Company registration number 03047285 (England and Wales)
M J VISUAL SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
M J VISUAL SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
M J VISUAL SYSTEMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,850
34,176
Current assets
Stocks
7,503
8,522
Debtors
5
30,731
33,074
Cash at bank and in hand
-
0
8,234
38,234
49,830
Creditors: amounts falling due within one year
6
(102,128)
(102,410)
Net current liabilities
(63,894)
(52,580)
Total assets less current liabilities
(34,044)
(18,404)
Creditors: amounts falling due after more than one year
7
(14,814)
(27,717)
Provisions for liabilities
8
(2,570)
(3,000)
Net liabilities
(51,428)
(49,121)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(51,528)
(49,221)
Total equity
(51,428)
(49,121)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

M J VISUAL SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr P N Hardy
Director
Company registration number 03047285 (England and Wales)
M J VISUAL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

M J Visual Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is City Gates, 2 - 4 Southgate, Chichester, West Sussex, PO19 8DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis notwithstanding that the company has net liabilities at 31 December 2023 amounting to £51,428.

 

The company is dependent upon the continued financial support of the directors and in their opinion it will be able to settle all of its financial obligations. They consider it appropriate for the financial statements to be prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
10% and 15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

M J VISUAL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, if any, are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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 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 or 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.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

M J VISUAL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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.

 

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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
The accounting policy in respect of deferred tax reflects the requirements of FRS19 - Deferred tax. Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

M J VISUAL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no significant estimates included within the accounts.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
M J VISUAL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
231,304
Additions
3,748
At 31 December 2023
235,052
Depreciation and impairment
At 1 January 2023
197,128
Depreciation charged in the year
8,074
At 31 December 2023
205,202
Carrying amount
At 31 December 2023
29,850
At 31 December 2022
34,176
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,685
29,232
Other debtors
4,046
3,842
30,731
33,074
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,622
9,871
Trade creditors
19,740
14,773
Corporation tax
-
0
10
Other taxation and social security
25,502
34,097
Other creditors
43,264
43,659
102,128
102,410
M J VISUAL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,814
24,963
Other creditors
-
0
2,754
14,814
27,717
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,570
3,000
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
3,667
14,667
2023-12-312023-01-01false19 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr S Y HardyMr P N HardyMr P N Hardyfalsefalse030472852023-01-012023-12-31030472852023-12-31030472852022-12-3103047285core:OtherPropertyPlantEquipment2023-12-3103047285core:OtherPropertyPlantEquipment2022-12-3103047285core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103047285core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103047285core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103047285core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103047285core:CurrentFinancialInstruments2023-12-3103047285core:CurrentFinancialInstruments2022-12-3103047285core:Non-currentFinancialInstruments2023-12-3103047285core:Non-currentFinancialInstruments2022-12-3103047285core:ShareCapital2023-12-3103047285core:ShareCapital2022-12-3103047285core:RetainedEarningsAccumulatedLosses2023-12-3103047285core:RetainedEarningsAccumulatedLosses2022-12-3103047285bus:Director12023-01-012023-12-3103047285core:PlantMachinery2023-01-012023-12-3103047285core:FurnitureFittings2023-01-012023-12-3103047285core:MotorVehicles2023-01-012023-12-31030472852022-01-012022-12-3103047285core:OtherPropertyPlantEquipment2022-12-3103047285core:OtherPropertyPlantEquipment2023-01-012023-12-3103047285core:WithinOneYear2023-12-3103047285core:WithinOneYear2022-12-3103047285bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103047285bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103047285bus:FRS1022023-01-012023-12-3103047285bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103047285bus:Director22023-01-012023-12-3103047285bus:CompanySecretary12023-01-012023-12-3103047285bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP