1.
General Information
M & J Woods (SW) Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11021912
. The registered office is Unit 3 Samlet Road, Swansea Enterprise Park, Swansea, SA7 9AG.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3.
Turnover
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.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class
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Amortisation method and rate
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License fee
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10 year straight line
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2.5.
Tangible Fixed Assets and Depreciation
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:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Office Equipment |
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M & J Woods (SW) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
2.6.
Leasing and Hire Purchase Contracts
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.
2.7.
Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss
2.8.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9.
Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2.10.
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
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2024: 5)
M & J Woods (SW) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
4.
Intangible Assets
| Trademarks, patents and licenses | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 December 2024 |
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| As at 30 November 2025 |
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| Amortisation | |||
| As at 1 December 2024 |
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| Provided during the period |
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| As at 30 November 2025 |
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| Net Book Value | |||
| As at 30 November 2025 |
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| As at 1 December 2024 |
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5.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Office Equipment | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 December 2024 |
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| Additions |
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| Disposals |
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( |
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( |
| As at 30 November 2025 |
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| Depreciation | |||||
| As at 1 December 2024 |
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| Provided during the period |
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| Disposals |
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( |
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( |
| As at 30 November 2025 |
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| Net Book Value | |||||
| As at 30 November 2025 |
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| As at 1 December 2024 |
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6.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Raw materials |
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M & J Woods (SW) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
7.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 37,847 | 45,568 | |
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8.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Amounts owed to participating interests |
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| Other creditors | 99,872 | 128,875 | |
| Taxation and social security |
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9.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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10.
Loans
An analysis of the maturity of loans is given below:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
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| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
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M & J Woods (SW) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2025
11.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
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| Later than one year and not later than five years |
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13.
Related Party Disclosures
Loans from related parties
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Key
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management
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Total
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2025
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£
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£
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|
At start of period
|
20,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
20,000
|
|
At end of period
|
20,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
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20,000
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Key
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||
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2024
|
management
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Total
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£
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£
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At start of period
|
20,000
|
20,000
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At end of period
|
20,000
|
20,000
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Terms of loans from related parties
There are no repayment terms or interest charged on loans from key management.
14.
Controlling Parties
The company's immediate parent undertaking is
I & J Mills Limited
.
The ultimate parent undertaking is
I & J Mills Limited
(incorporated in England & Wales). Its registered office is
Unit 3 Samlet Road, Swansea Enterprise Park, Swansea, Wales
.
Copies of the group accounts may be obtained from the company's registered office.