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Registration number: 02054311

James Callaghan Sons & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

(Registration number: 02054311)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

69,984

104,207

Current assets

 

Debtors

5

1,038,819

737,525

Cash at bank and in hand

 

702,524

190,877

 

1,741,343

928,402

Creditors: Amounts falling due within one year

6

(940,347)

(444,187)

Net current assets

 

800,996

484,215

Total assets less current liabilities

 

870,980

588,422

Creditors: Amounts falling due after more than one year

6

(17,581)

(35,226)

Provisions for liabilities

(17,496)

(26,052)

Net assets

 

835,903

527,144

Capital and reserves

 

Called up share capital

100

100

Retained earnings

835,803

527,044

Shareholders' funds

 

835,903

527,144

 

(Registration number: 02054311)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr M J Callaghan
Director

.........................................
Mr A G Callaghan
Director

 
     
 

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

1

General information

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

The address of its registered office is:
Bowfell House
2 Brook Road
Urmston
Manchester
M41 5RQ

These financial statements were authorised for issue by the Board on 1 October 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.

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.

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.

 

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

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 statement of financial position 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

Fixtures & fittings

15% straight line

Motor vehicles

25% straight line

Plant & machinery

25% straight line

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 16 (2023 - 15).

 

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

22,023

26,280

107,217

155,520

Additions

196

-

-

196

At 31 March 2024

22,219

26,280

107,217

155,716

Depreciation

At 1 April 2023

18,221

-

33,092

51,313

Charge for the year

1,044

6,570

26,805

34,419

At 31 March 2024

19,265

6,570

59,897

85,732

Carrying amount

At 31 March 2024

2,954

19,710

47,320

69,984

At 31 March 2023

3,802

26,280

74,125

104,207

5

Debtors

Current

2024
£

2023
£

Trade debtors

801,111

614,703

Prepayments

28,646

25,738

Other debtors

209,062

97,084

 

1,038,819

737,525

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

17,645

18,631

Trade creditors

 

507,867

333,262

Taxation and social security

 

201,220

34,880

Other creditors

 

213,615

57,414

 

940,347

444,187

 

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

17,581

35,226

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

17,581

35,226

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

17,645

18,631

Secured creditors

The bank overdraft is secured in favour of National Westminster Bank plc by way of a debenture dated 19 December 2017 over the fixed and floating assets of the company. The hire purchase creditor is secured on the related asset. The lending facility is supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The UK Government under BBLS have provided a guarantee to the National Westminster Bank plc.

 

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

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £56,661 (2023 - £Nil).

9

Related party transactions

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

Repayments by Director
£

At 31 March 2024
£

Mr M J Callaghan

Advances

3,220

3,530

(4,101)

2,649

         
       

Mr A G Callaghan

Advances

1,202

-

(1,202)

-

         
       

 

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

Mr M J Callaghan

Advances

3,103

3,220

(3,103)

3,220

         
       

Mr A G Callaghan

Advances

-

1,202

-

1,202