2023-04-012024-03-312024-03-31false01278221J.M. WORTHINGTON & CO. LIMITED2024-08-2914120iso4217:GBPxbrli:pure012782212023-04-01012782212024-03-31012782212023-04-012024-03-31012782212022-04-01012782212023-03-31012782212022-04-012023-03-3101278221bus:SmallEntities2023-04-012024-03-3101278221bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3101278221bus:AbridgedAccounts2023-04-012024-03-3101278221bus:PrivateLimitedCompanyLtd2023-04-012024-03-3101278221core:WithinOneYear2024-03-3101278221core:AfterOneYear2024-03-3101278221core:WithinOneYear2023-03-3101278221core:AfterOneYear2023-03-3101278221core:ShareCapital2024-03-3101278221core:SharePremium2024-03-3101278221core:RevaluationReserve2024-03-3101278221core:OtherReservesSubtotal2024-03-3101278221core:RetainedEarningsAccumulatedLosses2024-03-3101278221core:ShareCapital2023-03-3101278221core:SharePremium2023-03-3101278221core:RevaluationReserve2023-03-3101278221core:OtherReservesSubtotal2023-03-3101278221core:RetainedEarningsAccumulatedLosses2023-03-3101278221core:LandBuildings2024-03-3101278221core:PlantMachinery2024-03-3101278221core:Vehicles2024-03-3101278221core:FurnitureFittings2024-03-3101278221core:OfficeEquipment2024-03-3101278221core:NetGoodwill2024-03-3101278221core:IntangibleAssetsOtherThanGoodwill2024-03-3101278221core:ListedExchangeTraded2024-03-3101278221core:UnlistedNon-exchangeTraded2024-03-3101278221core:LandBuildings2023-03-3101278221core:PlantMachinery2023-03-3101278221core:Vehicles2023-03-3101278221core:FurnitureFittings2023-03-3101278221core:OfficeEquipment2023-03-3101278221core:NetGoodwill2023-03-3101278221core:IntangibleAssetsOtherThanGoodwill2023-03-3101278221core:ListedExchangeTraded2023-03-3101278221core:UnlistedNon-exchangeTraded2023-03-3101278221core:LandBuildings2023-04-012024-03-3101278221core:PlantMachinery2023-04-012024-03-3101278221core:Vehicles2023-04-012024-03-3101278221core:FurnitureFittings2023-04-012024-03-3101278221core:OfficeEquipment2023-04-012024-03-3101278221core:NetGoodwill2023-04-012024-03-3101278221core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3101278221core:ListedExchangeTraded2023-04-012024-03-3101278221core:UnlistedNon-exchangeTraded2023-04-012024-03-3101278221core:MoreThanFiveYears2023-04-012024-03-3101278221core:Non-currentFinancialInstruments2024-03-3101278221core:Non-currentFinancialInstruments2023-03-3101278221dpl:CostSales2023-04-012024-03-3101278221dpl:DistributionCosts2023-04-012024-03-3101278221core:LandBuildings2023-04-012024-03-3101278221core:PlantMachinery2023-04-012024-03-3101278221core:Vehicles2023-04-012024-03-3101278221core:FurnitureFittings2023-04-012024-03-3101278221core:OfficeEquipment2023-04-012024-03-3101278221dpl:AdministrativeExpenses2023-04-012024-03-3101278221core:NetGoodwill2023-04-012024-03-3101278221core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3101278221dpl:GroupUndertakings2023-04-012024-03-3101278221dpl:ParticipatingInterests2023-04-012024-03-3101278221dpl:GroupUndertakingscore:ListedExchangeTraded2023-04-012024-03-3101278221core:ListedExchangeTraded2023-04-012024-03-3101278221dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-04-012024-03-3101278221core:UnlistedNon-exchangeTraded2023-04-012024-03-3101278221dpl:CostSales2022-04-012023-03-3101278221dpl:DistributionCosts2022-04-012023-03-3101278221core:LandBuildings2022-04-012023-03-3101278221core:PlantMachinery2022-04-012023-03-3101278221core:Vehicles2022-04-012023-03-3101278221core:FurnitureFittings2022-04-012023-03-3101278221core:OfficeEquipment2022-04-012023-03-3101278221dpl:AdministrativeExpenses2022-04-012023-03-3101278221core:NetGoodwill2022-04-012023-03-3101278221core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101278221dpl:GroupUndertakings2022-04-012023-03-3101278221dpl:ParticipatingInterests2022-04-012023-03-3101278221dpl:GroupUndertakingscore:ListedExchangeTraded2022-04-012023-03-3101278221core:ListedExchangeTraded2022-04-012023-03-3101278221dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-04-012023-03-3101278221core:UnlistedNon-exchangeTraded2022-04-012023-03-3101278221core:NetGoodwill2024-03-3101278221core:IntangibleAssetsOtherThanGoodwill2024-03-3101278221core:LandBuildings2024-03-3101278221core:PlantMachinery2024-03-3101278221core:Vehicles2024-03-3101278221core:FurnitureFittings2024-03-3101278221core:OfficeEquipment2024-03-3101278221core:AfterOneYear2024-03-3101278221core:WithinOneYear2024-03-3101278221core:ListedExchangeTraded2024-03-3101278221core:UnlistedNon-exchangeTraded2024-03-3101278221core:ShareCapital2024-03-3101278221core:SharePremium2024-03-3101278221core:RevaluationReserve2024-03-3101278221core:OtherReservesSubtotal2024-03-3101278221core:RetainedEarningsAccumulatedLosses2024-03-3101278221core:NetGoodwill2023-03-3101278221core:IntangibleAssetsOtherThanGoodwill2023-03-3101278221core:LandBuildings2023-03-3101278221core:PlantMachinery2023-03-3101278221core:Vehicles2023-03-3101278221core:FurnitureFittings2023-03-3101278221core:OfficeEquipment2023-03-3101278221core:AfterOneYear2023-03-3101278221core:WithinOneYear2023-03-3101278221core:L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J.M. WORTHINGTON & CO. LIMITED

Registered Number
01278221
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

J.M. WORTHINGTON & CO. LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

B J Simpson
J J Worthington

Registered Address

No.1 Kingsland House Kingsland Estate
Halesfield 9
Telford
TF7 4QW

Registered Number

01278221 (England and Wales)
J.M. WORTHINGTON & CO. LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4328,016326,366
328,016326,366
Current assets
Stocks545,32948,917
Debtors6273,236260,954
Cash at bank and on hand562,129393,553
880,694703,424
Creditors amounts falling due within one year7(730,179)(544,035)
Net current assets (liabilities)150,515159,389
Total assets less current liabilities478,531485,755
Provisions for liabilities8(52,900)(44,434)
Net assets425,631441,321
Capital and reserves
Called up share capital20,05020,050
Share premium11,95011,950
Revaluation reserve58,40958,409
Profit and loss account335,222350,912
Shareholders' funds425,631441,321
The financial statements were approved and authorised for issue by the Board of Directors on 29 August 2024, and are signed on its behalf by:
B J Simpson
Director
J J Worthington
Director

Registered Company No. 01278221
J.M. WORTHINGTON & CO. LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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 is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Current taxation
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
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.
Intangible assets
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.Average number of employees

20242023
Average number of employees during the year3736
3.Intangible assets

Total

£
Cost or valuation
At 01 April 2320,000
At 31 March 2420,000
Amortisation and impairment
At 01 April 2320,000
At 31 March 2420,000
Net book value
At 31 March 24-
At 31 March 23-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 23680,223
Additions66,694
At 31 March 24746,917
Depreciation and impairment
At 01 April 23353,856
Charge for year65,045
At 31 March 24418,901
Net book value
At 31 March 24328,016
At 31 March 23326,366
5.Stocks

2024

2023

££
Finished goods45,32948,917
Total45,32948,917
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables241,611225,242
Other debtors19,77319,610
Prepayments and accrued income11,85216,102
Total273,236260,954
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables370,565363,076
Bank borrowings and overdrafts123,7803,860
Taxation and social security160,495128,023
Payments received on account90-
Other creditors2,9342,456
Accrued liabilities and deferred income72,31546,620
Total730,179544,035
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.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)52,90044,434
Total52,90044,434