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Registration number: 10201366

J P McDonagh Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

J P McDonagh Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

J P McDonagh Construction Limited

Company Information

Director

JP McDonagh

Registered office

Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

J P McDonagh Construction Limited

(Registration number: 10201366)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

62,616

49,469

Current assets

 

Debtors

5

68,825

18,660

Cash at bank and in hand

 

102,646

60,688

 

171,471

79,348

Creditors: Amounts falling due within one year

6

(88,663)

(41,019)

Net current assets

 

82,808

38,329

Total assets less current liabilities

 

145,424

87,798

Creditors: Amounts falling due after more than one year

6

(35,775)

(21,567)

Provisions for liabilities

(15,654)

(9,403)

Net assets

 

93,995

56,828

Capital and reserves

 

Called up share capital

100

100

Retained earnings

93,895

56,728

Shareholders' funds

 

93,995

56,828

For the financial year ending 31 May 2024 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.

 

J P McDonagh Construction Limited

(Registration number: 10201366)
Balance Sheet as at 31 May 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 September 2024
 

.........................................
JP McDonagh
Director

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA
England

These financial statements were authorised for issue by the director on 2 September 2024.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Plant & Machinery

15% reducing balance

Fixtures and Fittings

25% reducing balance

Office Equipment

33% straight line

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

927

42,593

1,657

54,341

Additions

-

-

-

39,184

Disposals

-

(12,500)

-

(32,341)

At 31 May 2024

927

30,093

1,657

61,184

Depreciation

At 1 June 2023

406

23,416

92

26,135

Charge for the year

130

2,045

552

11,100

Eliminated on disposal

-

(6,954)

-

(25,677)

At 31 May 2024

536

18,507

644

11,558

Carrying amount

At 31 May 2024

391

11,586

1,013

49,626

At 31 May 2023

521

19,177

1,565

28,206

Total
£

Cost or valuation

At 1 June 2023

99,518

Additions

39,184

Disposals

(44,841)

At 31 May 2024

93,861

Depreciation

At 1 June 2023

50,049

Charge for the year

13,827

Eliminated on disposal

(32,631)

At 31 May 2024

31,245

Carrying amount

At 31 May 2024

62,616

At 31 May 2023

49,469

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

2024
£

2023
£

Other debtors

68,331

18,378

Prepayments

494

282

68,825

18,660

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

12,278

19,347

Trade creditors

 

37,205

-

Taxation and social security

 

14,180

10,388

Accruals and deferred income

 

1,811

1,284

Other creditors

 

23,189

10,000

 

88,663

41,019

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,278 (2023 - £9,347).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

35,775

21,567

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £24,178 (2023 - £NIL).

 

J P McDonagh Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,597

21,567

Hire purchase contracts

24,178

-

35,775

21,567

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

2,278

-

Finance lease liabilities

-

9,347

12,278

19,347

8

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

JP McDonagh

Interest is charged at 2.25% on overdrawn balances. There are no fixed terms.

18,376

45,133

63,509

       
     

 

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

JP McDonagh

Interest is charged at 2.25% on overdrawn balances. There are no fixed terms.

13,116

5,261

18,376