M 'N R Mowers Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 9

(Registration number: 05213318)
Statement of Financial Position as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	55,661	46,938
Current assets
Stocks	5	217,786	193,735
Debtors	6	72,139	79,836
Cash at bank and in hand		212,216	199,491
		502,141	473,062
Creditors: Amounts falling due within one year	7	(199,734)	(209,323)
Net current assets		302,407	263,739
Total assets less current liabilities		358,068	310,677
Creditors: Amounts falling due after more than one year	7	(12,930)	-
Provisions for liabilities		(12,185)	(9,232)
Net assets		332,953	301,445
Capital and reserves
Called up share capital		30	30
Profit and loss account		332,923	301,415
Shareholders' funds		332,953	301,445

For the financial year ending 30 September 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 18 June 2025 and signed on its behalf by:

Mr Andrew Moule
Director

M 'N R Mowers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Queens House
New Street
Honiton
Devon
EX14 1BJ

Principal activity

The principal activity of the company is the sale and repair of lawn mowers.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

M 'N R Mowers Limited

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

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

M 'N R Mowers Limited

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

2	Accounting policies (continued)

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:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fittings, fixtures and equipment	20% reducing balance
Motor vehicles	25% reducing balance
Tenants improvements	20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

M 'N R Mowers Limited

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

2	Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

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

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

M 'N R Mowers Limited

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

4	Tangible assets

Tenants improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 October 2023

27,809

18,664

22,603

58,930

128,006

Additions

-

4,302

-

22,700

27,002

Disposals

-

(5,413)

-

-

(5,413)

At 30 September 2024

27,809

17,553

22,603

81,630

149,595

Depreciation

At 1 October 2023

15,708

11,585

17,579

36,196

81,068

Charge for the year

2,419

1,971

1,006

11,360

16,756

Eliminated on disposal

-

(3,890)

-

-

(3,890)

At 30 September 2024

18,127

9,666

18,585

47,556

93,934

Carrying amount

At 30 September 2024

9,682

7,887

4,018

34,074

55,661

At 30 September 2023

12,101

7,079

5,024

22,734

46,938

5

Stocks

2024
£

2023
£

Closing stock

217,786

193,735

6

Debtors

2024
£

2023
£

Trade debtors

68,405

79,746

Prepayments

3,734

90

72,139

79,836

M 'N R Mowers Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	4,310	4,462
Trade creditors		91,731	82,658
Taxation and social security		59,926	67,649
Accruals and deferred income		2,653	2,581
Other creditors		41,114	51,973
		199,734	209,323

Amounts due under hire purchase contracts at 30 September 2024 amounts to £4,310 (2023: £4,462). The debt is secured on the assets to which it relates.

Included in other creditors are amounts due in respect of credit cards. The amount due at 30 September 2024 was £107 ( 2023: £1,575 ). The debt is secured on the assets of the company.

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	12,930	-

Amounts due under hire purchase contracts at 30 September 2024 amounts to £12,930 (2023: £nil). The debt is secured on the assets to which it relates.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

M 'N R Mowers Limited

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

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £

Hire purchase contracts	12,930	-

Current loans and borrowings

	2024 £	2023 £

Hire purchase contracts	4,310	4,462

10	Financial commitments, guarantees and contingencies

Other financial commitments

At 30 September 2024 the company had operating lease commitments as follows:

Due within one year: £26,196
Due between 1 and 5 years: £22,126

11	Related party transactions

Transactions with directors

2024	At 1 October 2023 £	Advances to director £	Repayments by director £	At 30 September 2024 £
Director	(6,506)	47,271	(43,072)	(2,307)
Director	(21,159)	45,431	(40,495)	(16,223)
Director	(21,829)	40,343	(40,000)	(21,486)
	(49,494)	133,045	(123,567)	(40,016)

M 'N R Mowers Limited

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

11	Related party transactions (continued)

2023	At 1 October 2022 £	Advances to director £	Repayments by director £	At 30 September 2023 £
Director	(16,384)	52,781	(42,903)	(6,506)
Director	(21,627)	41,076	(40,608)	(21,159)
Director	(19,309)	37,480	(40,000)	(21,829)
	(57,320)	131,337	(123,511)	(49,494)

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

	Tenants improvements £	Fixtures, fittings and equipment £	Plant and machinery £	Motor vehicles £	Total £
Cost or valuation
At 1 October 2023	27,809	18,664	22,603	58,930	128,006
Additions	-	4,302	-	22,700	27,002
Disposals	-	(5,413)	-	-	(5,413)
At 30 September 2024	27,809	17,553	22,603	81,630	149,595
Depreciation
At 1 October 2023	15,708	11,585	17,579	36,196	81,068
Charge for the year	2,419	1,971	1,006	11,360	16,756
Eliminated on disposal	-	(3,890)	-	-	(3,890)
At 30 September 2024	18,127	9,666	18,585	47,556	93,934
Carrying amount
At 30 September 2024	9,682	7,887	4,018	34,074	55,661
At 30 September 2023	12,101	7,079	5,024	22,734	46,938

	2024 £	2023 £
Trade debtors	68,405	79,746
Prepayments	3,734	90
	72,139	79,836