames.
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.
Trade and other debtors
Trade and other debtors are stated at cost less impairment losses for bad and doubtful debts.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for work undertaken during the year, exclusive of Value Added Tax.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Taxation
Tax on income represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the note to the accounts because of items of that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using the tax rates that have been enacted or subsequently enacted by the end of the accounting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when timing differences reverse, based on current tax rates and laws.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the Company in making financial and operating policy decisions, or has joint control over the Company;
(ii) the Company and the party are subject to common control;
(iii) the party is an associate of the Company or a joint venture in which the Company is a venturer;
(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
Close family members of an individual are those family members who it may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
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
Goodwill acquired has been fully amortised.
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:
Leasehold property
-
10% and 20% straight line
Furniture and equipment
-
25% reducing balance and straight line
Vehicles
-
25% 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.
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.
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 year amounted to 57 (2022: 53 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
300,000
---------
Amortisation
At 1 October 2022 and 30 September 2023
300,000
---------
Carrying amount
At 30 September 2023
---------
At 30 September 2022
---------
6. Tangible assets
Leasehold property
Furniture and equipment
Vehicles
Total
£
£
£
£
Cost
At 1 October 2022
61,517
242,372
18,832
322,721
Additions
19,930
6,253
26,183
Disposals
( 48,441)
( 2,055)
( 50,496)
--------
---------
--------
---------
At 30 September 2023
81,447
200,184
16,777
298,408
--------
---------
--------
---------
Depreciation
At 1 October 2022
30,759
175,037
14,692
220,488
Charge for the year
10,138
40,543
1,154
51,835
Disposals
( 48,441)
( 2,055)
( 50,496)
--------
---------
--------
---------
At 30 September 2023
40,897
167,139
13,791
221,827
--------
---------
--------
---------
Carrying amount
At 30 September 2023
40,550
33,045
2,986
76,581
--------
---------
--------
---------
At 30 September 2022
30,758
67,335
4,140
102,233
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
778,537
749,251
Other debtors
438,025
398,695
------------
------------
1,216,562
1,147,946
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
6,863
485
-------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,136
44,445
Trade creditors
88,868
36,995
Corporation tax
23,575
20,884
Social security and other taxes
231,215
256,280
Other creditors
279,034
374,399
---------
---------
666,828
733,003
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,435
147,430
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
108,110
108,110
108,110
108,110
---------
---------
---------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
211,034
150,909
Later than 1 year and not later than 5 years
565,489
520,205
Later than 5 years
65,026
---------
---------
776,523
736,140
---------
---------
12. Directors' advances, credits and guarantees
There was an advance made to J A Kerton of £10,000 during the financial year. There was no interest charged on this advance. The loan will be repaid by the director before 30 June 2024. The loan advance to R M Flanagan at 30 September 2022 was repaid in full in June 2023. There was no interest charged on this advance.