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REGISTERED NUMBER: 00469337 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

JAMES O'FLANAGAN LIMITED

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JAMES O'FLANAGAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M T O'Flanagan
K C O'Flanagan
D J O'Flanagan





SECRETARY: M T O'Flanagan





REGISTERED OFFICE: The Jetty
108-112 Broad Street
Coventry
CV6 5AZ





REGISTERED NUMBER: 00469337 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
5 Argosy Court
Scimitar Way
Whitley Business Park
Coventry
CV3 4GA

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 339,709 337,715
Investment property 5 705,000 705,000
1,044,709 1,042,715

CURRENT ASSETS
Stocks 6 6,162,100 4,649,107
Debtors 7 145,277 354,587
Investments 8 2,093,757 -
Cash at bank and in hand 1,702,589 6,020,588
10,103,723 11,024,282
CREDITORS
Amounts falling due within one year 9 83,250 888,093
NET CURRENT ASSETS 10,020,473 10,136,189
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,065,182

11,178,904

PROVISIONS FOR LIABILITIES 98,380 138,175
NET ASSETS 10,966,802 11,040,729

CAPITAL AND RESERVES
Called up share capital 98,763 98,763
Fair value reserve 10 719,640 719,640
Capital redemption reserve 88,237 88,237
Retained earnings 10,060,162 10,134,089
SHAREHOLDERS' FUNDS 10,966,802 11,040,729

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

BALANCE SHEET - continued
30 JUNE 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





M T O'Flanagan - Director


JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

James O'Flanagan 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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 and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tractors and mobile plant - 25% on reducing balance
Plant - 15% on reducing balance
Office furniture and equipment - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Builders yard and offices - 2% on cost

No depreciation is charged on freehold land.

Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Profit on long term contracts (work in progress) is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. In respect of domestic property work a contract is only acknowledged if at the year end date individual plots are able in the opinion of the directors to be occupied and contract commitments are exchanged between the company and the potential purchasers.The profit included is calculated by the directors on a prudent basis to reflect the uncertain nature of predicting the profitability of development sites. Full provision is made for losses on all contracts in the period in which they are foreseen.

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


JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


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.

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.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement, Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Tractors Office
and furniture
mobile and
plant Plant equipment
£    £    £   
COST
At 1 July 2023 290,262 22,729 19,776
Additions - - -
Disposals - - -
At 30 June 2024 290,262 22,729 19,776
DEPRECIATION
At 1 July 2023 168,064 12,136 14,910
Charge for year 30,549 1,589 487
Eliminated on disposal - - -
At 30 June 2024 198,613 13,725 15,397
NET BOOK VALUE
At 30 June 2024 91,649 9,004 4,379
At 30 June 2023 122,198 10,593 4,866

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TANGIBLE FIXED ASSETS - continued

Builders
Motor yard and
vehicles offices Totals
£    £    £   
COST
At 1 July 2023 75,859 200,000 608,626
Additions 58,000 - 58,000
Disposals (42,050 ) - (42,050 )
At 30 June 2024 91,809 200,000 624,576
DEPRECIATION
At 1 July 2023 54,468 21,333 270,911
Charge for year 9,011 2,667 44,303
Eliminated on disposal (30,347 ) - (30,347 )
At 30 June 2024 33,132 24,000 284,867
NET BOOK VALUE
At 30 June 2024 58,677 176,000 339,709
At 30 June 2023 21,391 178,667 337,715

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 705,000
NET BOOK VALUE
At 30 June 2024 705,000
At 30 June 2023 705,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2021 910,000
Valuation in 2022 (205,000 )
705,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 157,606 157,606

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. INVESTMENT PROPERTY - continued

The directors revalued these properties at 30 June 2021 at their present market value, after taking into account the terms of the tenancies given by the company.

6. STOCKS
2024 2023
£    £   
Work in progress contracts 6,162,100 4,649,107

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 145,277 354,587

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Cazenove deposit account 2,093,757 -

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 62,179 252,548
Taxation and social security 13,172 177,879
Other creditors 7,899 457,666
83,250 888,093

10. RESERVES
Fair
value
reserve
£   
At 1 July 2023
and 30 June 2024 719,640

JAMES O'FLANAGAN LIMITED (REGISTERED NUMBER: 00469337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
M T O'Flanagan
Balance outstanding at start of year - 5,124
Amounts advanced - 955
Amounts repaid - (6,079 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M T O'Flanagan.