Alex Jones Funeral Directors Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03136680 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Alex Jones Funeral Directors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

A N Jones

A D Jones

Registered office:

The Study

1 East Grinstead Road

Lingfield

Surrey

RH7 6EP

Registered number:

03136680 (England and Wales)

Accountants:

Hughes & Co.

The Stables

Broseley Hall

Church Street

Broseley

Shropshire

TF12 5DG

Fixed assets

Intangible assets

4

-

Tangible assets

5

3,786,334

3,925,420

Investments

6

2,192,799

Investment property

7

1,400,000

7,379,133

7,518,219

Current assets

Stocks

30,000

Debtors

8

315,511

190,684

Cash at bank and in hand

180,747

196,332

526,258

417,016

Creditors

Amounts falling due within one year

9

697,309

577,149

Net current liabilities

(171,051

)

(160,133

)

Total assets less current liabilities

7,208,082

7,358,086

Creditors

Amounts falling due after more than one
year

10

(2,264,798

)

(2,660,245

)

Provisions for liabilities

12

(416,000

)

(398,000

)

Net assets

4,527,284

4,299,841

Capital and reserves

Called up share capital

13

52,000

Share premium

14

6,100

Fair value reserve

14

1,631,434

1,639,200

Retained earnings

14

2,837,750

2,602,541

Shareholders' funds

4,527,284

4,299,841

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

A N Jones - Director

1.	STATUTORY INFORMATION

Alex Jones Funeral Directors 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Land and buildings

-

1% on cost and straight line over the life of the lease

Plant and machinery etc

-

25% on reducing balance

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.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Deferred taxation is provided on any revaluation gains at the rate expected to apply when the property is sold.

Stocks

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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

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.

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.

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.

Financial instruments are recognised in the company's statement of financial position 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 receivables 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 receipts 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 trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 January 2024

and 31 December 2024

1,393,623

Amortisation

At 1 January 2024

and 31 December 2024

1,393,623

Net book value

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

Cost or valuation

At 1 January 2024

2,245,000

1,299,656

81,261

Additions

-

Disposals

-

At 31 December 2024

2,245,000

1,299,656

81,261

Depreciation

At 1 January 2024

-

229,659

60,912

Charge for year

15,131

39,874

4,959

Eliminated on disposal

-

At 31 December 2024

15,131

269,533

65,871

Net book value

At 31 December 2024

2,229,869

1,030,123

15,390

At 31 December 2023

2,245,000

1,069,997

20,349

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

Cost or valuation

At 1 January 2024

219,658

874,213

35,590

4,755,378

Additions

14,172

10,599

-

24,771

Disposals

-

(105,000

)

-

(105,000

)

At 31 December 2024

233,830

779,812

35,590

4,675,149

Depreciation

At 1 January 2024

192,642

320,308

26,437

829,958

Charge for year

8,059

55,985

2,205

126,213

Eliminated on disposal

-

(67,356

)

-

(67,356

)

At 31 December 2024

200,701

308,937

28,642

888,815

Net book value

At 31 December 2024

33,129

470,875

6,948

3,786,334

At 31 December 2023

27,016

553,905

9,153

3,925,420

Cost or valuation at 31 December 2024 is represented by:

Freehold

Short

Plant and

property

leasehold

machinery

£

Valuation in 2023

800,698

140,032

-

Cost

1,444,302

1,159,624

81,261

2,245,000

1,299,656

81,261

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

Valuation in 2023

-

940,730

Cost

233,830

779,812

35,590

3,734,419

233,830

779,812

35,590

4,675,149

If land and buildings had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

2,603,927

Aggregate depreciation

619,841

572,602

Land and buildings were valued on an open market value basis on 31 December 2024 by the directors .

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

Motor

vehicles

£

Cost or valuation

At 1 January 2024

482,903

Transfer to ownership

(169,059

)

At 31 December 2024

313,844

Depreciation

At 1 January 2024

103,821

Charge for year

12,968

Transfer to ownership

(91,850

)

At 31 December 2024

24,939

Net book value

At 31 December 2024

288,905

At 31 December 2023

379,082

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 January 2024

and 31 December 2024

2,192,799

Net book value

At 31 December 2024

2,192,799

At 31 December 2023

2,192,799

The company acquired all the shares of The Martins Independent Funeral Directors Ltd in November 2017.

7.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 January 2024

and 31 December 2024

1,400,000

Net book value

At 31 December 2024

1,400,000

At 31 December 2023

1,400,000

Investment property comprises a flat above the Rochester Row funeral parlour and a maisonette above the Oxted funeral parlour.

The fair value of the Rochester Row flat has been arrived at by the directors based on valuations obtained in May 2017 and March 2023.

The fair value of the Oxted maisonette has been arrived at by the directors based on a valuation obtained in March 2023.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2015

312,493

Valuation in 2023

273,030

Cost

814,477

1,400,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

286,743

159,590

Other debtors

28,768

31,094

315,511

190,684

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

107,112

124,374

Hire purchase contracts and finance leases

46,298

66,261

Trade creditors

76,231

92,267

Amounts owed to group undertakings

155,162

Taxation and social security

142,906

22,077

Other creditors

169,600

117,008

697,309

577,149

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

2,149,517

2,506,185

Hire purchase contracts and finance leases

115,281

154,060

2,264,798

2,660,245

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

2,256,629

2,630,559

Hire purchase contracts and finance leases

161,579

220,321

2,418,208

2,850,880

The bank loans are secured by a fixed and floating charge over the assets of the company and legal charges over the company's freehold and leasehold properties at 235 Munster Road, 260B Fulham Road and 91 Rochester Row. There is also a legal charge over the leasehold property at 38-40 Broadfield Barton, which is owned by subsidiary company, The Martins Independent Funeral Directors Ltd. Additionally Mr A N Jones has given personal guarantees.

The company's hire purchase liabilities are secured on the relevant plant, equipment and motor vehicles.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

416,000

398,000

Deferred tax

£

Balance at 1 January 2024

398,000

Provided during year

18,000

Balance at 31 December 2024

416,000

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

50,000

Ordinary shares

£1

50,000

2,000

Ordinary A shares

£1

2,000

52,000

14.

RESERVES

Retained

Share

Fair value

earnings

premium

reserve

Totals

£

At 1 January 2024

2,602,541

6,100

1,639,200

4,247,841

Profit for the year

641,443

-

641,443

Dividends

(414,000

)

-

(414,000

)

Transfer - depreciation

7,766

-

(7,766

)

-

At 31 December 2024

2,837,750

6,100

1,631,434

4,475,284

15.	OTHER FINANCIAL COMMITMENTS

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £7,590 (2023: £25,673).

16.	RELATED PARTY DISCLOSURES

During the year, total dividends of £414,000 (2023 - £517,500) were paid to the directors .

17.	ULTIMATE CONTROLLING PARTY

The controlling party is A N Jones.