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REGISTERED NUMBER: 03115707 (England and Wales)























Financial Statements

for the Year Ended 31 July 2024

for

J B Loughlin (Contractors) Ltd

J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J B Loughlin (Contractors) Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTOR: Mr A Loughlin





SECRETARY: Mrs J M Loughlin





REGISTERED OFFICE: Builders Yard Rear of 23-25
Railway Road
Chorley
Lancashire
PR6 0HW





REGISTERED NUMBER: 03115707 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Statement of Financial Position
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 85,964 94,601

CURRENT ASSETS
Stocks 5 1,608,147 1,207,552
Debtors 6 25,229 99,572
Cash at bank 92,001 156,246
1,725,377 1,463,370
CREDITORS
Amounts falling due within one year 7 807,011 637,289
NET CURRENT ASSETS 918,366 826,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,004,330

920,682

CREDITORS
Amounts falling due after more than one
year

8

(472,683

)

(393,920

)

PROVISIONS FOR LIABILITIES (4,602 ) (6,422 )
NET ASSETS 527,045 520,340

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 526,045 519,340
SHAREHOLDERS' FUNDS 527,045 520,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Statement of Financial Position - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 April 2025 and were signed by:





Mr A Loughlin - Director


J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

J B Loughlin (Contractors) Ltd 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.

2. ACCOUNTING POLICIES

Going concern
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts, and adjusted for work in progress.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost, 20% on cost and 15% on reducing balance

Stocks & work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.

For work in progress cost is taken as production cost, which includes an appropriate proportion of attributable overheads.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 74,845 146,556 221,401
DEPRECIATION
At 1 August 2023 11,436 115,364 126,800
Charge for year 1,668 6,969 8,637
At 31 July 2024 13,104 122,333 135,437
NET BOOK VALUE
At 31 July 2024 61,741 24,223 85,964
At 31 July 2023 63,409 31,192 94,601

J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 16,995
DEPRECIATION
At 1 August 2023 7,436
Charge for year 2,390
At 31 July 2024 9,826
NET BOOK VALUE
At 31 July 2024 7,169
At 31 July 2023 9,559

5. STOCKS
31.7.24 31.7.23
£    £   
Work-in-progress 1,608,147 1,207,552

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 6,772 92,119
VAT 17,805 6,212
Prepayments 652 1,241
25,229 99,572

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Loans and overdrafts 21,385 20,970
Hire purchase contracts 3,088 3,088
Trade creditors 73,350 77,695
Other creditors 34,999 74,999
Tax 8,921 28,023
Social security and other taxes 1,522 5,306
Pension control account 327 1,019
Directors' loan accounts 659,919 422,689
Accrued expenses 3,500 3,500
807,011 637,289

J B Loughlin (Contractors) Ltd (Registered number: 03115707)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 119,719 20,970
Bank loans - 2-5 years 21,424 33,955
Bank loans - >5 years 330,254 334,621
Hire purchase contracts 1,286 4,374
472,683 393,920

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - >5 years 330,254 334,621

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank and other loans 492,782 410,516
Hire purchase contracts 4,374 7,462
497,156 417,978

The bank loans and overdrafts are secured by fixed and floating charges over the properties and work in progress of the company. The hire purchase liabilities are secured by the assets to which the hire purchase related to.

10. RELATED PARTY DISCLOSURES

Personal guarantees were provided by the director A J Loughlin in support of the bank loan borrowings.

At the Balance Sheet date the director provided financial support in the form of a director's current account to the extent of £659,919 (2023: £422,689). £900 was paid as interest on the outstanding balance.