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COMPANY REGISTRATION NUMBER: 3449147
J. Cavanagh Limited
Filleted Unaudited Financial Statements
31 May 2024
J. Cavanagh Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,073,422
1,121,954
Current assets
Stocks
1,013,018
1,086,300
Debtors
6
690,869
722,410
Cash at bank and in hand
339,921
381,705
------------
------------
2,043,808
2,190,415
Creditors: amounts falling due within one year
7
525,414
625,199
------------
------------
Net current assets
1,518,394
1,565,216
------------
------------
Total assets less current liabilities
2,591,816
2,687,170
Provisions
Taxation including deferred tax
106,302
88,528
------------
------------
Net assets
2,485,514
2,598,642
------------
------------
J. Cavanagh Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2,372
2,372
Share premium account
8
433,272
433,272
Revaluation reserve
8
554,243
591,764
Profit and loss account
8
1,495,627
1,571,234
------------
------------
Shareholders funds
2,485,514
2,598,642
------------
------------
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.
For the 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
J.R.T. Cavanagh
Director
Company registration number: 3449147
J. Cavanagh Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 4 Broadgate, Broadway Business Park, Chadderton, Oldham, OL9 9XA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements are the valuations of freehold and leasehold property. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable from the sale of timber and related products, net of any discounts and exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold Property
-
2% straight line
Leasehold Property Improvements
-
2% straight line
Plant and machinery
-
15% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
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 as a finance cost 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 as a finance cost 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 18 (2023: 21 ).
5. Tangible assets
At 1 June 2023
Additions
Disposals
At 31 May 2024
£
£
£
£
Cost
Freehold property
650,000
650,000
Long leasehold property
400,000
400,000
Plant and machinery
166,736
166,736
Fixtures and fittings
65,513
65,513
Motor vehicles
258,871
32,500
( 14,600)
276,771
Equipment
60,088
633
60,721
------------
--------
--------
------------
1,601,208
33,133
( 14,600)
1,619,741
------------
--------
--------
------------
At 1 June 2023
Charge for the year
Disposals
At 31 May 2024
£
£
£
£
Depreciation
Freehold property
65,000
13,000
78,000
Long leasehold property
40,000
8,000
48,000
Plant and machinery
142,340
6,742
149,082
Fixtures and fittings
49,913
5,172
55,085
Motor vehicles
125,384
47,604
( 14,600)
158,388
Equipment
56,617
1,147
57,764
------------
--------
--------
---------
479,254
81,665
( 14,600)
546,319
------------
--------
--------
---------
At 31 May 2024
At 31 May 2023
£
£
Carrying amount
Freehold property
572,000
585,000
Long leasehold property
352,000
360,000
Plant and machinery
17,654
24,396
Fixtures and fittings
10,428
15,600
Motor vehicles
118,383
133,487
Equipment
2,957
3,471
------------
------------
1,073,422
1,121,954
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
46,527
82,319
Other debtors
644,342
640,091
---------
---------
690,869
722,410
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
154
Trade creditors
427,516
560,559
Corporation tax
29,972
6,361
Social security and other taxes
57,172
49,495
Other creditors
10,754
8,630
---------
---------
525,414
625,199
---------
---------
8. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
9. Related party transactions
The company was under the control of Mr. J.R.T. Cavanagh throughout the current and previous year. Mr. J.R.T. Cavanagh is the managing director and a shareholder. At 31 May 2023 Cavanagh Estates Limited owed the company £612,318 (2023: £612,271). Cavanagh Estates Limited is under common directorship as this company. J.R.T. Cavanagh and H.J. Cavanagh are further interested in Cavanagh Estates Limited as shareholders. During the year the company paid dividends of £133,200 (2023: £113,200) to the directors.