MJM FOODS (WIGAN) LIMITED
Registered number: 07489958
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 839,509 863,666
Current assets
Stocks 288,450 181,241
Debtors 4 880,586 856,899
Cash at bank and in hand 166,575 140,014
1,335,611 1,178,154
Creditors: amounts falling due within one year 5 (1,113,023) (1,171,170)
Net current assets 222,588 6,984
Total assets less current liabilities 1,062,097 870,650
Creditors: amounts falling due after more than one year 6 (200,206) (229,561)
Provisions for liabilities (18,690) (18,794)
Net assets 843,201 622,295
Capital and reserves
Called up share capital 100 100
Profit and loss account 843,101 622,195
Shareholders' funds 843,201 622,295
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Mann
Director
Approved by the board on 4 March 2024
MJM FOODS (WIGAN) LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant and machinery 20% reducing balance
Motor vehciles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 764,747 124,920 90,791 980,458
Additions - 6,692 - 6,692
Disposals - - (29,990) (29,990)
At 31 January 2024 764,747 131,612 60,801 957,160
Depreciation
At 1 February 2023 - 78,211 38,581 116,792
Charge for the year - 10,680 10,679 21,359
On disposals - - (20,500) (20,500)
At 31 January 2024 - 88,891 28,760 117,651
Net book value
At 31 January 2024 764,747 42,721 32,041 839,509
At 31 January 2023 764,747 46,709 52,210 863,666
4 Debtors 2024 2023
£ £
Trade debtors 749,734 748,371
Other debtors 130,852 108,528
880,586 856,899
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 29,315 53,812
Obligations under finance lease and hire purchase contracts 11,000 24,920
Trade creditors 761,829 760,043
Corporation tax 101,261 73,180
Other taxes and social security costs 9,489 21,066
Other creditors 200,129 238,149
1,113,023 1,171,170
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 175,459 193,815
Obligations under finance lease and hire purchase contracts 24,747 35,746
200,206 229,561
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 83,997 102,665
Secured bank loans 204,774 247,627
Bank loans are secured on buildings and by personal guarantees.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 1,186
9 Other information
MJM FOODS (WIGAN) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Pendle Place
West Pimbo
Skelmersdale
WN8 9PN
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