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REGISTERED NUMBER: 03859263 (England and Wales)












G.M. JONES & SON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 481,446 490,992
481,446 490,992

CURRENT ASSETS
Stocks 40,542 49,785
Debtors 6 79,764 66,753
Cash at bank and in hand 37,823 30,336
158,129 146,874
CREDITORS
Amounts falling due within one year 7 348,317 295,818
NET CURRENT LIABILITIES (190,188 ) (148,944 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,258

342,048

CREDITORS
Amounts falling due after more than one
year

8

17,365

27,442
NET ASSETS 273,893 314,606

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 11 267,273 267,273
Retained earnings 5,620 46,333
SHAREHOLDERS' FUNDS 273,893 314,606

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)

BALANCE SHEET - continued
31 OCTOBER 2023


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 director and authorised for issue on 22 March 2024 and were signed by:





Mr M Jones - Director


G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

G.M. Jones & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03859263

Registered office: Woolpit House
Church Street
Cannock
Staffordshire
WS11 0DB

2. 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.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% on cost

An accounting policy of revaluation was adopted for freehold land and buildings in 2019, which the Director considers provides a more reliable and accurate reflection of the Company's financial position and the value of it's assets. Therefore, no depreciation has been charged on freehold property.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.


G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 360,000
AMORTISATION
At 1 November 2022
and 31 October 2023 360,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 November 2022
and 31 October 2023 450,000 311,583 761,583
DEPRECIATION
At 1 November 2022 - 270,591 270,591
Charge for year - 9,546 9,546
At 31 October 2023 - 280,137 280,137
NET BOOK VALUE
At 31 October 2023 450,000 31,446 481,446
At 31 October 2022 450,000 40,992 490,992

Cost or valuation at 31 October 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2019 69,318 - 69,318
Cost 380,682 311,583 692,265
450,000 311,583 761,583

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 380,682 380,682
Aggregate depreciation 274,090 258,863

The land and buildings were revalued in September 2019, by independent valuers, Andrew Dixon & Company, Chartered Surveyors and Commercial Property Consultants.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,705 49,131
Other debtors 13,059 17,622
79,764 66,753

G.M. JONES & SON LIMITED (REGISTERED NUMBER: 03859263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,077 11,983
Trade creditors 271,583 224,183
Taxation and social security 5,296 5,081
Other creditors 61,361 54,571
348,317 295,818

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 17,365 27,442

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 2,154

The bank overdraft is secured by way of fixed charge the benefit of all covenants and rights concerning the property and plant, machinery, fixtures, fittings, furniture and equipment.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. RESERVES
Revaluation
reserve
£   
At 1 November 2022
and 31 October 2023 267,273