16 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10469663 2023-01-01 2023-12-31 10469663 2023-12-31 10469663 2022-12-31 10469663 2022-01-01 2022-12-31 10469663 2022-12-31 10469663 2021-12-31 10469663 core:NetGoodwill 2023-01-01 2023-12-31 10469663 core:PlantMachinery 2023-01-01 2023-12-31 10469663 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 10469663 core:MotorVehicles 2023-01-01 2023-12-31 10469663 bus:RegisteredOffice 2023-01-01 2023-12-31 10469663 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 10469663 bus:Director1 2023-01-01 2023-12-31 10469663 core:NetGoodwill 2022-12-31 10469663 core:NetGoodwill 2023-12-31 10469663 core:PlantMachinery 2022-12-31 10469663 core:FurnitureFittingsToolsEquipment 2022-12-31 10469663 core:MotorVehicles 2022-12-31 10469663 core:PlantMachinery 2023-12-31 10469663 core:FurnitureFittingsToolsEquipment 2023-12-31 10469663 core:MotorVehicles 2023-12-31 10469663 core:WithinOneYear 2023-12-31 10469663 core:WithinOneYear 2022-12-31 10469663 core:AfterOneYear 2023-12-31 10469663 core:AfterOneYear 2022-12-31 10469663 core:ShareCapital 2023-12-31 10469663 core:ShareCapital 2022-12-31 10469663 core:RetainedEarningsAccumulatedLosses 2023-12-31 10469663 core:RetainedEarningsAccumulatedLosses 2022-12-31 10469663 core:NetGoodwill 2022-12-31 10469663 core:PlantMachinery 2022-12-31 10469663 core:FurnitureFittingsToolsEquipment 2022-12-31 10469663 core:MotorVehicles 2022-12-31 10469663 bus:SmallEntities 2023-01-01 2023-12-31 10469663 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10469663 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10469663 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10469663 bus:FullAccounts 2023-01-01 2023-12-31 10469663 core:OtherRelatedParties 2023-01-01 2023-12-31
Company registration number: 10469663
E Jones & Son Ltd
Unaudited filleted financial statements
31 December 2023
E Jones & Son Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
E Jones & Son Ltd
Directors and other information
Director G W Jones
Company number 10469663
Registered office Ty Newydd
Llanfwrog
Ruthin
Denbighshire
LL15 2AE
Business address Unit 32
Colomendy Industrial Estate
Denbigh
Denbighshire
LL16 5TA
Accountants Hill & Roberts
1 Tan y Castell
Dog Lane
Ruthin
Denbighshire
LL15 1DQ
E Jones & Son Ltd
Statement of financial position
31 December 2023
31/12/23 31/12/22
Note £ £ £ £
Fixed assets
Intangible assets 5 2 3
Tangible assets 6 289,586 283,113
_______ _______
289,588 283,116
Current assets
Stocks 2,497 2,379
Debtors 7 191,465 236,164
Cash at bank and in hand 340,878 292,005
_______ _______
534,840 530,548
Creditors: amounts falling due
within one year 8 ( 436,194) ( 612,947)
_______ _______
Net current assets/(liabilities) 98,646 ( 82,399)
_______ _______
Total assets less current liabilities 388,234 200,717
Creditors: amounts falling due
after more than one year 9 ( 59,776) ( 75,639)
Provisions for liabilities ( 72,397) ( 53,791)
_______ _______
Net assets 256,061 71,287
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 256,051 71,277
_______ _______
Shareholders funds 256,061 71,287
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
G W Jones
Director
Company registration number: 10469663
E Jones & Son Ltd
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is E Jone & Son Ltd, Ty Newydd, Llanfwrog, Ruthin, Denbighshire, LL15 2AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 4 4
_______ _______
Amortisation
At 1 January 2023 1 1
Charge for the year 1 1
_______ _______
At 31 December 2023 2 2
_______ _______
Carrying amount
At 31 December 2023 2 2
_______ _______
At 31 December 2022 3 3
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 125,478 6,825 188,199 320,502
Additions 38,213 1,378 58,417 98,008
Disposals ( 14,338) ( 58) ( 7,273) ( 21,669)
_______ _______ _______ _______
At 31 December 2023 149,353 8,145 239,343 396,841
_______ _______ _______ _______
Depreciation
At 1 January 2023 14,638 797 21,954 37,389
Charge for the year 27,275 1,472 43,648 72,395
Disposals ( 1,673) ( 7) ( 849) ( 2,529)
_______ _______ _______ _______
At 31 December 2023 40,240 2,262 64,753 107,255
_______ _______ _______ _______
Carrying amount
At 31 December 2023 109,113 5,883 174,590 289,586
_______ _______ _______ _______
At 31 December 2022 110,840 6,028 166,245 283,113
_______ _______ _______ _______
7. Debtors
31/12/23 31/12/22
£ £
Trade debtors 161,190 208,636
Other debtors 30,275 27,528
_______ _______
191,465 236,164
_______ _______
8. Creditors: amounts falling due within one year
31/12/23 31/12/22
£ £
Bank loans and overdrafts 2,601 3,411
Trade creditors 55,088 85,955
Corporation tax 74,752 22,262
Social security and other taxes 32,586 70,771
Other creditors 271,167 430,548
_______ _______
436,194 612,947
_______ _______
Included within other creditors falling due within one year are hire purchase creditors of £49,654 (2022 - £50,443) which are secured on the assets acquired under such arrangements.
9. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£ £
Other creditors 59,776 75,639
_______ _______
Included within other creditors falling due after more than one year are hire purchase creditors of £59, 776 (2022 £75,369) which are secured on the assets acquired under such arrangements.
10. Other financial commitments
As at 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £4,437 (2022 - £6,273).
11. Related party transactions
The limited company acquired the trade of E Jones & Son, a partnership, on 1 June 2022. The director Gethin Jones was a partner in the partnership. The assets received were goodwill £4, plant and machinery and motor vehicles £265,845, stock £1,624, accrued income £138,553, and liabilities assumed were accruals of £(14,868) and finance lease creditors of £(121,018) for a total net value of £270,140.