Company registration number 00743328 (England and Wales)
MARGARET L.JOHNSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MARGARET L.JOHNSON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
MARGARET L.JOHNSON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
470,118
468,616
Investment properties
6
389,309
389,310
Investments
5
252
252
859,679
858,178
Current assets
Stocks
8
72,934
144,810
Debtors
7
140,044
132,586
Cash at bank and in hand
1,678
2,714
214,656
280,110
Creditors: amounts falling due within one year
9
(136,892)
(162,091)
Net current assets
77,764
118,019
Total assets less current liabilities
937,443
976,197
Creditors: amounts falling due after more than one year
10
(309,258)
(356,036)
Provisions for liabilities
(51,168)
(50,547)
Net assets
577,017
569,614
Capital and reserves
Called up share capital
11
1,000
1,000
Revaluation reserve
12
322,654
352,582
Profit and loss reserves
253,363
216,032
Total equity
577,017
569,614
MARGARET L.JOHNSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
S. A. Cope
Director
Company Registration No. 00743328
MARGARET L.JOHNSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 3 -
1
Judgements and key sources of estimation uncertainty

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.

2
Accounting policies
Company information

Margaret L.Johnson Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Corn Street, Witney, Oxfordshire, OX28 6BL.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2
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.

Revenue 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.

2.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
50 years straight line
Alterations to premises
7 years straight line
Furniture, fittings and equipment
15% and 25% reducing balance
Motor vehicles
25% reducing balance
MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 4 -

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.

2.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

2.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 5 -
2.7
Stocks

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.

2.8
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.

2.9
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 balance sheet 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 debtors 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 creditors, 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 paymen ts 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 6 -
2.10
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.

2.11
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. If the utilisation of a deferred tax asset is not probable it is not recognised and is disclosed only.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.12
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 fixed 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.

2.13
Retirement benefits

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

2.14
Leases

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.

MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
6
8
4
Tangible fixed assets
Freehold buildings
Alterations to premises
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
564,309
81,404
290,988
110,825
1,047,526
Additions
-
0
-
0
-
0
21,999
21,999
Disposals
-
0
-
0
-
0
(38,517)
(38,517)
At 31 March 2025
564,309
81,404
290,988
94,307
1,031,008
Depreciation and impairment
At 1 April 2024
119,163
81,404
287,602
90,741
578,910
Depreciation charged in the year
8,886
-
0
508
10,327
19,721
Eliminated in respect of disposals
-
0
-
0
-
0
(37,741)
(37,741)
At 31 March 2025
128,049
81,404
288,110
63,327
560,890
Carrying amount
At 31 March 2025
436,260
-
0
2,878
30,980
470,118
At 31 March 2024
445,146
-
0
3,386
20,084
468,616
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
252
252
MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
6
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
389,309

The properties have been valued by the Directors at market value.

There has been no valuation of investment property by an independent valuer.

Freehold property is split between tangible fixed asset and investment property. The split is on the basis of equal use of one of the properties.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
134,537
127,231
Amounts owed by group undertakings
4,321
4,321
Other debtors
183
183
Prepayments and accrued income
1,003
851
140,044
132,586

As at the balance sheet date the company had an unrecognised deferred tax asset of £16,150 (202 4: £19,022).

8
Stocks
2025
2024
£
£
Closing stock
72,934
144,810
9
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
17,719
46,347
Trade creditors
70,818
60,922
Amounts owed to group undertakings
25,500
25,500
Taxation and social security
17,215
23,883
Other creditors
-
0
2
Accruals and deferred income
5,640
5,437
136,892
162,091

Included in the creditors above are pensions of £470 (20 24: £567).

MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
10
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,500
12,500
Amounts owed to group undertakings
239,000
264,500
Other creditors
67,758
79,036
309,258
356,036

Bank loans and overdrafts is made up of the Bounce Back Loan with Barclays Bank PLC only and is denominated in GBP with a nominal interest rate of 2.5%. T he final instalment is due on 11 June 2027. The carrying amount at year end is £12,500 (202 4: £22,500).

The company has entered into a loan agreement as part of the UK Government's COVID-19 support. Under this scheme the interest and fees charged by the lender in the first year have been paid by the UK Government whom have also guaranteed the loan.

11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
12
Revaluation reserve
2025
2024
£
£
At the beginning of the year
352,582
352,582
Other movements
(29,928)
-
At the end of the year
322,654
352,582

The balances above are as a result of the revaluation of investment properties and deferred tax has been calculated regarding this.

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
24,318
10,063
MARGARET L.JOHNSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
14
Related party transactions

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.

Summary of transactions with parent

Margaret L Johnson Holdings Limited

As at the balance sheet date, the company is controlled by Mr S. A. Cope and Mrs J. A. Cope who are also the directors of Margaret L Johnson Holdings Limited. Margaret L Johnson Holdings Limited is the parent company of Margaret L.Johnson Limited, owning 100% of the share capital. The shareholders of Margaret L Johnson Holdings Limited are S. A. Cope, E. J. Cope and E. S. Cope.

As at the balance sheet date Margaret L.Johnson Limited was owed £4,321 (202 4: £4,321) by the parent company.

Summary of transactions with other related parties

The Flying Press Limited

Mr S. A. Cope is a director of both Margaret L.Johnson Limited and The Flying Press Limited.

At the balance sheet date the net amount owed to The Flying Press Limited was £264,500 (202 4: £290,000). There was no interest charged on these loans, the loans are without security and it has been agreed that Margaret L.Johnson Limited will repay £2,125 per month to The Flying Press Limited.

Margaret L Johnson Marlborough Limited

Mr S. A. Cope and Mrs J. A. Cope are directors of both Margaret L.Johnson Limited and Margaret L Johnson Marlborough Limited.

As at the year end the company is owed £183 (202 4: £183) from Margaret L Johnson Marlborough Limited.

SJC Properties Limited

Mr S. A. Cope and Mrs J. A. Cope are directors of both Margaret L.Johnson Limited and SJC Properties Limited.

As at the year end the company is owed £nil (2024: £nil) from SJC Properties Limited.

15
Parent company

The company's immediate parent is Margaret L Johnson Holdings Limited, incorporated in England and Wales, owning 100% of the share capital and voting rights.

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