M J Neal Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03248028 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2018

for

M J Neal Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs D K Neal

B J Neal

SECRETARY:

Mrs D K Neal

REGISTERED OFFICE:

Moorhouse Farm

Brigsley Road

Ashby Cum Fenby

Grimsby

North East Lincs

DN37 0QN

REGISTERED NUMBER:

03248028 (England and Wales)

FIXED ASSETS

Intangible assets

4

3,525

4,700

Tangible assets

5

544,034

581,143

Investment property

6

318,452

318,452

866,011

904,295

CURRENT ASSETS

Stocks

189,350

158,600

Debtors

7

239,564

298,258

Cash at bank

50,366

47,298

479,280

504,156

CREDITORS

Amounts falling due within one year

8

1,129,673

1,112,044

NET CURRENT LIABILITIES

(650,393

)

(607,888

)

TOTAL ASSETS LESS CURRENT LIABILITIES

215,618

296,407

CREDITORS

Amounts falling due after more than one year

9

(114,219

)

(173,710

)

PROVISIONS FOR LIABILITIES

(4,289

)

(7,773

)

NET ASSETS

97,110

114,924

CAPITAL AND RESERVES

Called up share capital

11

1,240

1,240

Retained earnings

95,870

113,684

SHAREHOLDERS' FUNDS

97,110

114,924

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 February 2019 and were signed on its behalf by:

Mrs D K Neal - Director

1.	STATUTORY INFORMATION

M J Neal 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

at varying rates on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 10% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

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 27 (2017 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2017

and 30 September 2018

4,700

AMORTISATION

Charge for year

1,175

At 30 September 2018

1,175

NET BOOK VALUE

At 30 September 2018

3,525

At 30 September 2017

4,700

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2017

666,792

390,862

1,057,654

Additions

-

9,575

9,575

Disposals

-

(80,124

)

(80,124

)

At 30 September 2018

666,792

320,313

987,105

DEPRECIATION

At 1 October 2017

172,334

304,177

476,511

Charge for year

10,535

32,812

43,347

Eliminated on disposal

-

(76,787

)

(76,787

)

At 30 September 2018

182,869

260,202

443,071

NET BOOK VALUE

At 30 September 2018

483,923

60,111

544,034

At 30 September 2017

494,458

86,685

581,143

Included in cost of land and buildings is freehold land of £ 140,000 (2017 - £ 140,000 ) which is not

depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2017

98,098

Transfer to ownership

(30,023

)

At 30 September 2018

68,075

DEPRECIATION

At 1 October 2017

57,494

Charge for year

23,586

Transfer to ownership

(30,023

)

At 30 September 2018

51,057

NET BOOK VALUE

At 30 September 2018

17,018

At 30 September 2017

40,604

6.	INVESTMENT PROPERTY

At the year end, the fair value of investment properties was £318,451 (2017: £318,451). This

valuation was provided by the directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

193,273

178,165

Other debtors

46,291

120,093

239,564

298,258

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans and overdrafts

193,442

198,903

Hire purchase contracts

7,787

12,976

Trade creditors

741,100

645,859

Taxation and social security

118,521

130,416

Other creditors

68,823

123,890

1,129,673

1,112,044

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans

73,022

124,649

Hire purchase contracts

41,197

49,061

114,219

173,710

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.18

30.9.17

£

£

Bank overdrafts

143,059

149,763

Bank loans

123,405

173,789

Hire purchase contracts

48,984

62,037

315,448

385,589

The bank borrowings are secured by a 1st charge over the company's freehold properties at Blue

Stone Service Station, Stallingborough, Immingham, North East Lincolnshire and Garage Premises,

Ferriby Road, Barton Upon Humber, North Lincolnshire along with a company debenture.

Obligations under hire purchase are secured by a charge over the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.18

30.9.17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

40

Ordinary "A"

£1

40

40

40

Ordinary "B"

£1

40

40

40

Ordinary "C"

£1

40

40

40

Ordinary "D"

£1

40

40

40

Ordinary "E"

£1

40

40

40

Ordinary "F"

£1

40

40

1,240

1,240

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs D K Neal.