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Registration number: 10076014

MJ Crofts Limited

trading as M J Crofts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

MJ Crofts Limited

trading as M J Crofts Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

MJ Crofts Limited

trading as M J Crofts Ltd

Company Information

Director

Mr Michael Jonathan Crofts

Registered office

3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

Accountants

Vectis Accountants Ltd
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

 

MJ Crofts Limited

trading as M J Crofts Ltd

(Registration number: 10076014)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

273,703

273,703

Tangible assets

5

3,994

5,325

 

277,697

279,028

Current assets

 

Cash at bank and in hand

 

94,073

150,157

Creditors: Amounts falling due within one year

6

(299,535)

(307,531)

Net current liabilities

 

(205,462)

(157,374)

Total assets less current liabilities

 

72,235

121,654

Provisions for liabilities

(4,830)

(4,830)

Net assets

 

67,405

116,824

Capital and reserves

 

Called up share capital

1

1

Retained earnings

67,404

116,823

Shareholders' funds

 

67,405

116,824

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 May 2023
 

 

MJ Crofts Limited

trading as M J Crofts Ltd

(Registration number: 10076014)
Balance Sheet as at 31 March 2023

.........................................
Mr Michael Jonathan Crofts
Director

 

MJ Crofts Limited

trading as M J Crofts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF
England

These financial statements were authorised for issue by the director on 19 May 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MJ Crofts Limited

trading as M J Crofts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

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:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

MJ Crofts Limited

trading as M J Crofts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

273,703

273,703

At 31 March 2023

273,703

273,703

Amortisation

Carrying amount

At 31 March 2023

273,703

273,703

At 31 March 2022

273,703

273,703

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

7,100

7,100

At 31 March 2023

7,100

7,100

Depreciation

At 1 April 2022

1,775

1,775

Charge for the year

1,331

1,331

At 31 March 2023

3,106

3,106

Carrying amount

At 31 March 2023

3,994

3,994

At 31 March 2022

5,325

5,325

6

Creditors

Creditors: amounts falling due within one year

 

MJ Crofts Limited

trading as M J Crofts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Due within one year

Taxation and social security

412

8,281

Accruals and deferred income

460

1,188

Other creditors

298,663

298,062

299,535

307,531