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Company registration number: 10323945
M & J Sales Limited
Unaudited filleted financial statements
31 August 2023
M & J Sales Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
M & J Sales Limited
Directors and other information
Directors Mr M Simmons
Mrs J Simmons
Mr D Ray (Appointed 23 August 2023)
Company number 10323945
Registered office Lidgett House
56 Lidgett Lane
Garforth, Leeds
West Yorkshire
LS25 1LL
Business address 31 Draycott Road
Breaston
Derby
Derbyshire
DE72 3DA
Accountants SMH Howard Matthews Ltd
Lidgett House
56 Lidgett Lane
Garforth, Leeds
West Yorkshire
LS25 1LL
Bankers Lloyds Bank plc
31-33 St Peters Street
Derby
DE1 2AA
M & J Sales Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 5,390 547
_______ _______
5,390 547
Current assets
Stocks 342,089 540,667
Debtors 6 257,430 33,000
Cash at bank and in hand 135,625 36,700
_______ _______
735,144 610,367
Creditors: amounts falling due
within one year 7 ( 433,232) ( 244,487)
_______ _______
Net current assets 301,912 365,880
_______ _______
Total assets less current liabilities 307,302 366,427
Creditors: amounts falling due
after more than one year 8 - ( 80,460)
Provisions for liabilities ( 104) ( 104)
_______ _______
Net assets 307,198 285,863
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 307,098 285,763
_______ _______
Shareholders funds 307,198 285,863
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:
Mr M Simmons
Director
Company registration number: 10323945
M & J Sales Limited
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lidgett House, 56 Lidgett Lane, Garforth, Leeds, West Yorkshire, LS25 1LL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2022 - 972 972
Additions 6,700 - 6,700
_______ _______ _______
At 31 August 2023 6,700 972 7,672
_______ _______ _______
Depreciation
At 1 September 2022 - 425 425
Charge for the year 1,675 182 1,857
_______ _______ _______
At 31 August 2023 1,675 607 2,282
_______ _______ _______
Carrying amount
At 31 August 2023 5,025 365 5,390
_______ _______ _______
At 31 August 2022 - 547 547
_______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 257,430 33,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 189,618 2,659
Corporation tax 110,102 88,915
Social security and other taxes 11,303 11,168
Other creditors 122,209 141,745
_______ _______
433,232 244,487
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors - 80,460
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M Simmons ( 18,624) 37,296 18,672
Mrs J Simmons ( 18,624) 37,296 18,672
_______ _______ _______
( 37,248) 74,592 37,344
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M Simmons ( 74,789) 56,165 ( 18,624)
Mrs J Simmons ( 74,788) 56,164 ( 18,624)
_______ _______ _______
( 149,577) 112,329 ( 37,248)
_______ _______ _______
10. Related party transactions
During the year the company paid dividends totalling £43,000 to each director.