Year Ended
Registration number:
John Lee & Sons (Ferndown) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
John Lee & Sons (Ferndown) Limited
Balance Sheet
31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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John Lee & Sons (Ferndown) Limited
Balance Sheet
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.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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John Lee & Sons (Ferndown) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and 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.
These financial statements have been prepared using British pound sterling and rounded to the nearest whole pound.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of work done during the year and rents receivable.
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
John Lee & Sons (Ferndown) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Investment property
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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
• Short term other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
John Lee & Sons (Ferndown) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2024 |
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At 1 April 2023 |
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Revaluation in the year |
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At 31 March 2024 |
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Stocks |
2024 |
2023 |
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Undeveloped land |
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Debtors |
2024 |
2023 |
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Trade debtors |
- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax |
24,681 |
11,763 |
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John Lee & Sons (Ferndown) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2024
Profit and loss reserves |
Non-distributable |
Distributable |
Total |
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At 1 April 2023 |
1,569,178 |
1,809,402 |
3,378,580 |
Profit for the year |
- |
457,723 |
457,723 |
Dividends |
- |
(1,000) |
(1,000) |
Net gain on revaluation of investment property |
375,000 |
(375,000) |
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At 31 March 2024 |
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1,891,125 |
3,835,303 |
Non-distributable reserves of £1,944,178 relate to revaluation gains on investment property.
Related party transactions |
During the year the company performed work to the value of £375 (2023: £258) on behalf of Mr J E R Lee for work on private properties. This work was performed on a normal commercial trading basis.
At the balance sheet date, the amount due to Mr J E R Lee was £4,445 (2023: £6,896).