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REGISTERED NUMBER: 08251561 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 March 2024

for

M J Western Ltd

M J Western Ltd (Registered number: 08251561)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


M J Western Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr M J Western





REGISTERED OFFICE: Middlecott Farm
Broadwoodkelly
Winkleigh
Devon
EX19 8DZ





REGISTERED NUMBER: 08251561 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

M J Western Ltd (Registered number: 08251561)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 220,547 240,164

CURRENT ASSETS
Stocks 193,022 201,830
Debtors 10,853 17,374
Cash at bank 868 35,871
204,743 255,075
CREDITORS
Amounts falling due within one year 238,231 309,325
NET CURRENT LIABILITIES (33,488 ) (54,250 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,059

185,914

CREDITORS
Amounts falling due after more than one
year

(13,271

)

(25,028

)

PROVISIONS FOR LIABILITIES (18,014 ) (15,563 )
NET ASSETS 155,774 145,323

CAPITAL AND RESERVES
Called up share capital 6 100 100
Revaluation reserve 7 - 6,911
Retained earnings 155,674 138,312
SHAREHOLDERS' FUNDS 155,774 145,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Western Ltd (Registered number: 08251561)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2025 and were signed by:





Mr M J Western - Director


M J Western Ltd (Registered number: 08251561)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

M J Western Ltd 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. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements are the first financial statements to comply with FRS 102 Section 1A small entities. The date of transition is the first day of the previous accounting period.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to those used previously.

The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the following pages.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 0% straight line on property nil on land
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

The director has adopted a policy of depreciating freehold property at a rate of 0% as he believes the expected residual value of each property will be no less than the current market value of each property.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

M J Western Ltd (Registered number: 08251561)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. ACCOUNTING POLICIES - continued

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The company has net current liabilities of £33,488 (2023 - £54,250). These net current liabilities include an amount of £165,913 due to the director.

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

M J Western Ltd (Registered number: 08251561)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 326,591
Additions 450
At 31 March 2024 327,041
DEPRECIATION
At 1 April 2023 86,427
Charge for year 20,067
At 31 March 2024 106,494
NET BOOK VALUE
At 31 March 2024 220,547
At 31 March 2023 240,164

The director has adopted a policy of depreciating freehold property at a rate of 0% as he believes the expected residual value of each property will be no less than the current market value of each property.


6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

7. RESERVES
Revaluation
reserve
£   
At 1 April 2023 6,911
Depreciation expense (6,911 )

At 31 March 2024 -