2023-01-012023-12-312023-12-31false09125887MI Johnson (Holdings) 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MI Johnson (Holdings) Limited

Registered Number
09125887
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

MI Johnson (Holdings) Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

M I Johnson

Company Secretary

H M Johnson

Registered Address

21a Newland
Lincoln
LN1 1XP

Place of Business

Aubourn Farm

Wigsley Road

North Scarle

Lincolnshire

LN6 9HD


Registered Number

09125887 (England and Wales)
MI Johnson (Holdings) Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,027,501996,771
Investments5100100
Investment property4225,767220,000
1,253,3681,216,871
Current assets
Debtors6116,450233,384
Cash at bank and on hand3932,841
116,843236,225
Creditors amounts falling due within one year7(55,505)(61,322)
Net current assets (liabilities)61,338174,903
Total assets less current liabilities1,314,7061,391,774
Creditors amounts falling due after one year8(710,847)(735,232)
Provisions for liabilities9(15,931)(12,066)
Net assets587,928644,476
Capital and reserves
Called up share capital200200
Profit and loss account587,728644,276
Shareholders' funds587,928644,476
The financial statements were approved and authorised for issue by the Director on 8 August 2024, and are signed on its behalf by:
M I Johnson
Director
Registered Company No. 09125887
MI Johnson (Holdings) Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings2
Plant and machinery20
Vehicles25
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 January 231,062,95741,4185,0141,5711,110,960
Additions40,601---40,601
At 31 December 231,103,55841,4185,0141,5711,151,561
Depreciation and impairment
At 01 January 2373,79334,4684,5131,415114,189
Charge for year8,3131,392126409,871
At 31 December 2382,10635,8604,6391,455124,060
Net book value
At 31 December 231,021,4525,5583751161,027,501
At 31 December 22989,1646,950501156996,771
4.Investment property
There has been no valuation of the investment property by an independent valuer. However the director has confirmed the value shown in the accounts represents the fair value.

£
Fair value at 01 January 23220,000
Additions5,767
At 31 December 23225,767
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 23100100
At 31 December 23100100
Net book value
At 31 December 23100100
At 31 December 22100100

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings111,450221,848
Other debtors-6,535
Prepayments and accrued income5,0005,001
Total116,450233,384
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-7,055
Bank borrowings and overdrafts39,06339,063
Taxation and social security11,0129,744
Other creditors2151,487
Accrued liabilities and deferred income5,2153,973
Total55,50561,322
The bank borrowings are secured creditors.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts675,755702,541
Other creditors35,09232,691
Total710,847735,232
The bank borrowings are secured creditors.
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)15,93112,066
Total15,93112,066
10.Related party transactions
A loan account also exists between the company and its subsidiary. At the balance sheet date, the amount due from MI Johnson Limited was £111,450 (2022 - £221,848).