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Registration number: 05017900

P.W.Gannon Building Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

P.W.Gannon Building Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

P.W.Gannon Building Limited

Company Information

Director

Mr Philip William Gannon

Company secretary

Sallie Ann Gannon

Registered office

Unit 26 Edward Court
Altrincham Business Park
Altrincham
WA14 5GL

Accountants

Bright Partnership Limited
Unit 26 Edward Court
Broadheath
Altrincham
England
WA14 5GL

 

P.W.Gannon Building Limited

(Registration number: 05017900)
Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

920

1,158

Current assets

 

Stocks

500

500

Debtors

5

20,172

30,926

Cash at bank and in hand

 

55,021

71,827

 

75,693

103,253

Creditors: Amounts falling due within one year

6

(59,113)

(50,616)

Net current assets

 

16,580

52,637

Total assets less current liabilities

 

17,500

53,795

Creditors: Amounts falling due after more than one year

6

(2,114)

(8,719)

Provisions for liabilities

(229)

(289)

Net assets

 

15,157

44,787

Capital and reserves

 

Called up share capital

100

100

Retained earnings

15,057

44,687

Shareholders' funds

 

15,157

44,787

For the financial year ending 31 January 2025 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 by the director on 26 June 2025
 

 

P.W.Gannon Building Limited

(Registration number: 05017900)
Statement of Financial Position as at 31 January 2025

.........................................
Mr Philip William Gannon
Director

 

P.W.Gannon Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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 Corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

P.W.Gannon Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Tangible assets

Tangible 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 assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Plant and machinery

15% rbm

Fixture and Fittings

15% rbm

Motor vehicles

25% rbm

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

1% slm

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

P.W.Gannon Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

P.W.Gannon Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2024 - 5).

 

P.W.Gannon Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2024

24,933

24,933

At 31 January 2025

24,933

24,933

Amortisation

At 1 February 2024

24,933

24,933

At 31 January 2025

24,933

24,933

Carrying amount

At 31 January 2025

-

-

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

929

22,198

23,127

Disposals

-

(1,500)

(1,500)

At 31 January 2025

929

20,698

21,627

Depreciation

At 1 February 2024

419

21,550

21,969

Charge for the year

76

162

238

Eliminated on disposal

-

(1,500)

(1,500)

At 31 January 2025

495

20,212

20,707

Carrying amount

At 31 January 2025

434

486

920

At 31 January 2024

510

648

1,158

5

Debtors

Current

2025
£

2024
£

Trade debtors

19,448

30,300

Prepayments

724

626

 

20,172

30,926

 

P.W.Gannon Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

6,921

6,921

Trade creditors

 

14,453

6,411

Taxation and social security

 

4,441

27,791

Accruals and deferred income

 

2,950

2,760

Other creditors

 

30,348

6,733

 

59,113

50,616

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

2,114

8,719