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REGISTERED NUMBER: 00975229 (England and Wales)















M.J. WORTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021






M.J. WORTH LIMITED (REGISTERED NUMBER: 00975229)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


M.J. WORTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: M J Worth





SECRETARY: G Scrimshaw





REGISTERED OFFICE: Ivy House
Wainfleet
Lincolnshire
PE24 4HJ





REGISTERED NUMBER: 00975229 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

M.J. WORTH LIMITED (REGISTERED NUMBER: 00975229)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,467,651 3,632,879
Investments 6 2 17,561
3,467,653 3,650,440

CURRENT ASSETS
Valuation 825,483 625,706
Debtors 7 185,330 87,880
Cash at bank and in hand 5,457,476 5,187,989
6,468,289 5,901,575
CREDITORS
Amounts falling due within one year 8 2,387,620 2,367,674
NET CURRENT ASSETS 4,080,669 3,533,901
TOTAL ASSETS LESS CURRENT LIABILITIES 7,548,322 7,184,341

PROVISIONS FOR LIABILITIES 84,928 86,608
NET ASSETS 7,463,394 7,097,733

CAPITAL AND RESERVES
Called up share capital 10 60,000 60,000
Other reserves 500,000 500,000
Retained earnings 6,903,394 6,537,733
SHAREHOLDERS' FUNDS 7,463,394 7,097,733

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 director acknowledges his 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 director and authorised for issue on 16 August 2022 and were signed by:




M J Worth - Director


M.J. WORTH LIMITED (REGISTERED NUMBER: 00975229)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

M.J. Worth 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced and accrued sales of farm crops and basic payment scheme excluding value added tax.

Sales of crops are recognised on despatch.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost and not provided
Plant and machinery etc - 25% on cost and 20% on cost

Tangible fixed assets are held at cost less accumulated depreciation and impairment.

Valuation and sundry stocks
Biological assets are included at the lower of cost and estimated selling price less costs to sell and are valued by the directors.

The cost of other stocks are calculated using the first-in first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments
Fixed asset investment are stated at cost, unless in the opinion of the directors, there has been an impairment, in which case an appropriate adjustment has been made.

Basic payment scheme entitlements
Intangibles assets consist of entitlements to the basic payment scheme. The entitlements are recognised at fair value and written off on a straight line basis over the period to 31 December 2019.

M.J. WORTH LIMITED (REGISTERED NUMBER: 00975229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

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 the Income Statement in the period to which they relate.

Basic payment scheme
The basic payment scheme is recognised in the financial statements in accordance with current H.M. Revenue and Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021
and 31 December 2021 148,420
AMORTISATION
At 1 January 2021
and 31 December 2021 148,420
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 3,130,158 5,872,770 9,002,928
Additions - 440,724 440,724
Disposals (94,534 ) (616,334 ) (710,868 )
At 31 December 2021 3,035,624 5,697,160 8,732,784
DEPRECIATION
At 1 January 2021 644,427 4,725,622 5,370,049
Charge for year - 449,281 449,281
Eliminated on disposal - (554,197 ) (554,197 )
At 31 December 2021 644,427 4,620,706 5,265,133
NET BOOK VALUE
At 31 December 2021 2,391,197 1,076,454 3,467,651
At 31 December 2020 2,485,731 1,147,148 3,632,879

Included in cost of land and buildings is freehold land of £ 2,391,197 (2020 - £ 2,485,731 ) which is not depreciated.

M.J. WORTH LIMITED (REGISTERED NUMBER: 00975229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2021 17,998
Disposals (17,559 )
At 31 December 2021 439
PROVISIONS
At 1 January 2021
and 31 December 2021 437
NET BOOK VALUE
At 31 December 2021 2
At 31 December 2020 17,561

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 56,099 46,527
Other debtors 129,231 41,353
185,330 87,880

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 78,353 55,052
Taxation and social security - 13,610
Other creditors 2,309,267 2,299,012
2,387,620 2,367,674

9. LEASING AGREEMENTS
At the year end the company had operating lease commitments of £18,377 (2020 - £32,641).

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
60,000 Ordinary A £1 60,000 60,000

M.J. WORTH LIMITED (REGISTERED NUMBER: 00975229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. CALLED UP SHARE CAPITAL - continued

The redeemable 'B' shares are classified as financial liabilities and, accordingly, have been presented within creditors: amounts falling due within one year.

The following is a summary of the rights under the company's articles of association relating to income and voting, capital and redemption which attach to the 'A' ordinary shares and the redeemable 'B' ordinary shares.

Income and voting

The redeemable 'B' ordinary shares rank ahead of the 'A' ordinary shares on a winding up or otherwise at par together with any arrears of dividends.

Redemption

Subject to the availability of distributable profits, the redeemable 'B' ordinary shares are redeemable on demand at par per share with any arrears and accrued dividends.

11. CAPITAL COMMITMENTS
2021 2020
£    £   
Contracted but not provided for in the
financial statements 581,000 -