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REGISTERED NUMBER: 00469337 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

JAMES O'FLANAGAN LIMITED

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

JAMES O'FLANAGAN LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2023

| DIRECTORS: | M T O'Flanagan

| K C O'Flanagan

| D J O'Flanagan

| SECRETARY: | M T O'Flanagan

| REGISTERED OFFICE: | The Jetty

| 108-112 Broad Street

| Coventry

| CV6 5AZ

| REGISTERED NUMBER: | 00469337 (England and Wales)

| ACCOUNTANTS: | Prime

| Chartered Accountants

| 5 Argosy Court

| Scimitar Way

| Whitley Business Park

| Coventry

| CV3 4GA

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

BALANCE SHEET

30 JUNE 2023

| 2023 | 2022 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 3 | 337,715 |  | 389,447 |  |

Investment property | 4 | 705,000 |  | 705,000 |  |

1,042,715 |  | 1,094,447 |  |

CURRENT ASSETS

Stocks | 5 | 4,649,107 |  | 6,431,027 |  |

Debtors | 6 | 354,587 |  | 173,982 |  |

Cash at bank and in hand | 6,020,588 |  | 3,669,657 |  |

11,024,282 |  | 10,274,666 |  |

CREDITORS

Amounts falling due within one year | 7 | 888,093 |  | 824,680 |  |

NET CURRENT ASSETS | 10,136,189 |  | 9,449,986 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,178,904 |  | 10,544,433 |  |

PROVISIONS FOR LIABILITIES | 138,175 |  | 117,770 |  |

NET ASSETS | 11,040,729 |  | 10,426,663 |  |

CAPITAL AND RESERVES

Called up share capital | 98,763 |  | 98,763 |  |

Fair value reserve | 8 | 719,640 |  | 719,640 |  |

Capital redemption reserve | 88,237 |  | 88,237 |  |

Retained earnings | 10,134,089 |  | 9,520,023 |  |

SHAREHOLDERS' FUNDS | 11,040,729 |  | 10,426,663 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

BALANCE SHEET - continued

30 JUNE 2023

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2023 and were signed on its behalf by:

M T O'Flanagan - Director

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

1. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets and depreciation

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

| Tractors and mobile plant | - | 25% on reducing balance

| Plant | - | 15% on reducing balance

| Office furniture and equipment | - | 10% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Builders yard and offices | - | 2% on cost

| No depreciation is charged on freehold land.

| Stock

| Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Profit on long term contracts (work in progress) is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. In respect of domestic property work a contract is only acknowledged if at the year end date individual plots are able in the opinion of the directors to be occupied and contract commitments are exchanged between the company and the potential purchasers.The profit included is calculated by the directors on a prudent basis to reflect the uncertain nature of predicting the profitability of development sites. Full provision is made for losses on all contracts in the period in which they are foreseen.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2023

1. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Investment property

| Investment property is included at fair value. Gains are recognised in the income statement, Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 9 (2022 - 9 ) .

3. | TANGIBLE FIXED ASSETS

| Tractors |  | Office

| and |  | furniture

| mobile |  | and

| plant |  | Plant |  | equipment

£ | £ | £ |

| COST

| At 1 July 2022 | 290,262 |  | 21,605 |  | 19,776 |  |

| Additions | - |  | 1,124 |  | - |  |

| At 30 June 2023 | 290,262 |  | 22,729 |  | 19,776 |  |

| DEPRECIATION

| At 1 July 2022 | 127,331 |  | 10,349 |  | 14,370 |  |

| Charge for year | 40,733 |  | 1,787 |  | 540 |  |

| At 30 June 2023 | 168,064 |  | 12,136 |  | 14,910 |  |

| NET BOOK VALUE

| At 30 June 2023 | 122,198 |  | 10,593 |  | 4,866 |  |

| At 30 June 2022 | 162,931 |  | 11,256 |  | 5,406 |  |

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2023

3. | TANGIBLE FIXED ASSETS - continued

| Builders |

| Motor |  | yard and |

| vehicles |  | offices |  | Totals

£ | £ | £ |

| COST

| At 1 July 2022 | 75,859 |  | 200,000 |  | 607,502 |  |

| Additions | - |  | - |  | 1,124 |  |

| At 30 June 2023 | 75,859 |  | 200,000 |  | 608,626 |  |

| DEPRECIATION

| At 1 July 2022 | 47,338 |  | 18,667 |  | 218,055 |  |

| Charge for year | 7,130 |  | 2,666 |  | 52,856 |  |

| At 30 June 2023 | 54,468 |  | 21,333 |  | 270,911 |  |

| NET BOOK VALUE

| At 30 June 2023 | 21,391 |  | 178,667 |  | 337,715 |  |

| At 30 June 2022 | 28,521 |  | 181,333 |  | 389,447 |  |

4. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 July 2022

| and 30 June 2023 | 705,000 |  |

| NET BOOK VALUE

| At 30 June 2023 | 705,000 |  |

| At 30 June 2022 | 705,000 |  |

| Fair value at 30 June 2023 is represented by:

£ |

| Valuation in 2021 | 910,000 |  |

| Valuation in 2022 | (205,000 | ) |

705,000 |  |

| If the investment properties had not been revalued they would have been included at the following historical cost:

2023 | 2022 |

£ | £ |

| Cost | 157,606 |  | 157,606 |  |

| The directors revalued these properties at 30 June 2021 at their present market value, after taking into account the terms of the tenancies given by the company.

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2023

5. | STOCKS

2023 | 2022 |

£ | £ |

| Work in progress contracts | 4,649,107 |  | 6,431,027 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2023 | 2022 |

£ | £ |

| Trade debtors | - |  | 132,897 |  |

| Other debtors | 354,587 |  | 41,085 |  |

354,587 |  | 173,982 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2023 | 2022 |

£ | £ |

| Trade creditors | 252,548 |  | 173,074 |  |

| Taxation and social security | 177,879 |  | 195,189 |  |

| Other creditors | 457,666 |  | 456,417 |  |

888,093 |  | 824,680 |  |

8. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 July 2022

| and 30 June 2023 | 719,640 |  |

9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 | 2022 |

£ | £ |

| M T O'Flanagan

| Balance outstanding at start of year | 5,124 |  | (494,876 | ) |

| Amounts advanced | 955 |  | 500,000 |  |

| Amounts repaid | (6,079 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 5,124 |  |

10. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is M T O'Flanagan.