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REGISTERED NUMBER: 08702445 (England and Wales)










Financial Statements

for the Year Ended 31 December 2023

for

Jennings Anodes UK Limited

Jennings Anodes UK Limited (Registered number: 08702445)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Jennings Anodes UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C D Jennings
Mrs C C Jennings





SECRETARY: Mrs C C Jennings





REGISTERED OFFICE: Tatham Street
Sunderland
Tyne and Wear
SR1 2AG





REGISTERED NUMBER: 08702445 (England and Wales)





AUDITORS: Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

Jennings Anodes UK Limited (Registered number: 08702445)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 36,043 27,616

CURRENT ASSETS
Stocks 249,690 282,371
Debtors 5 390,738 504,377
Cash at bank 171,079 46,066
811,507 832,814
CREDITORS
Amounts falling due within one year 6 530,223 517,267
NET CURRENT ASSETS 281,284 315,547
TOTAL ASSETS LESS CURRENT
LIABILITIES

317,327

343,163

PROVISIONS FOR LIABILITIES 9,012 -
NET ASSETS 308,315 343,163

CAPITAL AND RESERVES
Called up share capital 222 222
Share premium 152,550 152,550
Retained earnings 155,543 190,391
SHAREHOLDERS' FUNDS 308,315 343,163

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:



C D Jennings - Director


Jennings Anodes UK Limited (Registered number: 08702445)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Jennings Anodes UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions regarding the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant. They are reviewed on a regular basis and changes recognised in the the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical accounting judgements and key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives taking into account their residual values where appropriate. The acute lives of the assets and residual values are assessed annually and may vary depending on a number of factors. IN re-assessing the asset lives, factors such as technical innovation, product life cycles and maintainable programmes are taking into account. Residual values consider such things as future market condition, the remaining life of the asset and projected disposal values.

The value of stock is assessed for impairment. In assessing stock value, factors such as slow movement and obsolescence are taken into account.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

Jennings Anodes UK Limited (Registered number: 08702445)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets and liabilities
Short term debtors are measured at transaction price.

Short term creditors are measured at transaction price, less any impairment.

Jennings Anodes UK Limited (Registered number: 08702445)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 82,355 6,281 6,533 95,169
Additions 16,818 280 2,241 19,339
At 31 December 2023 99,173 6,561 8,774 114,508
DEPRECIATION
At 1 January 2023 60,513 1,792 5,248 67,553
Charge for year 9,307 1,068 537 10,912
At 31 December 2023 69,820 2,860 5,785 78,465
NET BOOK VALUE
At 31 December 2023 29,353 3,701 2,989 36,043
At 31 December 2022 21,842 4,489 1,285 27,616

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
(Unaudited)
£    £   
Trade debtors 313,262 443,130
Amounts owed by group undertakings 1,485 -
Other debtors 75,991 61,247
390,738 504,377

Jennings Anodes UK Limited (Registered number: 08702445)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
(Unaudited)
£    £   
Trade creditors 107,766 48,490
Amounts owed to group undertakings 378,804 311,870
Taxation and social security 12,271 26,920
Other creditors 31,382 129,987
530,223 517,267

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at either 31 December 2021, 31 December 2022 or 31 December 2023. We were unable to satisfy ourselves by alternative audit procedures concerning the quantities held at these dates, which represent the opening and closing stock for both the comparative period and the current period. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, included the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

David Meadows FCA (Senior Statutory Auditor)
for and on behalf of Bourne & Co

8. OFF-BALANCE SHEET ARRANGEMENTS

The company's bankers hold a fixed and floating charge covering all the property or undertaking of the company.

9. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking and controlling part at the balance sheet date was Zhejiang Yuxi Corrosion Control Corporation, a company incorporated in The People's Republic of China. The group financial statements are publicly available from Zhejiang Yuxi Corrosion Control Corporation. The register office of Zhejiang Yuxi Corrosion Control Corporation is 767 Liangzhu, Ningbo, 315100, P.R. China.