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REGISTERED NUMBER: 03248028 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

M J Neal Limited

M J Neal Limited (Registered number: 03248028)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M J Neal Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mrs D K Neal
B J Neal





SECRETARY: Mrs D K Neal





REGISTERED OFFICE: The Laurels
Main Road
Barnoldby-Le-Beck
Grimsby
North East Lincs
DN37 0AU





REGISTERED NUMBER: 03248028 (England and Wales)

M J Neal Limited (Registered number: 03248028)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,160,895 1,217,795
Investment property 5 450,000 450,000
1,610,895 1,667,795

CURRENT ASSETS
Stocks 128,236 151,276
Debtors 6 956,367 248,287
Cash at bank 1,057,427 1,130,410
2,142,030 1,529,973
CREDITORS
Amounts falling due within one year 7 1,811,985 1,791,505
NET CURRENT ASSETS/(LIABILITIES) 330,045 (261,532 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,940,940

1,406,263

CREDITORS
Amounts falling due after more than one
year

8

(5,565

)

(15,900

)

PROVISIONS FOR LIABILITIES (64,961 ) (73,445 )
NET ASSETS 1,870,414 1,316,918

CAPITAL AND RESERVES
Called up share capital 10 1,240 1,240
Retained earnings 1,869,174 1,315,678
SHAREHOLDERS' FUNDS 1,870,414 1,316,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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 Neal Limited (Registered number: 03248028)

Balance Sheet - continued
30 September 2024


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 2 April 2025 and were signed on its behalf by:





B J Neal - Director


M J Neal Limited (Registered number: 03248028)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

M J Neal 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 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.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 25% on cost and 10% on reducing balance

Included within land and buildings is land which is not depreciated, which is a departure from FRS102.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is valued on a first in first out basis.

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.

M J Neal Limited (Registered number: 03248028)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 1,293,333 386,833 1,680,166
Additions - 10,427 10,427
At 30 September 2024 1,293,333 397,260 1,690,593
DEPRECIATION
At 1 October 2023 238,172 224,199 462,371
Charge for year 23,067 44,260 67,327
At 30 September 2024 261,239 268,459 529,698
NET BOOK VALUE
At 30 September 2024 1,032,094 128,801 1,160,895
At 30 September 2023 1,055,161 162,634 1,217,795

Included in cost of land and buildings is freehold land of £ 140,000 (2023 - £ 140,000 ) which is not depreciated.

M J Neal Limited (Registered number: 03248028)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023
and 30 September 2024 47,700
DEPRECIATION
At 1 October 2023 23,664
Charge for year 6,009
At 30 September 2024 29,673
NET BOOK VALUE
At 30 September 2024 18,027
At 30 September 2023 24,036

5. INVESTMENT PROPERTY

At the year end, the fair value of investment properties was £450,000 (2023: £450,000). This valuation was provided by the directors.

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2020 131,549
Cost 318,451
450,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 130,867 206,287
Other debtors 825,500 42,000
956,367 248,287

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 9,540 9,540
Trade creditors 1,164,934 1,387,982
Taxation and social security 445,646 366,627
Other creditors 191,865 27,356
1,811,985 1,791,505

M J Neal Limited (Registered number: 03248028)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 5,565 15,900

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Hire purchase contracts 15,105 25,440

Obligations under hire purchase are secured on the assets to which they relate.

At the year-end a balance of £1,116,707 (2023: £1,329,537) was included within trade creditors owing to Phillips 66 Ltd, who currently have a charge over the client's premises.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1,000 Ordinary £1 1,000 1,000
40 Ordinary "A" £1 40 40
40 Ordinary "B" £1 40 40
40 Ordinary "C" £1 40 40
40 Ordinary "D" £1 40 40
40 Ordinary "E" £1 40 40
40 Ordinary "F" £1 40 40
1,240 1,240

11. RELATED PARTY DISCLOSURES

At the period end, the related party balances were:
30.9.24 30.9.23
£ £
Amounts owed from related parties 650,000 42,000

The related parties are businesses which are under the same common control. Interest on the loan has been calculated at 1.5% above the base rate.