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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
|
Officers and Professional Advisers |
The board of directors |
|
|
|
|
|
Company secretary |
|
Registered office |
|
|
|
|
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|
Auditor |
|
Chartered Certified Accountants & statutory auditor |
|
Numeric House |
|
98 Station Road |
|
Sidcup |
|
Kent |
|
DA15 7BY |
|
Bankers |
|
PO Box 160 |
|
168 High Street |
|
Guildford |
|
Surrey |
|
GU1 3YU |
|
|
|
19 North Street |
|
Guildford |
|
Surrey |
|
GU1 4AG |
|
Solicitors |
|
Griffin House |
|
135 High Street |
|
Crawley |
|
West Sussex |
|
RH10 1DQ |
|
|
Strategic Report |
|
Directors' Report |
R E Melhuish
|
|
|
|
|
|
|
Independent Auditor's Report to the Members of M.H.J. Limited and subsidiaries |
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & statutory auditor |
Numeric House |
98 Station Road |
Sidcup |
Kent |
DA15 7BY |
|
Consolidated Statement of Comprehensive Income |
2022 |
2021 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
------------- |
------------- |
||
Operating profit |
5 |
|
|
Deemed loss on disposal of shareholding |
(
|
– |
|
Share of profit of associates |
16 |
|
|
Interest receivable |
9 |
|
|
Amounts written back to investments |
10 |
– |
|
Interest payable |
11 |
|
|
------------- |
------------- |
||
Profit before taxation |
|
|
|
Taxation on ordinary activities |
12 |
|
|
------------ |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
------------ |
||
The owners of the parent company |
|
|
Non-controlling interests |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
|
Consolidated Statement of Financial Position |
2022 |
2021 |
||
Note |
£ |
£ |
|
Intangible assets |
14 |
|
|
|
Tangible assets |
15 |
|
|
|
Investments: |
16 |
|||
Investments in associates |
1,467,205 |
1,264,904 |
||
------------- |
------------- |
|||
|
|
|||
Stocks |
17 |
|
|
|
Debtors |
18 |
|
|
|
Cash at bank and in hand |
|
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||
------------- |
------------- |
|||
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|
|||
Creditors: amounts falling due within one year |
19 |
|
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|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
20 |
|
|
|
Taxation including deferred tax |
22 |
|
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
25 |
|
|
|
Share premium account |
26 |
|
|
|
Profit and loss account |
26 |
|
|
|
------------- |
------------- |
|||
Equity attributable to the owners of the parent company |
|
|
||
Non-controlling interests |
|
|
|
------------- |
------------- |
||
|
|
||
------------- |
------------- |
||
|
Company Statement of Financial Position |
2022 |
2021 |
||
Note |
£ |
£ |
|
Tangible assets |
15 |
|
|
|
Investments |
16 |
|
|
|
------------ |
------------ |
|||
|
|
|||
Debtors |
18 |
|
|
|
Cash at bank and in hand |
|
|
||
------------ |
------------ |
|||
|
|
|||
Creditors: amounts falling due within one year |
19 |
|
|
|
------------ |
------------ |
|||
Net current assets |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
20 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
25 |
|
|
|
Share premium account |
26 |
|
|
|
Profit and loss account |
26 |
|
|
|
------------ |
------------ |
|||
Shareholders funds |
|
|
||
------------ |
------------ |
|||
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 January 2021 |
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|||
-------- |
--------- |
------------ |
------------- |
--------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
-------- |
--------- |
------------ |
------------- |
--------- |
------------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
|
At 31 December 2021 |
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|||
-------- |
--------- |
------------- |
------------- |
--------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
Deemed gain on subsidiary issue of shares |
– |
– |
– |
– |
|
|
|
---- |
---- |
--------- |
--------- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
(
|
|
-------- |
--------- |
------------- |
------------- |
------------ |
------------- |
||
At 31 December 2022 |
|
|
|
|
|
|
|
-------- |
--------- |
------------- |
------------- |
------------ |
------------- |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 January 2021 |
|
|
|
|
|
Profit for the year |
|
|
|||
-------- |
--------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
-------- |
--------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 31 December 2021 |
|
|
|
|
|
Profit for the year |
|
|
|||
-------- |
--------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
-------- |
--------- |
------------ |
------------ |
||
At 31 December 2022 |
|
|
|
|
|
-------- |
--------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2022 |
2021 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amounts written back to investments |
– |
|
Deemed loss on disposal of shareholding |
277,229 |
– |
Share of profit of associates |
(
|
(
|
Interest receivable |
(
|
(
|
Interest payable |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Taxation on ordinary activities |
|
|
Accrued income |
(
|
(
|
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
(
|
(
|
Trade and other creditors |
(
|
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Acquisition of interests in associates and joint ventures |
(
|
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from issue of ordinary shares |
|
– |
Repayments of borrowings |
(
|
(
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
7,449,727 |
4,094,045 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
5 Year straight line
|
|
Leasehold Improvements |
- |
|
|
Plant & machinery |
- |
|
|
Equipment |
- |
|
|
Motor vehicles |
- |
|
|
Fixtures & fittings |
- |
|
|
2022 |
2021 |
|
£ |
£ |
|
Rendering of services |
|
|
Construction contracts |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2022 |
2021 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Impairment of trade debtors |
91,151 |
36,975 |
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2022 |
2021 |
|
No. |
No. |
|
Office and administration |
|
|
Plant operators |
60
|
60
|
Site management |
30
|
26
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2022 |
2021 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2022 |
2021 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2022 |
2021 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2022 |
2021 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Interest on loans and receivables |
– |
12,636 |
Interest on cash and cash equivalents |
|
|
------- |
-------- |
|
|
|
|
------- |
-------- |
|
2022 |
2021 |
|
£ |
£ |
|
Loan with participating interest write off |
– |
|
---- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
– |
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
UK current tax income |
– |
|
Adjustments in respect of prior periods |
|
– |
Share of associate tax charge |
(
|
|
--------- |
--------- |
|
Total current tax |
(
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
|
--------- |
--------- |
|
Taxation on ordinary activities |
|
|
--------- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
|
– |
Effect of expenses not deductible for tax purposes |
|
(
|
Effect of capital allowances and depreciation |
(
|
(
|
Unused tax losses |
|
|
Share of associate tax charge |
(
|
|
Effect on deferred tax |
|
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Equity dividends on ordinary shares |
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2022 and 31 December 2022 |
|
------- |
|
Amortisation |
|
At 1 January 2022 and 31 December 2022 |
|
------- |
|
Carrying amount |
|
At 1 January 2022 and 31 December 2022 |
|
------- |
|
At 31 December 2021 |
|
------- |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
– |
(
|
– |
(
|
(
|
------------ |
------------- |
--------- |
--------- |
------------- |
|
At 31 December 2022 |
|
|
|
|
|
------------ |
------------- |
--------- |
--------- |
------------- |
|
Depreciation |
|||||
At 1 January 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
(
|
– |
(
|
(
|
------------ |
------------- |
--------- |
--------- |
------------- |
|
At 31 December 2022 |
|
|
|
|
|
------------ |
------------- |
--------- |
--------- |
------------- |
|
Carrying amount |
|||||
At 31 December 2022 |
|
|
|
|
|
------------ |
------------- |
--------- |
--------- |
------------- |
|
At 31 December 2021 |
|
|
|
|
|
------------ |
------------- |
--------- |
--------- |
------------- |
|
Company |
Land and buildings |
Plant and machinery |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2022 |
|
|
|
Additions |
|
– |
|
------------ |
------- |
------------ |
|
At 31 December 2022 |
|
|
|
------------ |
------- |
------------ |
|
Depreciation |
|||
At 1 January 2022 and 31 December 2022 |
– |
|
|
------------ |
------- |
------------ |
|
Carrying amount |
|||
At 31 December 2022 |
|
– |
|
------------ |
------- |
------------ |
|
At 31 December 2021 |
|
– |
|
------------ |
------- |
------------ |
|
Group |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 December 2022 |
|
– |
|
------------ |
---- |
------------ |
|
At 31 December 2021 |
|
|
|
------------ |
------- |
------------ |
|
Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 January 2022 |
|
Additions |
|
Share of profit or loss |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
------------ |
|
Carrying amount |
|
At 31 December 2022 |
|
------------ |
|
At 31 December 2021 |
|
------------ |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2022 and 31 December 2022 |
|
--------- |
|
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
--------- |
|
Carrying amount |
|
At 1 January 2022 and 31 December 2022 |
|
--------- |
|
At 31 December 2021 |
|
--------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary shares |
87.5 |
|
Ordinary shares |
90 |
|
Ordinary shares |
95 |
|
Ordinary shares |
100 |
|
Ordinary shares |
90 |
|
Ordinary shares |
75 |
|
Ordinary shares |
100 |
|
Ordinary shares |
100 |
|
Ordinary shares |
100 |
|
Ordinary shares |
100 |
Other significant holdings |
||
LC Energy Limited |
Ordinary shares |
40 |
NTD National Tracked Dumper Hire Limited |
Ordinary shares |
45 |
2022 |
2021 |
|
£ |
£ |
|
Fixed assets |
|
|
Current assets |
|
|
Non-current liabilities |
(
|
(
|
Current liabilities |
(
|
(
|
------------ |
------------ |
|
Revenues |
|
|
Profit from continuing operations |
|
|
Total comprehensive income |
|
|
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Raw materials |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
– |
|
– |
– |
Deferred tax asset |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Corporation tax repayable |
|
– |
|
|
Directors loan account |
|
|
|
|
Amounts recoverable on contracts |
|
|
– |
– |
Other debtors |
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
|
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Amounts owed to undertakings in which the company has a participating interest |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
– |
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
|
|
------------- |
------------- |
------------ |
--------- |
|
|
|
|
|
|
------------- |
------------- |
------------ |
--------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 January 2022 |
|
Additions |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Included in debtors (note 18) |
|
|
|
|
Included in provisions (note 22) |
(
|
(
|
– |
– |
------------ |
------------ |
------- |
------- |
|
(
|
(
|
|
|
|
------------ |
------------ |
------- |
------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
(
|
(
|
------------ |
------------ |
------- |
------- |
|
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
48,650 |
48,650 |
48,650 |
48,650 |
-------- |
-------- |
-------- |
-------- |
|
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
48,650 |
|
48,650 |
-------- |
-------- |
-------- |
-------- |
|
At 1 Jan 2022 |
Cash flows |
At 31 Dec 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(3,112,473) |
|
Debt due within one year |
(1,475,407) |
(408,950) |
(1,884,357) |
Debt due after one year |
(3,761,594) |
(713,075) |
(4,474,669) |
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(
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(
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