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Registered number: 13076480










JD GANNON PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
JD GANNON PROPERTIES LTD
REGISTERED NUMBER: 13076480

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
10,813,546
10,813,546

Current assets
  

Debtors: amounts falling due within one year
 5 
891
205

Cash at bank and in hand
 6 
36,787
7,564

  
37,678
7,769

Creditors: amounts falling due within one year
 7 
(5,916,219)
(5,611,425)

Net current liabilities
  
 
 
(5,878,541)
 
 
(5,603,656)

Creditors: amounts falling due after more than one year
 8 
(4,580,519)
(4,725,354)

  

Net assets
  
354,486
484,536


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
354,386
484,436

  
354,486
484,536


Page 1

 
JD GANNON PROPERTIES LTD
REGISTERED NUMBER: 13076480
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider 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 directors acknowledge their 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: 




J Gannon
Director

Date: 17 April 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

JD Gannon Properties Ltd is a private company, limited by shares, incorporated in England and Wales. The registered office address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the entity is the rental of freehold property.

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.

At the balance sheet date, the Company had net current liabilities of £5,852,171 (2023 - £5,603,656) and total net assets of £380,856 (2023 - £484,536). The financial statements have been prepared on a going concern basis as the directors have indicated their willingness and ability to continue to support the company to meet its liabilities as they fall due for payments for at least 12 months from the date of approval of these financial statements.
The financial statements are presented in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 3

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

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

 
2.5

Taxation

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.


 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 4

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 5

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 November 2023
10,809,379
4,167
10,813,546



At 31 October 2024
10,809,379
4,167
10,813,546

Investment property is carried at fair value, determined annually by external valuers or by the directors, and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature, location or condition of the property. No depreciation is provided. Changes in fair value are recognised in profit or loss, together with related deferred taxation.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
£


Historic cost
10,809,379

10,809,379

Page 6

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
609
-

Other debtors
19
-

Prepayments and accrued income
263
205

891
205



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
36,787
7,564



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
143,542
117,075

Trade creditors
1,968
533

Corporation tax
-
145,650

Other taxation and social security
12,411
11,732

Other creditors
5,740,692
5,319,040

Accruals and deferred income
17,606
17,395

5,916,219
5,611,425


Bank loans of £143,542 (2023 - £117,075) are secured on the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,580,519
4,725,354


Bank loans of £4,580,519 (2023 - £4,725,354) are secured on the assets to which they relate.

Page 7

 
JD GANNON PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
143,542
117,075

Amounts falling due 1-2 years

Bank loans
155,869
126,126

Amounts falling due 2-5 years

Bank loans
516,680
421,778

Amounts falling due after more than 5 years

Bank loans
3,907,970
4,177,450

4,724,061
4,842,429



10.


Related party transactions

During the year, the company received advances of £416,000 (2023 - £2,542,000) from Ready Mix Specialists Ltd, a limited company under common ownership. At the balance sheet date, an amount of £4,173,000 (2023 - £3,757,000) was owed to Ready Mix Specialists Ltd. The balance is unsecured, interest free and repayable on demand.
During the year, Concrete Supply Services Ltd, a limited company of which the director, Mr D Gannon, is also a director, provided services totalling £Nil (2023 - £708,500) from the Company. At the balance sheet date, an amount of £927,800 (2023 - £927,800) was owed to Concrete Supply Services Ltd. The balance is unsecured, interest free and repayable on demand.
During the year, the Company made repayments of of £505 to James Gannon Ltd, a limited company in which the director, Mr J Gannon, is a shareholder (2023 - £585,000 advances received). At the balance sheet date, an amount of £613,735 (2023 - £614,240) was owed to James Gannon Ltd. The balance is unsecured, interest free and repayable on demand.


11.


Controlling party

The ultimate controlling party is Mr J Gannon, a director, by virtue of owning over 50% of the ordinary share capital of the Company.
 
Page 8