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Registered number: 04278736
JENRICK ENGINEERING LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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JENRICK ENGINEERING LIMITED
REGISTERED NUMBER: 04278736
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 comprehensive income 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 27 September 2023.
The notes on pages 3 to 9 form part of these financial statements.
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JENRICK ENGINEERING LIMITED
REGISTERED NUMBER: 04278736
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Jenrick Engineering Limited is a company limited by shares, incorporated in England and Wales. The address of its registered office is 56 Clarendon Road, Watford, Herts, England, WD17 1DA.
The company specialises in temporary employment activities.
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.
The following principal accounting policies have been applied:
Subsequent to the reporting date, the group to which the company belongs became a majority controlled equity investment of Tosca Debt Capital LLP.
Tosca Debt Capital LLP also provide debt facilities for the MCG group, and at the date of approval of these financial statements are currently working with the group to support the future success of the business.
The directors note that it is not Tosca Debt Capital LLP’s intention to seek repayment of debts outside of agreed repayment dates. Furthermore, the directors note that Tosca Debt Capital LLP have confirmed their intention to continue to provide support to The MCG Group Holdings Limited and its subsidiaries in order to enable them to remain a going concern for at least twelve months from the date of approval of the financial statements of The MCG Group Holdings Limited and its subsidiaries.
In addition to this support, and together with long term contracts with a number of clients across multiple geographic areas and markets, the directors believe that the group and company are well placed to manage its business risks successfully despite the current uncertain economic outlook.
After making their enquiries, the directors have formed a judgement that, at the time of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue its operations for the foreseeable future and for a period of not less than twelve months from the date of approval of these financial statements. As a result, the directors continue to adopt the going concern basis in preparing the financial statements.
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the reporting date can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to the Statement of comprehensive income 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 the Statement of comprehensive income in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Fixtures, fittings & equipment
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
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.
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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.
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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.
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.
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The average monthly number of employees, including directors, during the year was 18 (2021 - 19).
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Fixtures, fittings & equipment
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Invoice discounting facility
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The company has an invoice discounting arrangement in place with HSBC Bank Plc. There is a fixed charge held over the debtor book in respect of this
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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The company has entered into an unlimited multilateral guarantee jointly with its subsidiaries to guarantee the bank overdraft facility of group companies. At 31 December 2022, there were no group borrowings (2021 - £Nil).
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,039 (2021 - £14,217). At the reporting date £4,204 (2021 - £670) was payable by the company to the pension scheme.
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Commitments under operating leases
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At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
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Post balance sheet events
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There are no subsequent events that require disclosure or adjustments to the financial statements.
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JENRICK ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Ultimate parent undertaking and controlling party
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The immediate parent undertaking is MCG Group (Midco) Limited, a company incorporated in England and Wales. The registered office of MCG Group (Midco) Limited is 56 Clarendon Road, Watford, WD17 1DA.
The ultimate parent undertaking is The MCG Group Holdings Limited, a company incorporated in England and Wales. The registered office of The MCG Group Holdings Limited is 56 Clarendon Road, Watford, WD17 1DA. This is the smallest and largest company in which the results of this company are consolidated.
The ultimate controlling party at the date of approval of these financial statements is Tosca Debt Capital LLP.
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 29 September 2023 by Elliot S J Arwas (Senior statutory auditor) on behalf of Barnes Roffe LLP.
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