Company Registration No. 00515420 (England and Wales)
JENNINGS OF GARSINGTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
JENNINGS OF GARSINGTON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
5
7,414
13,160
Tangible assets
6
404,210
486,647
Investment properties
7
19,352,621
19,271,626
Investments
9
181,500
1,500
19,945,745
19,772,933
Current assets
Debtors
10
117,538
116,315
Cash at bank and in hand
99,049
147,072
216,587
263,387
Creditors: amounts falling due within one year
11
(1,351,691)
(1,271,932)
Net current liabilities
(1,135,104)
(1,008,545)
Total assets less current liabilities
18,810,641
18,764,388
Creditors: amounts falling due after more than one year
12
(5,277,453)
(5,581,882)
Provisions for liabilities
14
122,687
(9,202)
Net assets
13,655,875
13,173,304
Capital and reserves
Called up share capital
16
14,000
14,000
Revaluation reserve
17
7,594,287
7,594,287
Profit and loss reserves
18
6,047,588
5,565,017
Total equity
13,655,875
13,173,304
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
JENNINGS OF GARSINGTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 May 2019 and are signed on its behalf by:
Mr M Jennings
Director
Company Registration No. 00515420
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Jennings of Garsington Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hampden House, Monument Business Park, Chalgrove, Oxford, OX44 7RW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover represents the value, net of value added tax and discounts, of rental income received from tenants.
Turnover is recognised when the rental term occurs on an accruals basis.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website development costs
3 years straight line
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings, tools & equipment
25% reducing balance / 10% straightline
Motor vehicles
25% reducing balance
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
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
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.
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value.
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected
The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Other financial liabilities classified as
fair value through profit or loss
are measured at fair value.
Other financial liabilities
Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.13
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the Profit and Loss Account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the Profit and Loss account as the related expenditure is incurred.
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 25 (2017 - 24).
4
Directors' remuneration
2018
2017
£
£
Remuneration paid to directors
237,866
234,987
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2017 - 2).
5
Intangible fixed assets
Website development costs
£
Cost
At 1 January 2018 and 31 December 2018
17,240
Amortisation and impairment
At 1 January 2018
4,080
Amortisation charged for the year
5,746
At 31 December 2018
9,826
Carrying amount
At 31 December 2018
7,414
At 31 December 2017
13,160
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
6
Tangible fixed assets
Fixtures, fittings, tools & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2018
1,631,698
35,086
1,666,784
Additions
14,349
-
14,349
At 31 December 2018
1,646,047
35,086
1,681,133
Depreciation and impairment
At 1 January 2018
1,148,491
31,646
1,180,137
Depreciation charged in the year
95,926
860
96,786
At 31 December 2018
1,244,417
32,506
1,276,923
Carrying amount
At 31 December 2018
401,630
2,580
404,210
At 31 December 2017
483,207
3,440
486,647
7
Investment property
2018
£
Fair value
At 1 January 2018
19,271,626
Additions
80,995
At 31 December 2018
19,352,621
Investment properties comprise a varied portfolio, predominantly of commercial properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
8
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Barretts (Containers and Storage) Limited
Unit 50, Monument Industrail Park, Chalgrove, Oxon, OX44 7RW
Warehousing and storage facilities
Ordinary
100.00
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
8
Subsidiaries
(Continued)
- 9 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Barretts (Containers and Storage) Limited
52,818
168,803
During the year, the company acquired the remaining 50% interest in Barretts (Containers and Storage) Limited for £180,000. The initial subscription of £500 for 50% has therefore been reclassified to investments in subsidiaries.
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 10 -
9
Fixed asset investments
2018
2017
£
£
Investments
181,500
1,500
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2018
-
1,500
1,500
Additions
180,000
-
180,000
Reclassification of investment
500
(500)
-
At 31 December 2018
180,500
1,000
181,500
Carrying amount
At 31 December 2018
180,500
1,000
181,500
At 31 December 2017
-
1,500
1,500
10
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
31,033
31,979
Amounts due from subsidiary undertakings
51,546
-
Other debtors
10,521
11,763
Prepayments and accrued income
24,438
23,675
117,538
67,417
2018
2017
Amounts falling due after more than one year:
£
£
Other debtors
-
48,898
Total debtors
117,538
116,315
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 11 -
11
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
13
669,989
569,666
Other borrowings
13
280,480
326,850
Trade creditors
54,030
50,951
Corporation tax
66,782
46,263
Other taxation and social security
110,021
99,748
Government grants
-
1,250
Other creditors
131,811
117,219
Accruals and deferred income
38,578
59,985
1,351,691
1,271,932
12
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
13
4,282,109
4,565,649
Other creditors
995,344
1,016,233
5,277,453
5,581,882
Amounts included above which fall due after five years are as follows:
Payable by instalments
(3,016,048)
(3,466,625)
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 12 -
13
Loans and overdrafts
2018
2017
£
£
Bank loans
4,864,883
5,135,315
Bank overdrafts
87,215
-
Loans from group undertakings and related parties
1,300,824
1,368,083
6,165,707
6,503,398
Payable within one year
975,469
921,516
Payable after one year
5,190,238
5,581,882
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.
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
(168,836)
(37,011)
Retirement benefit obligations
(386)
(322)
Investment property
46,535
46,535
(122,687)
9,202
2018
Movements in the year:
£
Liability at 1 January 2018
9,202
Credit to profit or loss
(131,889)
Liability/(Asset) at 31 December 2018
(122,687)
The deferred tax asset set out above is expected to reverse within 120 months and relates to accelerated capital allowances and retirement benefit obligations that are expected to mature within the same period. A deferred tax liability has also been calculated on the fair value gain expected on the investment properties held.
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 13 -
15
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,399
25,698
Contributions payable to the fund at the year end and included in creditors
(2,028)
(1,695)
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.
16
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
14,000 Ordinary shares of £1 each
14,000
14,000
14,000
14,000
17
Revaluation reserve
2018
2017
£
£
At beginning of year
7,594,287
7,459,492
Tax on fair value adjustment to investments
-
134,795
At end of year
7,594,287
7,594,287
18
Profit and loss reserves
2018
2017
£
£
At the beginning of the year
5,565,017
5,461,383
Profit for the year
533,771
289,629
Dividends declared and paid in the year
(51,200)
(51,200)
Transfer from non distributable reserves
-
(134,795)
At the end of the year
6,047,588
5,565,017
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 14 -
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
5,744
9,167
Between two and five years
6,370
2,642
12,114
11,809
20
Parent company
During the year the company was controlled by J W Jennings Limited by virtue of its majority shareholding.
21
Directors' transactions
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
M Jennings Loan
3.00
(2,054)
11,279
(12)
(35,818)
(26,605)
A Ashton Loan
3.00
(29,170)
-
(841)
-
(30,011)
K Jennings Loan
3.00
(107,320)
20,355
(2,546)
(21,915)
(111,426)
J Clements Loan
3.00
(656)
-
(19)
-
(675)
(139,200)
31,634
(3,418)
(57,733)
(168,717)
During the year the company purchased services from a corporate director totaling £
30,0
00 (201
7
: £
30
,
000
).
Also during the year the company purchased services from on
e
of the directors totaling £
nil
(201
7
: £
6,000
).
Market value rent charged
by
the directors was £
35
,
746
(201
7
: £
32
,
980
).
JENNINGS OF GARSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 15 -
22
Related Party Transactions
The company entered into the following related party transactions during the year:
|
|
|
|
|
|
Barretts (Containers and Storage) Limited
|
|
|
A wholly owned subsidiary
|
|
|
Sales and rent charged to the related party
|
|
|
|
|
|
Interest on loans charged by the related party
|
|
|
Amount owed to / (from) the related party at the balance sheet date
|
|
|
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2018.100
No description of principal activity
20 May 2019
Mr M Jennings
A Ashton
K Jennings
Oxford Business Education Ltd
Mr P Mabbutt
Mr J Clements
Mr R Gibbs
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