Company Registration No. 02473732 (England and Wales)
MJC CONSTRUCTION & REFURB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
MJC CONSTRUCTION & REFURB LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MJC CONSTRUCTION & REFURB LTD
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
151,074
72,864
Investments
5
450,000
450,000
601,074
522,864
Current assets
Debtors
6
490,115
249,694
Cash at bank and in hand
25
134,218
490,140
383,912
Creditors: amounts falling due within one year
7
(671,675)
(292,718)
Net current (liabilities)/assets
(181,535)
91,194
Total assets less current liabilities
419,539
614,058
Creditors: amounts falling due after more than one year
8
(189,646)
(164,515)
Net assets
229,893
449,543
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
229,793
449,443
Total equity
229,893
449,543

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 3 - 7 form an integral part of these financial statements.

 

For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and FRS102 Section 1A.

MJC CONSTRUCTION & REFURB LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2018
30 April 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 October 2018 and are signed on its behalf by:
W Gamski
A Gamski
Director
Director
Company Registration No. 02473732
MJC CONSTRUCTION & REFURB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
1
Accounting policies
Company information

MJC CONSTRUCTION & REFURB LTD is a private company limited by shares incorporated in England and Wales. The registered office is 842 London Road, North Cheam, Sutton, Surrey, SM3 9BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Deferred tax

Deferred tax is recognized in respect of all material timing differences that have originated but not reversed at the balance sheet date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2017 - 10).

2018
2017
Number
Number
Directors
2
2
Employees
8
8
10
10
MJC CONSTRUCTION & REFURB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
(Continued)
- 4 -
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
(43,963)
43,963
Deferred tax
Origination and reversal of timing differences
(2,357)
(1,699)
Total tax (credit)/charge
(46,320)
42,264
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2017
4,895
11,619
173,221
189,735
Additions
-
-
161,526
161,526
Disposals
-
-
(108,052)
(108,052)
At 30 April 2018
4,895
11,619
226,695
243,209
Depreciation and impairment
At 1 May 2017
4,468
9,860
102,542
116,870
Depreciation charged in the year
85
352
49,776
50,213
Eliminated in respect of disposals
-
-
(74,948)
(74,948)
At 30 April 2018
4,553
10,212
77,370
92,135
Carrying amount
At 30 April 2018
342
1,407
149,325
151,074
At 30 April 2017
426
1,758
70,680
72,864
5
Fixed asset investments
2018
2017
£
£
Investments
450,000
450,000

The director considers the carrying value of fixed asset investments approximate to their fair value.

MJC CONSTRUCTION & REFURB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2017 & 30 April 2018
450,000
Carrying amount
At 30 April 2018
450,000
At 30 April 2017
450,000
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
36,174
540
Gross amounts owed by contract customers
369,252
219,190
Corporation tax recoverable
43,969
-
Other debtors
22,510
13,298
Prepayments and accrued income
14,153
14,967
486,058
247,995
Deferred tax asset (note )
4,057
1,699
490,115
249,694

The directors consider considers the carrying value of trade and other receivables approximate to their fair value.

MJC CONSTRUCTION & REFURB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
108,353
-
Obligations under finance leases
87,387
63,922
Other borrowings
40,000
-
Trade creditors
361,593
130,575
Corporation tax
-
43,962
Other taxation and social security
57,628
16,862
Other creditors
12,474
11,070
Accruals and deferred income
4,240
26,327
671,675
292,718

The directors consider the carrying amounts of current liabilities approximate to their fair values.

8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases
166,313
164,515
Other borrowings
23,333
-
189,646
164,515

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

 

9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
MJC CONSTRUCTION & REFURB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 7 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2018
2017
£
£
Within one year
12,913
10,479
Between two and five years
8,812
17,161
21,725
27,640
11
Related party transactions

At the balance sheet date included in other debtors are amounts due from directors of £22,510 (2017: £8,920 in other creditors).

 

 

12
Controlling party

The company is controlled by Mr W Gamski and Mrs A Gamski, each owning 50% of the share capital of the company.

The company's business premises are owned jointly by the directors, Mr and Mrs Gamski. The company paid Mr and Mrs Gamski rent of £20,400 (2017 - £18,000) during the year.

 

 

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