Company registration number 00818655 (England and Wales)
M LENNON & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
M LENNON & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
M LENNON & CO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,742
9,066
Current assets
Stocks
7,034,488
6,608,324
Debtors
4
88,270
385,611
Cash at bank and in hand
1,627,710
209,607
8,750,468
7,203,542
Creditors: amounts falling due within one year
5
(1,480,847)
(1,766,164)
Net current assets
7,269,621
5,437,378
Total assets less current liabilities
7,333,363
5,446,444
Creditors: amounts falling due after more than one year
7
(1,000,000)
(1,000,000)
Provisions for liabilities
(14,524)
(765)
Net assets
6,318,839
4,445,679
Capital and reserves
Called up share capital
10
100
100
Share premium account
9
1,644,157
1,644,157
Profit and loss reserves
4,674,582
2,801,422
Total equity
6,318,839
4,445,679

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

M LENNON & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2025 and are signed on its behalf by:
Barry Lennon
Director
Company Registration No. 00818655
M LENNON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

M Lennon & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nobel Road, Edmonton, London, United Kingdom, N18 3BH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention on a going concern basis. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

The company recognises revenue from the following major sources:

- Sale of land and properties

- Rental of properties for development/resale

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of land and properties

Revenue from the sale of land and properties is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on completion of the sale), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental of properties for development/resale

Revenue from contracts for the rental of properties is recognised when certain performance obligations have been met, such as managing the properties and handling maintenance requests, the amount of rental income can be measured reliably by reference to rental contracts, and it is probable that the economic benefits associated with the transaction will flow to the company. Revenue is recognised on a straight line basis over the term of the lease.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20 % on reducing balance
Fixtures, fittings & equipment
25 % on reducing balance
Motor vehicles
25 % on reducing balance
M LENNON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value.

1.5
Cash and cash equivalents

Cash and cash equivalents 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.7
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

1.8
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
3
M LENNON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
67,643
Additions
169,300
Disposals
(118,000)
At 31 December 2024
118,943
Depreciation and impairment
At 1 January 2024
58,577
Depreciation charged in the year
17,179
Eliminated in respect of disposals
(20,555)
At 31 December 2024
55,201
Carrying amount
At 31 December 2024
63,742
At 31 December 2023
9,066
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
88,270
385,611
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,315
10,625
Corporation tax
612,070
11,135
Other taxation and social security
15,851
6,038
Other creditors
844,611
1,738,366
1,480,847
1,766,164
M LENNON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Loans and overdrafts
2024
2023
£
£
Bank loans
1,000,000
1,000,000
Payable after one year
1,000,000
1,000,000

The total of bank loans and overdraft for which security has been given amounted to £1,000,000 (2023: £1,000,000). The bank loans and overdraft are secured over specific properties as legal charges by Handelsbanken Plc.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,000,000
1,000,000
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
14,524
765
14,524
765
9
Share premium account
2024
2023
£
£
At beginning and end of year
1,644,157
1,644,157
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
500
500
500
500
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Operating lease commitments
As lessor - operating leases

The operating leases represent the rental of residential properties to third parties. The leases are negotiated over terms of 12 months and rentals are fixed for this period. There are options in place for either party to extend the lease term at the end of the primary period.

M LENNON & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
12
Related party transactions
Transactions with related parties

During the year transactions took place between the company and Oakwood Plant Ltd, Oakwood Plant Group Ltd, Oakwood Demolition Ltd, all companies controlled by Mr M Lennon and Mrs B Lennon, and between the company and Mr M Lennon.

Plant hire and other services payable
Loan interest payable
2024
2023
2024
2023
£
£
£
£
Entities over which the directors have control and a significant influence
150,000
293,800
29,434
105,416

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the directors have control and a significant influence
517,834
1,369,508

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the directors have control and a significant influence
-
321,709
13
Directors' transactions

Amounts due to directors of the company at the balance sheet date were £Nil (2023: £Nil).

14
Controlling party

The company is controlled by its directors and shareholders Mr M Lennon and Mrs B Lennon.

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