Registration number:
J.P. Fannon & Son (Contractors) Limited
for the Year Ended 31 May 2024
Pages for filing with Registrar
J.P. Fannon & Son (Contractors) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
J.P. Fannon & Son (Contractors) Limited
Company Information
Director |
J P Fannon |
Registered office |
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Registered number |
01186771 |
Accountants |
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J.P. Fannon & Son (Contractors) Limited
(Registration number: 01186771)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
11,359 |
11,462 |
|
Investment property |
363,700 |
341,500 |
|
375,059 |
352,962 |
||
Current assets |
|||
Stocks |
212,185 |
239,467 |
|
Debtors |
461,985 |
376,705 |
|
Cash at bank and in hand |
5,521 |
30,199 |
|
679,691 |
646,371 |
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Creditors: Amounts falling due within one year |
(564,525) |
(551,006) |
|
Net current assets |
115,166 |
95,365 |
|
Total assets less current liabilities |
490,225 |
448,327 |
|
Provisions for liabilities |
(1,900) |
- |
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Net assets |
488,325 |
448,327 |
|
Capital and reserves |
|||
Called up share capital |
20,000 |
20,000 |
|
Revaluation reserve |
199,367 |
199,367 |
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Profit and loss account |
268,958 |
228,960 |
|
Total equity |
488,325 |
448,327 |
J.P. Fannon & Son (Contractors) Limited
(Registration number: 01186771)
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.
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. |
Approved and authorised for issue by the
.........................................
J P Fannon
Director
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
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.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 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 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.
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Plant and machinery |
15% on cost |
Motor vehicles |
25% on cost |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, 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.
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Taxation |
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
|
|
|
2023 |
Liability |
- |
Tangible fixed assets |
Improvements to premises |
Motor vehicles |
Plant and machinery |
Total |
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Cost |
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At 1 June 2023 |
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Additions |
- |
- |
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At 31 May 2024 |
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|
|
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Depreciation |
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At 1 June 2023 |
- |
|
|
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Charge for the year |
- |
- |
|
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At 31 May 2024 |
- |
|
|
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Carrying amount |
||||
At 31 May 2024 |
|
- |
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At 31 May 2023 |
|
- |
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J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Investment properties |
2024 |
2023 |
|
At 1 June |
|
321,000 |
Fair value adjustments |
|
20,500 |
At 31 May |
|
341,500 |
The investment properties class of fixed asset was revalued on 31 May 2024 by the director who is internal to the company. The basis of valuation was open market value. The class of asset has a current value of £363,700 (2023: £341,500) and a carrying amount at historical cost of £121,633 (2023: £121,633). The depreciation on this historical cost is £Nil (2023: £Nil).
If the investment property were to be sold at valuation, a corporation tax liability of approximately £50,000 (2023: £44,000) would arise.
Stocks |
2024 |
2023 |
|
Work in progress |
212,185 |
239,467 |
Debtors: amounts falling due within one year |
Note |
2024 |
2023 |
|
Trade debtors |
8,959 |
6,878 |
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Amounts owed by companies under joint control |
447,499 |
366,334 |
|
VAT |
838 |
3,493 |
|
Prepayments and accrued income |
4,689 |
- |
|
461,985 |
376,705 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
2024 |
2023 |
|
Trade creditors |
24,061 |
14,088 |
Corporation tax |
4,572 |
9,518 |
Other creditors |
9,039 |
- |
Accruals |
3,575 |
3,425 |
Director's current account |
523,278 |
523,975 |
564,525 |
551,006 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
20,000 |
|
20,000 |
Related party transactions |
Income and receivables from related parties
2024 |
Entities with joint control or significant influence |
Amounts receivable from related party |
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|
2023 |
Entities with joint control or significant influence |
Amounts receivable from related party |
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