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Registered number: 08237728










JAMES GANNON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
JAMES GANNON LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 11


 
JAMES GANNON LIMITED
REGISTERED NUMBER: 08237728

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,034,313
12,171,825

Investments
 5 
2,956,063
2,956,063

  
14,990,376
15,127,888

Current assets
  

Debtors: amounts falling due within one year
 6 
2,492,478
1,896,474

Cash at bank and in hand
 7 
650,811
89,461

  
3,143,289
1,985,935

Creditors: amounts falling due within one year
 8 
(9,197,725)
(8,834,636)

Net current liabilities
  
 
 
(6,054,436)
 
 
(6,848,701)

Total assets less current liabilities
  
8,935,940
8,279,187

Creditors: amounts falling due after more than one year
 9 
(2,490,606)
(2,722,676)

Provisions for liabilities
  

Deferred tax
 12 
(305,703)
(291,744)

  
 
 
(305,703)
 
 
(291,744)

Net assets
  
6,139,631
5,264,767


Capital and reserves
  

Called up share capital 
  
1
1

Revaluation reserve
 13 
1,000,000
1,000,000

Profit and loss account
 13 
5,139,630
4,264,766

  
6,139,631
5,264,767


Page 1

 
JAMES GANNON LIMITED
REGISTERED NUMBER: 08237728
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J Gannon
Director

Date: 17 April 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

James Gannon Limited is a private company, limited by shares, and incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity is the recycling of waste materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The company has net current liabilities of £6,054,436 (2023 - £6,848,701) at the balance sheet date. The financial statements have been prepared on a going concern basis as the shareholder have confirmed their willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
The financial statements are presented in pounds sterling, the functional currency, and rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.


Freehold property
-
2%
straight line
Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively 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 profit or loss.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

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.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Borrowing costs

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

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2023
12,124,405
418,515
11,959
12,554,879


Additions
-
225,792
-
225,792


Disposals
-
(310,214)
-
(310,214)



At 31 October 2024

12,124,405
334,093
11,959
12,470,457



Depreciation


At 1 November 2023
243,701
130,783
8,570
383,054


Charge for the year on owned assets
69,203
74,933
847
144,983


Disposals
-
(91,893)
-
(91,893)



At 31 October 2024

312,904
113,823
9,417
436,144



Net book value



At 31 October 2024
11,811,501
220,270
2,542
12,034,313



At 31 October 2023
11,880,704
287,732
3,389
12,171,825

Cost or valuation at 31 October 2024 is as follows:

Land and buildings
£


At cost
11,124,405

Revaluation
1,000,000



12,124,405

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
11,124,405
11,124,405

Net book value
11,124,405
11,124,405

Page 7

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
2,956,063



At 31 October 2024
2,956,063





6.


Debtors

2024
2023
£
£


Trade debtors
276,169
560,757

Other debtors
2,202,036
1,328,212

Prepayments and accrued income
14,273
7,505

2,492,478
1,896,474



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
650,811
89,461

650,811
89,461


Page 8

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
208,324
198,492

Trade creditors
379,925
1,328,796

Corporation tax
301,548
247,243

Other taxation and social security
117,948
187,688

Obligations under finance lease and hire purchase contracts
15,598
41,339

Other creditors
8,062,272
6,827,118

Accruals and deferred income
112,110
3,960

9,197,725
8,834,636


Bank loans of £208,324 (2023 - £198,492) are secured on the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,351,698
2,569,548

Net obligations under finance leases and hire purchase contracts
138,908
153,128

2,490,606
2,722,676


Bank loans of £2,351,698 (2023 - £2,569,458) are secured on the assets of the company. 

Page 9

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
208,324
198,492


208,324
198,492


Amounts falling due 2-5 years

Bank loans
833,295
793,966


833,295
793,966

Amounts falling due after more than 5 years

Bank loans
1,518,402
1,775,582

1,518,402
1,775,582

2,560,021
2,768,040



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
15,598
44,361

Between 1-5 years
138,908
153,128

154,506
197,489

At the balance sheet date, the total hire purchase creditor was £161,197 (2023 - £194,468). The difference of £6,691 between the creditor and the minimum lease payments is future interest payable.

Page 10

 
JAMES GANNON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Deferred taxation




2024


£






At beginning of year
291,744


Charged to profit or loss
13,959



At end of year
305,703

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
55,703
41,744

Revaluation of freehold property
250,000
250,000

305,703
291,744


13.


Reserves

Revaluation reserve

The revaluation reserve is represented by a revaluation surplus on fixed assets.

Profit and loss account

The profit and loss account is represented by retained earnings. 


14.


Transactions with directors

During the year, the company made advances of £728,768 (2023 - £316,360) and received repayments of £Nil (2023 - £91,280) from the director, Mr J Gannon. Interest of £22,322 has been charged at commercial rates on overdrawn balances. The balance owed by the director at the year end was £1,249,305 (2023 - £494,653). The loan is unsecured and repayable on demand.


15.


Controlling party

The company was under the control of Mr J Gannon throughout the current and prior year.

Page 11