J.P. Fannon & Son (Contractors) Limited - Period Ending 2017-05-31
J.P. Fannon & Son (Contractors) Limited - Period Ending 2017-05-31
Registration number:
for the Year Ended
Pages for filing with Registrar
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN
J.P. Fannon & Son (Contractors) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
J.P. Fannon & Son (Contractors) Limited
Company Information
Director |
JP 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 2017
Note |
2017 |
2016 |
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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 assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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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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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
J.P. Fannon & Son (Contractors) Limited
(Registration number: 01186771)
Balance Sheet as at 31 May 2017
For the financial year ending 31 May 2017 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 by the
.........................................
JP Fannon
Director
Page 3 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
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. The financial statements have been prepared under 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 £.
These accounts for the year ended 31 May 2017 are the first financial statements for J.P. Fannon & Son (Contractors) Limited to be prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial statements for the year ended 31 May 2016 were prepared in accordance with the Financial Reporting Standard for Smaller entities (FRSSE) (effective January 2015). The date of transition to FRS 102 was 1 June 2015.
Some of the FRS102 recognition, measurement, presentation and disclosure requirements and accounting policy choices differ from FRSSE. Consequently, the directors have amended certain accounting policies to comply with FRS102.
The reported financial position and financial performance for the previous year are not affected by the transition to FRS102.
Page 4 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 sales/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 assets
Tangible 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 assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% on cost |
Motor vehicles |
25% on cost |
Investment property
Page 5 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Impairment of non-financial assets
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revalued decrease.
An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.
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.
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J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Page 7 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
No liability to UK corporation tax arose on ordinary activities for the year ended
Tangible assets |
Improvements to premises |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions |
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- |
- |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
- |
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Charge for the year |
- |
- |
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At 31 May 2017 |
- |
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Carrying amount |
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At 31 May 2017 |
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- |
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At 31 May 2016 |
- |
- |
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Page 8 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Investment properties |
2017 |
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At 1 June |
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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 (2016: £321,000) and a carrying amount at historical cost of £121,633 (2016: £121,633). The depreciation on this historical cost is £nil (2016: £nil).
If the investment property were to be sold at valuation, a capital gains tax liability of approximately £39,000 (2016: £39,000) would arise.
There has been no valuation of investment property by an independent valuer.
Stocks |
2017 |
2016 |
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Work in progress |
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Finished goods and goods for resale |
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Debtors: amounts falling due within one year |
2017 |
2016 |
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Prepayments |
1,047 |
3,138 |
VAT |
4,483 |
6,235 |
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Page 9 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Creditors: amounts falling due within one year |
Note |
2017 |
2016 |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
- |
356 |
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Accruals |
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Director's current account |
20,000 |
20,000 |
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Due after one year |
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Director's loan account |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
Page 10 |
J.P. Fannon & Son (Contractors) Limited
Notes to the Financial Statements for the Year Ended 31 May 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Director's loan account |
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2017 |
2016 |
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Current loans and borrowings |
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Director's current account |
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Page 11 |