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Registration number: 04499823

Mick Jordan Construction Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Mick Jordan Construction Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Mick Jordan Construction Services Limited

Company Information

Directors

M Jordan

G Jordan

D Jordan

Company secretary

D Jordan

Registered office

39 Melton Old Road
Melton
North Ferriby
HU14 3HP

 

Mick Jordan Construction Services Limited

(Registration number: 04499823)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

52,872

37,612

Current assets

 

Stocks

6

34,333

16,000

Debtors

7

203,012

166,794

Cash at bank and in hand

 

168,466

169,051

 

405,811

351,845

Creditors: Amounts falling due within one year

8

(126,334)

(131,085)

Net current assets

 

279,477

220,760

Total assets less current liabilities

 

332,349

258,372

Creditors: Amounts falling due after more than one year

8

(10,797)

(15,784)

Provisions for liabilities

(10,774)

(7,973)

Net assets

 

310,778

234,615

Capital and reserves

 

Called up share capital

100

100

Retained earnings

310,678

234,515

Shareholders' funds

 

310,778

234,615

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

Directors' 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 Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
M Jordan
Director

 

Mick Jordan Construction Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04499823.

The address of its registered office is:
39 Melton Old Road
Melton
North Ferriby
HU14 3HP

These financial statements were authorised for issue by the Board on 21 February 2024.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for construction 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 and deferred 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.

 

Mick Jordan Construction Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Property improvements

10 % straight line

Motor vehicles

25% reducing balance

Plant and machinery

20% reducing balance

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

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 debtors

Trade debtors are amounts due from customers for construction services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Mick Jordan Construction Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mick Jordan Construction Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 6 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

30,000

30,000

At 31 August 2023

30,000

30,000

Amortisation

At 1 September 2022

30,000

30,000

At 31 August 2023

30,000

30,000

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

24,424

984

1,910

37,414

64,732

Additions

-

833

112

37,059

38,004

Disposals

-

-

234

(6,574)

(6,340)

At 31 August 2023

24,424

1,817

2,256

67,899

96,396

Depreciation

At 1 September 2022

5,394

792

1,428

19,506

27,120

Charge for the year

2,442

150

264

4,335

7,191

Eliminated on disposal

-

-

234

8,979

9,213

At 31 August 2023

7,836

942

1,926

32,820

43,524

Carrying amount

At 31 August 2023

16,588

875

330

35,079

52,872

At 31 August 2022

19,030

192

482

17,908

37,612

Included within the net book value of land and buildings above is £16,588 (2022 - £19,030) in respect of property improvements.
 

6

Stocks

2023
£

2022
£

Other inventories

34,333

16,000

 

Mick Jordan Construction Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

124,535

126,794

Prepayments

1,904

-

Other debtors

76,573

40,000

 

203,012

166,794

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

53,476

46,636

Taxation and social security

 

60,259

73,439

Accruals and deferred income

 

2,643

2,602

Other creditors

 

4,969

3,115

Bank loans and overdrafts

9

4,987

4,864

Other borrowings

9

-

429

 

126,334

131,085

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

10,797

15,784

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,797

15,784

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,987

4,864

Other borrowings

-

429

4,987

5,293

Bank borrowings relate to an unsecured bounce back loan. Other borrowings include unsecured amounts due to Directors.

 

Mick Jordan Construction Services Limited

Notes to the Financial Statements for the Year Ended 31 August 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £2,076). The commitment is in the form of an operating lease for a vehicle and rental of offices.

11

Related party transactions

Transactions with Directors

2023

At 1 September 2022
£

Advances to Director
£

Repayments by Director
£

At 31 August 2023
£

Unsecured, interest free loan, repayable on demand

429

(99,790)

22,788

(76,573)

         
       

 

Other transactions with directors

At the year end, the directors owed the company £76,573 (2022: the company owed the directors £429). This amount is unsecured, interest free and repayable on demand.