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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: Mrs M D Blair-Cornwell
Mr S E Cornwell





SECRETARY: Mrs M D Blair-Cornwell





REGISTERED OFFICE: Janelle House
Hartham Lane
Hertford
Hertfordshire
SG14 1QN





REGISTERED NUMBER: 04298273 (England and Wales)





AUDITORS: Gary J Cansick & Co
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:





Mrs M D Blair-Cornwell - Director


25 July 2024

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.

Mrs M D Blair-Cornwell
Mr S E Cornwell

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:





Mrs M D Blair-Cornwell - Director


25 July 2024

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.




Gary J Cansick (Senior Statutory Auditor)
for and on behalf of Gary J Cansick & Co
Chartered Accountants & Statutory Auditors
Janelle House
Janelle House
6 Hartham Lane
Hertford
Hertfordshire
SG14 1QN

26 July 2024

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

431,383

(726,029

)
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 11 265,171 290,867
Investments 12 1 1
Investment property 13 1,417,600 1,360,000
1,682,772 1,650,868

CURRENT ASSETS
Debtors 15 283,653 276,544
Cash at bank 1,731 -
285,384 276,544
CREDITORS
Amounts falling due within one year 16 1,246,992 832,815
NET CURRENT LIABILITIES (961,608 ) (556,271 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

721,164

1,094,597

CREDITORS
Amounts falling due after more than one
year

17

-

(409,398

)

PROVISIONS FOR LIABILITIES 21 (78,538 ) (47,920 )
NET ASSETS 642,626 637,279

CAPITAL AND RESERVES
Called up share capital 22 100 100
Other reserves 591,799 563,110
Retained earnings 50,727 74,069
SHAREHOLDERS' FUNDS 642,626 637,279

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 100 156,745 522,610 679,455

Changes in equity
Dividends - (73,420 ) - (73,420 )
Total comprehensive income - (9,256 ) 40,500 31,244
Balance at 31 October 2022 100 74,069 563,110 637,279

Changes in equity
Dividends - (22,000 ) - (22,000 )
Total comprehensive income - (1,342 ) 28,689 27,347
Balance at 31 October 2023 100 50,727 591,799 642,626

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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
68 68

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 1,117,877 70,072 13,240 132,513 1,333,702
Additions 32,894 5,875 - - 38,769
Disposals (6,000 ) - - - (6,000 )
At 31 October 2023 1,144,771 75,947 13,240 132,513 1,366,471
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 246,340 16,230 1,693 908 265,171
At 31 October 2022 269,580 14,296 2,258 4,733 290,867

12. FIXED ASSET INVESTMENTS

Company
Other
investments
£   
COST
At 1 November 2022
and 31 October 2023 1
NET BOOK VALUE
At 31 October 2023 1
At 31 October 2022 1

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

MBJSC Produce Limited
Registered office: Janelle House, Hartham Lane, Hertford, SG14 1QN
Nature of business: Selling horticultural produce
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves (1,101,971 ) (1,506,007 )
Profit/(loss) for the year 404,036 (757,272 )


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 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 .

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 - 3,000
Other debtors 269,311 439,453 190,007 190,007
Tax 19 88,377 19 19
VAT 88,784 131,152 - -
Deferred tax asset 186,989 60,991 - -
Deposits 34,753 34,753 - -
Prepayments 211,116 448,118 93,627 83,518
3,136,334 3,884,496 283,653 276,544

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) 734,434 308,283 409,398 1,751
Other loans (see note 18) 1,604,590 1,903,995 - -
Trade creditors 3,192,137 3,871,653 7,274 10,437
Amounts owed to group undertakings - - 792,025 808,122
Social security and other taxes 31,134 35,013 2,105 1,226
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 9,067 10,339
5,988,518 6,400,815 1,246,992 832,815

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 - 409,398

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 - - - 1,751
Bank loans 734,434 308,283 409,398 -
No description 1,604,590 1,903,995 - -
2,339,024 2,212,278 409,398 1,751
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 3,788 1,653
Between one and five years 12,661 82,734
16,449 84,387

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 1,159,903 409,398 409,398
Invoice Financing - 1,903,995 - -
851,620 3,063,898 409,398 409,398

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 54,423 43,703
Tax losses carried forward (50,748 ) (41,735 )
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 47,920
Movement in the year 30,618
Balance at 31 October 2023 78,538

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 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.