J.P. Fannon & Son (Contractors) Limited - Period Ending 2020-05-31
J.P. Fannon & Son (Contractors) Limited - Period Ending 2020-05-31
Registration number:
J.P. Fannon & Son (Contractors) Limited
for the Year Ended 31 May 2020
Pages for filing with Registrar
J.P. Fannon & Son (Contractors) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
J.P. Fannon & Son (Contractors) Limited
Company Information
Director |
J P Fannon |
Company secretary |
Mrs Susan Elizabeth Fannon |
Registered office |
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Registered number |
01186771 |
Accountants |
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J.P. Fannon & Son (Contractors) Limited
(Registration number: 01186771)
Balance Sheet as at 31 May 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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20,000 |
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Revaluation reserve |
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199,367 |
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Profit and loss account |
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50,108 |
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Total equity |
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269,475 |
J.P. Fannon & Son (Contractors) Limited
(Registration number: 01186771)
Balance Sheet as at 31 May 2020
For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
J P Fannon
Director
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and have considered the uncertainty relating to the impact of Covid-19 and believe that the company is able to meet liabilities as they fall due.
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Plant and machinery |
15% on cost |
Motor vehicles |
25% on cost |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Tangible fixed assets |
Improvements to premises |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost |
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At 1 June 2019 |
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Disposals |
- |
( |
( |
( |
At 31 May 2020 |
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Depreciation |
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At 1 June 2019 |
- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 May 2020 |
- |
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Carrying amount |
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At 31 May 2020 |
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- |
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At 31 May 2019 |
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Investment properties |
2020 |
2019
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At 1 June |
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321,000 |
The investment properties class of fixed asset was revalued on 31 May 2015 by the director who is internal to the company. The basis of valuation was open market value. The class of asset has a current value of £321,000 (2019: £321,000) and a carrying amount at historical cost of £121,633 (2019: £121,633). The depreciation on this historical cost is £Nil (2019: £Nil).
If the investment property were to be sold at valuation, a corporation tax liability of approximately £38,000 (2019: £38,000) would arise.
J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Stocks |
2020 |
2019 |
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Work in progress |
189,938 |
144,874 |
Finished goods and goods for resale |
- |
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Debtors: amounts falling due within one year |
2020 |
2019 |
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Trade debtors |
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Prepayments and accrued income |
84,000 |
119 |
VAT |
5,317 |
- |
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Creditors |
Note |
2020 |
2019 |
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Trade creditors |
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Taxation and social security |
469 |
710 |
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Other creditors |
799 |
2,307 |
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Accruals |
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Director's current account |
311,165 |
235,764 |
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J.P. Fannon & Son (Contractors) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
Related party transactions |
Income and receivables from related parties
2020 |
Entities with joint control or significant influence |
Receipt of services |
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Amounts receivable from related party |
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2019 |
Entities with joint control or significant influence |
Receipt of services |
- |
Amounts receivable from related party |
- |