REGISTERED NUMBER: |
G. A. JENKINSON & SONS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
G. A. JENKINSON & SONS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
G. A. JENKINSON & SONS LIMITED (REGISTERED NUMBER: 01015752) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
G. A. JENKINSON & SONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
BANKERS: |
42 St Peters Hill |
Grantham |
Lincolnshire |
NG31 6QJ |
G. A. JENKINSON & SONS LIMITED (REGISTERED NUMBER: 01015752) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Valuation |
Debtors | 5 |
Investments | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
G. A. JENKINSON & SONS LIMITED (REGISTERED NUMBER: 01015752) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
G. A. Jenkinson & Sons Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the fair value of net invoiced sales of produce and contracting services, excluding value added tax. Sales of produce are recognised on despatch and contract work is recognised when services are provided. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Property, plant and equipment assets are held at cost less accumulated depreciation. No depreciation has been provided for freehold land and buildings. It is the company's policy to maintain its properties in a continual state of sound repair. In the case of freehold buildings, the directors consider that the lives of these buildings and their residual value's are such that their depreciation is not significant. |
Valuation |
As in previous years the arable valuation has been professionally valued by Messrs Escritt, Barrell and Golding, Chartered Surveyors. Stock is valued at the lower of cost and fair value less cost to sell. |
Closing stock also includes work in progress in respect of land development costs, which is valued at the lower of cost and fair value less cost to sell. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
G. A. JENKINSON & SONS LIMITED (REGISTERED NUMBER: 01015752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic payment |
The Basic Payment is recognised in the financial statements in accordance with H M Revenue & Customs guidance. |
Investments |
Current asset investments are recognised at the lower of cost and fair value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Leasehold | Plant and | Motor |
property | improvements | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
F Jenkinson 1997 Discretionary Settlement loan |
Other debtors |
Prepayments and accrued income |
6. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Unlisted investments | 42 | 42 |
G. A. JENKINSON & SONS LIMITED (REGISTERED NUMBER: 01015752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Loans and overdraft |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
AMC loan |
Other loans |
Pension scheme loan | 38,400 | - |
Bounce back loan | 30,000 | 35,000 |
Oxbury variable credit | 9,961 | - |
Hire purchase contracts |
9. | SECURED DEBTS |
The following debts are secured within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts | 100,602 | 88,560 |
Hire purchase contracts | 49,239 | 18,199 |
Bank loan | 343,186 | 355,933 |
Drill finance | 64,229 | - |
Pension scheme loan | 48,000 | - |
Oxbury variable credit | 12,451 | - |
617,707 | 462,692 |
The bank overdraft, bank loan, pension scheme loan and the Oxbury credit are secured by a charge over agricultural land owned by the company. Hire purchase contracts and the drill finance are secured on the asset to which they relate. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
"A" Ordinary | £1 | 10 | 10 |
"B" Ordinary non-voting | £1 | 90 | 90 |
100 | 100 |
G. A. JENKINSON & SONS LIMITED (REGISTERED NUMBER: 01015752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | OTHER FINANCIAL COMMITMENTS |
At the year end the company had commitments due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 36,772 | 29,907 |
36,772 | 29,907 |