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Company No: 07201666 (England and Wales)

JENNINGS ELECTRICAL LTD

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

JENNINGS ELECTRICAL LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

JENNINGS ELECTRICAL LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
JENNINGS ELECTRICAL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 504 0
Tangible assets 4 72,300 7,407
72,804 7,407
Current assets
Stocks 5,006 5,899
Debtors 5 14,521 21,466
Cash at bank and in hand 1,436 694
20,963 28,059
Creditors: amounts falling due within one year 6 ( 95,676) ( 20,508)
Net current (liabilities)/assets (74,713) 7,551
Total assets less current liabilities (1,909) 14,958
Creditors: amounts falling due after more than one year 7 ( 7,000) ( 13,000)
Net (liabilities)/assets ( 8,909) 1,958
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 9,009 ) 1,858
Total shareholder's (deficit)/funds ( 8,909) 1,958

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

Director's responsibilities:

The financial statements of Jennings Electrical Ltd (registered number: 07201666) were approved and authorised for issue by the Director. They were signed on its behalf by:

Peter Robert Jennings
Director

02 December 2024

JENNINGS ELECTRICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
JENNINGS ELECTRICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

Jennings Electrical Ltd (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 18 Bailey Avenue Bailey Avenue, Kesgrave, Ipswich, IP5 2EE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

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:

Website costs 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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 4 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Intangible assets

Website costs Total
£ £
Cost
At 01 April 2023 0 0
Additions 630 630
At 31 March 2024 630 630
Accumulated amortisation
At 01 April 2023 0 0
Charge for the financial year 126 126
At 31 March 2024 126 126
Net book value
At 31 March 2024 504 504
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 3,628 29,731 867 34,226
Additions 0 88,473 0 88,473
Disposals 0 ( 16,974) 0 ( 16,974)
At 31 March 2024 3,628 101,230 867 105,725
Accumulated depreciation
At 01 April 2023 2,140 24,132 547 26,819
Charge for the financial year 223 20,237 199 20,659
Disposals 0 ( 14,053) 0 ( 14,053)
At 31 March 2024 2,363 30,316 746 33,425
Net book value
At 31 March 2024 1,265 70,914 121 72,300
At 31 March 2023 1,488 5,599 320 7,407

5. Debtors

2024 2023
£ £
Trade debtors 10,001 10,169
Amounts owed by director 1 7,267
Prepayments and accrued income 1,049 1,265
Corporation tax 784 0
CIS suffered 336 415
Other debtors 2,350 2,350
14,521 21,466

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,000 6,000
Trade creditors 5,067 6,163
Amounts owed to director 6,046 0
Accruals 1,340 1,340
Taxation and social security 6,147 6,774
Obligations under finance leases and hire purchase contracts 65,429 0
Other creditors 5,647 231
95,676 20,508

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 7,000 13,000

There are no amounts included above in respect of which any security has been given by the small entity.