Company registration number 10470227 (England and Wales)
JOHN N DUNN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JOHN N DUNN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JOHN N DUNN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
142,661
314,873
Cash at bank and in hand
1,828
6,097
144,489
320,970
Creditors: amounts falling due within one year
4
(245,163)
(367,992)
Net current liabilities
(100,674)
(47,022)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(100,675)
(47,023)
Total equity
(100,674)
(47,022)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
S P Bilclough
Director
Company registration number 10470227 (England and Wales)
JOHN N DUNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
John N Dunn Limited is a private company limited by shares incorporated in England and Wales. The registered office is Phoenix House, Kingfisher Way, Silverlink Business Park, Wallsend, Tyne & Wear, NE28 9NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of John N Dunn Holdings Limited. These consolidated financial statements are available from its registered office; Phoenix House, Kingfisher Way, Silverlink Business Park, Wallsend, United Kingdom, NE28 9NX.
1.2
Going concern
The directors have assessed the company's ability to continue as a going concern for the foreseeable future and the appropriateness of the preparation of the accounts on the going concern basis. In making such an assessment the directors have considered the company's exposure to relevant commercial and economic forces effective at the date of approval of these accounts, including the ongoing ability of the group to provide support.true
The directors recognise that the economic climate remains challenging and the construction industry is highly susceptible to liquidity and credit default risk and its potential impact on construction sites and sourcing supplies. The directors have implemented active measures to increase the efficiency of the business and increase the profitability to mitigate this risk. Trading has also returned to pre-pandemic levels, leading to increased group profitability post year end.
In light of this the directors have a reasonable expectation that the group, and therefore company, has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts and other sales related taxes.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
JOHN N DUNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
The current year income statement includes amounts of £nil (2022 - £1,402) received in relation to the coronavirus job retention scheme grants.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
53
40
JOHN N DUNN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
142,661
314,784
Other debtors
89
142,661
314,873
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
117,657
182,078
Other creditors
127,506
185,914
245,163
367,992
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
6
Related party transactions
The company has taken advantage of the exemption available in Section 33: Related Party Disclosures not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
7
Parent company
The parent company is John N Dunn Holdings Limited, a company incorporated in England and Wales.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Paul Gainford.
The auditor was Sumer Auditco Limited.