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M.J. Timms and Son Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of M.J. Timms and Son Limited For The Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of M.J. Timms and Son Limited For The Year Ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of M.J. Timms and Son Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of M.J. Timms and Son Limited and state those matters that we have agreed to state to the directors of M.J. Timms and Son Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.J. Timms and Son Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that M.J. Timms and Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of M.J. Timms and Son Limited . You consider that M.J. Timms and Son Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of M.J. Timms and Son Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
19 September 2024
Cooper Adams Ltd
Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
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Page 2
Statement of Financial Position
Registered number: 02256200
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 495,000 428,450
495,000 428,450
CURRENT ASSETS
Debtors 130,112 106,637
Cash at bank and in hand 10,968 14,074
141,080 120,711
Creditors: Amounts Falling Due Within One Year (26,080 ) (14,774 )
NET CURRENT ASSETS (LIABILITIES) 115,000 105,937
TOTAL ASSETS LESS CURRENT LIABILITIES 610,000 534,387
PROVISIONS FOR LIABILITIES
Deferred taxation (31,233 ) (18,588 )
NET ASSETS 578,767 515,799
CAPITAL AND RESERVES
Called up share capital 5 15 5
Income Statement 578,752 515,794
SHAREHOLDERS' FUNDS 578,767 515,799
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Andrew Timms
Director
19 September 2024
The notes on pages 4 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
M.J. Timms and Son Limited Registered number 02256200 is a limited by shares company incorporated in England & Wales. The Registered Office is 12 Payton Street, Stratford upon Avon, Warwickshire, CV37 6UA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & machinery 15% on reducing balance
Motor vehicles 25% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible assets
Investment properties
£
Cost or Valuation
As at 1 January 2023 428,450
Revaluation 66,550
As at 31 December 2023 495,000
Net Book Value
As at 31 December 2023 495,000
As at 1 January 2023 428,450
Cost or valuation as at 31 December 2023 represented by:
Investment properties
£
At cost 330,622
At valuation 164,378
495,000
Investment property was valued on an open market basis on 31st December 2023 by A Timms, a director of the company. 
5. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 15 5
6. Reserves
Reserves include £133,145 (2021: £79,240) of undistributable reserves that arose as a result of investment property revaluation.
7. Related Party Transactions
Mr P Timms - a shareholder in the company
During the year rental sales of £12,000 (2022 : £12,000) were made by the company to Mr P Timms. At the end of the year £34,000 (2022 : £22,000) was owed to the company by Mr P Timms and this amount is included in Other debtors.
Timms Window Cleaning Ltd - a company in which Mr P Timms is a director
During the year loan repayments of £nil (2022 :£nil) were made by Timms Window Cleaning Ltd to the company. At the end of the year £84,637 (2022 : £84,637) was owed by Timms Window Cleaning Ltd to the company and this amount is included in Other debtors.
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