Jewson Investments Ltd - Filleted accounts

JEWSON INVESTMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

Company Registration Number: 09338128

JEWSON INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 10

JEWSON INVESTMENTS LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021
DIRECTORS
P L Jewson
H G Jewson
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
09338128 England and Wales

JEWSON INVESTMENTS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
			Notes		2021				2020
					£				£
FIXED ASSETS
Tangible assets			5				1,000,000				1,000,000
Investments			6				119,579				119,579
							1,119,579				1,119,579
CURRENT ASSETS
Debtors			7		1,151,349				646,919
Cash at bank and in hand					12,023				9,664
					1,163,372				656,583
CREDITORS: Amounts falling due within one year			8		1,369,272				907,241
NET CURRENT LIABILITIES							(205,900)				(250,658)
TOTAL ASSETS LESS CURRENT LIABILITIES							913,679				868,921
CREDITORS: Amounts falling due after more than one year			9				98,189				113,548
Provisions for liabilities and charges							43,337				43,337
NET ASSETS							772,153				712,036
CAPITAL AND RESERVES
Called up share capital							1,732				1,732
Share premium account							107,180				107,180
Distributable profit and loss account							419,991				359,874
Non distributable profit and loss account							243,250				243,250
SHAREHOLDERS' FUNDS							772,153				712,036

JEWSON INVESTMENTS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2021
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
H G Jewson
Director
Date approved by the board: 29 September 2022

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1	GENERAL INFORMATION
	Jewson Investments Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Cranbrook House
	287-291 Banbury Road
	Oxford
	OX2 7JQ
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its subsidiary company, Jewson Holdings Limited, £1,266,393, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the subsidiary. The directors do not consider the support of the subsidiary likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable and represents rental income receivable, stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Investment properties

	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
	Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

Investments

	Investments in subsidiaries are shown at cost less accumulated impairment losses.

	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.
	Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Leases
	Payments received under operating leases are recognised as income over the lease term on a straight-line basis.

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Borrowing costs
	All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
	Consolidation
	The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	The directors have made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2021		2020
	Average number of employees								2		2

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
5	TANGIBLE ASSETS
										Investment property included within tangible assets
											£
	Cost
	At 1 January 2021										1,000,000
	At 31 December 2021										1,000,000
	Net book value
	At 1 January 2021										1,000,000
	At 31 December 2021										1,000,000
	The company has agreed a charge over the company's assets, specifically the investment property with a carrying value of £1,000,000, as security for the bank loan.
6	FIXED ASSET INVESTMENTS
						Investment in subsidiaries			Total other investments		Total
							£		£		£
	Cost
	At 1 January 2021						114,579		5,000		119,579
	At 31 December 2021						114,579		5,000		119,579
	Net book value
	At 1 January 2021						114,579		5,000		119,579
	At 31 December 2021						114,579		5,000		119,579
7	DEBTORS
									2021		2020
									£		£
	Prepayments and accrued income								3,934		2,666
	Other debtors								1,147,415		644,253
									1,151,349		646,919

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
8	CREDITORS: Amounts falling due within one year
									2021		2020
									£		£
	Bank loans and overdrafts								12,654		8,747
	Trade creditors								2,290		1,982
	Taxation and social security								82,784		99,548
	Accruals and deferred income								5,151		3,450
	Other creditors								1,266,393		793,514
									1,369,272		907,241
9	CREDITORS: Amounts falling due after more than one year
									2021		2020
									£		£
	Bank loans and overdrafts								98,189		113,548
	Included in the amounts falling due after more than one year are the following amounts which are due in more
	than five years:
									2021		2020
									£		£
	Bank loans and overdrafts								45,448		59,783
10	SECURED DEBTS
	The company has a bank loan with Natwest Bank PLC which is secured on the freehold property. This is due to be repaid in 9 years, with interest being charged at 3%.
11	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
	The following directors' advances, credits and guarantees took place during the year
			Balance at 1 January 2021		Amounts advanced		Amounts repaid		Amounts written off or waived		Balance at 31 December 2021
			£		£		£		£		£
	P L Jewson & H G Jewson		464,908		602,646		150,000		-		917,554

	Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.

JEWSON INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12	RELATED PARTY TRANSACTIONS
	The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
	Jewson Holdings Limited		Wholly owned subsidiary