Company registration number 01508139 (England and Wales)
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
838,886
918,198
Investments
5
12,500
12,500
851,386
930,698
Current assets
Stocks
53,799
36,169
Debtors
6
2,054,067
2,052,372
Cash at bank and in hand
55,244
175,930
2,163,110
2,264,471
Creditors: amounts falling due within one year
7
(1,307,346)
(1,520,739)
Net current assets
855,764
743,732
Total assets less current liabilities
1,707,150
1,674,430
Creditors: amounts falling due after more than one year
8
(567,792)
(652,681)
Provisions for liabilities
(201,190)
(201,188)
Net assets
938,168
820,561
Capital and reserves
Called up share capital
21,000
21,000
Profit and loss reserves
917,168
799,561
Total equity
938,168
820,561

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
S T Fagan
Director
Company Registration No. 01508139
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Fagan & Whalley Newport Ltd (formerly Alan R. Jones & Sons Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Albion House, Mead Way, Shuttleworth Mead, Padiham, Lancashire, United Kingdom, BB12 7NG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors consider it appropriate that the accounts are prepared on the going concern basis. These accounts do not include any adjustments that may be required should the going concern basis of preparation not be appropriate.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over the lease term
Plant and equipment
5-33% straight line
Motor vehicles
20-25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies that are classified as debt, are initially recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible fixed assets

The company's results are materially impacted by the application of the its depreciation policies, which are based on the expected useful life of its tangible fixed assets. The directors' estimates of useful life are subject to estimation uncertainty. The degree of uncertainty related to motor vehicles is reduced significantly as they are typically depreciated over a fixed hire purchase contract period.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
75
70
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
57,554
745,813
1,638,773
2,442,140
Additions
-
0
25,331
402,371
427,702
Disposals
-
0
(97,116)
(521,419)
(618,535)
At 30 April 2024
57,554
674,028
1,519,725
2,251,307
Depreciation and impairment
At 1 May 2023
57,554
530,257
936,131
1,523,942
Depreciation charged in the year
-
0
48,098
236,796
284,894
Eliminated in respect of disposals
-
0
(92,854)
(303,561)
(396,415)
At 30 April 2024
57,554
485,501
869,366
1,412,421
Carrying amount
At 30 April 2024
-
0
188,527
650,359
838,886
At 30 April 2023
-
0
215,556
702,642
918,198
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
12,500
12,500

The fixed asset investment comprises of 2,000 (2023 - 2,000) fully paid ordinary shares of £1 each in Palletline Plc. These shares are included at cost price as they are unquoted and can only be purchased by Palletline Plc members.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,075,005
1,121,549
Corporation tax recoverable
37,380
37,380
Amounts owed by group undertakings
520,197
477,313
Other debtors
146,178
140,823
1,778,760
1,777,065
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
275,307
275,307
Total debtors
2,054,067
2,052,372
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,950
100,950
Trade creditors
706,233
670,758
Amounts owed to group undertakings
-
0
20,456
Taxation and social security
214,688
193,320
Other creditors
285,475
535,255
1,307,346
1,520,739

Other creditors includes £29,822 (2023 - £224,991) owed in respect of an invoice discounting facility. The liability is secured on the book debt of the company.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
100,000
200,000
Other creditors
467,792
452,681
567,792
652,681

The bank borrowings are secured by a legal charge over the company's assets.

 

Other obligations under hire purchase contracts are secured against the assets to which they relate.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lewis Cross
Statutory Auditor:
Azets Audit Services
FAGAN & WHALLEY NEWPORT LTD (FORMERLY ALAN R. JONES & SONS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
466,093
660,533
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
65,926
-
12
Parent company

The company's ultimate parent is Fagan & Whalley Holdings Limited, a company incorporated in England and Wales. Fagan & Whalley Holdings Limited is the parent of both the smallest and largest group in which this company's results are consolidated.

 

The consolidated financial statements of Fagan & Whalley Holdings Limited are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 

The company is controlled by two of the directors, S A Fagan & G M Fagan by virtue of their shareholding in Fagan & Whalley Holdings Limited.

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