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COMPANY REGISTRATION NUMBER: 06644524
Jenkins Felixstowe Limited
Filleted Financial Statements
30 April 2024
Jenkins Felixstowe Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
361,378
285,846
Investments
6
9,000
---------
---------
361,378
294,846
Current assets
Debtors
7
1,282,478
1,619,918
Cash at bank and in hand
185,500
340,690
------------
------------
1,467,978
1,960,608
Creditors: amounts falling due within one year
8
586,460
938,261
------------
------------
Net current assets
881,518
1,022,347
------------
------------
Total assets less current liabilities
1,242,896
1,317,193
Creditors: amounts falling due after more than one year
9
78,070
22,877
Provisions
Taxation including deferred tax
61,150
47,642
------------
------------
Net assets
1,103,676
1,246,674
------------
------------
Capital and reserves
Called up share capital
10
200,000
200,000
Profit and loss account
903,676
1,046,674
------------
------------
Shareholders funds
1,103,676
1,246,674
------------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Jenkins Felixstowe Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr J R Stewart
Director
Company registration number: 06644524
Jenkins Felixstowe Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Langton Park, Port of Liverpool, Regents Road, Bootle, L20 1HA.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 Improvements
-
10% straight line
Plant & Machinery
-
15% reducing balance
Furniture & Fixtures
-
15% reducing balance
Office Equipment
-
33 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Where the contractual obligations of the financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instrument are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of the share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 20 (2023: 21 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
37,473
455,399
79,550
21,154
593,576
Additions
13,089
126,067
5,326
1,216
145,698
Disposals
( 3,801)
( 10,695)
( 2,601)
( 17,097)
--------
---------
--------
--------
---------
At 30 April 2024
46,761
570,771
82,275
22,370
722,177
--------
---------
--------
--------
---------
Depreciation
At 1 May 2023
2,374
271,390
17,457
16,509
307,730
Charge for the year
4,852
45,373
10,046
2,619
62,890
Disposals
( 7,826)
( 1,995)
( 9,821)
--------
---------
--------
--------
---------
At 30 April 2024
7,226
308,937
25,508
19,128
360,799
--------
---------
--------
--------
---------
Carrying amount
At 30 April 2024
39,535
261,834
56,767
3,242
361,378
--------
---------
--------
--------
---------
At 30 April 2023
35,099
184,009
62,093
4,645
285,846
--------
---------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 April 2024
136,079
---------
At 30 April 2023
72,492
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2023
9,000
Disposals
( 9,000)
-------
At 30 April 2024
-------
Impairment
At 1 May 2023 and 30 April 2024
-------
Carrying amount
At 30 April 2024
-------
At 30 April 2023
9,000
-------
7. Debtors
2024
2023
£
£
Trade debtors
422,532
542,755
Amounts owed by group undertakings
255,081
258,739
Prepayments and accrued income
399,313
582,924
Other debtors
205,552
235,500
------------
------------
1,282,478
1,619,918
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
477,508
773,280
Accruals and deferred income
53,056
55,092
Corporation tax
32,766
Social security and other taxes
15,328
34,352
Obligations under finance leases and hire purchase contracts
28,107
29,827
Other creditors
2,461
2,944
---------
---------
586,460
938,261
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,833
20,833
Obligations under finance leases and hire purchase contracts
67,237
2,044
--------
--------
78,070
22,877
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
50,000
50,000
50,000
50,000
Ordinary B shares of £ 1 each
150,000
150,000
150,000
150,000
---------
---------
---------
---------
200,000
200,000
200,000
200,000
---------
---------
---------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
633,667
831,064
Later than 1 year and not later than 5 years
1,105,000
1,738,667
------------
------------
1,738,667
2,569,731
------------
------------
12. Charges on assets
There is an unlimited debenture dated 27 April 2021 incorporating a fixed and floating charge over the company's assets.
13. Summary audit opinion
The auditor's report dated 30 October 2024 was unqualified .
The senior statutory auditor was S P Martin , for and on behalf of Edmund Carr LLP .
14. Related party transactions
No dividends have been paid in the current period or prior period. Information about related party transactions and outstanding balances are outlined below;
2024 2023
£ £
Amounts owed to related undertakings 1,744
Amounts due from related undertakings 255,081 258,739
Sales of goods and services 595
Purchases of goods and services 2,419 2,066
15. Controlling party
The ultimate parent company is Jenny Topco Limited, which is registered in England & Wales. From 27 April 2021, the parent company is Jenkins Shipping Company Limited whose registered office address is 13 West Bank Road, Belfast, Northern Ireland, BT3 9JL.