JOHN MAY (TOBACCO)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R J Golding

Mrs B F I Golding

SECRETARY:

Mrs B F I Golding

REGISTERED OFFICE:

Progress House

8 Chipstead Station Parade

Chipstead

Coulsdon

Surrey

CR5 3TE

REGISTERED NUMBER:

00728919 (England and Wales)

ACCOUNTANTS:

Halsey & Co (Accountants) Ltd.

Chartered Certified Accountants

Registered Auditors

2 Villiers Court

40 Upper Mulgrave Road

Cheam

Surrey

SM2 7AJ

FIXED ASSETS

Tangible assets

4

32,611

41,370

Investments

5

4,000

941,676

Investment property

6

4,034,099

3,906,721

4,070,710

4,889,767

CURRENT ASSETS

Debtors

7

3,446,258

2,185,381

Cash at bank

31,662

58,010

3,477,920

2,243,391

CREDITORS

Amounts falling due within one year

8

838,280

450,587

NET CURRENT ASSETS

2,639,640

1,792,804

TOTAL ASSETS LESS CURRENT LIABILITIES

6,710,350

6,682,571

PROVISIONS FOR LIABILITIES

495,187

478,526

NET ASSETS

6,215,163

6,204,045

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

6,214,163

6,203,045

6,215,163

6,204,045

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 30th November 2024 and were signed on its behalf by:

Mr R J Golding - Director

Mrs B F I Golding - Director

1.	STATUTORY INFORMATION

John May (Tobacco) is a private company unlimited by shares registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Motor vehicles

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

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

Freehold property, not held as an investment for rental income is shown as a fixed asset and valued at the lower of cost, including any directly attributable expenditure, and net realisable value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1st April 2023

66,522

Disposals

(22,728

)

At 31st March 2024

43,794

DEPRECIATION

At 1st April 2023

25,152

Charge for year

8,759

Eliminated on disposal

(22,728

)

At 31st March 2024

11,183

NET BOOK VALUE

At 31st March 2024

32,611

At 31st March 2023

41,370

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1st April 2023

4,000

937,676

941,676

Disposals

-

(943,606

)

(943,606

)

Revaluations

-

5,930

5,930

At 31st March 2024

4,000

-

4,000

NET BOOK VALUE

At 31st March 2024

4,000

-

4,000

At 31st March 2023

4,000

937,676

941,676

Cost or valuation at 31st March 2024 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2021

-

29,356

29,356

Valuation in 2022

-

42,715

42,715

Valuation in 2023

-

(107,444

)

(107,444

)

Cost

4,000

-

4,000

4,000

(35,373

)

(31,373

)

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2023

3,906,721

Revaluations

127,378

At 31st March 2024

4,034,099

NET BOOK VALUE

At 31st March 2024

4,034,099

At 31st March 2023

3,906,721

The fair value of each of the investment properties held within the group and company has been estimated by the directors and was last valued by an external valuer on 30 September 2017. The estimate of fair value for each property is based on comparisons with the market value of deemed comparable properties. Adjustments are applied based on the estimated cost of required maintenance and repairs. The directors have used consistent techniques to estimate fair value and applied those techniques to each individual property in the company's portfolio. The directors acknowledge, as with other valuation techniques there is a margin for variation between an estimated valuation and any market value achieved in an arms-length disposal of a property. Equally, an estimated market value fixed at any specific date will suffer deteriorating accuracy with the passage of time. However, the directors believe that their valuation is fair and the best estimate of the fair value of the properties at the balance sheet date.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Amounts owed by group undertakings

3,351,594

2,095,617

Other debtors

94,664

89,764

3,446,258

2,185,381

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Trade creditors

17,723

10,348

Amounts owed to group undertakings

372,567

282,918

Taxation and social security

50,407

32,973

Other creditors

397,583

124,348

838,280

450,587