REGISTERED NUMBER: 04298273 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MBJSC (HOLDINGS) LIMITED |
REGISTERED NUMBER: 04298273 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
MBJSC (HOLDINGS) LIMITED |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
MBJSC (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Janelle House |
Janelle House |
6 Hartham Lane |
Hertford |
Hertfordshire |
SG14 1QN |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 October 2023. |
REVIEW OF BUSINESS |
The parent company is a holding company supplying the use of assets to the subsidiary. |
The principle activity of the subsidiary company in the year under review was that of packaging and selling horticultural produce, this aided by in house growing of crops to help supply customers |
During the year ended 31st October 2023 MBJSC Produce Limited, had to continue to navigate high costs surrounding administration and direct costs due to inflation, energy costs did start to slowly reduce during the year which was important for continued operations. |
Unfortunately, the slow decrease in inflation, along with the continued lack of produce availability in the country which continued to drive up purchase prices, and with supermarkets still making it difficult to renegotiate selling prices, made it very difficult to meet the profit margins required for the company to prosper and recover from prior year losses. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The subsidiary primary risks to the current business are sourcing produce at a price which enables the business to sell to supermarkets at the required profit margins. We have mitigated the challenges thus far to reduce the losses, however more talks have been ongoing with our customers to improve terms of contract so we can continue to supply in the future. |
Now this has been reported nationwide, we hope that the supermarkets will react to what is going on in the market place, thus allowing the required margin to be made. |
We strive to have solid working relationships with our suppliers, and another consideration is continuity of supply of our imports, which, again to date, has been effective. This is a positive going forward. |
FINANCIAL INSTRUMENTS- FINANCIAL RISK MANAGEMENT: RISKS, OBJECTIVES AND POLICIES |
The group's financial assets comprise of trade debtors, fixed assets and investment properties. The group has assessed credit risk as low due to the level of assets held by the holding company, and with regard to its trade debtors their strong credit ratings, and the low level of experienced loss by the company over the years. |
The subsidiary is exposed to price risk through both movements in market prices and due to exposure to movements in exchange rates. The group permits but does not require hedging instruments to be used. The subsidiary also mitigates price risk by ensuring that their suppliers are competitive and by ensuring that sales contracts, wherever possible, have flexibility allowing for increases in cost to be passed onto clients. |
The group is financed through a bank loan, a new facility in the year, an invoice discount facility and working capital. The invoice discounting facility has enough headroom to ensure that the subsidiary does not have a significant cash flow or liquidity risk. The groups borrowings are based on a base plus 2.75% model for the next 2 years. Whilst there is exposure to rises in interest rates the group does not consider this to be a material risk. |
KEY PERFORMANCE INDICATORS |
We monitor our performance by measuring and tracking key performance indicators (KPI's) that we believe are important to our continued success. In this regard, we principally monitor through the trading subsidiary, output and margin, with separate considerations of each in connection with winter and summer business. Budgeted turnover at the margins set will generate profits essential to remain viable, provided of course costs are controlled, the most significant being labour. In busy times agency labour is essential but expensive, and it is necessary to constantly strive to set the right balance between permanently employed staff and the agency back-up. This is monitored closely and acted upon. The subsidiary prepares daily records of throughput and margin onto a weekly guide of contribution to overheads and profit, and this is invaluable in operating in a market where prices fluctuate. The KPI's will give an ongoing indication of performance in achieving our budgeted results. |
The target for the subsidiary each year is a 6% Gross Profit Margin (GPM) based on £25,000,000 turnover. During the year the subsidiary had a 6.11% (2022 1.65%) GPM with a decrease in turnover £26m (2022 £31m). Turnover was higher than the subsidiary's target but the margins were not to the levels required, and costs have had to be reviewed on an ongoing basis.The various lines supplied are constantly reviewed for profitability, as are the suppliers, new sources constantly being sought to allow our KPI's to be met in the future. |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FUTURE DEVELOPMENTS |
The immediate focus is always to concentrate on increasing margins and levels of business with our current clients, whilst remaining alive to new opportunities to serve others. We enjoy good working relationships with our customers and, essentially, with our suppliers, several of whom we have known, and worked with, for many years. Continuity of supply at the specified quality is key, and we continue to seek strong, solid working relationships with customers and suppliers alike. At such a difficult time for all, future development is as much about maintaining what we have by the quality of service, and this will open doors, and we feel well placed to continue to achieve this. |
ON BEHALF OF THE BOARD: |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
DIVIDENDS |
Interim dividends of £220.00 per share were paid during the year. |
The directors recommend that no final dividend be paid. |
The total distributions of dividends for the year ended 31st October 2023 will be £22,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
As permitted by Company Law certain disclosures which are required to be given in the directors' report have been disclosed in the Strategic Report. These disclosures include: |
- Particulars of any important events which have occurred post balance sheet; |
- An indication of likely future developments in the business; and |
- In relation to financial instruments: |
- The financial risk management objectives and policies of the company, and |
- The exposure of the company to price risk, credit risk, liquidity risk and cash flow risk. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
AUDITORS |
The auditors, Gary J Cansick & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBJSC (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of MBJSC (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We draw attention to the basis of preparation note in the financial statements, which indicates that the subsidiary company incurred a net profit of £247,378 during the year ended 31 October 2023 and, as of that date, the subsidiary company's current liabilities exceeded its total assets by £984,785. |
The directors are confident that the subsidiary will continue to be profitable over the ensuing year, and continue to reduce the deficit on the balance sheet. The current financial position of the subsidiary indicates that a material uncertainty exists, which may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBJSC (HOLDINGS) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). |
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
Based on our understanding of the Company its Subsidiary and their primary industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation, BRC requirements and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We reviewed the documentation obtained from regulatory visits to check continued compliance, and any material improvements which may be required. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MBJSC (HOLDINGS) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Janelle House |
Janelle House |
6 Hartham Lane |
Hertford |
Hertfordshire |
SG14 1QN |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
TURNOVER | 26,081,987 | 31,243,030 |
Cost of sales | 24,488,329 | 30,727,286 |
GROSS PROFIT | 1,593,658 | 515,744 |
Administrative expenses | 1,290,636 | 1,260,750 |
303,022 | (745,006 | ) |
Other operating income | 123,293 | 102,127 |
OPERATING PROFIT/(LOSS) | 4 | 426,315 | (642,879 | ) |
Profit/loss on sale of invest | 5 | 57,600 | 50,000 |
483,915 | (592,879 | ) |
Interest receivable and similar income | - | 1,081 |
483,915 | (591,798 | ) |
Interest payable and similar expenses | 6 | 178,572 | 123,476 |
PROFIT/(LOSS) BEFORE TAXATION | 305,343 | (715,274 | ) |
Tax on profit/(loss) | 7 | (126,040 | ) | 10,755 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 431,383 | (726,029 | ) |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 431,383 | (726,029 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
431,383 |
(726,029 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 431,383 | (726,029 | ) |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
CONSOLIDATED BALANCE SHEET |
31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 265,170 | 290,866 |
Investments | 12 | - | - |
Investment property | 13 | 1,417,600 | 1,360,000 |
1,682,770 | 1,650,866 |
CURRENT ASSETS |
Stocks | 14 | 753,823 | 741,485 |
Debtors | 15 | 3,136,334 | 3,884,496 |
Cash at bank and in hand | 73,430 | 106,858 |
3,963,587 | 4,732,839 |
CREDITORS |
Amounts falling due within one year | 16 | 5,988,518 | 6,400,815 |
NET CURRENT LIABILITIES | (2,024,931 | ) | (1,667,976 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(342,161 |
) |
(17,110 |
) |
CREDITORS |
Amounts falling due after more than one year |
17 |
117,186 |
851,620 |
NET LIABILITIES | (459,347 | ) | (868,730 | ) |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 100 |
Other reserves | 23 | 591,798 | 563,109 |
Retained earnings | 23 | (1,051,245 | ) | (1,431,939 | ) |
SHAREHOLDERS' FUNDS | (459,347 | ) | (868,730 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by: |
Mrs M D Blair-Cornwell - Director |
Mr S E Cornwell - Director |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
COMPANY BALANCE SHEET |
31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 27,347 | 31,244 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
COMPANY BALANCE SHEET - continued |
31 OCTOBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 | 100 | (591,990 | ) | 522,609 | (69,281 | ) |
Changes in equity |
Dividends | - | (73,420 | ) | - | (73,420 | ) |
Total comprehensive income | - | (766,529 | ) | 40,500 | (726,029 | ) |
Balance at 31 October 2022 | 100 | (1,431,939 | ) | 563,109 | (868,730 | ) |
Changes in equity |
Dividends | - | (22,000 | ) | - | (22,000 | ) |
Total comprehensive income | - | 402,694 | 28,689 | 431,383 |
Balance at 31 October 2023 | 100 | (1,051,245 | ) | 591,798 | (459,347 | ) |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 October 2023 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 697,654 | 234,238 |
Interest paid | (178,572 | ) | (123,476 | ) |
Tax paid | 88,400 | (1,081 | ) |
Net cash from operating activities | 607,482 | 109,681 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (38,769 | ) | (78,357 | ) |
Sale of tangible fixed assets | 2,500 | 2,500 |
Interest received | - | 1,081 |
Net cash from investing activities | (36,269 | ) | (74,776 | ) |
Cash flows from financing activities |
New loans in year | - | 750,000 |
Loan repayments in year | (308,283 | ) | (249,495 | ) |
Invoice finance | (299,405 | ) | (383,647 | ) |
Amount withdrawn by directors | 25,047 | (2,029 | ) |
Equity dividends paid | (22,000 | ) | (73,420 | ) |
Net cash from financing activities | (604,641 | ) | 41,409 |
(Decrease)/increase in cash and cash equivalents | (33,428 | ) | 76,314 |
Cash and cash equivalents at beginning of year |
2 |
106,858 |
30,544 |
Cash and cash equivalents at end of year | 2 | 73,430 | 106,858 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.10.23 | 31.10.22 |
£ | £ |
Profit/(loss) before taxation | 305,343 | (715,274 | ) |
Depreciation charges | 62,250 | 64,320 |
Profit on disposal of fixed assets | (285 | ) | (2,077 | ) |
Gain on revaluation of fixed assets | (57,600 | ) | (50,000 | ) |
Finance costs | 178,572 | 123,476 |
Finance income | - | (1,081 | ) |
488,280 | (580,636 | ) |
(Increase)/decrease in stocks | (12,338 | ) | 133,204 |
Decrease in trade and other debtors | 785,802 | 491,384 |
(Decrease)/increase in trade and other creditors | (564,090 | ) | 190,286 |
Cash generated from operations | 697,654 | 234,238 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2023 |
31.10.23 | 1.11.22 |
£ | £ |
Cash and cash equivalents | 73,430 | 106,858 |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 106,858 | 30,544 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.11.22 | Cash flow | At 31.10.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 106,858 | (33,428 | ) | 73,430 |
106,858 | (33,428 | ) | 73,430 |
Debt |
Debts falling due within 1 year | (2,212,278 | ) | (126,746 | ) | (2,339,024 | ) |
Debts falling due after 1 year | (851,620 | ) | 734,434 | (117,186 | ) |
(3,063,898 | ) | 607,688 | (2,456,210 | ) |
Total | (2,957,040 | ) | 574,260 | (2,382,780 | ) |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
MBJSC (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
Due to the current market conditions there is a material uncertainty in relation to the company's use of going concern basis. |
In making this assessment the directors have considered the foreseeable future, which is a period of at least 12 months from the date of signing off the balance sheet. |
The subsidiary during the last financial year made of profit of £2473,378 (2022 loss £757,272), had net current liabilities of £984,785 (2022 £1,063,785) and shareholders' funds in deficit to £1,101,971 (2022 £1,506,007). The shareholders funds of the consolidated financial statements are in deficit of £459,347 (2022 £868,730) due to this. |
The directors are committed to the future success of the group. The reasons for the poor results are discussed fully in the strategic report. The group has adequate funding through the headroom in the 's subsidiary's invoice discounting arrangement and via bank financing and the group's financial position. The directors have also looked carefully at their supply chains and the subsidiary's sales contracts, having completed a complete review of the profitability of all lines and all depots supplied, in order to mitigate risk. In the next financial year the directors anticipate making a profit, and reducing the deficit on the balance sheet. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised from the sale of goods when the company has transferred significant risks and rewards to the buyer in the UK this is upon goods changing hands either through delivery or collection, the amount of revenue can be measured reliably and it is probably the company will receive the amounts due under the transaction. |
Revenue in respect of management and rental charges is recognised upon supply of both services and goods to the third party involved. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making allowances for obsolete or slow moving items. |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit and loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31.10.23 | 31.10.22 |
£ | £ |
Wages and salaries | 1,694,488 | 1,800,337 |
Social security costs | 154,922 | 176,734 |
Other pension costs | 30,892 | 31,213 |
1,880,302 | 2,008,284 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.10.23 | 31.10.22 |
Office Staff | 10 | 10 |
Packhouse and Nursery Staff | 56 | 56 |
Directors | 2 | 2 |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2022 - 66 ) . |
31.10.23 | 31.10.22 |
£ | £ |
Directors' remuneration | 81,807 | 65,372 |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
31.10.23 | 31.10.22 |
£ | £ |
Hire of plant and machinery | 62,113 | 68,966 |
Depreciation - owned assets | 62,250 | 64,320 |
Profit on disposal of fixed assets | (285 | ) | (2,077 | ) |
Auditors' remuneration | 10,285 | 10,570 |
Foreign exchange differences | 4,782 | 22,531 |
5. | EXCEPTIONAL ITEMS |
31.10.23 | 31.10.22 |
£ | £ |
Profit/loss on sale of invest | 57,600 | 50,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.23 | 31.10.22 |
£ | £ |
Bank interest | 119,400 | 62,320 |
Bank loan interest | 31,891 | 44,743 |
Other interest | - | 28 |
Mortgage interest | 27,281 | 16,385 |
178,572 | 123,476 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.10.23 | 31.10.22 |
£ | £ |
Current tax: |
Adjustment relating to prior years | (42 | ) | - |
Deferred tax | (125,998 | ) | 10,755 |
Tax on profit/(loss) | (126,040 | ) | 10,755 |
UK corporation tax was charged at 19 %) in 2022. |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.10.23 | 31.10.22 |
£ | £ |
Profit/(loss) before tax | 305,343 | (715,274 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
76,336 |
(135,902 |
) |
Effects of: |
Expenses not deductible for tax purposes | 3,045 | 1,481 |
Capital allowances in excess of depreciation | - | (8,283 | ) |
Depreciation in excess of capital allowances | 4,145 | - |
Utilisation of tax losses | (77,386 | ) | - |
Adjustments to tax charge in respect of previous periods | (148,456 | ) | - |
leased expensive cars | 129 | 98 |
Adjustment to tax charge in respect to timing differences | 16,218 | 11,454 |
Losses not recognised | - | 142,303 |
Add back of profit on sale of assets | (71 | ) | (396 | ) |
Total tax (credit)/charge | (126,040 | ) | 10,755 |
The losses which have not been recoginsed are available to offset against future profits as and when they arrive, the have not been surrendered during the year. |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.10.23 | 31.10.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | 22,000 | 73,420 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 | 152,911 |
AMORTISATION |
At 1 November 2022 |
and 31 October 2023 | 152,911 |
NET BOOK VALUE |
At 31 October 2023 | - |
At 31 October 2022 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 | 1,117,876 | 70,072 | 13,240 | 132,513 | 1,333,701 |
Additions | 32,894 | 5,875 | - | - | 38,769 |
Disposals | (6,000 | ) | - | - | - | (6,000 | ) |
At 31 October 2023 | 1,144,770 | 75,947 | 13,240 | 132,513 | 1,366,470 |
DEPRECIATION |
At 1 November 2022 | 848,297 | 55,776 | 10,982 | 127,780 | 1,042,835 |
Charge for year | 53,919 | 3,941 | 565 | 3,825 | 62,250 |
Eliminated on disposal | (3,785 | ) | - | - | - | (3,785 | ) |
At 31 October 2023 | 898,431 | 59,717 | 11,547 | 131,605 | 1,101,300 |
NET BOOK VALUE |
At 31 October 2023 | 246,339 | 16,230 | 1,693 | 908 | 265,170 |
At 31 October 2022 | 269,579 | 14,296 | 2,258 | 4,733 | 290,866 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
12. | FIXED ASSET INVESTMENTS |
Company |
Other |
investments |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Janelle House, Hartham Lane, Hertford, SG14 1QN |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 November 2022 | 1,360,000 |
Revaluations | 57,600 |
At 31 October 2023 | 1,417,600 |
NET BOOK VALUE |
At 31 October 2023 | 1,417,600 |
At 31 October 2022 | 1,360,000 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2007 | 25,063 |
Valuation in 2012 | 123,999 |
Valuation in 2013 | 100,000 |
Valuation in 2017 | 330,000 |
Valuation in 2018 | (4,641 | ) |
Valuation in 2019 | (20,274 | ) |
Valuation in 2020 | 73,021 |
Valuation in 2021 | (68,106 | ) |
Valuation in 2022 | 50,000 |
Valuation in 2023 | 57,600 |
Cost | 750,938 |
1,417,600 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 750,938 | 750,938 |
Investment properties were valued on an open market basis on 31 October 2023 by the directors . |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
13. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Revaluations | 57,600 |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2007 | 25,063 |
Valuation in 2012 | 123,999 |
Valuation in 2013 | 100,000 |
Valuation in 2017 | 330,000 |
Valuation in 2018 | (4,641 | ) |
Valuation in 2019 | (20,274 | ) |
Valuation in 2020 | 73,021 |
Valuation in 2021 | (68,106 | ) |
Valuation in 2022 | 50,000 |
Valuation in 2023 | 57,600 |
Cost | 750,938 |
1,417,600 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.10.23 | 31.10.22 |
£ | £ |
Cost | 750,938 | 750,938 |
Investment properties were valued on an open market basis on 31 October 2023 by the directors . |
14. | STOCKS |
Group |
31.10.23 | 31.10.22 |
£ | £ |
Stock & growing crops | 753,823 | 741,485 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Trade debtors | 2,345,362 | 2,681,652 |
Other debtors | 269,311 | 439,453 |
Tax | 19 | 88,377 |
VAT | 88,784 | 131,152 |
Deferred tax asset | 186,989 | 60,991 | - | - |
Deposits | 34,753 | 34,753 |
Prepayments | 211,116 | 448,118 |
3,136,334 | 3,884,496 |
Deferred tax asset |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Accelerated capital allowances | (54,423 | ) | (43,703 | ) |
Tax losses carried forward | 316,275 | 150,646 |
Deferred tax | (74,863 | ) | (45,952 | ) | - | - |
186,989 | 60,991 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 734,434 | 308,283 |
Other loans (see note 18) | 1,604,590 | 1,903,995 |
Trade creditors | 3,192,137 | 3,871,653 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 31,134 | 35,013 |
VAT | - | - | 2,074 | 938 |
Other creditors | 229,119 | 115,055 |
Pensions | 9,708 | 9,734 | - | - |
Directors' current accounts | 25,049 | 2 | 25,049 | 2 |
Accrued expenses | 162,347 | 157,080 |
5,988,518 | 6,400,815 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans (see note 18) | 117,186 | 851,620 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | - |
Bank loans | 734,434 | 308,283 |
No description | 1,604,590 | 1,903,995 | - | - |
2,339,024 | 2,212,278 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 111,506 | 325,036 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 5,680 | 117,186 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans | - | 409,398 | - | 409,398 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
31.10.23 | 31.10.22 |
£ | £ |
Within one year | 6,772 | 1,653 |
Between one and five years | 52,411 | 157,288 |
In more than five years | 621,500 | 734,500 |
680,683 | 893,441 |
Company |
Non-cancellable operating | leases |
31.10.23 | 31.10.22 |
£ | £ |
Within one year |
Between one and five years |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.10.23 | 31.10.22 | 31.10.23 | 31.10.22 |
£ | £ | £ | £ |
Bank loans | 851,620 | 1,159,903 |
Invoice Financing | - | 1,903,995 | - | - |
851,620 | 3,063,898 |
Investec Capital Solutions No.1 Limited have a fixed and floating charge over the assets of the company. |
21. | DEFERRED TAX |
Company |
31.10.23 | 31.10.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) | ( |
) |
Deferred tax | 74,863 | 45,952 |
78,538 | 47,920 |
Group |
£ |
Balance at 1 November 2022 | (60,991 | ) |
Movement in the year | (125,998 | ) |
Balance at 31 October 2023 | (186,989 | ) |
Company |
£ |
Balance at 1 November 2022 |
Movement in the year | 30,618 |
Balance at 31 October 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
MBJSC (HOLDINGS) LIMITED (REGISTERED NUMBER: 04298273) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
23. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 November 2022 | (1,431,939 | ) | 563,109 | (868,830 | ) |
Profit for the year | 431,383 | 431,383 |
Dividends | (22,000 | ) | (22,000 | ) |
Revaluation of investment properties |
(28,689 |
) |
28,689 |
- |
At 31 October 2023 | (1,051,245 | ) | 591,798 | (459,447 | ) |
24. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £22,000 were paid to the directors . |
MBJSC Properties Limited |
A company under common control |
At the Balance sheet date the Group was owed £197,433 (2022 £188,791 from the related party. |
During the year, a total of key management personnel compensation of £ 90,648 (2022 - £ 72,165 ) was paid. |