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Registered number: 06943753
P & J Jefferson Limited
Unaudited
Financial statements
For the year ended 31 December 2020
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P & J Jefferson Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of P & J Jefferson Limited for the year ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P & J Jefferson Limited for the year ended 31 December 2020 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practicing 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 P & J Jefferson Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2016. Our work has been undertaken solely to prepare for your approval the financial statements of P & J Jefferson Limited and state those matters that we have agreed to state to the Board of directors of P & J Jefferson Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & J Jefferson Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that P & J Jefferson 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 P & J Jefferson Limited. You consider that P & J Jefferson Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of P & J Jefferson 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.
Kreston Reeves LLP
Chartered Accountants
Canterbury
28 September 2021
Page 1
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P & J Jefferson Limited
Registered number: 06943753
Balance sheet
As at 31 December 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 September 2021.
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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P & J Jefferson Limited
Notes to the financial statements
For the year ended 31 December 2020
P & J Jefferson Limited is a private company, limited by shares, domiciled in England and Wales, registration number 06943753. The registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are rounded to the nearest pound.
The company's functional and presentational currency is Pounds Sterling.
The following principal accounting policies have been applied:
Whilst the impact of the COVID-19 pandemic has been assessed by the director, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response and the company's planning, the director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 3
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P & J Jefferson Limited
Notes to the financial statements
For the year ended 31 December 2020
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet 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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 4
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P & J Jefferson Limited
Notes to the financial statements
For the year ended 31 December 2020
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Due after more than one year
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Prepayments and accrued income
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Page 5
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P & J Jefferson Limited
Notes to the financial statements
For the year ended 31 December 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Secured loans
The bank loan is personally guaranteed by the directors, who are also the shareholders of the company and by way of fixed and floating charge over the assets of the subsidiary company, Seria Limited.
The loan is repayable over 15 years at a commercial rate of interest
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Page 6
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P & J Jefferson Limited
Notes to the financial statements
For the year ended 31 December 2020
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Allotted, called up and fully paid
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23,275 (2019 - 23,275) A Ordinary shares of £1.00 each
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2,500 (2019 - 2,500) B Ordinary shares of £1.00 each
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9.Directors' personal guarantees
The directors, who are also the shareholders of the company, have provided a personal guarantee, limited to £350,000, on the bank loan.
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Related party transactions
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In prior years, the company loaned £251,000 to Mrs J M A Jefferson, a director and shareholder of the company. Total repayments of £100,000 have been made in prior years resulting in £151,000 being due to the company at 31 December 2020. Interest has been charged on this loan at 3.8% per annum.
During the year, Mr R P Jefferson, a director and shareholder of the company withdrew £Nil (2019: £26,096) from the company. At the year end, the company did not owe any monies to Mr R P Jefferson (2019: £2,398).
During the prior year, the company loaned £20,000 to Papa Holdings Limited, which has a common director. No interest was charged on the loan. At the year end, the amount outstanding was £20,000 and included in other debtors
During the year, the following dividends were declared to the directors of the company:
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The company is controlled by Mrs J M A Jefferson by virtue of her majority shareholding.
Page 7
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