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Company Registration No. 03267101 (England and Wales)







J.J. SWEENEY LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors 
40 Chamberlayne Road
London
NW10 3JE

 
J.J. SWEENEY LTD
 
 
COMPANY INFORMATION


Directors
J J Sweeney 
P C Sweeney 
J P Sweeney 




Company secretary
J J Sweeney



Registered number
03267101



Registered office
3 Conqueror Court
Spilsby Road

Romford

RM3 8SB




Independent auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




Bankers
Lloyds Bank Plc
1st Floor (East)

10 Gresham Street

London

EC2V 7AE





 
J.J. SWEENEY LTD
 

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 8
Profit and Loss Account
 
 
9
Balance Sheet
 
 
10
Statement of Changes in Equity
 
 
11
Statement of Cash Flows
 
 
12
Analysis of Net Debt
 
 
13
Notes to the Financial Statements
 
 
14 - 23


 
J.J. SWEENEY LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report together with the financial statements of the company for the year ended 31st August 2024.

Principal activities
 
The principal activities of the company continued to be that of joinery and fit out contractors.

Headline facts and key performance indicators
 
The key financial highlights of the company for the last four years are as follows:



2024
2023
2022
2021
Turnover
£'000
12,232
30,827
23,010
16,032
Profit before tax
£'000
1,820
3,766
2,679
1,955
Profit Margin
%
14.88
12.22
11.64
12.19
Balance sheet strength
£'000
13,456
13,391
12,540
11,690

Our priority is the successful delivery of our projects in a quality and timely manner while protecting health and safety of our workers. Our key financial targets remain profit and balance sheet strength. 

The profit and loss account
 
The profit and loss account for the year is set out on page 9. The results were in line with the expectations of the directors.

Review of the year August 2024
 
The company had another successful year and the directors are pleased to report profit before tax of £1.82 million on turnover of £12.23 million.
Our key performance indicators above continue to show consistent profitability and balance sheet growth as we completed and handed over large scale joinery and fit out projects to programme and to the very highest standards. Turnover was significantly impacted by programme delays on live contracts which have been pushed into FY25.
The continuing war in Ukraine and general slowdown in the economy has caused difficult trading challenges with increased material costs, energy prices and transportation costs. However, our consistent profits resulted from a combination of factors such as continuing focus on core activities, strengthening relationships with our key clients and the quality of our management team. 

Future prospects

Our current contracts are progressing satisfactorily, we have a steady order book from well-established Tier 1 customers and an encouraging pipeline of future opportunities.
The fundamentals of our business are strong and focussed and our financial strength continues to enable us to invest in our people and resources.
Turnover and profit margins have become more difficult to achieve with significant delays to works on several contracts and the added challenges presented by the geo-political climate, with conflicts in Ukraine and the Middle East, ongoing inflation concerns and persistently high interest.
However, as we enter another year of successful trading we are confident that the strength of the company with its strong and liquid balance sheet, our dedicated and experienced team, our reputation in our sector to continue the delivery of a consistent, timely and quality service to our valued customers and to generate profit and positive cash flow going forward.

Page 1

 
J.J. SWEENEY LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Principal risk and uncertainties

The principal risks for our company include the following:
Pricing and delivery of joinery and fit out contracts 
The pricing and delivery of large and complex joinery and fit out contracts present many challenges, principal amongst them being the availability of materials and tradespeople and meeting tight deadlines. Our policy remains to have an experienced team of construction, pre-construction, commercial, surveying, estimating and resource professionals who carry out an in depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win.
Health and safety risk
Construction can be a higher risk activity. Health and safety remains at the forefront of our management principles. We work hard to eliminate and prevent the recurrence of even the most minor accidents and non- injury events. We prioritise investment in health and safety training to maintain, monitor and enhance our Health & Safety performance. 
Our management team 
The success of the company is dependent on recruiting and retaining skilled management, tradespeople and support staff and our employment policy is designed to attract, train and provide a rewarding and challenging career that retains the best people throughout their working life.
Quality workmanship
Construction projects have to be delivered to exacting design, engineering and quality workmanship standards. Our policy remains to have a stable team of skilled and experienced directors, managers, tradespeople and support staff and we are proud of our ability to retain the best people.
Credit risk
The company’s credit risks are mainly attributable to trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long-standing blue chip customers and we operate a modern and efficient financial and management reporting system that monitors our customers and our debtors book on a day to day basis. In particular our longstanding monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and help act as an advance warning of any variances. The company does not have a concentration of credit risk with the exposure spread over a number of customers.
Liquidity risk
The company maintains a strong and liquid balance sheet and finances its operations through a mixture of cash reserves in the bank, trade debtors, including amounts receivable from contracts less trade and other creditors. Cashflow forecasts are constantly monitored and updated. The company does not have any complex financial instruments or hedging products, nor does it have any loans or overdrafts. Therefore, the directors are confident that they can meet their obligations as they fall due.

Going concern

The Board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of these financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well-established customers and the company has a £13.5 million balance sheet with strong liquidity and consistent profits. Thus, we continue to adopt the going concern basis in preparing the financial statements.

Page 2

 
J.J. SWEENEY LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Future

The Directors look forward with confidence to continue the success of the company into the future.


This report was approved by the board on 9 May 2025 and signed on its behalf.



___________________________
P C Sweeney
Director

Page 3

 
J.J. SWEENEY LTD
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,265,238 (2023 - £2,850,927).

Interim dividends of £1,200,000 (2023: £2,000,000) were paid during the year. The directors have not proposed a final dividend (2023: £Nil).

Directors

The directors who served during the year were:

J J Sweeney 
P C Sweeney 
J P Sweeney 

Strategic report

The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainities, financial instruments and future prospects.

Page 4

 
J.J. SWEENEY LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutotry Auditors are deemed to be reappointed as auditors.

This report was approved by the board on 9 May 2025 and signed on its behalf.
 





___________________________
P C Sweeney
Director

Page 5

 
J.J. SWEENEY LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.J. SWEENEY LTD
 

Opinion


We have audited the financial statements of J.J. Sweeney Ltd (the 'Company') for the year ended 31 August 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
J.J. SWEENEY LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.J. SWEENEY LTD (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
 
Page 7

 
J.J. SWEENEY LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.J. SWEENEY LTD (CONTINUED)


We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Kumar Perumal (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

9 May 2025
Page 8

 
J.J. SWEENEY LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

Turnover
 4 
12,232,119
30,827,276

Cost of sales
  
(9,278,849)
(25,966,938)

Gross profit
  
2,953,270
4,860,338

Administrative expenses
  
(1,399,774)
(1,510,921)

Operating profit
 5 
1,553,496
3,349,417

Interest receivable and similar income
 9 
280,142
421,203

Interest payable and similar expenses
 10 
(13,504)
(4,622)

Profit before tax
  
1,820,134
3,765,998

Taxation
 11 
(554,896)
(915,071)

Profit for the financial year
  
1,265,238
2,850,927

The profit and loss account has been prepared on the basis that all operations are continuing operations.
There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 14 to 23 form part of these financial statements.

Page 9

 
J.J. SWEENEY LTD
REGISTERED NUMBER:03267101

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
269,072
385,736

  
269,072
385,736

Current assets
  

Debtors
 14 
10,279,940
8,817,497

Cash at bank and in hand
  
5,386,317
9,575,077

  
15,666,257
18,392,574

Creditors: amounts falling due within one year
 15 
(2,438,507)
(5,319,264)

Net current assets
  
 
 
13,227,750
 
 
13,073,310

Total assets less current liabilities
  
13,496,822
13,459,046

Provisions for liabilities
  

Deferred tax
  
(40,561)
(68,023)

  
 
 
(40,561)
 
 
(68,023)

Net assets
  
13,456,261
13,391,023


Capital and reserves
  

Called up share capital 
 18 
5,000
5,000

Revaluation reserve
  
48,139
48,139

Profit and loss account
  
13,403,122
13,337,884

  
13,456,261
13,391,023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 May 2025.




___________________________
P C Sweeney
Director

The notes on pages 14 to 23 form part of these financial statements.

Page 10

 
J.J. SWEENEY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 September 2022
5,000
48,139
12,486,957
12,540,096



Profit for the year
-
-
2,850,927
2,850,927

Dividends
-
-
(2,000,000)
(2,000,000)



At 1 September 2023
5,000
48,139
13,337,884
13,391,023



Profit for the year
-
-
1,265,238
1,265,238

Dividends
-
-
(1,200,000)
(1,200,000)


At 31 August 2024
5,000
48,139
13,403,122
13,456,261


The notes on pages 14 to 23 form part of these financial statements.

Page 11

 
J.J. SWEENEY LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,265,238
2,850,927

Adjustments for:

Depreciation of tangible assets
121,979
74,463

Profit on disposal of tangible assets
-
(25,076)

Interest paid
13,504
4,622

Interest received
(280,142)
(421,203)

Taxation charge
554,896
915,071

Increase in debtors
(1,462,443)
(1,374,735)

Decrease in creditors
(2,766,597)
(2,099,602)

Corporation tax paid
(696,518)
(634,635)

Net cash used in operating activities

(3,250,083)
(710,168)

Cash flows from investing activities

Purchase of tangible fixed assets
(5,315)
(307,370)

Sale of tangible fixed assets
-
34,500

Interest received
280,142
421,203

Net cash from investing activities

274,827
148,333

Cash flows from financing activities

Dividends paid
(1,200,000)
(2,000,000)

Interest paid
(13,504)
(4,622)

Net cash used in financing activities
(1,213,504)
(2,004,622)

Net (decrease) in cash and cash equivalents
(4,188,760)
(2,566,457)

Cash and cash equivalents at beginning of year
9,575,077
12,141,534

Cash and cash equivalents at the end of year
5,386,317
9,575,077


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,386,317
9,575,077


The notes on pages 14 to 23 form part of these financial statements.

Page 12

 
J.J. SWEENEY LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024




At 1 September 2023
Cash flows
At 31 August 2024
£

£

£

Cash at bank and in hand

9,575,077

(4,188,760)

5,386,317


9,575,077
(4,188,760)
5,386,317

The notes on pages 14 to 23 form part of these financial statements.

Page 13

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

J.J.Sweeney Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Conqueror Court, Spilsby Road, Harold Hill, Romford, RM3 8SB. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors' Report and the Strategic Report sets out the company's business activities, and highlights the factors which may impact on its financial performance, market position and future prospects.
The Strategic Report also provides information in relation to the company's financial and liquidity position, details of its financial instruments, management of capital and exposure to credit and liquidity risk.
The company has a strong balance sheet and a substantial order book for the twelve months from the date of approval of these financial statements and its forecasts indicate that it will continue to generate profit and positive cash flows for the foreseeable future.
As a consequence, the directors believe that the company has adequate resources to continue in operational existence and that it is well placed to continue to manage its business risks successfully. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

  
2.3

Foreign currency translation

Transactions in currencies other than pound sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 
2.4

Turnover

Turnover from contracting activities is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT. The fair value of consideration  takes  into  account trade discounts, settlement discounts and volume rebates.

Page 14

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 
2.10

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 15

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
4 years
Motor vehicles
-
4 years
Fixtures and fittings
-
5 years

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.

 
2.11

Construction contracts

Amounts recoverable on contracts, including work-in-progress, are shown within debtors and are stated at  the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Turnover and related costs are recorded as contract activity progresses. An appropriate proportion of the anticipated contract profit or loss is recognised as the contract activity progresses commensurate with performance and anticipated final outcome. Excess progress payments are included in creditors as payments received on account.

 
2.12

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

 
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.

 
2.14

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.

Page 16

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.15

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcome may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the company within the next financial year are detailed as follows:
Construction contracts   
Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.


4.


Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the UK.


5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
8
9,215

Depreciation of  tangible fixed assets
121,979
74,463

Profit on disposal of tangible fixed assets
-
(25,076)

Operating lease charges
72,667
92,250


6.


Auditors' remuneration

2024
2023
£
£


Audit services
14,000
14,000

Accountancy and taxation services
21,000
21,000

35,000
35,000

Page 17

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,632,574
1,558,976

Social security costs
188,114
180,264

Pension costs
25,529
23,733

1,846,217
1,762,973


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Admin/ Technical
15
15



Construction
9
11

27
29


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
268,252
170,511

Pension costs
1,321
1,321

269,573
171,832


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £108,866 (2023 - £59,011).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Interest receivable

2024
2023
£
£


Bank interest receivable
280,142
421,203

Page 18

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
13,504
4,622


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
582,358
847,048

Total current tax
582,358
847,048

Deferred tax


Origination and reversal of timing differences
(27,462)
68,023


Total tax charge for the year
554,896
915,071

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,820,134
3,765,998


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
455,034
941,500

Effects of:


Expenses not deductible for tax purposes
74,227
126,071

Difference in capital allowances and depreciation
27,461
(51,415)

Non-taxable income
25,636
(25,636)

Origination and reversal of timing differences
(27,462)
68,023

Profit on disposal of fixed assets
-
(6,269)

Effect of change in corporation tax rate
-
(137,203)

Total tax charge for the year
554,896
915,071

Page 19

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Dividends

2024
2023
£
£


Interim dividend paid
1,200,000
2,000,000


13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 September 2023
268,204
287,602
141,759
697,565


Additions
-
5,315
-
5,315



At 31 August 2024

268,204
292,917
141,759
702,880



Depreciation


At 1 September 2023
119,570
80,652
111,607
311,829


Charge for the year
46,664
55,647
19,668
121,979



At 31 August 2024

166,234
136,299
131,275
433,808



Net book value



At 31 August 2024
101,970
156,618
10,484
269,072



At 31 August 2023
148,634
206,950
30,152
385,736

Page 20

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Debtors

2024
2023
£
£

Amounts recoverable on long-term contracts
2,321,173
1,036,146

Trade debtors
18,541
134,186

Amounts owed by related undertakings
7,670,717
7,231,478

Other debtors
204,533
273,082

Prepayments and accrued income
64,976
142,605

10,279,940
8,817,497


Other debtor represents VAT recoverable.
Amounts owed by related undertakings are unsecured, interest free and repayable on demand.


15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
804,597
1,692,779

Amounts owed to group undertakings
38,197
1,565,233

Corporation tax
430,857
545,017

Other taxation and social security
72,727
104,286

Other creditors
31,881
22,389

Accruals and deferred income
1,060,248
1,389,560

2,438,507
5,319,264


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


16.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,386,317
9,575,077

Financial assets that are debt instruments measured at amortised cost
10,010,431
8,267,624

15,396,748
17,842,701


Financial liabilities


Financial liabilities measured at amortised cost
(1,931,205)
(4,774,247)

Page 21

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Deferred taxation




2024


£



At beginning of year
68,023


Credited to profit or loss
(27,462)



At end of year
40,561

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
40,561
68,023


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares of £1.00 each
5,000
5,000



19.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £25,529 (2023: £23,733). Contributions totalling £1,647 (2023- £1,905) were payable to the fund at the balance sheet date.


20.


Commitments under operating leases

At 31 August 2024 the Company had future annual minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
158,500
98,500

Later than 1 year and not later than 5 years
158,500
98,500

Page 22

 
J.J. SWEENEY LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Related party transactions

The company is related to Sweeney Estates Limited and Sweenvest Properties Limited by virtue of being under common control. 
During the year the company entered into the following transaction with Sweeney Estates Limited:
Rent paid- £51,667 (2023: £71,250)
Key management personnel
The remuneration of key management personnel, who are also directors, is disclosed in note 8.


22.


Post balance sheet events

There were no events since the year end which materially affected the company.


23.


Controlling party

J.J. Sweeney Holdings Limited is the company's parent undertaking.
The consolidated accounts of the parent company, J.J. Sweeney Holdings Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
Page 23