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Company registration number: 02361016
Major R Owen Limited
Unaudited filleted financial statements
31 October 2024
Major R Owen Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Major R Owen Limited
Directors and other information
Directors Mr Andrew David Jones
Mrs Debbie Marie Burnham (Resigned 18 February 2025)
Mr Joshua Luke Owen Jones
Mr Luke James Owen Jones
Company number 02361016
Registered office Parc Road
Penrhyndeudraeth
Gwynedd
LL48 6LS
Business address Parc Road
Penrhyndeudraeth
Gwynedd
LL48 6LS
Accountants WJ Matthews & Son
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
Bankers HSBC Bank Plc
62 High Street
Porthmadog
Gwynedd
LL49 9LN
Solicitors Breese Gwyndaf
60 High Street
Porthmadog
Gwynedd
LL49 9LL
Major R Owen Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Major R Owen Limited
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Major R Owen Limited for the year ended 31 October 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Major R Owen Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Major R Owen Limited and state those matters that we have agreed to state to the board of directors of Major R Owen Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Major R Owen Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Major R Owen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Major R Owen Limited. You consider that Major R Owen Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Major R Owen Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WJ Matthews & Son
Chartered Accountants
11-15 Bridge Street
Caernarfon
Gwynedd
LL55 1AB
30 June 2025
Major R Owen Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 940,353 906,394
_______ _______
940,353 906,394
Current assets
Stocks 2,011,255 2,110,292
Debtors 6 272,033 421,104
Cash at bank and in hand 1,460 1,311
_______ _______
2,284,748 2,532,707
Creditors: amounts falling due
within one year 7 ( 2,164,156) ( 2,428,132)
_______ _______
Net current assets 120,592 104,575
_______ _______
Total assets less current liabilities 1,060,945 1,010,969
Creditors: amounts falling due
after more than one year 8 ( 50,490) ( 81,578)
Provisions for liabilities ( 26,667) ( 20,215)
_______ _______
Net assets 983,788 909,176
_______ _______
Capital and reserves
Called up share capital 450 450
Share premium account 41,766 41,766
Revaluation reserve 430,921 430,921
Capital redemption reserve 550 550
Profit and loss account 510,101 435,489
_______ _______
Shareholders funds 983,788 909,176
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2025 , and are signed on behalf of the board by:
Mr Andrew David Jones
Director
Company registration number: 02361016
Major R Owen Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parc Road, Penrhyndeudraeth, Gwynedd, LL48 6LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2023: 21 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2023 800,000 185,525 129,025 363,483 1,478,033
Additions - 67,437 380 - 67,817
_______ _______ _______ _______ _______
At 31 October 2024 800,000 252,962 129,405 363,483 1,545,850
_______ _______ _______ _______ _______
Depreciation
At 1 November 2023 - 132,171 117,572 321,896 571,639
Charge for the year - 19,531 1,311 13,016 33,858
_______ _______ _______ _______ _______
At 31 October 2024 - 151,702 118,883 334,912 605,497
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2024 800,000 101,260 10,522 28,571 940,353
_______ _______ _______ _______ _______
At 31 October 2023 800,000 53,354 11,453 41,587 906,394
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 October 2024
Aggregate cost 417,309 417,309
Aggregate depreciation (76,984) (76,984)
_______ _______
Carrying amount 340,325 340,325
_______ _______
At 31 October 2023
Aggregate cost 417,309 417,309
Aggregate depreciation (75,292) (75,292)
_______ _______
Carrying amount 342,017 342,017
_______ _______
The company's land and buildings were revalued on 5th February 2015. The directors conduct periodic assessments of the valuation and remain of the opinion that it has not materially changed since that date. Furthermore, they consider the residual value of the buildings to be consistent with the recorded valuation. Consequently, in accordance with their assessment of the assets' recoverable amount, no depreciation has been recognised in the financial statements.
6. Debtors
2024 2023
£ £
Trade debtors 236,137 357,038
Other debtors 35,896 64,066
_______ _______
272,033 421,104
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 338,860 420,454
Trade creditors 1,549,752 1,882,801
Corporation tax 15,486 64,501
Social security and other taxes 110,223 15,428
Other creditors 149,835 44,948
_______ _______
2,164,156 2,428,132
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 5,871 15,968
Other creditors 44,619 65,610
_______ _______
50,490 81,578
_______ _______
The bank loans are secured by a fixed and floating charge over the company's assets.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew David Jones 5,870 ( 15,000) ( 9,130)
Mrs Debbie Marie Burnham 3,171 - 3,171
Mr Joshua Luke Owen Jones - ( 35,001) ( 35,001)
Mr Luke James Owen Jones - ( 40,000) ( 40,000)
_______ _______ _______
9,041 ( 90,001) ( 80,960)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew David Jones 5,870 - 5,870
Mrs Debbie Marie Burnham 3,171 - 3,171
_______ _______ _______
9,041 - 9,041
_______ _______ _______
10. Controlling party
The company is controlled by Mr Andrew D Jones, director.