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Registration number: 03015954

V.J. Donegan & Co. (Plant) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

V.J. Donegan & Co. (Plant) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

V.J. Donegan & Co. (Plant) Limited

Company Information

Directors

Mr P Donegan

Mrs A Donegan

Mr VJ Donegan

Company secretary

Mrs MB Ennis

Registered office

Europa Way
Cheadle Heath
Cheadle
Stockport
Cheshire
SK3 0WT

Accountants

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

V.J. Donegan & Co. (Plant) Limited

(Registration number: 03015954)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,264,737

1,115,677

Investment property

5

989,033

989,033

Investments

6

189,590

189,590

 

2,443,360

2,294,300

Current assets

 

Debtors

7

119,372

36,936

Cash at bank and in hand

 

962,684

1,086,306

 

1,082,056

1,123,242

Creditors: Amounts falling due within one year

8

(401,031)

(391,261)

Net current assets

 

681,025

731,981

Total assets less current liabilities

 

3,124,385

3,026,281

Creditors: Amounts falling due after more than one year

8

(134,821)

(119,986)

Provisions for liabilities

(381,694)

(275,171)

Net assets

 

2,607,870

2,631,124

Capital and reserves

 

Called up share capital

9

177

177

Capital redemption reserve

189,513

189,513

Other reserves

291,688

291,688

Retained earnings

2,126,492

2,149,746

Shareholders' funds

 

2,607,870

2,631,124

 

V.J. Donegan & Co. (Plant) Limited

(Registration number: 03015954)
Balance Sheet as at 31 May 2024

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.

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 Profit and Loss Account.

Approved and authorised by the Board on 4 October 2024 and signed on its behalf by:
 

.........................................
Mr P Donegan
Director

 

V.J. Donegan & Co. (Plant) 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 and Wales.

The address of its registered office is:
Europa Way
Cheadle Heath
Cheadle
Stockport
Cheshire
SK3 0WT
England

These financial statements were authorised for issue by the Board on 4 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Companies Act 2006.

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 directors have considered the potential implications of the Coronavirus pandemic. Whilst the eventual financial impact of the pandemic on the company remains uncertain the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis on preparing its financial statements.

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.

 

V.J. Donegan & Co. (Plant) Limited

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

Government grants

The company recognises government grants under the accrual model as grants are related to revenue expenditure. Therefore, grant income is recognised on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Other grants

The company recognises government grants under the performance model. The grants do not impose specified future performance-related conditions and are therefore recognised in income when the grants proceeds are received.

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.

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

Plant and Machinery

15% reducing balance basis

Motor Vehicles

25% reducing balance basis

Office Equipment

15% & 25% reducing balance basis

Freehold Land and Buildings

2% straight line basis

 

V.J. Donegan & Co. (Plant) Limited

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

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

V.J. Donegan & Co. (Plant) Limited

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

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.

Provisions

The company recognises a provision in accruals for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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.

 

V.J. Donegan & Co. (Plant) Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

65,867

229,451

2,549,348

2,844,666

Additions

21,761

107,286

262,380

391,427

Disposals

-

(24,973)

(155,931)

(180,904)

At 31 May 2024

87,628

311,764

2,655,797

3,055,189

Depreciation

At 1 June 2023

31,054

120,639

1,577,296

1,728,989

Charge for the year

2,029

53,911

167,504

223,444

Eliminated on disposal

-

(22,985)

(138,996)

(161,981)

At 31 May 2024

33,083

151,565

1,605,804

1,790,452

Carrying amount

At 31 May 2024

54,545

160,199

1,049,993

1,264,737

At 31 May 2023

34,813

108,812

972,052

1,115,677

 

V.J. Donegan & Co. (Plant) Limited

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

5

Investment properties

2024
£

At 1 June

989,033

At 31 May

989,033


The directors have valued the property for the current year. An independent valuation was provided by MR P M Cooke FRICS IRRV of Roberts & Roberts Chartered Surveyors, Unit 11, Acorn Business Park, Heaton Lane, Cheshire, SK4 1AS on 29th September 2016. The carrying amount that would have been recognised had the property been carried at cost is £628,924.

 

V.J. Donegan & Co. (Plant) Limited

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

189,590

189,590

Subsidiaries

£

Cost or valuation

At 1 June 2023

189,590

Provision

Carrying amount

At 31 May 2024

189,590

At 31 May 2023

189,590

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

V.J Donegan & Co Limited

Europa Way, Cheadle Heath, Chedle, Stockport, Cheshire, SK3 0WT

England and Wales

£1 Ordinary shares

77%

77%

Subsidiary undertakings

V.J Donegan & Co Limited

The principal activity of V.J Donegan & Co Limited is that of Tunnelling and Civil Engineering Contractors.

 

V.J. Donegan & Co. (Plant) Limited

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

86,411

-

Prepayments

31,900

29,680

Other debtors

1,061

7,256

 

119,372

36,936

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

177,865

131,628

Trade creditors

 

62,774

75,762

Amounts owed to group undertakings and undertakings in which the company has a participating interest

74,301

66,843

Taxation and social security

 

62,180

83,730

Accruals and deferred income

 

9,137

18,565

Other creditors

 

14,774

14,733

 

401,031

391,261

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

134,821

119,986

 

V.J. Donegan & Co. (Plant) Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares A of £1 each

122

122

122

122

Ordinary Shares B of £1 each

55

55

55

55

177

177

177

177

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

134,821

119,986

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

177,865

131,628