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Company No: 03227128 (England and Wales)

JINKS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

JINKS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

JINKS LIMITED

BALANCE SHEET

As at 31 January 2024
JINKS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 193,736 200,905
Investments 5 408,291 378,143
602,027 579,048
Current assets
Stocks 8,741 9,679
Debtors 6 5,327 5,971
Cash at bank and in hand 207,483 206,692
221,551 222,342
Creditors: amounts falling due within one year 7 ( 99,387) ( 85,534)
Net current assets 122,164 136,808
Total assets less current liabilities 724,191 715,856
Provision for liabilities ( 163) ( 429)
Net assets 724,028 715,427
Capital and reserves
Called-up share capital 8 371,002 371,002
Profit and loss account 353,026 344,425
Total shareholders' funds 724,028 715,427

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Jinks Limited (registered number: 03227128) were approved and authorised for issue by the Board of Directors on 10 September 2024. They were signed on its behalf by:

Mr S N Walker
Director
JINKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
JINKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jinks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mill Cottage, Carlingcott, Bath, BA2 8AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents amounts chargeable, net of VAT, in respect of the sale of goods and services to customers.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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's financial statements. 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 the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 25,000 25,000
At 31 January 2024 25,000 25,000
Accumulated amortisation
At 01 February 2023 25,000 25,000
At 31 January 2024 25,000 25,000
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost/Valuation
At 01 February 2023 305,277 149,186 454,463
At 31 January 2024 305,277 149,186 454,463
Accumulated depreciation
At 01 February 2023 106,089 147,469 253,558
Charge for the financial year 6,105 1,064 7,169
At 31 January 2024 112,194 148,533 260,727
Net book value
At 31 January 2024 193,083 653 193,736
At 31 January 2023 199,188 1,717 200,905

Included within net book value of land and buildings above is £193,083 (2023 - £199,188) in respect of freehold land and buildings.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 February 2023 378,143 378,143
Share of trading profits less costs 30,148 30,148
At 31 January 2024 408,291 408,291
Carrying value at 31 January 2024 408,291 408,291
Carrying value at 31 January 2023 378,143 378,143

The company became a corporate member of Generations Navigator LLP on 29 May 2015.

6. Debtors

2024 2023
£ £
Prepayments 4,226 4,084
Other debtors 1,101 1,887
5,327 5,971

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 38,045 33,308
Taxation and social security 29,013 12,384
Other creditors 32,329 39,842
99,387 85,534

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
371,002 Ordinary shares of £ 1.00 each 371,002 371,002