John Lee & Sons (Ferndown) Limited 00507901 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is building construction and the letting of investment properties. Digita Accounts Production Advanced 6.30.9574.0 true 00507901 2022-04-01 2023-03-31 00507901 2023-03-31 00507901 core:OtherMiscellaneousReserve 2023-03-31 00507901 core:OtherReservesSubtotal 2023-03-31 00507901 core:RetainedEarningsAccumulatedLosses 2023-03-31 00507901 core:ShareCapital 2023-03-31 00507901 core:CurrentFinancialInstruments 2023-03-31 00507901 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00507901 bus:SmallEntities 2022-04-01 2023-03-31 00507901 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00507901 bus:FullAccounts 2022-04-01 2023-03-31 00507901 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00507901 bus:RegisteredOffice 2022-04-01 2023-03-31 00507901 bus:Director2 2022-04-01 2023-03-31 00507901 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00507901 core:OtherMiscellaneousReserve 2022-04-01 2023-03-31 00507901 countries:England 2022-04-01 2023-03-31 00507901 2022-03-31 00507901 2021-04-01 2022-03-31 00507901 2022-03-31 00507901 core:OtherReservesSubtotal 2022-03-31 00507901 core:RetainedEarningsAccumulatedLosses 2022-03-31 00507901 core:ShareCapital 2022-03-31 00507901 core:CurrentFinancialInstruments 2022-03-31 00507901 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure

John Lee & Sons (Ferndown) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 00507901

 

John Lee & Sons (Ferndown) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

John Lee & Sons (Ferndown) Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

2,000,000

2,000,000

Current assets

 

Stocks

5

91,349

91,349

Debtors

6

11,174

5,171

Cash at bank and in hand

 

1,636,055

1,588,926

 

1,738,578

1,685,446

Creditors: Amounts falling due within one year

7

(49,457)

(44,557)

Net current assets

 

1,689,121

1,640,889

Total assets less current liabilities

 

3,689,121

3,640,889

Provisions for liabilities

(306,291)

(306,291)

Net assets

 

3,382,830

3,334,598

Capital and reserves

 

Called up share capital

4,230

4,230

Other reserves

1,569,198

1,569,198

Profit and loss account

1,809,402

1,761,170

Shareholders' funds

 

3,382,830

3,334,598

 

John Lee & Sons (Ferndown) Limited

Balance Sheet

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.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 November 2023
 

.........................................
J E R Lee
Director

 

John Lee & Sons (Ferndown) Limited

Notes to the Unaudited Financial Statements

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:
11 Fernlea Close
Ferndown
Dorset
BH22 8HH

These financial statements were authorised for issue by the director on 14 November 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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

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.

These financial statements have been prepared using British pound sterling and rounded to the nearest whole pound.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of work done during the year and rents receivable.

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.

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

John Lee & Sons (Ferndown) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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
The company holds the following financial instruments:

• Short term other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

John Lee & Sons (Ferndown) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 April

2,000,000

At 31 March

2,000,000

5

Stocks

2023
£

2022
£

Undeveloped land

91,349

91,349

6

Debtors

2023
£

2022
£

Trade debtors

2,735

-

Prepayments

2,314

2,059

Other debtors

6,125

3,112

11,174

5,171

7

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Social security and other taxes

1,496

2,316

Other creditors

6,896

4,676

Accrued expenses

29,302

27,007

Corporation tax

11,763

10,558

49,457

44,557

 

John Lee & Sons (Ferndown) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

8

Profit and loss reserves

Non-distributable
£

Distributable
£

Total
£

At 1 April 2022

1,569,178

1,761,170

3,330,348

Profit for the year

-

50,232

50,232

Dividends

-

(2,000)

(2,000)

At 31 March 2023

1,569,178

1,809,402

3,378,580

Non-distributable reserves of £1,569,178 relate to revaluation gains on investment property.

9

Related party transactions

During the year the company performed work to the value of £258 (2022: £368) on behalf of Mr J E R Lee for work on private properties. This work was performed on a normal commercial trading basis.

At the balance sheet date, the amount due to Mr J E R Lee was £6,896 (2022:£4,676).