REGISTERED NUMBER: |
MJL Welding & Fabrication Limited |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
REGISTERED NUMBER: |
MJL Welding & Fabrication Limited |
Unaudited Financial Statements |
for the Year Ended 30 November 2023 |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 |
Notes to the financial statements | 5 |
MJL Welding & Fabrication Limited |
Company Information |
for the Year Ended 30 November 2023 |
Directors: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
MJL Welding & Fabrication Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MJL Welding & Fabrication Limited for the year ended 30 November 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of MJL Welding & Fabrication Limited, as a body, in accordance with the terms of our engagement letter dated 25 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of MJL Welding & Fabrication Limited and state those matters that we have agreed to state to the Board of Directors of MJL Welding & Fabrication Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MJL Welding & Fabrication Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that MJL Welding & Fabrication Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MJL Welding & Fabrication Limited. You consider that MJL Welding & Fabrication Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of MJL Welding & Fabrication Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Date: ............................................. |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
Current assets |
Stocks |
Debtors | 9 |
Investments | 10 |
Cash at bank |
Creditors |
Amounts falling due within one year | 11 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
12 |
Net assets |
Capital and reserves |
Called up share capital | 15 |
Share premium |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Statement of Financial Position - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | Statutory information |
MJL Welding & Fabrication Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about MJL Welding & Fabrication Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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 |
Freehold property | - |
Shot Blasting equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at 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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 December 2022 |
and 30 November 2023 |
Amortisation |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | Tangible fixed assets |
Shot |
Freehold | Blasting |
property | equipment | Totals |
£ | £ | £ |
Cost |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 30 November 2023 |
Depreciation |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) | ( |
) |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
7. | Fixed asset investments |
2023 | 2022 |
£ | £ |
Shares in group undertakings |
Other loans |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 December 2022 |
and 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | Fixed asset investments - continued |
Other |
loans |
£ |
At 1 December 2022 |
Repayment in year | ( |
) |
At 30 November 2023 |
8. | Investment property |
Total |
£ |
Fair value |
Reclassification/transfer |
Revaluations | (164,717 | ) |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
Fair value at 30 November 2023 is represented by: |
£ |
Valuation in 2024 | 2,192,390 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,674,091 | - |
Aggregate depreciation | (316,985 | ) | - |
Property was valued on an open market basis on 16 May 2024 by Longstaff Chartered Surveyors . |
Investment property includes a property currently under redevelopment. This property is currently held at cost being £442,390 |
9. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
Deferred tax asset |
Accelerated capital allowances |
Prepayments and accrued income |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
10. | Current asset investments |
2023 | 2022 |
£ | £ |
Listed investments | 19,163 | 48,409 |
11. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Directors' loan accounts | 16,795 | 37,411 |
Accruals and deferred income |
12. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 401,708 | 231,386 |
13. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
14. | Financial instruments at fair value |
Financial assets measured at fair value through profit or loss £19,163 (2022 - 48,409). |
MJL Welding & Fabrication Limited (Registered number: 01911189) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
15. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A shares | £1 | 13,503 | 13,503 |
Ordinary B shares | £1 | 4,501 | 4,501 |
Ordinary C shares | £1 | 6,001 | 6,001 |
24,005 | 24,005 |