Company Registration No. 2057769 (England and Wales)
J. Cooney Limited
Unaudited accounts
for the year ended 30 June 2023
J. Cooney Limited
Unaudited accounts
Contents
J. Cooney Limited
Company Information
for the year ended 30 June 2023
Directors
James Patrick Cooney
James Charles Cooney
Catherine Cooney
Secretary
James Patrick Cooney
Company Number
2057769 (England and Wales)
Registered Office
Albion Road
Rochdale
Lancashire
OL11 4HQ
Accountants
Amel (UK) Limited
54 Parkstone Avenue
Whitefield
Manchester
M45 7QH
J. Cooney Limited
Statement of financial position
as at 30 June 2023
Tangible assets
758,215
521,137
Inventories
554,000
378,500
Cash at bank and in hand
636,203
852,263
Creditors: amounts falling due within one year
(462,607)
(396,133)
Net current assets
1,253,258
1,290,894
Total assets less current liabilities
2,011,473
1,812,031
Provisions for liabilities
Deferred tax
(52,055)
(57,946)
Net assets
1,959,418
1,754,085
Called up share capital
100
100
Profit and loss account
1,959,318
1,753,985
Shareholders' funds
1,959,418
1,754,085
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by
James Patrick Cooney
Director
Company Registration No. 2057769
J. Cooney Limited
Notes to the Accounts
for the year ended 30 June 2023
J. Cooney Limited is a private company, limited by shares, registered in England and Wales, registration number 2057769. The registered office is Albion Road, Rochdale, Lancashire, OL11 4HQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25.0% on a straight line basis
Motor vehicles
25.0% on a straight line basis
Computer equipment
25.0% on a straight line basis
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
J. Cooney Limited
Notes to the Accounts
for the year ended 30 June 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
During the year there was a directors pension contribution of £220,000.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 July 2022
175,840
1,384,626
830,450
42,555
2,433,471
Additions
292,829
23,932
82,490
1,145
400,396
Disposals
-
(56,408)
(60,884)
-
(117,292)
At 30 June 2023
468,669
1,352,150
852,056
43,700
2,716,575
At 1 July 2022
-
1,129,324
746,460
36,550
1,912,334
Charge for the year
-
119,554
40,024
3,288
162,866
On disposals
-
(55,956)
(60,884)
-
(116,840)
At 30 June 2023
-
1,192,922
725,600
39,838
1,958,360
At 30 June 2023
468,669
159,228
126,456
3,862
758,215
At 30 June 2022
175,840
255,302
83,990
6,005
521,137
Amounts falling due within one year
Trade debtors
459,234
391,407
Accrued income and prepayments
66,428
64,757
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
151,215
208,569
Taxes and social security
96,952
37,584
Other creditors
6,916
6,364
Loans from directors
2,195
3,815
J. Cooney Limited
Notes to the Accounts
for the year ended 30 June 2023
7
Deferred taxation
2023
2022
Accelerated capital allowances
52,055
57,946
Provision at start of year
57,946
70,138
Credited to the profit and loss account
(5,891)
(12,192)
Provision at end of year
52,055
57,946
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
During the year the company made the following related party transactions:
Cooney Construction Limited (immediate and ultimate parent company)
Cooney Construction Limited is a dormant company which holds 100% of the share capital of J. Cooney Limited. At the balance sheet date the amount due (to)/from Cooney Construction Limited was (£1254); 2022 - (£1012)
Mr J.P. Cooney and Mr J.C.Cooney (Directors of J. Cooney Limited)
Land at Albion Road, Sparthbottom Road and Norman Road is owned jointly by Mr J.P. Cooney and Mr J.C. Cooney who are directors of the company. The land is rented at a market value of £90,000 per annum (2022 - £90,000). At the balance sheet date there was an accrual of rent due to Mr J.P. Cooney and Mr J.C. Cooney of (£187,500) (2022 - £97,500)
At the balance sheet date there is a loan owed to the director of £2,195.
The company is controlled by Cooney Construction Limited which is the immediate and ultimate parent company and holds 100% of the share capital of J. Cooney Limited
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Average number of employees
During the year the average number of employees was 26 (2022: 27).