Man John Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02903675 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

MAN JOHN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A N Moorcroft

Mrs L J Moorcroft

P J Moorcroft

S Moorcroft

Mrs K Moorcroft

SECRETARY:

A N Moorcroft

REGISTERED OFFICE:

2 Sir Isaacs Walk

Colchester

Essex

CO1 1JJ

REGISTERED NUMBER:

02903675 (England and Wales)

ACCOUNTANTS:

Richard Sexton & Co LLP

3 Manor Road

Colchester

Essex

CO3 3LU

FIXED ASSETS

Tangible assets

4

237,192

241,320

CURRENT ASSETS

Stocks

149,529

138,811

Debtors

5

1,114

787

Cash at bank

6,833

33,339

157,476

172,937

CREDITORS

Amounts falling due within one year

6

120,219

91,098

NET CURRENT ASSETS

37,257

81,839

TOTAL ASSETS LESS CURRENT LIABILITIES

274,449

323,159

CREDITORS

Amounts falling due after more than one year

7

(150,063

)

(183,089

)

PROVISIONS FOR LIABILITIES

(5,300

)

(6,080

)

NET ASSETS

119,086

133,990

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

118,986

133,890

SHAREHOLDERS' FUNDS

119,086

133,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 7 July 2023 and were signed on its behalf by:

P J Moorcroft - Director

1.	STATUTORY INFORMATION

Man John 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 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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts.

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.

Freehold property

-

not provided

Improvements to property

-

not provided

Fixtures and fittings

-

from 20% to 33% on reducing balance

No depreciation has been provided in respect of freehold property although this is a requirement of Financial Reporting Standard 102. The directors are of the opinion, based on an annual review for impairment, that any such provision would not be material. The property was valued by an independent valuer in 2016 at a value in excess of the amount at which it is stated in the financial statements.

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.

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 7 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

property

fittings

Totals

£

£

£

£

COST

At 1 November 2021

191,181

18,141

141,598

350,920

Additions

-

-

2,839

2,839

At 31 October 2022

191,181

18,141

144,437

353,759

DEPRECIATION

At 1 November 2021

-

-

109,600

109,600

Charge for year

-

-

6,967

6,967

At 31 October 2022

-

-

116,567

116,567

NET BOOK VALUE

At 31 October 2022

191,181

18,141

27,870

237,192

At 31 October 2021

191,181

18,141

31,998

241,320

The freehold property was valued independently in 2016 at an open market value of £320,000. The directors consider the valuation at the balance sheet date to be not materially different.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Prepayments

1,114

787

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

33,991

29,940

Trade creditors

62,697

48,525

Corporation tax

2,940

3,320

Value Added Tax, payroll taxes & social security

17,551

4,646

Other creditors - Directors current account

121

-

Accruals

2,919

4,667

120,219

91,098

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

33,991

30,588

Bank loans - 2-5 years

73,787

85,703

Bank loans repayable in more than 5 years by instalments

42,285

66,798

150,063

183,089

Amounts falling due in more than five years:

Repayable by instalments

Bank loans repayable in more than 5 years by instalments

42,285

66,798

8.	SECURED DEBTS

A bank loan with outstanding balance of £112,760 is secured by a first legal mortgage on the freehold property, and by a fixed and floating charge over all of the assets of the company.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £24,667 (2021 - £25,800) were paid to the directors .

10.	ULTIMATE CONTROLLING PARTY

The company is under the control of P J Moorcroft.