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REGISTERED NUMBER: 06650206 (England and Wales)



STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

JAMES MOSSMAN LIMITED

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


JAMES MOSSMAN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: J Mossman





SECRETARY: Mrs Z M Mossman





REGISTERED OFFICE: Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 06650206 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The principal activity of the business is distributors of building materials within the construction industry.

The director is pleased to report that turnover for the year to 30 June 2024 was £24.42m, which represented a decline of £928k when compared to the previous year end to 30 June 2023.

Despite the reduction in turnover, the company gross profit margin increased to 9.7% when compared to the prior year of 9.2%. The director is confident with the experienced team at James Mossman Limited that the company will continue to generate positive results going forward.

The business environment in which the company operates continues to be very challenging with competitive pricing across the industry continuing to put pressure on the company's gross profit margins.

The balance sheet continues to present a very strong position with net assets of £2.52m (2023: £2.36). The company continues to have sufficient working capital to finance its operating activities.

KEY PERFORMANCE INDICATORS

2024 2023
£ £
Turnover 24,420,963 25,349,267
Gross profit margin % 9.7% 9.2%
Profit before tax 883,618 737,814
Earnings before interest, tax, depreciation and impairments (Adjusted
EBITDA)

984,706


803,081
Shareholder funds 2,517,835 2,359,041

PRINCIPAL RISKS AND UNCERTAINTIES
Recent UK economic decline brought about by uncertainty, loss of consumer confidence, higher interest rates and increasing unemployment has led to decreased affordability and reduced demand for housing. Which directly affects the activity of construction and the company.

Changes within the UK economy continue to be monitored as well as any changes in government policy to the housing market. Consequently future trading remains uncertain.

ON BEHALF OF THE BOARD:





J Mossman - Director


21 March 2025

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report with the financial statements of the Company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of building materials distribution.

DIVIDENDS
Interim dividends per share were paid as follows:
800.00 - 21 August 2023
600.00 - 13 October 2023
600.00 - 15 November 2023
600.00 - 10 January 2024
400.00 - 22 February 2024
500.00 - 5 April 2024
600.00 - 20 May 2024
4,100.00

The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 410,000 .

DIRECTOR
J Mossman held office during the whole of the period from 1 July 2023 to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE
During the year the company paid £6,374 (2023: £12,617) in charitable donations. £1,200 was for the purpose of the Kinamba Community project to support education within Rwanda with the remainder being ad-hoc one off donations to other UK based charities.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Mossman - Director


21 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES MOSSMAN LIMITED

Opinion
We have audited the financial statements of James Mossman Limited (the 'Company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES MOSSMAN LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, control environment and business performance;

- the results of enquiries of management about their own identification and assessment of the risks of irregularities;

- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES MOSSMAN LIMITED

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud within recognition of income. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters - prior year financial statements unaudited
The company was not required to have a statutory audit for the year ended 30 June 2023 as it was entitled to exemption by the provisions of the Companies Act 2006 relating to the audit of financial statements by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 30 June 2023 are unaudited.corresponding figures for 2023 are unaudited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JAMES MOSSMAN LIMITED


Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Timothy Harbour Bsc FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

21 March 2025

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 4 24,420,963 25,349,267

Cost of sales 22,042,626 23,018,169
GROSS PROFIT 2,378,337 2,331,098

Administrative expenses 1,426,950 1,552,869
951,387 778,229

Interest receivable and similar income 2,281 49
953,668 778,278
Amounts written off investments 6 60,000 -
893,668 778,278

Interest payable and similar expenses 7 10,050 40,464
PROFIT BEFORE TAXATION 8 883,618 737,814

Tax on profit 10 244,824 161,971
PROFIT FOR THE FINANCIAL YEAR 638,794 575,843

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 638,794 575,843


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

638,794

575,843

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

BALANCE SHEET
30 JUNE 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 150,205 108,920

CURRENT ASSETS
Debtors 14 5,658,820 4,520,183
Cash at bank and in hand 683,294 1,195,194
6,342,114 5,715,377
CREDITORS
Amounts falling due within one year 15 3,946,156 3,437,054
NET CURRENT ASSETS 2,395,958 2,278,323
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,546,163

2,387,243

PROVISIONS FOR LIABILITIES 17 28,328 28,202
NET ASSETS 2,517,835 2,359,041

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 2,517,735 2,358,941
SHAREHOLDERS' FUNDS 2,517,835 2,359,041

The financial statements were approved by the director and authorised for issue on 21 March 2025 and were signed by:





J Mossman - Director


JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 2,333,098 2,333,198

Changes in equity
Profit for the year - 575,843 575,843
Total comprehensive income - 575,843 575,843
Dividends - (390,000 ) (390,000 )
Corporate Capital Trust - (160,000 ) (160,000 )
Balance at 30 June 2023 100 2,358,941 2,359,041

Changes in equity
Profit for the year - 638,794 638,794
Total comprehensive income - 638,794 638,794
Dividends - (410,000 ) (410,000 )
Corporate Capital Trust - (70,000 ) (70,000 )
Balance at 30 June 2024 100 2,517,735 2,517,835

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 644,030 1,949,624
Interest paid (10,050 ) (40,464 )
Tax paid (146,036 ) (237,547 )
Net cash from operating activities 487,944 1,671,613

Cash flows from investing activities
Purchase of tangible fixed assets (72,323 ) (68,900 )
Loan investment to a third party (25,000 ) (120,000 )
Repayment of loan from a third party 17,000 2,000
Loan investment to a related party (505,000 ) (10,600 )
Interest received 2,281 49
Net cash from investing activities (583,042 ) (197,451 )

Cash flows from financing activities
Amount introduced by director 63,198 258,098
Amounts paid to corporate capital trust (70,000 ) (160,000 )
Equity dividends paid (410,000 ) (390,000 )
Net cash from financing activities (416,802 ) (291,902 )

(Decrease)/increase in cash and cash equivalents (511,900 ) 1,182,260
Cash and cash equivalents at
beginning of year

2

1,195,194

12,934

Cash and cash equivalents at end of
year

2

683,294

1,195,194

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
(Unaudited)
£    £   
Profit before taxation 883,618 737,814
Depreciation charges 31,038 24,804
Amounts written off investments 60,000 -
Finance costs 10,050 40,464
Finance income (2,281 ) (49 )
982,425 803,033
(Increase)/decrease in trade and other debtors (669,036 ) 450,741
Increase in trade and other creditors 330,641 695,850
Cash generated from operations 644,030 1,949,624

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 683,294 1,195,194
Year ended 30 June 2023
30/6/23 1/7/22
(Unaudited)
£    £   
Cash and cash equivalents 1,195,194 12,934


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 1,195,194 (511,900 ) 683,294
1,195,194 (511,900 ) 683,294
Total 1,195,194 (511,900 ) 683,294

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

1. STATUTORY INFORMATION

James Mossman 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 (£).


Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. 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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies
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.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions to determine the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Bad debt provision
The directors have also considered and reviewed the recoverability of trade debtors owing at the end of the financial year. The review by the directors takes into account their best estimate of the recoverability of the debtor based on past experience and the balance owing.

Any debtor balances that are considered to have recoverability concerns are provided in a bad debt provision to expense to the Income Statement.

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

3. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Sales of building materials
The company sells a range of building materials used within the construction sector. Sales of goods are recognised when the company has delivered the goods to the customer and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the goods.

Interest income
Interest income is recognised using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the income statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

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 MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

3. 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.

Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Impairment on non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, equipment and trade debtors, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the Company.

An analysis of turnover by class of business is given below:

2024 2023
(Unaudited)
£    £   
Sale of building materials 24,420,963 25,349,267
24,420,963 25,349,267

5. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 773,886 923,469
Social security costs 93,021 92,783
Other pension costs 31,992 30,683
898,899 1,046,935

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Director 1 1
Sales and administration 19 20
20 21

2024 2023
(Unaudited)
£    £   
Director's remuneration 9,576 9,378

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

6. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
(Unaudited)
£    £   
Amounts w/o invs 60,000 -

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Interest on tax paid late - 16,260
Director loan interest 10,050 24,204
10,050 40,464

8. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
(Unaudited)
£    £   
Depreciation - owned assets 31,038 24,803

9. AUDITORS' REMUNERATION
2024 2023
(Unaudited)
£    £   
Fees payable to the Company's auditors for the audit of the
Company's financial statements

10,000

-

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 244,698 146,085

Deferred tax:
Origination and reversal of timing differences 126 15,147
Effect of change in tax rate on opening liability - 739
Total deferred tax 126 15,886
Tax on profit 244,824 161,971

UK corporation tax has been charged at 25% (2023 - 19%).

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
(Unaudited)
£    £   
Profit before tax 883,618 737,814
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

220,905

140,185

Effects of:
Expenses not deductible for tax purposes 9,891 3,722
Capital allowances in excess of depreciation (1,098 ) (8,484 )
Profits chargeable at the lower rate - 10,662
Deferred tax charge in the year 126 15,147
Deferred tax change in rate - 739
Amounts written off investments 15,000 -
Total tax charge 244,824 161,971

From 1 April 2023 onwards, the main rate of corporation tax has increased from 19% to 25%.

11. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 410,000 390,000

12. STATEMENT OF CHANGES IN EQUITY

In the year under review and reported within the statement of changes in equity. An amount of £70,000 (2023: £160,000) was contributed to a trust falling within the statutory regime of section 239 Taxation of Chargeable Gains Act 1992 and section 13 Inheritance Tax Act 1984.

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

13. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 20,015 26,791 148,341 195,147
Additions - 2,431 69,892 72,323
At 30 June 2024 20,015 29,222 218,233 267,470
DEPRECIATION
At 1 July 2023 17,890 25,028 43,309 86,227
Charge for year 618 1,706 28,714 31,038
At 30 June 2024 18,508 26,734 72,023 117,265
NET BOOK VALUE
At 30 June 2024 1,507 2,488 146,210 150,205
At 30 June 2023 2,125 1,763 105,032 108,920

14. DEBTORS
2024 2023
(Unaudited)
£    £   
Amounts falling due within one year:
Trade debtors 4,827,340 4,304,001
Other debtors 11,381 12,685
Accrued income 188,070 -
Prepayments 44,429 85,497
5,071,220 4,402,183

Amounts falling due after more than one year:
Loans 587,600 118,000

Aggregate amounts 5,658,820 4,520,183

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade creditors 3,183,914 2,878,504
Tax 244,698 146,036
Social security and other taxes 4,155 2,775
VAT 153,625 155,334
Other creditors 3,325 -
Directors' loan accounts 160,832 81,033
Accrued expenses 195,607 173,372
3,946,156 3,437,054

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

16. SECURED DEBTS

A fixed and floating charge dated 12 January 2018 and 12 October 2018 is agreed with Barclays Bank Plc covering all the assets of the company.

17. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax
Accelerated capital allowances 28,328 28,202

Deferred
tax
£   
Balance at 1 July 2023 28,202
Provided during year 126
Balance at 30 June 2024 28,328

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

Called up share capital - Represents the nominal value of shares that have been issued.

19. RESERVES
Retained
earnings
£   

At 1 July 2023 2,358,941
Profit for the year 638,794
Dividends (410,000 )
Corporate Capital Trust (70,000 )
At 30 June 2024 2,517,735

Retained earnings - includes all current retained profits and losses.

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are £3,325 (2023: £nil).

20242023
££

Contributions payable by the Company for the year35,99210,683

JAMES MOSSMAN LIMITED (REGISTERED NUMBER: 06650206)

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

21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other debtors at the balance sheet date is an amount of £160,832 (2023: £97,296) due to the director J Mossman.

The loan is unsecured and bears interest. Interest of £10,050 (2023: £24,204) was paid during the year.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Mossman.