Registered number
04571975
John Mayes Engineers Limited
Unaudited Filleted Accounts
29 March 2023
John Mayes Engineers Limited
Registered number: 04571975
Balance Sheet
as at 29 March 2023
Notes 2023 2022
£ £
Restated
Fixed assets
Intangible assets 4 - 10,021
Tangible assets 5 869,705 490,392
869,705 500,413
Current assets
Stocks 1,233,476 1,386,925
Debtors 6 2,373,937 1,988,414
Cash at bank and in hand 1,240,185 1,691,423
4,847,598 5,066,762
Creditors: amounts falling due within one year 7 (305,705) (589,902)
Net current assets 4,541,893 4,476,860
Total assets less current liabilities 5,411,598 4,977,273
Creditors: amounts falling due after more than one year 8 (277,992) (8,701)
Provisions for liabilities (53,179) (35,568)
Net assets 5,080,427 4,933,004
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,080,327 4,932,904
Shareholders' funds 5,080,427 4,933,004
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John Mayes
Director
Approved by the board on 14 March 2024
John Mayes Engineers Limited
Notes to the Accounts
for the period from 31 March 2022 to 29 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 4% reducing balance
Plant and machinery between 10% and 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 28 30
3 Prior year adjustments
The company has migrated onto a new accounting system. During the course of this work, significant errors resulting from the misposting of sales and purchase ledger balances from earlier periods have been revealed and corrected, the total of these errors arising in 2022 was £23,044 and for earlier periods £254,110 making a total adjustment of £277,154.
4 Intangible fixed assets £
Goodwill:
Cost
At 31 March 2022 150,101
At 29 March 2023 150,101
Amortisation
At 31 March 2022 140,080
Provided during the period 10,021
At 29 March 2023 150,101
Net book value
At 29 March 2023 -
At 30 March 2022 10,021
5 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 31 March 2022 431,462 1,798,879 2,230,341
Additions - 482,550 482,550
At 29 March 2023 431,462 2,281,429 2,712,891
Depreciation
At 31 March 2022 121,100 1,618,849 1,739,949
Charge for the period 9,975 93,262 103,237
At 29 March 2023 131,075 1,712,111 1,843,186
Net book value
At 29 March 2023 300,387 569,318 869,705
At 30 March 2022 310,362 180,030 490,392
6 Debtors 2023 2022
£ £
Trade debtors 1,496,966 1,217,829
Other debtors 876,971 770,585
2,373,937 1,988,414
7 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 91,829 16,889
Trade creditors 153,823 476,224
Taxation and social security costs 29,921 69,593
Other creditors 30,132 27,196
305,705 589,902
8 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 277,992 8,701
9 Other information
John Mayes Engineers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Roman Way
Fison Way Industrial Estate
Thetford
IP24 1XB
John Mayes Engineers Limited 04571975 false 2022-03-31 2023-03-29 2023-03-29 VT Final Accounts October 2023 release 2 John Mayes No description of principal activity 04571975 2021-04-01 2022-03-30 04571975 core:WithinOneYear 2022-03-30 04571975 core:AfterOneYear 2022-03-30 04571975 core:ShareCapital 2022-03-30 04571975 core:RetainedEarningsAccumulatedLosses 2022-03-30 04571975 2022-03-31 2023-03-29 04571975 bus:PrivateLimitedCompanyLtd 2022-03-31 2023-03-29 04571975 bus:AuditExemptWithAccountantsReport 2022-03-31 2023-03-29 04571975 bus:Director40 2022-03-31 2023-03-29 04571975 1 2022-03-31 2023-03-29 04571975 2 2022-03-31 2023-03-29 04571975 core:Goodwill 2022-03-31 2023-03-29 04571975 core:LandBuildings 2022-03-31 2023-03-29 04571975 core:PlantMachinery 2022-03-31 2023-03-29 04571975 countries:England 2022-03-31 2023-03-29 04571975 bus:FRS102 2022-03-31 2023-03-29 04571975 bus:FullAccounts 2022-03-31 2023-03-29 04571975 2023-03-29 04571975 core:WithinOneYear 2023-03-29 04571975 core:AfterOneYear 2023-03-29 04571975 core:ShareCapital 2023-03-29 04571975 core:RetainedEarningsAccumulatedLosses 2023-03-29 04571975 core:Goodwill 2023-03-29 04571975 core:LandBuildings 2023-03-29 04571975 core:PlantMachinery 2023-03-29 04571975 2022-03-30 04571975 core:Goodwill 2022-03-30 04571975 core:LandBuildings 2022-03-30 04571975 core:PlantMachinery 2022-03-30 iso4217:GBP xbrli:pure