I. P. Jones Fencing Contractors Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03986044 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

I. P. JONES FENCING CONTRACTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K H Jones

Mr R P McKay

Mr J C McKay

Mr I F Waring

REGISTERED OFFICE:

Yew Tree Farm

Preston Road

Charnock Richard

Chorley

Lancashire

PR7 5LE

REGISTERED NUMBER:

03986044 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

1,176,982

1,155,086

CURRENT ASSETS

Stocks

5

472,016

251,643

Debtors

6

1,656,223

1,394,541

Cash at bank and in hand

393,302

828,342

2,521,541

2,474,526

CREDITORS

Amounts falling due within one year

7

(1,181,188

)

(1,206,992

)

NET CURRENT ASSETS

1,340,353

1,267,534

TOTAL ASSETS LESS CURRENT LIABILITIES

2,517,335

2,422,620

CREDITORS

Amounts falling due after more than
one year

8

(136,123

)

(211,580

)

PROVISIONS FOR LIABILITIES

11

(278,373

)

(268,454

)

NET ASSETS

2,102,839

1,942,586

CAPITAL AND RESERVES

Called up share capital

12

1,000

Retained earnings

13

2,101,839

1,941,586

SHAREHOLDERS' FUNDS

2,102,839

1,942,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2025 and were signed on its behalf by:

Mrs K H Jones - Director

Mr R P McKay - Director

1.	STATUTORY INFORMATION

I. P. Jones Fencing Contractors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Hoarding

-

6.67% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2023 - 54 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

COST

At 1st January 2024

141,885

897,085

49,972

Additions

-

174,842

209

Disposals

-

(34,012

)

-

At 31st December 2024

141,885

1,037,915

50,181

DEPRECIATION

At 1st January 2024

91,004

356,110

36,838

Charge for year

30,784

122,222

2,655

Eliminated on disposal

-

(12,458

)

-

At 31st December 2024

121,788

465,874

39,493

NET BOOK VALUE

At 31st December 2024

20,097

572,041

10,688

At 31st December 2023

50,881

540,975

13,134

Motor

vehicles

Hoarding

Totals

£

COST

At 1st January 2024

756,324

443,938

2,289,204

Additions

94,365

90,956

360,372

Disposals

(78,577

)

(74,464

)

(187,053

)

At 31st December 2024

772,112

460,430

2,462,523

DEPRECIATION

At 1st January 2024

538,224

111,942

1,134,118

Charge for year

67,012

23,004

245,677

Eliminated on disposal

(52,113

)

(29,683

)

(94,254

)

At 31st December 2024

553,123

105,263

1,285,541

NET BOOK VALUE

At 31st December 2024

218,989

355,167

1,176,982

At 31st December 2023

218,100

331,996

1,155,086

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

COST

At 1st January 2024

270,675

369,726

640,401

Additions

116,820

85,365

202,185

Transfer to ownership

(33,000

)

(26,881

)

(59,881

)

At 31st December 2024

354,495

428,210

782,705

DEPRECIATION

At 1st January 2024

55,411

226,844

282,255

Charge for year

54,599

48,911

103,510

Transfer to ownership

(18,357

)

(20,901

)

(39,258

)

At 31st December 2024

91,653

254,854

346,507

NET BOOK VALUE

At 31st December 2024

262,842

173,356

436,198

At 31st December 2023

215,264

142,882

358,146

5.

STOCKS

31.12.24

31.12.23

£

Stocks

315,254

217,364

Work-in-progress

156,762

34,279

472,016

251,643

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

1,185,561

1,322,835

Amounts owed by group undertakings

407,505

-

Other debtors

63,157

71,706

1,656,223

1,394,541

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts (see note 9)

10,000

30,072

Hire purchase contracts (see note 10)

176,093

138,522

Trade creditors

480,051

419,753

Taxation and social security

144,022

118,817

Other creditors

371,022

499,828

1,181,188

1,206,992

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Bank loans (see note 9)

9,113

24,271

Hire purchase contracts (see note 10)

127,010

187,309

136,123

211,580

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

Amounts falling due within one year or on demand:

Bank loans

10,000

30,072

Amounts falling due between one and two years:

Bank loans - 1-2 years

9,113

24,271

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

176,093

138,522

Between one and five years

127,010

187,309

303,103

325,831

Non-cancellable

operating leases

31.12.24

31.12.23

£

Within one year

85,683

Between one and five years

342,732

In more than five years

128,525

214,208

556,940

642,623

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

Deferred tax

278,373

268,454

Deferred

tax

£

Balance at 1st January 2024

268,454

Charge to Statement of Income and Retained Earnings
during year

9,919

Balance at 31st December 2024

278,373

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

NIL

Ordinary A

£1

-

298

267

Ordinary B

£1

267

297

528

Ordinary C

£1

528

200

Ordinary D

£1

200

5

Ordinary E

£1

5

1,000

During the year, 298 Ordinary A shares of £1 each were redesignated to 298 Ordinary C Shares of £1 each, and 30 Ordinary B shares of £1 each were redesignated to 30 Ordinary C Share of £1 each.

13.

RESERVES

Retained

earnings

£

At 1st January 2024

1,941,586

Profit for the year

326,553

Dividends

(166,300

)

At 31st December 2024

2,101,839

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R McKay by virtue of a 20% shareholding in I.P. Jones Fencing Contractors Limited and Mr R Mckay's 100% shareholding of IPJ Holdings Limited, a company registered in England and Wales, which has a 32.8% shareholding in I.P. Jones Fencing Contractors Limited.