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James Mahon & Sons Limited
 



Financial Statements

FOR THE Year Ended

31 March 2024





















 

 

This page is intentionally blank

 

James Mahon & Sons Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

James Mahon & Sons Limited

Company Information

Directors

TE Mahon

RJH Mahon

LG Mahon

Registered office

Bishopton Hill House
Bishopton
Stratford-Upon-Avon
CV37 0RG

Accountants

Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB

 

James Mahon & Sons Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:
 

TE Mahon

RJH Mahon

LG Mahon

Principal activity

The principal activity of the company is Farming

Small companies provision statement

This report has 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.

Approved by the Board on 20 January 2025 and signed on its behalf by:

.........................................
LG Mahon
Director

   
     
 

Accountants' Report to the Board of Directors of

James Mahon & Sons Limited

for the Year Ended 31 March 2024

The company's directors are responsible for the preparation of the financial statements for the period, which they consider to be exempt from audit under the Companies Act 1985. In accordance with the instructions given to us by the directors we have assisted with the preparation of the financial statements, using the accounting records, information and explanations provided to us, in order to fulfil their statutory responsibilities

It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the company. You consider that the company is exempt from the statutory audit requirement for the year.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at:

https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html .


This report is made solely to the Board of Directors of James Mahon & Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the company and state those matters that we have agreed to state to the Board of Directors, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at:

http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html
.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors as a body for our work or for this report.

We have not been instructed to carry out an audit or a review of the accounts of James Mahon & Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB


20 January 2025

 

James Mahon & Sons Limited

(Registration number: 00762931)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

10,247

10,247

Tangible assets

6

2,747,895

2,751,125

 

2,758,142

2,761,372

Current assets

 

Stocks

7

316,240

444,767

Debtors

8

545,019

317,204

Cash at bank and in hand

 

34,981

241,851

 

896,240

1,003,822

Creditors: Amounts falling due within one year

9

(352,002)

(455,090)

Net current assets

 

544,238

548,732

Total assets less current liabilities

 

3,302,380

3,310,104

Creditors: Amounts falling due after more than one year

9

(375,000)

(419,658)

Provisions for liabilities

(101,955)

(101,955)

Net assets

 

2,825,425

2,788,491

Capital and reserves

 

Called up share capital

10

100

100

Profit and loss account

2,825,325

2,788,391

Shareholders' funds

 

2,825,425

2,788,491

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.

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.

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

 

James Mahon & Sons Limited

(Registration number: 00762931)
Balance Sheet as at 31 March 2024

.........................................
RJH Mahon
Director

.........................................
LG Mahon
Director

 

James Mahon & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Bishopton Hill House
Bishopton
Stratford-Upon-Avon
CV37 0RG

These financial statements were authorised for issue by the Board on 20 January 2025 .

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

James Mahon & Sons Limited

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

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

Equipment

20% x Reducing Balance

Vehicles

20% x Reducing Balance

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

James Mahon & Sons Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

171,723

173,835

 

James Mahon & Sons Limited

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

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

10,247

10,247

At 31 March 2024

10,247

10,247

Amortisation

Carrying amount

At 31 March 2024

10,247

10,247

At 31 March 2023

10,247

10,247

6

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,055,788

2,387,596

84,436

4,527,820

Additions

5,201

104,914

67,639

177,754

Disposals

-

(179,400)

-

(179,400)

At 31 March 2024

2,060,989

2,313,110

152,075

4,526,174

Depreciation

At 1 April 2023

-

1,711,098

65,597

1,776,695

Charge for the year

-

154,426

17,297

171,723

Eliminated on disposal

-

(170,139)

-

(170,139)

At 31 March 2024

-

1,695,385

82,894

1,778,279

Carrying amount

At 31 March 2024

2,060,989

617,725

69,181

2,747,895

At 31 March 2023

2,055,788

676,498

18,839

2,751,125

Included within the net book value of land and buildings above is £2,060,989 (2023 - £2,055,788) in respect of freehold land and buildings .
 

7

Stocks

2024
£

2023
£

Other inventories

316,240

444,767

 

James Mahon & Sons Limited

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

8

Debtors

2024
£

2023
£

Trade debtors

542,484

276,495

Prepayments

2,535

1,668

Other debtors

-

39,041

545,019

317,204

 

James Mahon & Sons Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

44,658

125,158

Trade creditors

 

31,172

90,036

Taxation and social security

 

14,868

10,009

Accruals and deferred income

 

2,885

2,885

Directors current accounts

 

6,819

6,802

Other creditors

 

251,600

220,200

 

352,002

455,090

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Other borrowings

11

375,000

419,658

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Director's loan accounts

175,000

175,000

Hire purchase liabilities

-

44,658

Other borrowings

200,000

200,000

375,000

419,658

 

James Mahon & Sons Limited

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

2024
£

2023
£

Current loans and borrowings

Hire purchase liabilites

44,658

125,158