Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01false22falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13076480 2022-11-01 2023-10-31 13076480 2021-11-01 2022-10-31 13076480 2023-10-31 13076480 2022-10-31 13076480 c:Director2 2022-11-01 2023-10-31 13076480 d:FreeholdInvestmentProperty 2022-11-01 2023-10-31 13076480 d:FreeholdInvestmentProperty 2023-10-31 13076480 d:FreeholdInvestmentProperty 2022-10-31 13076480 d:CurrentFinancialInstruments 2023-10-31 13076480 d:CurrentFinancialInstruments 2022-10-31 13076480 d:Non-currentFinancialInstruments 2023-10-31 13076480 d:Non-currentFinancialInstruments 2022-10-31 13076480 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 13076480 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 13076480 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 13076480 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 13076480 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 13076480 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 13076480 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 13076480 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 13076480 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-10-31 13076480 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-10-31 13076480 d:ShareCapital 2023-10-31 13076480 d:ShareCapital 2022-10-31 13076480 d:RetainedEarningsAccumulatedLosses 2023-10-31 13076480 d:RetainedEarningsAccumulatedLosses 2022-10-31 13076480 c:FRS102 2022-11-01 2023-10-31 13076480 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 13076480 c:FullAccounts 2022-11-01 2023-10-31 13076480 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13076480 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 13076480










JD GANNON PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
JD GANNON PROPERTIES LTD
REGISTERED NUMBER: 13076480

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
10,813,546
3,201,272

  
10,813,546
3,201,272

Current assets
  

Debtors: amounts falling due within one year
 5 
205
12,828

Cash at bank and in hand
 6 
7,564
2,882

  
7,769
15,710

Creditors: amounts falling due within one year
 7 
(5,611,425)
(1,351,852)

Net current liabilities
  
 
 
(5,603,656)
 
 
(1,336,142)

Total assets less current liabilities
  
5,209,890
1,865,130

Creditors: amounts falling due after more than one year
 8 
(4,725,354)
(1,832,905)

  

Net assets
  
484,536
32,225


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
484,436
32,125

  
484,536
32,225


Page 1

 
JD GANNON PROPERTIES LTD
REGISTERED NUMBER: 13076480
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Gannon
Director

Date: 30 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The entity is a private company, limited by shares, incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, London, United Kingdom, EC2Y 5AU. During the period the principal activity of the entity was the rental of freehold property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

At the balance sheet date, the company had net current liabilities of £5,603,656 (2022 - £1,336,142) and total net assets of £484,536 (2022 - £32,225). The financial statements have been prepared on a going concern basis as the directors have indicated their willingness and ability to continue to support the company to meet its liabilities as they fall due for payments for at least 12 months from the date of approval of these financial statements.
The financial statements are presented in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Page 5

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
3,201,272


Additions at cost
7,612,274



At 31 October 2023
10,813,546

Investment property is carried at fair value, determined annually by external valuers or by the directors, and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the property. No depreciation is provided. Changes in fair value are recognised in profit or loss, together with related deferred taxation.





5.


Debtors

2023
2022
£
£


Trade debtors
-
4,294

Prepayments and accrued income
205
8,534

205
12,828


Page 6

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,564
2,882

7,564
2,882



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
117,075
50,428

Trade creditors
533
18,517

Corporation tax
145,650
9,211

Other taxation and social security
11,732
5,456

Other creditors
5,319,040
1,266,240

Accruals and deferred income
17,395
2,000

5,611,425
1,351,852


Bank loans of £117,075 (2022 - £50,428) are secured on the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
4,725,354
1,832,905

4,725,354
1,832,905


Bank loans of £4,725,354 (2022 - £1,832,905) are secured on the assets to which they relate.

Page 7

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
117,075
50,428


117,075
50,428

Amounts falling due 1-2 years

Bank loans
126,126
51,034


126,126
51,034

Amounts falling due 2-5 years

Bank loans
421,778
177,404


421,778
177,404

Amounts falling due after more than 5 years

Bank loans
4,177,450
1,604,467

4,177,450
1,604,467

4,842,429
1,883,333



10.


Related party transactions

During the year, the company received advances of £2,542,000 (2022 - £Nil) from Ready Mix Specialists Ltd, a limited company under common ownership. At the balance sheet date, an amount of £3,757,000 (2022 - £1,215,000) was owed to Ready Mix Specialists Ltd. The balance is unsecured, interest free and repayable on demand.
During the year, Concrete Supply Services Ltd, a limited company of which the director, Mr D Gannon, is
also a director, received services of £708,500 (2022 - £Nil) to the company. At the balance sheet date, an
amount of £927,800 (2022 - £Nil) was owed to the company. 
During the year, the company received advances of £583,000 (2022 - £31,240) from James Gannon Ltd, a limited company in which the director, Mr J Gannon, is a shareholder. At the balance sheet date, an amount of £614,240 (2022 - £31,240) was owed to James Gannon Ltd. The balance is unsecured, interest free and repayable on demand.

Page 8

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Controlling party

The ultimate controlling party is Mr J Gannon, a director, by virtue of owning over 50% of the ordinary share capital of the company.

 
Page 9