Company registration number 09967465 (England and Wales)
MJC Utilities Limited
Unaudited
financial statements
for the year ended 30 April 2023
PAGES FOR FILING WITH REGISTRAR
MJC Utilities Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
MJC Utilities Limited
Statement Of Financial Position
as at 30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
394,604
356,320
Current assets
Stocks
34,199
21,284
Debtors
5
366,390
421,404
Cash at bank and in hand
108,716
60,714
509,305
503,402
Creditors: amounts falling due within one year
6
(215,776)
(168,449)
Net current assets
293,529
334,953
Total assets less current liabilities
688,133
691,273
Creditors: amounts falling due after more than one year
7
(89,104)
(137,113)
Provisions for liabilities
8
(59,191)
(53,448)
Net assets
539,838
500,712
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
539,837
500,711
Total equity
539,838
500,712
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
MJC Utilities Limited
Statement Of Financial Position (continued)
as at 30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 September 2023
M J Cusack
Director
Company Registration No. 09967465
MJC Utilities Limited
Notes to the financial statements
for the year ended 30 April 2023
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised on the supply of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MJC Utilities Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
1
Accounting policies
(continued)
- 4 -
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
MJC Utilities Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 5 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
354,040
4,879
431,888
790,807
Additions
77,374
5,360
50,056
132,790
At 30 April 2023
431,414
10,239
481,944
923,597
Depreciation and impairment
At 1 May 2022
173,599
2,002
258,886
434,487
Depreciation charged in the year
41,577
767
52,162
94,506
At 30 April 2023
215,176
2,769
311,048
528,993
Carrying amount
At 30 April 2023
216,238
7,470
170,896
394,604
At 30 April 2022
180,441
2,877
173,002
356,320
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
143,539
185,290
Amounts owed by connected company
208,380
164,700
Director's loan account
12,638
-
VAT Recoverable
-
71,414
Prepayments and accrued income
1,833
366,390
421,404
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
51,667
10,000
Obligations under hire purchase contracts
68,155
60,601
Trade creditors
73,884
50,181
Corporation tax
4,592
26,479
Other taxation and social security
13,978
4,288
Amounts due to connected company
13,400
Accruals and deferred income
3,500
3,500
215,776
168,449
Obligations under hire purchase contracts are secured.
MJC Utilities Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
21,192
31,192
Obligations under hire purchase contracts
67,912
105,921
89,104
137,113
Obligations under hire purchase contracts are secured.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
59,191
53,448
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
2
2
1
1
10
Company information
MJC Utilities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Crown Yard, Southgate, Elland, West Yorkshire, HX5 0DQ.