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Registered number: 04589621
MJ Yerrell Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
SRL ACCOUNTING LIMITED
Unit 7a Waterside Business Park Waterside
Chesham
HP5 1PE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04589621
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 567,440 571,494
567,440 571,494
CURRENT ASSETS
Debtors 5 4,055 1,953
Cash at bank and in hand 258,250 269,291
262,305 271,244
Creditors: Amounts Falling Due Within One Year 6 (28,647 ) (21,226 )
NET CURRENT ASSETS (LIABILITIES) 233,658 250,018
TOTAL ASSETS LESS CURRENT LIABILITIES 801,098 821,512
NET ASSETS 801,098 821,512
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Profit and Loss Account 800,098 820,512
SHAREHOLDERS' FUNDS 801,098 821,512
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr MATTHEW YERRELL
Director
29 March 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MJ Yerrell Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04589621 . The registered office is Unit 7a Waterside Business Park, Waterside, Chesham, Buckinghamshire, HP5 1PE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Reducing Balance
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was 6. 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles Total
£ £ £ £ £
Cost
As at 1 December 2022 18,177 553,422 32,766 33,963 638,328
As at 30 November 2023 18,177 553,422 32,766 33,963 638,328
Depreciation
As at 1 December 2022 16,112 - 31,087 19,635 66,834
Provided during the period - - 472 3,582 4,054
As at 30 November 2023 16,112 - 31,559 23,217 70,888
Net Book Value
As at 30 November 2023 2,065 553,422 1,207 10,746 567,440
As at 1 December 2022 2,065 553,422 1,679 14,328 571,494
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,233 953
Other debtors 1,822 -
Called up share capital not paid 1,000 1,000
4,055 1,953
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 427 241
Corporation tax 20,660 13,503
VAT 7,560 7,482
28,647 21,226
7. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 1,000 1,000
Amount of Allotted, Called Up Share Capital 1,000 1,000
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