REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2019 |
|
for |
|
Jennings of Garsington Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2019 |
|
for |
|
Jennings of Garsington Limited |
Jennings of Garsington Limited (Registered number: 00515420) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Jennings of Garsington Limited |
|
Company Information |
for the Year Ended 31 December 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
30 Bankside Court |
Stationfields |
Kidlington |
Oxford |
OX5 1JE |
Jennings of Garsington Limited (Registered number: 00515420) |
|
Balance Sheet |
31 December 2019 |
|
31/12/19 | 31/12/18 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
Investment property | 7 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 8 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 12 | ( |
) |
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
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. |
Jennings of Garsington Limited (Registered number: 00515420) |
|
Balance Sheet - continued |
31 December 2019 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
|
|
|
|
|
|
|
Jennings of Garsington Limited (Registered number: 00515420) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
|
1. | STATUTORY INFORMATION |
|
Jennings of Garsington Limited is a
|
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, except as set out below. |
|
Preparation of consolidated financial statements |
The financial statements contain information about Jennings of Garsington Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is exempt under |
Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial |
statements. |
|
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. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. Rental income is recognised in the period to which it relates on |
an accrual basis. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
|
|
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Investments in subsidiaries |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating |
policies of the entity so as to obtain benefits from its activities. |
|
Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses. There |
were no impairment losses in the current or the previous year. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
|
Jennings of Garsington Limited (Registered number: 00515420) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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. |
|
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. |
|
Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and |
subsequently measured at cost less any accumulated impairment losses. The investments are assessed for |
impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised |
immediately in profit or loss. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Jennings of Garsington Limited (Registered number: 00515420) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
|
AMORTISATION |
At 1 January 2019 |
|
Charge for year |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
|
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2019 |
|
Additions |
|
At 31 December 2019 |
|
DEPRECIATION |
At 1 January 2019 |
|
Charge for year |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
Jennings of Garsington Limited (Registered number: 00515420) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
and 31 December 2019 |
|
|
181,500 |
NET BOOK VALUE |
At 31 December 2019 |
|
|
181,500 |
At 31 December 2018 |
|
|
181,500 |
|
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
|
Revaluations | 161,479 |
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
|
Fair value of investment properties is calculated by the directors who do not consider that external valuation is |
required. |
|
Fair value at 31 December 2019 is represented by: |
|
£ |
Valuation in 2017 | 7,640,823 |
Valuation in 2019 | 161,479 |
Cost | 11,711,798 |
19,514,100 |
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Jennings of Garsington Limited (Registered number: 00515420) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans over 5 yr by instal | 2,671,299 | 3,016,048 |
|
11. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31/12/19 | 31/12/18 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
The bank loans are secured by charges over certain investment properties held by the company. |
|
The overdraft is secured by way of fixed and floating charges over the property or undertaking of the company. |
|
12. | PROVISIONS FOR LIABILITIES |
31/12/19 |
£ |
Deferred tax | 373,491 |
|
Deferred |
tax |
£ |
Balance at 1 January 2019 | ( |
) |
Provided during year |
|
Balance at 31 December 2019 |
|
Jennings of Garsington Limited (Registered number: 00515420) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
12. | PROVISIONS FOR LIABILITIES - continued |
|
The deferred tax provison set out above relates to accelerated capital allowances and fair value gain expected |
on the investment properties held. |
|
13. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the |
scheme are held separately from those of the company in an independently administered fund. |
|
Contributions payable to the fund at the year end and included in creditors were £5,245 (£2,028 in 2018). |
|
14. | PARENT COMPANY |
|
During the year the company was controlled by J W Jennings Limited by virtue of its majority shareholding. |