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REGISTERED NUMBER: 03986044 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

I. P. JONES FENCING CONTRACTORS LIMITED

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I. P. JONES FENCING CONTRACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr I P Jones
Mrs K H Jones
Mr R P McKay
Mr J C McKay
Mr I F Waring





REGISTERED OFFICE: Yew Tree Farm
Preston Road
Charnock Richard
Chorley
Lancashire
PR7 5LE





REGISTERED NUMBER: 03986044 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,155,086 1,003,671

CURRENT ASSETS
Stocks 5 251,643 235,920
Debtors 6 1,394,541 1,537,686
Cash at bank and in hand 828,342 623,164
2,474,526 2,396,770
CREDITORS
Amounts falling due within one year 7 (1,206,992 ) (1,319,111 )
NET CURRENT ASSETS 1,267,534 1,077,659
TOTAL ASSETS LESS CURRENT LIABILITIES 2,422,620 2,081,330

CREDITORS
Amounts falling due after more than
one year

8

(211,580

)

(157,575

)

PROVISIONS FOR LIABILITIES 11 (268,454 ) (218,615 )
NET ASSETS 1,942,586 1,705,140

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 13 1,941,586 1,704,140
SHAREHOLDERS' FUNDS 1,942,586 1,705,140

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

BALANCE SHEET - continued
31ST DECEMBER 2023


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

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

The directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2024 and were signed on its behalf by:




Mr I P Jones - Director Mrs K H Jones - Director




Mr R P McKay - Director Mr J C McKay - Director




Mr I F Waring - Director


I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

I. P. Jones Fencing Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Hoarding - 6.67% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


2. ACCOUNTING POLICIES - continued

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.

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 cash flows 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 and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 54 (2022 - 54 ) .

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 129,295 630,010 49,864
Additions 12,590 326,117 108
Disposals - (59,042 ) -
At 31st December 2023 141,885 897,085 49,972
DEPRECIATION
At 1st January 2023 62,814 313,748 33,559
Charge for year 28,190 87,074 3,279
Eliminated on disposal - (44,712 ) -
At 31st December 2023 91,004 356,110 36,838
NET BOOK VALUE
At 31st December 2023 50,881 540,975 13,134
At 31st December 2022 66,481 316,262 16,305

Motor
vehicles Hoarding Totals
£    £    £   
COST
At 1st January 2023 835,066 478,997 2,123,232
Additions 89,051 45,240 473,106
Disposals (167,793 ) (80,299 ) (307,134 )
At 31st December 2023 756,324 443,938 2,289,204
DEPRECIATION
At 1st January 2023 586,683 122,757 1,119,561
Charge for year 114,610 21,063 254,216
Eliminated on disposal (163,069 ) (31,878 ) (239,659 )
At 31st December 2023 538,224 111,942 1,134,118
NET BOOK VALUE
At 31st December 2023 218,100 331,996 1,155,086
At 31st December 2022 248,383 356,240 1,003,671

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 196,750 292,176 488,926
Additions 153,425 77,550 230,975
Transfer to ownership (81,750 ) - (81,750 )
Reclassification/transfer 2,250 - 2,250
At 31st December 2023 270,675 369,726 640,401
DEPRECIATION
At 1st January 2023 64,934 134,751 199,685
Charge for year 36,119 92,093 128,212
Transfer to ownership (46,771 ) - (46,771 )
Reclassification/transfer 1,129 - 1,129
At 31st December 2023 55,411 226,844 282,255
NET BOOK VALUE
At 31st December 2023 215,264 142,882 358,146
At 31st December 2022 131,816 157,425 289,241

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 217,364 195,245
Work-in-progress 34,279 40,675
251,643 235,920

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,322,835 1,446,385
Other debtors 71,706 91,301
1,394,541 1,537,686

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 30,072 29,764
Hire purchase contracts (see note 10) 138,522 125,652
Trade creditors 419,753 512,322
Taxation and social security 118,817 117,263
Other creditors 499,828 534,110
1,206,992 1,319,111

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 24,271 54,650
Hire purchase contracts (see note 10) 187,309 102,925
211,580 157,575

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 30,072 29,764

Amounts falling due between one and two years:
Bank loans - 1-2 years 24,271 54,650

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 138,522 125,652
Between one and five years 187,309 102,925
325,831 228,577

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 85,683 85,683
Between one and five years 342,732 342,732
In more than five years 214,208 299,891
642,623 728,306

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 268,454 218,615

Deferred
tax
£   
Balance at 1st January 2023 218,615
Charge to Statement of Income and Retained Earnings during
year

49,839
Balance at 31st December 2023 268,454

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
298 Ordinary A £1 298 298
297 Ordinary B £1 297 297
200 Ordinary C £1 200 200
200 Ordinary D £1 200 200
5 Ordinary E £1 5 5
1,000 1,000

I. P. JONES FENCING CONTRACTORS LIMITED (REGISTERED NUMBER: 03986044)

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


13. RESERVES
Retained
earnings
£   

At 1st January 2023 1,704,140
Profit for the year 364,686
Dividends (127,240 )
At 31st December 2023 1,941,586