Registration number: 09055299

JM and CW Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

JM and CW Limited

Company Information

Directors

Mr J Clapp Mrs C Clapp

Registered office

Red Linhay Crown Hill Halberton Tiverton Devon EX16 7AY

Accountants

Ward and Co Chartered Accountants West Penhill Farm Fremington Barnstaple Devon EX31 2NG

JM and CW Limited

(Registration number: 09055299)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	254,900	189,825
Investment property	5	7,515,637	8,819,979
		7,770,537	9,009,804
Current assets
Debtors	6	74,187	85,592
Cash at bank and in hand		449,637	126,945
		523,824	212,537
Creditors: Amounts falling due within one year	7	(463,493)	(1,510,132)
Net current assets/(liabilities)		60,331	(1,297,595)
Total assets less current liabilities		7,830,868	7,712,209
Creditors: Amounts falling due after more than one year	7	(2,280,776)	(2,436,212)
Provisions for liabilities		(349,439)	(410,371)
Net assets		5,200,653	4,865,626
Capital and reserves
Called up share capital	8	20,000	20,000
Share premium reserve		1,697,555	1,697,555
Retained earnings		3,483,098	3,148,071
Shareholders' funds		5,200,653	4,865,626

For the financial year ending 31 March 2025 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 Profit and Loss Account.

Approved and authorised by the Board on 1 December 2025 and signed on its behalf by:
 

JM and CW Limited

(Registration number: 09055299)
Balance Sheet as at 31 March 2025

......................................... Mr J Clapp Director

......................................... Mrs C Clapp Director

JM and CW Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
Red Linhay
Crown Hill
Halberton
Tiverton
Devon
EX16 7AY

These financial statements were authorised for issue by the Board on 1 December 2025.

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.

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.

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.

JM and CW Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 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:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Computer equipment	25% straight line
Motor vehicles	20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

JM and CW Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

JM and CW Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	284,157	-	284,157
Additions	18,508	78,475	96,983
At 31 March 2025	302,665	78,475	381,140
Depreciation
At 1 April 2024	94,332	-	94,332
Charge for the year	29,292	2,616	31,908
At 31 March 2025	123,624	2,616	126,240
Carrying amount
At 31 March 2025	179,041	75,859	254,900
At 31 March 2024	189,825	-	189,825

5	Investment properties

	2025 £
At 1 April	8,819,979
Disposals	(1,304,342)
At 31 March	7,515,637

The company's freehold properties are stated at open market value on an existing use basis at 31 March 2025, at the directors' valuation. On a historical basis, properties would have been included at a cost of £5,469,598.

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

6

Debtors

Current	2025 £	2024 £
Trade debtors	44,579	72,294
Prepayments	11,524	12,648
Other debtors	18,084	650
	74,187	85,592

JM and CW Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	93,335	1,273,130
Trade creditors		72,967	22,517
Taxation and social security		187,279	58,585
Accruals and deferred income		102,888	94,259
Other creditors		7,024	61,641
		463,493	1,510,132

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	2,280,776	2,436,212

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A shares of £1 each	10,200	10,200	10,200	10,200
Ordinary B shares of £1 each	9,800	9,800	9,800	9,800
	20,000	20,000	20,000	20,000

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	2,261,494	2,397,655
Hire purchase contracts	19,282	38,557
	2,280,776	2,436,212

Current loans and borrowings

JM and CW Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

	2025 £	2024 £
Bank borrowings	69,264	1,246,603
Hire purchase contracts	24,071	26,527
	93,335	1,273,130