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Registration number: 11021912

M & J WOODS (SW) LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

M & J WOODS (SW) LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

M & J WOODS (SW) LIMITED

Company Information

Directors

Mr I J Mills

Mr J P Mills

Registered office

3 Samlet Road
Swansea
SA7 9AG

 

M & J WOODS (SW) LIMITED

(Registration number: 11021912)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

27,000

30,000

Tangible assets

5

62,897

81,365

 

89,897

111,365

Current assets

 

Stocks

6

70,619

73,511

Debtors

7

190,099

173,522

Cash at bank and in hand

 

19,005

21,841

 

279,723

268,874

Creditors: Amounts falling due within one year

8

(277,929)

(243,824)

Net current assets

 

1,794

25,050

Total assets less current liabilities

 

91,691

136,415

Creditors: Amounts falling due after more than one year

8

(85,869)

(115,998)

Net assets

 

5,822

20,417

Capital and reserves

 

Called up share capital

2

2

Retained earnings

5,820

20,415

Shareholders' funds

 

5,822

20,417

 

M & J WOODS (SW) LIMITED

(Registration number: 11021912)
Balance Sheet as at 30 November 2024 (continued)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Mr I J Mills
Director

.........................................
Mr J P Mills
Director

 
     
 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Samlet Road
Swansea
SA7 9AG
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

10 year straight line basis

Furniture and fittings

10 year straight line basis

Motor vehicles

3 year straight line basis

Office equipment

5 year straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Licence Fee

10 year straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 December 2023

30,000

30,000

At 30 November 2024

30,000

30,000

Amortisation

Amortisation charge

3,000

3,000

At 30 November 2024

3,000

3,000

Carrying amount

At 30 November 2024

27,000

27,000

At 30 November 2023

30,000

30,000

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

580

17,312

27,177

86,224

131,293

Additions

-

360

160

22,881

23,401

At 30 November 2024

580

17,672

27,337

109,105

154,694

Depreciation

At 1 December 2023

271

9,727

21,512

18,418

49,928

Charge for the year

58

1,737

4,932

35,142

41,869

At 30 November 2024

329

11,464

26,444

53,560

91,797

Carrying amount

At 30 November 2024

251

6,208

893

55,545

62,897

At 30 November 2023

309

7,585

5,665

67,806

81,365

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

70,619

73,511

7

Debtors

Current

2024
£

2023
£

Trade debtors

144,532

140,876

Prepayments

45,567

32,646

 

190,099

173,522

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

98,855

50,827

Trade creditors

 

84,364

117,665

Taxation and social security

 

23,063

20,794

Accruals and deferred income

 

13,494

28,229

Other creditors

 

58,153

26,309

 

277,929

243,824

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

85,869

97,998

Other non-current financial liabilities

 

-

18,000

 

85,869

115,998

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,770

37,890

HP and finance lease liabilities

53,099

60,108

85,869

97,998

 

M & J WOODS (SW) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2024
£

2023
£

Other loans

54,572

15,049

Directors current account

19,999

20,000

Hire purchase liabilities

24,284

15,778

98,855

50,827

10

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

20,000

20,000

At end of period

20,000

20,000

2023

Key management
£

Total
£

Advanced

20,000

20,000

At end of period

20,000

20,000

Terms of loans from related parties

There are no repayment terms or interest charged on loans from key management.