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REGISTERED NUMBER: 00975229 (England and Wales)















M.J. WORTH LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






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






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


M.J. WORTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M J Worth
G Scrimshaw





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 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,627,422 3,837,456
Investments 6 527,160 2
4,154,582 3,837,458

CURRENT ASSETS
Valuation 708,961 499,589
Debtors 7 150,753 184,977
Cash at bank and in hand 4,901,260 5,824,843
5,760,974 6,509,409
CREDITORS
Amounts falling due within one year 8 2,452,057 2,346,187
NET CURRENT ASSETS 3,308,917 4,163,222
TOTAL ASSETS LESS CURRENT LIABILITIES 7,463,499 8,000,680

PROVISIONS FOR LIABILITIES 4,954 140,617
NET ASSETS 7,458,545 7,860,063

CAPITAL AND RESERVES
Called up share capital 10 60,000 60,000
Revaluation reserve 11 26,287 -
Other reserves 500,000 500,000
Retained earnings 6,872,258 7,300,063
SHAREHOLDERS' FUNDS 7,458,545 7,860,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:





M J Worth - Director


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

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 as modified by the revaluation of certain assets.

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
Unlisted 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.

Listed fixed asset investments are stated at cost and subsequently measured at fair value at the statement of financial position date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses on listed investments are presented within the income statement in the year of the measured gain or loss.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

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 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 148,420
AMORTISATION
At 1 January 2023
and 31 December 2023 148,420
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 3,035,624 5,985,930 9,021,554
Additions - 235,537 235,537
Disposals - (76,194 ) (76,194 )
At 31 December 2023 3,035,624 6,145,273 9,180,897
DEPRECIATION
At 1 January 2023 644,427 4,539,671 5,184,098
Charge for year - 442,247 442,247
Eliminated on disposal - (72,870 ) (72,870 )
At 31 December 2023 644,427 4,909,048 5,553,475
NET BOOK VALUE
At 31 December 2023 2,391,197 1,236,225 3,627,422
At 31 December 2022 2,391,197 1,446,259 3,837,456

Included in cost of land and buildings is freehold land of £ 2,391,197 (2022 - £ 2,391,197 ) which is not depreciated.

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

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 439
Additions 492,109
Revaluations 35,049
At 31 December 2023 527,597
PROVISIONS
At 1 January 2023
and 31 December 2023 437
NET BOOK VALUE
At 31 December 2023 527,160
At 31 December 2022 2

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2023 527,158
Cost 439
527,597

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 25,994
Other debtors 150,753 158,983
150,753 184,977

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 71,255 37,386
Other creditors 2,380,802 2,308,801
2,452,057 2,346,187

9. LEASING AGREEMENTS
At the year end the company had operating lease commitments of nil (2022 - £6,426).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
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 2023

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. RESERVES

Revaluation reserve
This reserve records the net gains made on investments that are revalued to fair value.

12. RELATED PARTY DISCLOSURES

In the prior year, the company made a charitable donation of £50,000 to a charity that the directors are trustees of.