C.M. Jefferies & Co. Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00482686 (England and Wales)

Financial Statements

for the Year Ended 31 May 2022

for

C.M. JEFFERIES & CO. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

T C B Jefferies

B Jefferies

Secretary:

B Jefferies

Registered office:

Aldford House

8 Aldford Place

Alderley Edge

Cheshire

SK9 7RQ

Registered number:

00482686 (England and Wales)

Auditors:

Haines Watts

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Tangible assets

5

3

3

Investments

6

3,025,324

2,988,648

Investment property

7

1,144,000

1,070,000

4,169,327

4,058,651

Current assets

Debtors

8

20,968

13,916

Investments

9

1,121,719

1,037,770

Cash at bank

1,707,184

2,040,496

2,849,871

3,092,182

Creditors

Amounts falling due within one year

10

91,868

133,210

Net current assets

2,758,003

2,958,972

Total assets less current liabilities

6,927,330

7,017,623

Provisions for liabilities

305,767

216,623

Net assets

6,621,563

6,801,000

Capital and reserves

Called up share capital

11

56,100

56,100

Share premium

6,200

6,200

Capital redemption reserve

18,350

18,350

Fair value reserve

12

2,462,809

2,562,032

Retained earnings

4,078,104

4,158,318

Shareholders' funds

6,621,563

6,801,000

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 January 2023 and were signed on its behalf by:

B Jefferies - Director

T C B Jefferies - Director

1.	Statutory information

C.M. Jefferies & Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents income receivable in respect of investments held by the company. This includes interest received on bank balances, dividends from shareholdings and gains and losses on disposal of investments.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% straight line

Motor vehicles

-

25% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

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.

Although this accounting policy is in accordance with FRS 102 Section 1A it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Fair value changes are included in other operating income/losses.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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.

Fixed and current asset investments

Fixed and current asset investments are stated at market value.

Fair value adjustments are included in other operating income/losses.

4.	Employees and directors

The average number of employees during the year was 2 (2021 - 2 ) .

5.	Tangible fixed assets

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 June 2021

and 31 May 2022

3,337

49,282

52,619

Depreciation

At 1 June 2021

and 31 May 2022

3,336

49,280

52,616

Net book value

At 31 May 2022

1

2

3

At 31 May 2021

1

2

3

6.	Fixed asset investments

Other

investments

£

Cost or valuation

At 1 June 2021

2,988,648

Additions

283,128

Disposals

(158,684

)

Revaluations

(87,768

)

At 31 May 2022

3,025,324

Net book value

At 31 May 2022

3,025,324

At 31 May 2021

2,988,648

Cost or valuation at 31 May 2022 is represented by:

Other

investments

£

Valuation in 2022

794,838

Cost

2,230,486

3,025,324

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

2,230,486

2,064,435

Fixed asset investments were valued on an open market basis on 31 May 2022 by the directors based on share prices .

7.	Investment property

Total

£

Fair value

At 1 June 2021

1,070,000

Revaluations

74,000

At 31 May 2022

1,144,000

Net book value

At 31 May 2022

1,144,000

At 31 May 2021

1,070,000

Fair value at 31 May 2022 is represented by:

£

Valuation in 2022

912,254

Cost

231,746

1,144,000

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

231,746

231,746

Investment property was valued on an open market basis on 31 May 2022 by the directors .

8.

Debtors: amounts falling due within one year

2022

2021

£

£

Other debtors

20,968

13,916

9.	Current asset investments

2022

2021

£

£

Listed investments

1,121,719

1,037,770

10.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

38,041

90,371

Trade creditors

7,566

6,198

Taxation and social security

4,802

4,092

Other creditors

41,459

32,549

91,868

133,210

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

56,100

Ordinary

£1

56,100

56,100

12.

Reserves

Fair value

reserve

£

At 1 June 2021

2,562,032

Revaluation

(99,223

)

At 31 May 2022

2,462,809

13.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Angela Chorlton FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts