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REGISTERED NUMBER: OC374869

Jones FM LLP

Reports and Financial Statements

31 May 2025

Jones FM LLP

Financial Statements

Year ended 31 May 2025

Contents | Pages

Members' report | 1 to 2

Independent auditor's report to the members | 3 to 6

Statement of comprehensive income | 7

Statement of financial position | 8 to 9

Reconciliation of members' interests | 10 to 11

Statement of cash flows | 12

Notes to the financial statements | 13 to 22

Jones FM LLP

Members' Report

Year ended 31 May 2025
The members present their report and the financial statements of the LLP for the year ended 31 May 2025 .
The principal activity of the LLP during the year was that of building and maintenance work.
Review of business and future developments
The audited financial statements for the year ended 31 May 2025 are set out on pages 7 to 22. The results for the year and the financial position at the year-end were considered satisfactory.
Going concern
At the time of approving the LLP’s financial statements it is the designated members’ judgement that the LLP has sufficient resources to continue trading for the foreseeable future. Therefore, the designated members continue to adopt the going concern basis in preparing the financial statements.
Designated members
The designated members who served the LLP during the year were as follows:

The Jones Brothers Group Ltd |
Christopher James Jones |

Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
The members are entitled to draw monthly, on account of profit, such sums as may from time to time be mutually agreed.
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
Members' responsibilities statement
The members are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law as applied to the limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 requires the members to prepare financial statements for each financial year. Under that law, the members have elected to prepare the LLP's financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (FRS 102 and applicable law). Under company law as applied to limited liability partnerships, the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as modified by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The responsibilities are exercised by the designated members on behalf of the members. Auditor
All of the members as at the date of this report have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The members are not aware of any relevant audit information of which the LLP's auditor is unaware.
The auditor, Anderson Ross LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report was approved by the members on 6 March 2026 and signed on behalf of the members by:

Christopher James Jones
Designated Member

Jones FM LLP

Independent Auditor's Report to the Members of Jones FM LLP

Year ended 31 May 2025
Opinion
We have audited the financial statements of Jones FM LLP (the "LLP") for the year ended 31 May 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Reconciliation of Members' Interests, the Statement of Cash Flows, and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council ("the FRC") ('FRS 102') (altogether known as United Kingdom Generally Accepted Accounting Practice - 'UK GAAP'). In our opinion, the financial statements: - give a true and fair view of the state of the LLP's affairs as at 31 May 2025 and of its profit for the year then ended; - have been properly prepared in accordance with UK GAAP; and - have been prepared in accordance with the requirements of the Companies Act 2006 (the 'Act') as applied to limited liability partnerships.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
Other information
The members are responsible for the other information. The other information comprises the information included in the Members’ Report but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Act as it applies to limited liability partnerships, requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we consider necessary for our audit; or - the members were not entitled to prepare the financial statements in accordance with the limited liability partnerships regime.
Responsibilities of members
As explained more fully in the members' responsibilities statement set out on page 2, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities including fraud: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the LLP through discussions with designated members and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the LLP, including the Act, the Statement of Recommended Practice for Limited Liability Partnerships, taxation legislation, data protection, anti-bribery, employment, and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the LLP's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by, amongst others: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we carried out the following, amongst others: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing relevant correspondence with Government and regulators, including HMRC, and agreements where applicable. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the website of the Financial Reporting Council at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the LLP’s members, as a body, in accordance with Chapter 3 of Part 16 of the Act, as applied to limited liability partnerships. Our audit work has been undertaken so that we might state to the LLP’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Naraidoo Savomy FCCA FCA CTA
(Senior Statutory Auditor)

For and on behalf of
Anderson Ross LLP
Statutory Auditor
22 West Green Road
London
United Kingdom, N15 5NN

6 March 2026

Jones FM LLP

Statement of Comprehensive Income

Year ended 31 May 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 26,484,460 | 21,792,881

Cost of sales | 20,272,955 | 16,227,035
| ------------- | -------------
Gross profit | 6,211,505 | 5,565,846

Administrative expenses | 5,441,789 | 4,864,959
Other operating income | 5 | 67,088 | 31,627
|  | ------------ | ------------
Operating profit | 8 | 836,804 | 732,514

Interest payable and similar expenses | 9 | 121,346 | 56,926
| ------------ | ------------
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members | 715,458 | 675,588
| ------------ | ------------

All the activities of the LLP are from continuing operations.

Jones FM LLP

Statement of Financial Position

31 May 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 11 | 712,016 | 711,831

Current assets

Stocks | 12 | 427,000 | 122,500
Debtors | 13 | 3,918,732 | 3,576,133
Cash at bank and in hand | 1,332 | 249,126
| ------------ | ------------
| 4,347,064 | 3,947,759

Creditors: amounts falling due within one year | 15 | 4,182,323 | 3,744,815
| ------------ | ------------
Net current assets | 164,741 | 202,944
| --------- | ---------
Total assets less current liabilities | 876,757 | 914,775

Creditors: amounts falling due after more than one year | 16 | 441,003 | 439,663
| --------- | ---------
Net assets | 435,754 | 475,112
| --------- | ---------

Represented by:
Loans and other debts due to members

Other amounts | 19 | 433,754 | 473,112

Members' other interests

Members' capital classified as equity | 2,000 | 2,000
Other reserves, including the fair value reserve | – | –
| --------- | ---------
| 435,754 | 475,112
| --------- | ---------

Total members' interests

Loans and other debts due to members | 19 | 433,754 | 473,112
Members' other interests | 2,000 | 2,000
| --------- | ---------
| 435,754 | 475,112
| --------- | ---------

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the medium LLPs regime.

Jones FM LLP

Statement of Financial Position (continued)

31 May 2025
These financial statements were approved by the members and authorised for issue on 6 March 2026 , and are signed on their behalf by:

Christopher James Jones
Designated Member

Registered number: OC374869

Jones FM LLP

Reconciliation of Members' Interests

Year ended 31 May 2025

| Members' other interests | Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves, including the fair value reserve | Total | Other amounts | Total | Total 2025
| £ | £ | £ | £ | £ | £
Balance at 1 June 2024 | 2,000 | – | 2,000 | 473,112 | 473,112 | 475,112
Profit for the financial year available for discretionary division among members |  | 715,458 | 715,458 |  |  | 715,458
| ------- | --------- | --------- | --------- | --------- | ------------
Members' interests after profit for the year | 2,000 | 715,458 | 717,458 | 473,112 | 473,112 | 1,190,570
Other division of profits |  | (715,458) | (715,458) | 715,458 | 715,458 | –
Drawings |  |  |  | (754,816) | (754,816) | (754,816)
| ------- | --------- | --------- | --------- | --------- | ------------
Balance at 31 May 2025 | 2,000 | – | 2,000 | 433,754 | 433,754 | 435,754
| ------- | --------- | --------- | --------- | --------- | ------------

Jones FM LLP

Reconciliation of Members' Interests (continued)

Year ended 31 May 2025

| Members' other interests | Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Members' capital (classified as equity) | Other reserves, including the fair value reserve | Total | Other amounts | Total | Total 2024
| £ | £ | £ | £ | £ | £
Balance at 1 June 2023 | 2,000 | – | 2,000 | 311,145 | 311,145 | 313,145
Profit for the financial year available for discretionary division among members |  | 675,588 | 675,588 |  |  | 675,588
| ------- | --------- | --------- | --------- | --------- | ---------
Members' interests after profit for the year | 2,000 | 675,588 | 677,588 | 311,145 | 311,145 | 988,733
Other division of profits |  | (675,588) | (675,588) | 675,588 | 675,588 | –
Drawings |  |  |  | (513,621) | (513,621) | (513,621)
| ------- | --------- | --------- | --------- | --------- | ---------
Balance at 31 May 2024 | 2,000 | – | 2,000 | 473,112 | 473,112 | 475,112
| ------- | --------- | --------- | --------- | --------- | ---------

Jones FM LLP

Statement of Cash Flows

Year ended 31 May 2025

| 2025 | 2024
Note | £ | £

Cash flows from operating activities

Profit for the financial year | 715,458 | 675,588

Adjustments for: |  |
Depreciation of tangible assets | 103,729 | 97,265
Interest payable and similar expenses | 121,346 | 56,926
Loss on disposal of tangible assets | – | 7,979
Accrued income | ( 11,585) | ( 6,136)

Changes in: |  |
Stocks | ( 304,500) | ( 47,000)
Trade and other debtors | ( 342,599) | ( 307,729)
Trade and other creditors | 64,527 | 274,819
| --------- | ---------
Cash generated from operations | 346,376 | 751,712

Interest paid | ( 121,346) | ( 56,926)
| --------- | ---------
Net cash from operating activities | 225,030 | 694,786
| --------- | ---------

Cash flows from investing activities

Purchase of tangible assets | ( 103,914) | ( 279,840)
Proceeds from sale of tangible assets | – | 114,652
| --------- | ---------
Net cash used in investing activities | ( 103,914) | ( 165,188)
| --------- | ---------

Cash flows from financing activities

Payments to members representing a return on amounts subscribed or otherwise contributed | (754,816) | (513,621)
Payments of finance lease liabilities | ( 33,788) | 55,995
| --------- | ---------
Net cash used in financing activities | ( 788,604) | ( 457,626)
| --------- | ---------

Net (decrease)/increase in cash and cash equivalents | ( 667,488) | 71,972
Cash and cash equivalents at beginning of year | 249,126 | 177,154
|  | --------- | ---------
Cash and cash equivalents at end of year | 14 | ( 418,362) | 249,126
|  | --------- | ---------

Jones FM LLP

Notes to the Financial Statements

Year ended 31 May 2025

1. | General information

Jones FM LLP (the "LLP") is a Limited Liability Partnership incorporated in England and Wales (LLP number OC374869 ). The LLP's registered office address is Unit 3, Schooner Court, Crossways Business Park, Dartford, Kent, DA2 6NW.

2. | Statement of compliance

The Members' Report and Financial Statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (January 2022), the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs). The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The members believe that the LLP is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

3. | Accounting policies

Basis of preparation
The Members' Report and Financial Statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The Financial Statements are prepared in sterling, which is the functional currency of the LLP.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Stock valuation Stock is initially measured at cost, which includes the purchase price and any other directly attributable costs related to getting the inventory ready for use in construction. After initial recognition, stock is measured at the lower of cost and net realisable value (NRV). NRV is the estimated selling price less costs to complete and sell the goods. Any write-downs to NRV is recognised as an expense, and reversals of write-downs are allowed but do not exceed the original cost. The LLP operates a just-in-time inventory system, keeping stock levels minimal and frequently replenished. This reduces complexity and the likelihood of significant valuation errors. While some estimation uncertainty may arise when assessing net realisable value, the low volume and straightforward nature of inventory mean such uncertainty is limited, and a specialist is not typically required. Useful lives of property, plant and equipment Property, plant and equipment are recognised at cost and depreciation is calculated based on the estimated useful life of each asset. The depreciation method and useful life reflect the asset's consumption pattern. Management reviews its estimate of the useful lives and residual value of depreciable assets at each reporting date, based on the expected utility of the assets. Management also reviews the carrying amount of assets for impairment, which could impact useful life estimates. Changes in useful life estimates are accounted for prospectively and disclosed accordingly. Uncertainties in these estimates relate to technical obsolescence that may change the utility of certain software and IT equipment. Estimating the useful lives of property, plant and equipment involves inherent uncertainty, as it requires management to make assumptions about factors like usage patterns, technological obsolescence, and potential changes in the operational environment. Due to the nature of these estimates, there is often a range of possible outcomes. Management is aware that changes in assumptions could significantly impact the estimate of useful life, and consequently, the depreciation expense. On enquiry, management has confirmed that they have considered the sensitivity of the useful life estimates to changes in key assumptions. Management has also considered past experience with similar assets or industry standards when estimating the useful life of PPE. Method applied by management to determine the useful life is appropriate for the type of asset and the business context. Work in progress (WIP) WIP is a key accounting estimate that requires careful judgment, for the LLP is involved in construction industry. This estimate involves determining the value of partially completed projects, which is essential for recognising revenue and costs in line with the progress of construction contracts. WIP for construction contracts is typically recognised using the percentage of completion method, which means that revenue and expenses are recognised based on the stage of completion of a project. The key accounting estimates for work in progress typically include: Revenue Recognition - The LLP estimates the revenue to be recognised for each contract, which is based on the proportion of the work completed. This requires estimating: - The total contract value. - The work completed to date, often based on costs incurred or physical milestones. - Potential variations in the contract, such as claims or change orders. - Any agreed-upon contract adjustments or penalties. Costs to Complete - The LLP estimates the costs required to complete the project, including direct costs such as labour, materials, and overhead. The accuracy of these cost estimates is critical, as they directly affect the WIP value and the recognition of profit. Provisions for Losses - If it is anticipated that a contract will result in a loss, the LLP must make a provision for the expected loss. This requires careful forecasting and judgment about the remaining costs to complete the project and the likelihood of contractual disputes. Determining the key accounting estimates The selection, design, and application of the method used - determining the percentage of completion, a key element in recognising revenue and costs, requires familiarity with construction practices and project management. The percentage is typically selected due to its ability to match revenue recognition with the progress of the construction project. This method reflects the economic reality that as construction work progresses, there is a corresponding increase in the value of work completed, and thus revenue earned. Degree of estimation uncertainty - estimation uncertainty arises because construction contracts involve a high level of complexity, and many variables can affect the final outcome, such as: Changes in scope, cost overruns, project delays, performance of subcontractors and estimation of work completed. These variables are interdependent, making the estimation process complex. Degree of other inherent factors - construction projects often involve significant judgment in estimating costs, progress, and revenue recognition. The pressure to meet financial targets or performance goals may lead to management bias, where estimates are adjusted in favor of achieving a desired financial outcome. For example, underestimating future costs or overestimating progress can lead to revenue being recognised prematurely, potentially resulting in an overstated WIP or profits. Selection of an appropriate point estimate and related disclosure - historical data and past experience, whereby the point estimate is grounded in historical data from similar projects, industry standards, and the management team's experience. This helps provide a starting point that reflects typical outcomes for similar contracts in similar conditions. For ongoing projects, real-time information on project progress, costs to date, and the remaining work needed are used to determine the point estimate. This includes assessing any changes in scope, delays, or unforeseen costs that have impacted the original estimates.
Revenue recognition
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant & Machinery | - | 20% reducing balance
| Fixtures & Fittings | - | 20% reducing balance
| Motor Vehicles | - | 10% reducing balance
| Equipment | - | 33% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. | Turnover

Turnover arises from:

| 2025 | 2024
| £ | £
Construction contracts | 26,484,460 | 21,792,881
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.

5. | Other operating income

| 2025 | 2024
| £ | £
Other operating income | 67,088 | 31,627
| -------- | --------

6. | Staff costs

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to:

| 2025 | 2024
| No. | No.
Production | 126 | 101
Administrative | 49 | 41
| ---- | ----
| 175 | 142
| ---- | ----

The aggregate employment costs incurred during the year (excluding members) were:

| 2025 | 2024
| £ | £
Wages and salaries | 8,940,786 | 7,248,180
Social security costs | 994,472 | 819,818
Other pension costs | 217,442 | 161,460
| ------------- | ------------
| 10,152,700 | 8,229,458
| ------------- | ------------

7. | Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 10,000 | 10,000
| -------- | --------

8. | Operating profit

Operating profit or loss is stated after charging:

| 2025 | 2024
| £ | £
Depreciation of tangible assets | 103,729 | 97,265
Loss on disposal of tangible assets | – | 7,979
| --------- | --------

9. | Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest on obligations under finance leases and hire purchase contracts | 59,574 | 39,028
Other interest payable and similar charges | 61,772 | 17,898
| --------- | --------
| 121,346 | 56,926
| --------- | --------

10. | Information in relation to members

| 2025 | 2024
| No. | No.
Average number of members | 3 | 3
| ---- | ----

No payments were made to the members during the year.

11. | Tangible assets

| Plant and machinery | Fixtures and fittings | Motor vehicles | Equipment | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 June 2024 | 543,099 | 79,040 | 450,129 | 40,747 | 1,113,015
Additions | 103,914 | – | – | – | 103,914
| --------- | -------- | --------- | -------- | ------------
At 31 May 2025 | 647,013 | 79,040 | 450,129 | 40,747 | 1,216,929
| --------- | -------- | --------- | -------- | ------------
Depreciation |  |  |  |  |
At 1 June 2024 | 215,286 | 62,221 | 90,537 | 33,140 | 401,184
Charge for the year | 64,809 | 2,803 | 33,619 | 2,498 | 103,729
| --------- | -------- | --------- | -------- | ------------
At 31 May 2025 | 280,095 | 65,024 | 124,156 | 35,638 | 504,913
| --------- | -------- | --------- | -------- | ------------
Carrying amount |  |  |  |  |
At 31 May 2025 | 366,918 | 14,016 | 325,973 | 5,109 | 712,016
| --------- | -------- | --------- | -------- | ------------
At 31 May 2024 | 327,813 | 16,819 | 359,592 | 7,607 | 711,831
| --------- | -------- | --------- | -------- | ------------

Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

| Plant and machinery | Motor vehicles | Total
| £ | £ | £
At 31 May 2025 | 361,375 | 342,579 | 703,954
| --------- | --------- | ---------
At 31 May 2024 | 296,382 | 357,710 | 654,092
| --------- | --------- | ---------

12. | Stocks

| 2025 | 2024
| £ | £
Finished goods and goods for resale | 427,000 | 122,500
| --------- | ---------

13. | Debtors

| 2025 | 2024
| £ | £
Trade debtors | 3,726,857 | 3,379,276
Prepayments and accrued income | 13,750 | 16,947
Other debtors | 178,125 | 179,910
| ------------ | ------------
| 3,918,732 | 3,576,133
| ------------ | ------------

14. | Cash and cash equivalents

Cash and cash equivalents comprise the following:

| 2025 | 2024
| £ | £
Cash at bank and in hand | 1,332 | 249,126
Bank overdrafts | ( 419,694) | –
| --------- | ---------
| ( 418,362) | 249,126
| --------- | ---------

15. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 419,694 | –
Trade creditors | 2,454,313 | 2,511,421
Accruals and deferred income | 10,000 | 21,585
Social security and other taxes | 1,241,542 | 1,113,238
Obligations under finance leases and hire purchase contracts | 56,064 | 91,192
Other creditors | 710 | 7,379
| ------------ | ------------
| 4,182,323 | 3,744,815
| ------------ | ------------

16. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Obligations under finance leases and hire purchase contracts | 441,003 | 439,663
| --------- | ---------

17. | Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 56,064 | 91,192
Later than 1 year and not later than 5 years | 441,003 | 439,663
| --------- | ---------
| 497,067 | 530,855
| --------- | ---------

18. | Employee benefits

Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 217,442 (2024: £ 161,460 ).

19. | Loans and other debts due to members

| 2025 | 2024
| £ | £
Amounts owed to members in respect of profits | 433,754 | 473,112
| --------- | ---------

20. | Analysis of changes in net debt

| At 1 Jun 2024 | Cash flows | At 31 May 2025
| £ | £ | £
Cash at bank and in hand | 249,126 | (247,794) | 1,332
Bank overdrafts | – | (419,694) | (419,694)
Debt due within one year | (91,192) | 35,128 | (56,064)
Debt due after one year | (439,663) | (1,340) | (441,003)
| --------- | --------- | ---------
Net debt (before members' debt) | (281,729) | (633,700) | (915,429)
| --------- | --------- | ---------
Loans and other debts due to members |  |  |
Other amounts | (473,112) | 39,358 | (433,754)
| --------- | --------- | ------------
Net debt | ( 754,841) | ( 594,342) | ( 1,349,183)
| --------- | --------- | ------------

21. | Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 61,817 | 46,187
Later than 1 year and not later than 5 years | 87,196 | 66,269
| --------- | ---------
| 149,013 | 112,456
| --------- | ---------

22. | Charges on assets

Jones FM LLP has a fixed and floating charge on all its undertaking, property and assets, including book debts, as part of security to the loan contracted by The Jones Brothers Group Limited on 15 August 2023. Mr Christopher James Jones has also provided a personal guarantee of £650,000 in favour of the same loan.

Jones FM LLP

Notes to the Financial Statements (continued)

Year ended 31 May 2025

23. | Related party transactions

The Jones Brothers Group Ltd The company was appointed as a designated member of the LLP on 02 March 2021. At the end of the year, the amount due to the company was £309,313 (2024: £249,242). Fore Security Solutions Ltd Mr Christopher J Jones, who is a member of the LLP, is a shareholder and director of Fore Security Solutions Ltd. At the end of the year, the amount owed by the company was £132,583 (2024: £21,986).

24. | Controlling party

The ultimate controlling party of the LLP is Mr Christopher J Jones.