I. P. Jones Fencing Contractors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03986044 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

I. P. JONES FENCING CONTRACTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I P Jones

Mrs K H Jones

R P McKay

J C McKay

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

876,932

752,750

CURRENT ASSETS

Stocks

5

213,826

164,891

Debtors

6

1,674,632

1,279,149

Cash at bank and in hand

414,515

499,978

2,302,973

1,944,018

CREDITORS

Amounts falling due within one year

7

(1,380,831

)

(1,278,286

)

NET CURRENT ASSETS

922,142

665,732

TOTAL ASSETS LESS CURRENT LIABILITIES

1,799,074

1,418,482

CREDITORS

Amounts falling due after more than one year

8

(201,852

)

(182,433

)

PROVISIONS FOR LIABILITIES

11

(143,383

)

(142,887

)

NET ASSETS

1,453,839

1,093,162

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

1,452,839

1,092,162

SHAREHOLDERS' FUNDS

1,453,839

1,093,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 23 September 2022 and were signed on its behalf by:

I P Jones - Director

Mrs K H Jones - Director

R P McKay - Director

J C McKay - Director

I F Waring - 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

-

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.

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.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2020 - 70 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2021

47,222

435,539

43,711

Additions

3,790

129,095

4,000

Disposals

-

(8,413

)

(242

)

At 31 December 2021

51,012

556,221

47,469

DEPRECIATION

At 1 January 2021

46,510

293,229

26,123

Charge for year

378

39,288

3,813

Eliminated on disposal

-

(6,946

)

-

At 31 December 2021

46,888

325,571

29,936

NET BOOK VALUE

At 31 December 2021

4,124

230,650

17,533

At 31 December 2020

712

142,310

17,588

Motor

vehicles

Hoarding

Totals

£

£

£

COST

At 1 January 2021

643,262

568,044

1,737,778

Additions

223,760

61,184

421,829

Disposals

(69,780

)

(166,257

)

(244,692

)

At 31 December 2021

797,242

462,971

1,914,915

DEPRECIATION

At 1 January 2021

458,852

160,314

985,028

Charge for year

95,744

36,765

175,988

Eliminated on disposal

(40,795

)

(75,292

)

(123,033

)

At 31 December 2021

513,801

121,787

1,037,983

NET BOOK VALUE

At 31 December 2021

283,441

341,184

876,932

At 31 December 2020

184,410

407,730

752,750

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2021

65,500

218,255

283,755

Additions

71,750

223,760

295,510

Disposals

-

(25,460

)

(25,460

)

Transfer to ownership

-

(75,305

)

(75,305

)

At 31 December 2021

137,250

341,250

478,500

DEPRECIATION

At 1 January 2021

18,340

100,936

119,276

Charge for year

17,061

68,123

85,184

Eliminated on disposal

-

(1,414

)

(1,414

)

Transfer to ownership

-

(29,622

)

(29,622

)

At 31 December 2021

35,401

138,023

173,424

NET BOOK VALUE

At 31 December 2021

101,849

203,227

305,076

At 31 December 2020

47,160

117,319

164,479

5.

STOCKS

31.12.21

31.12.20

£

£

Stocks

213,826

164,891

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

1,570,198

1,268,789

Other debtors

104,434

10,360

1,674,632

1,279,149

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts (see note 9)

29,204

20,513

Hire purchase contracts (see note 10)

128,568

71,945

Trade creditors

486,997

509,332

Taxation and social security

142,721

149,589

Other creditors

593,341

526,907

1,380,831

1,278,286

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans (see note 9)

84,974

113,969

Hire purchase contracts (see note 10)

116,878

68,464

201,852

182,433

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.21

31.12.20

£

£

Amounts falling due within one year or on demand:

Bank loans

29,204

20,513

Amounts falling due between one and two years:

Bank loans - 1-2 years

84,974

113,969

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.21

31.12.20

£

£

Net obligations repayable:

Within one year

128,568

71,945

Between one and five years

116,878

68,464

245,446

140,409

11.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

143,383

142,887

Deferred

tax

£

Balance at 1 January 2021

142,887

Charge to Statement of Income and Retained Earnings during year

496

Balance at 31 December 2021

143,383

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

298

Ordinary A

£1

298

298

297

Ordinary B

£1

297

297

200

Ordinary C

£1

200

200

200

Ordinary D

£1

200

200

5

Ordinary E

£1

5

5

1,000

1,000

13.

RESERVES

Retained

earnings

£

At 1 January 2021

1,092,162

Profit for the year

475,727

Dividends

(115,050

)

At 31 December 2021

1,452,839