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COMPANY REGISTRATION NUMBER: 10977234
MJH Groundwork (Shrewsbury) Ltd
Filleted Unaudited Financial Statements
30 September 2023
MJH Groundwork (Shrewsbury) Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
68,642
158,710
Current assets
Stocks
38,079
Debtors
6
272,561
245,478
Cash at bank and in hand
111,438
127,435
----------
----------
422,078
372,913
Creditors: amounts falling due within one year
7
230,926
172,977
----------
----------
Net current assets
191,152
199,936
----------
----------
Total assets less current liabilities
259,794
358,646
Creditors: amounts falling due after more than one year
8
16,667
50,708
Provisions
19,342
32,402
----------
----------
Net assets
223,785
275,536
----------
----------
Capital and reserves
Called up share capital
10
2
2
Capital redemption reserve
1
1
Profit and loss account
223,782
275,533
----------
----------
Shareholders funds
223,785
275,536
----------
----------
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 30th September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MJH Groundwork (Shrewsbury) Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 25 January 2024 , and are signed on behalf of the board by:
Mr G A Mills
Director
Company registration number: 10977234
MJH Groundwork (Shrewsbury) Ltd
Notes to the Financial Statements
Year ended 30th September 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 Emstrey House North, Shrewsbury Business Park, Shrewsbury, SY2 6LG.
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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income 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:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
15% straight line
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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 1 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st October 2022
8,020
92,313
119,121
219,454
Additions
1,320
75,769
77,089
Disposals
( 17,956)
( 159,000)
( 176,956)
-------
---------
----------
----------
At 30th September 2023
9,340
74,357
35,890
119,587
-------
---------
----------
----------
Depreciation
At 1st October 2022
1,661
38,453
20,630
60,744
Charge for the year
1,278
11,154
5,136
17,568
Disposals
( 13,392)
( 13,975)
( 27,367)
-------
---------
----------
----------
At 30th September 2023
2,939
36,215
11,791
50,945
-------
---------
----------
----------
Carrying amount
At 30th September 2023
6,401
38,142
24,099
68,642
-------
---------
----------
----------
At 30th September 2022
6,359
53,860
98,491
158,710
-------
---------
----------
----------
6. Debtors
2023
2022
£
£
Trade debtors
196,363
153,835
Other debtors
76,198
91,643
----------
----------
272,561
245,478
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,958
Trade creditors
92,482
39,672
Amounts owed to group undertakings and undertakings in which the company has a participating interest
69,604
40,104
Social security and other taxes
7,488
Other creditors
51,352
82,243
----------
----------
230,926
172,977
----------
----------
Included within other creditors is £Nil (2022 - £28,080) in respect of hire purchase liabilities which are secured against the fixed assets to which they have financed.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,667
25,709
Other creditors
24,999
---------
---------
16,667
50,708
---------
---------
Included within other creditors is £Nil (2022 - £24,999) in respect of hire purchase liabilities which are secured against the fixed assets to which they have financed.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
19,342
32,402
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
19,342
32,402
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
4,333
10,000
-------
---------
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G A Mills
( 5,539)
66,748
( 49,871)
11,338
-------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G A Mills
( 6,157)
59,540
( 58,922)
( 5,539)
-------
---------
---------
-------
Interest is charged at a rate of 2% up to March 2023 and 2.25% thereafter, for any period overdrawn in the year. The loan is repayable on demand.
13. Related party transactions
Included in other creditors due within one year is a loan of £8,733 (2022 - £18,749) to MJH Plant Ltd, a company under common control. The interest free loan is repayable on demand. Included in creditors due within one year is a loan of £69,604 (2022 - £40,104) to MJH Construction (Shrewsbury) Ltd, a company under common control. The interest free loan is repayable on demand.