REGISTERED NUMBER: 03234605 (England and Wales)

I.J. PREECE & SON LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Directors:

J H Preece

Mrs V M Preece

Secretary:

Mrs V M Preece

Registered office:

Unit 8

Wormbridge Court Business Centre

Wormbridge

Herefordshire

HR2 9DH

Registered number:

03234605 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

CUBO Birmingham

4th Floor

Two Chamberlain Square

Birmingham

West Midlands

B3 3AX

Fixed assets

Tangible assets

4

368,654

380,935

Current assets

Stocks

10,000

12,000

Debtors

5

310,694

631,845

Cash at bank

342,077

146,152

662,771

789,997

Creditors

Amounts falling due within one year

6

528,948

740,453

Net current assets

133,823

49,544

Total assets less current liabilities

502,477

430,479

Creditors

Amounts falling due after more than one year

7

(73,921

)

(30,873

)

Provisions for liabilities

(65,195

)

(80,546

)

Net assets

363,361

319,060

Capital and reserves

Called up share capital

243

243

Capital redemption reserve

160

160

Retained earnings

362,958

318,657

363,361

319,060

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 1 October 2025 and were signed on its behalf by:

J H Preece - Director

Mrs V M Preece - Director

1.	Statutory information

I.J. Preece & Son 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Long-term contract work in progress

Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion once the outcome of the contract can be measured with sufficient reliability by a quantity surveyor, director or management team.

3.	Employees and directors

The average number of employees during the year was 40 (2023 - 40 ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 January 2024

292,851

412,558

24,138

729,547

Additions

53,370

82,145

2,525

138,040

Disposals

(54,500

)

(85,385

)

(380

)

(140,265

)

At 31 December 2024

291,721

409,318

26,283

727,322

Depreciation

At 1 January 2024

156,268

178,369

13,975

348,612

Charge for year

21,065

60,022

2,202

83,289

Eliminated on disposal

(12,354

)

(60,758

)

(121

)

(73,233

)

At 31 December 2024

164,979

177,633

16,056

358,668

Net book value

At 31 December 2024

126,742

231,685

10,227

368,654

At 31 December 2023

136,583

234,189

10,163

380,935

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

Motor

vehicles

£

Cost

At 1 January 2024

99,854

Additions

67,990

Disposals

(39,500

)

At 31 December 2024

128,344

Depreciation

At 1 January 2024

27,713

Charge for year

18,035

Eliminated on disposal

(17,650

)

At 31 December 2024

28,098

Net book value

At 31 December 2024

100,246

At 31 December 2023

72,141

5.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

279,453

606,735

Amounts recoverable on contract

26,342

21,663

Other debtors

4,899

3,447

310,694

631,845

6.

Creditors: amounts falling due within one year

2024

2023

£

£

Hire purchase contracts (see note 8)

39,683

18,575

Trade creditors

197,751

386,185

Taxation and social security

146,391

182,405

Other creditors

145,123

153,288

528,948

740,453

7.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Hire purchase contracts (see note 8)

73,921

30,873

8.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

39,683

18,575

Between one and five years

73,921

30,873

113,604

49,448

Non-cancellable

operating leases

2024

2023

£

£

Within one year

16,113

16,451

Between one and five years

12,000

12,112

28,113

28,563

9.	Secured debts

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

113,604

49,448

10.	Directors' advances, credits and guarantees

The directors loans due from the company as at 31 December 2024 amounted to £4,201 (2023: £538) and £55,122 (2023: £49,975). The loans are repayable on demand.

The shareholder loan due from the company as at 31 December 2024 amounted to £21,206 (2023: £206). This is included within other creditors.

The loans are repayable on demand. No interest has been charged on these loans.

Dividends amounting to £81,835 (2023: £65,029) were paid to the directors during the year.