Company registration number 07118497 (England and Wales)
JENKINS GARDEN MACHINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JENKINS GARDEN MACHINERY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
JENKINS GARDEN MACHINERY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JENKINS GARDEN MACHINERY LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jenkins Garden Machinery Limited for the year ended 31 March 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Jenkins Garden Machinery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jenkins Garden Machinery Limited and state those matters that we have agreed to state to the board of directors of Jenkins Garden Machinery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jenkins Garden Machinery Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Jenkins Garden Machinery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jenkins Garden Machinery Limited. You consider that Jenkins Garden Machinery Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Jenkins Garden Machinery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
28 September 2023
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
JENKINS GARDEN MACHINERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,075
13,471
Current assets
Stocks
305,835
225,707
Debtors
4
81,968
67,327
Investments
5
57,082
57,136
Cash at bank and in hand
91,886
96,271
536,771
446,441
Creditors: amounts falling due within one year
6
(360,873)
(221,532)
Net current assets
175,898
224,909
Net assets
228,973
238,380
Capital and reserves
Called up share capital
8
4
4
Profit and loss reserves
228,969
238,376
Total equity
228,973
238,380
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 March 2023 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2023 and are signed on its behalf by:
Mr RH Jenkins
Mr ER Jenkins
Director
Director
Company Registration No. 07118497
JENKINS GARDEN MACHINERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
4
253,800
253,804
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
14,576
14,576
Dividends
-
(30,000)
(30,000)
Balance at 31 March 2022
4
238,376
238,380
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
12,593
12,593
Dividends
-
(22,000)
(22,000)
Balance at 31 March 2023
4
228,969
228,973
JENKINS GARDEN MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Jenkins Garden Machinery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2-2b Heol Stanllyd, Cross Hands Business Park, Cross Hands, Llanelli, Carmarthenshire, SA14 6RB.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
50% on cost
Motor vehicles
25% on cost
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.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
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.
JENKINS GARDEN MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
11
JENKINS GARDEN MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
6,154
22,056
5,796
34,123
68,129
Additions
6,082
1,171
47,242
54,495
At 31 March 2023
6,154
28,138
6,967
81,365
122,624
Depreciation and impairment
At 1 April 2022
5,397
16,083
5,795
27,383
54,658
Depreciation charged in the year
479
1,698
488
12,226
14,891
At 31 March 2023
5,876
17,781
6,283
39,609
69,549
Carrying amount
At 31 March 2023
278
10,357
684
41,756
53,075
At 31 March 2022
757
5,973
1
6,740
13,471
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
38,987
28,632
Other debtors
42,981
38,695
81,968
67,327
5
Current asset investments
2023
2022
£
£
Other investments
57,082
57,136
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
324,530
196,595
Corporation tax
8
8
Other taxation and social security
2,424
11,822
Other creditors
33,911
13,107
360,873
221,532
JENKINS GARDEN MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Secured debts
A debenture was created by the directors on the 7th February 2012 securing £150,000 by way of a fixed and floating charge over the assets of the company.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
10
Ultimate controlling party
The company was under the control of the directors throughout the period under review.