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Registration number: 02054311

James Callaghan Sons & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

James Callaghan Sons & Co. Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

James Callaghan Sons & Co. Limited

(Registration number: 02054311)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

104,207

69,626

Current assets

 

Debtors

5

737,525

501,312

Cash at bank and in hand

 

190,877

191,208

 

928,402

692,520

Creditors: Amounts falling due within one year

6

(444,187)

(356,824)

Net current assets

 

484,215

335,696

Total assets less current liabilities

 

588,422

405,322

Creditors: Amounts falling due after more than one year

6

(35,226)

(5,023)

Provisions for liabilities

(26,052)

(17,407)

Net assets

 

527,144

382,892

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

527,044

382,792

Shareholders funds

 

527,144

382,892

 

James Callaghan Sons & Co. Limited

(Registration number: 02054311)
Statement of Financial Position as at 31 March 2023

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr M J Callaghan
Director

.........................................
Mr A G Callaghan
Director

 

James Callaghan Sons & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The Company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
Bowfell House
2 Brook Road
Urmston
Manchester
M41 5RQ

These financial statements were authorised for issue by the Board on 27 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements for the period ended 31 March 2023 comply with FRS 102 Section 1A for small entities.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses, will, likely, decrease as a result which will help to mitigate the impact on profits and the company has sufficient reserves in place to cover any deficit for at least 12 months from the date of approval of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants are included in the profit and loss account on the accruals basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

James Callaghan Sons & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

15% straight line

Motor vehicles

25% straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 15 (2022 - 13).

 

James Callaghan Sons & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

20,299

-

119,728

140,027

Additions

1,724

26,280

33,737

61,741

Disposals

-

-

(46,248)

(46,248)

At 31 March 2023

22,023

26,280

107,217

155,520

Depreciation

At 1 April 2022

17,228

-

53,173

70,401

Charge for the year

993

-

19,777

20,770

Eliminated on disposal

-

-

(39,858)

(39,858)

At 31 March 2023

18,221

-

33,092

51,313

Carrying amount

At 31 March 2023

3,802

26,280

74,125

104,207

At 31 March 2022

3,071

-

66,555

69,626

5

Debtors

Current

2023
£

2022
£

Trade debtors

614,703

415,082

Prepayments

25,738

22,917

Other debtors

97,084

63,313

 

737,525

501,312

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

18,631

3,458

Trade creditors

 

333,262

332,467

Taxation and social security

 

34,880

13,234

Other creditors

 

57,414

7,665

 

444,187

356,824

 

James Callaghan Sons & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

35,226

5,023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

35,226

5,023

2023
£

2022
£

Current loans and borrowings

Hire purchase liabilities

18,631

3,458

Secured creditors

The bank overdraft is secured in favour of National Westminster Bank plc by way of a debenture dated 19 December 2017 over the fixed and floating assets of the company. The hire purchase creditor is secured on the related asset. The lending facility is supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The UK Government under BBLS have provided a guarantee to the National Westminster Bank plc.

 

James Callaghan Sons & Co. Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2022 - £12,740).

9

Related party transactions

Transactions with dDirectors

2023

At 1 April 2022
£

Advances to dDirector
£

Repayments by dDirector
£

At 31 March 2023
£

Mr M J Callaghan

Advances

3,103

3,220

(3,103)

3,220

         
       

Mr A G Callaghan

Advances

-

1,202

-

1,202

         
       

 

2022

At 1 April 2021
£

Advances to dDirector
£

At 31 March 2022
£

Mr M J Callaghan

Advances

-

3,103

3,103