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Registration number: 01186771

J.P. Fannon & Son (Contractors) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

Pages for filing with Registrar

 

J.P. Fannon & Son (Contractors) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

J.P. Fannon & Son (Contractors) Limited

Company Information

Director

J P Fannon

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Registered number

01186771

Accountants

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

J.P. Fannon & Son (Contractors) Limited

(Registration number: 01186771)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,359

11,462

Investment property

6

363,700

341,500

 

375,059

352,962

Current assets

 

Stocks

7

212,185

239,467

Debtors

8

461,985

376,705

Cash at bank and in hand

 

5,521

30,199

 

679,691

646,371

Creditors: Amounts falling due within one year

9

(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)

-

Net assets

 

488,325

448,327

Capital and reserves

 

Called up share capital

10

20,000

20,000

Revaluation reserve

199,367

199,367

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:

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 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the director on 11 April 2025
 

.........................................

J P Fannon

Director

 

J.P. Fannon & Son (Contractors) Limited

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

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

J.P. Fannon & Son (Contractors) Limited

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

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

1,900

1,900

2023

Liability
£

-

5

Tangible fixed assets

Improvements to premises
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 June 2023

10,000

75,525

10,045

95,570

Additions

-

-

166

166

At 31 May 2024

10,000

75,525

10,211

95,736

Depreciation

At 1 June 2023

-

75,525

8,583

84,108

Charge for the year

-

-

269

269

At 31 May 2024

-

75,525

8,852

84,377

Carrying amount

At 31 May 2024

10,000

-

1,359

11,359

At 31 May 2023

10,000

-

1,462

11,462

 

J.P. Fannon & Son (Contractors) Limited

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

6

Investment properties

2024
£

2023
£

At 1 June

341,500

321,000

Fair value adjustments

22,200

20,500

At 31 May

363,700

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.

7

Stocks

2024
£

2023
£

Work in progress

212,185

239,467

8

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

 

8,959

6,878

Amounts owed by companies under joint control

11

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

9

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares shares of £1 each

20,000

20,000

20,000

20,000

         

11

Related party transactions

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Amounts receivable from related party

447,499

2023

Entities with joint control or significant influence
£

Amounts receivable from related party

366,334