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COMPANY REGISTRATION NUMBER: 06177785
A J Mechanical Services Limited
Filleted Unaudited Financial Statements
31 March 2023
A J Mechanical Services Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
71,102
97,354
Current assets
Debtors
6
3,282,757
2,852,675
Cash at bank and in hand
58,044
193,745
------------
------------
3,340,801
3,046,420
Creditors: amounts falling due within one year
7
2,672,687
1,957,715
------------
------------
Net current assets
668,114
1,088,705
---------
------------
Total assets less current liabilities
739,216
1,186,059
Creditors: amounts falling due after more than one year
8
442,509
1,062,506
---------
------------
Net assets
296,707
123,553
---------
------------
Capital and reserves
Called up share capital
9
500
500
Profit and loss account
296,207
123,053
---------
---------
Shareholder funds
296,707
123,553
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A J Mechanical Services Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
Mr D J Boyle
Director
Company registration number: 06177785
A J Mechanical Services Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 12, Stephenson Court, Fraser Road, Priory Business Park, Bedford, Bedfordshire, MK44 3WJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Finance costs
Finance costs are charged to the Statement of Icome and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of theassocaited capital instrument.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalants are highly liquid investnents that mature in no more that three months from the date of acquisition and that are readily convertible to known amounts of cash with insignifican risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Revenue recognition
Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
5% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. /Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). /Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
97,801
132,586
62,854
293,241
Additions
6,569
6,569
--------
---------
--------
---------
At 31 March 2023
97,801
139,155
62,854
299,810
--------
---------
--------
---------
Depreciation
At 1 April 2022
37,306
103,412
55,145
195,863
Charge for the year
14,513
16,405
1,927
32,845
--------
---------
--------
---------
At 31 March 2023
51,819
119,817
57,072
228,708
--------
---------
--------
---------
Carrying amount
At 31 March 2023
45,982
19,338
5,782
71,102
--------
---------
--------
---------
At 31 March 2022
60,495
29,174
7,709
97,378
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
2,401,696
1,791,070
Amounts owed by group undertakings and undertakings in which the company has a participating interest
656,242
899,883
Other debtors
224,819
161,722
------------
------------
3,282,757
2,852,675
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
578,174
262,603
Trade creditors
1,827,510
1,504,807
Corporation tax
207,756
143,359
Social security and other taxes
32,503
15,880
Other creditors - desc in a/cs
20,194
21,793
Other creditors
6,550
9,273
------------
------------
2,672,687
1,957,715
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
442,509
1,062,506
---------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
500
500
500
500
----
----
----
----
10. Ultimate parent company
The Company is a 100% subsidiary of NW2 Holdings Limited, a Company incorporated in England & Wales.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
26,620
26,620
Later than 1 year and not later than 5 years
50,073
63,705
--------
--------
76,693
90,325
--------
--------