REGISTERED NUMBER: 04182404 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

The Martins Independent Funeral

Directors Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

A N Jones

A D Jones

Registered office:

The Study

1 East Grinstead Road

Lingfield

Surrey

RH7 6EP

Registered number:

04182404 (England and Wales)

Accountants:

Hughes & Co.

The Stables

Broseley Hall

Church Street

Broseley

Shropshire

TF12 5DG

Fixed assets

Tangible assets

4

614,343

653,600

Current assets

Stocks

16,000

16,000

Debtors

5

203,698

242,937

Cash at bank and in hand

33,831

21,243

253,529

280,180

Creditors

Amounts falling due within one year

6

125,087

116,494

Net current assets

128,442

163,686

Total assets less current liabilities

742,785

817,286

Creditors

Amounts falling due after more than one year

7

(12,500

)

(22,500

)

Provisions for liabilities

8

(20,309

)

(30,927

)

Net assets

709,976

763,859

Capital and reserves

Called up share capital

100

100

Fair value reserve

9

127,363

146,763

Retained earnings

9

582,513

616,996

709,976

763,859

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 29 August 2025 and were signed on its behalf by:

A N Jones - Director

1.	STATUTORY INFORMATION

The Martins Independent Funeral Directors 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.

The Martins Independent Funeral Directors Limited is a wholly owned subsidiary of the parent company Alex Jones Funeral Directors Limited. The members of The Martins Independent Funeral Directors Limited have agreed to the exemption from audit in respect of the year ended 31 December 2024 in accordance with section 479C of the Companies Act 2006.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

1% on cost

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease's asset are consumed.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

Cost or valuation

At 1 January 2024

560,000

102,694

306,912

969,606

Additions

-

7,882

-

7,882

Disposals

-

-

(15,580

)

(15,580

)

Revaluations

(35,000

)

-

-

(35,000

)

At 31 December 2024

525,000

110,576

291,332

926,908

Depreciation

At 1 January 2024

-

94,734

221,272

316,006

Charge for year

5,600

2,319

8,539

16,458

Eliminated on disposal

-

-

(14,299

)

(14,299

)

Revaluation adjustments

(5,600

)

-

-

(5,600

)

At 31 December 2024

-

97,053

215,512

312,565

Net book value

At 31 December 2024

525,000

13,523

75,820

614,343

At 31 December 2023

560,000

7,960

85,640

653,600

Cost or valuation at 31 December 2024 is represented by:

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

Valuation in 2016

28,278

-

-

28,278

Valuation in 2023

44,313

-

-

44,313

Valuation in 2024

(35,000

)

-

-

(35,000

)

Cost

487,409

110,576

291,332

889,317

525,000

110,576

291,332

926,908

If long leasehold property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

487,409

487,409

Aggregate depreciation

87,940

83,906

Long leasehold property was valued on an open market value basis on 31 December 2024 by the directors .

The directors have assessed the open market value of the company's long leasehold properties at the year-end to be £525,000. Their assessment was based on valuations obtained in June 2025. If the properties were to be sold at this value no tax liability would arise (2023:£10,000). The directors do not consider the cost of a professional valuation specifically at the year-end to be justified.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

42,245

71,865

Amounts owed by group undertakings

155,162

155,162

Other debtors

6,291

15,910

203,698

242,937

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

28,296

25,038

Taxation and social security

68,195

62,571

Other creditors

18,596

18,885

125,087

116,494

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

12,500

22,500

8.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

20,309

30,927

Deferred tax

£

Balance at 1 January 2024

30,927

Provided during year

(10,618

)

Balance at 31 December 2024

20,309

9.

RESERVES

Retained

Fair value

earnings

reserve

Totals

£

£

£

At 1 January 2024

616,996

146,763

763,759

Profit for the year

183,517

-

183,517

Dividends

(218,000

)

-

(218,000

)

Revaluation of long leasehold property

-

(19,400

)

(19,400

)

At 31 December 2024

582,513

127,363

709,876

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

A N Jones

Balance outstanding at start of year

10,000

-

Amounts advanced

-

10,000

Amounts repaid

(10,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

10,000

The above director's loan account balance was fully repaid on 22 February 2024.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Alex Jones Funeral Directors Limited.

The ultimate controlling party is A N Jones.