REGISTERED NUMBER: 00469337 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

JAMES O'FLANAGAN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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.

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

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.

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.