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REGISTERED NUMBER: 01911189 (England and Wales)














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: J C Lyon
S F Slayven
C M Lyon
L Slayven





Registered office: Bank House
Broad Street
Spalding
Lincolnshire
United Kingdom
PE11 1TB





Business address: Branton's Bridge
Bourne Road
Pode Hole
Spalding
Lincolnshire
PE11 3LL





Registered number: 01911189 (England and Wales)





Accountants: Moore Thompson
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.






Moore Thompson
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 5 151,900 173,600
Tangible assets 6 1 2,187,289
Investments 7 150,003 179,357
Investment property 8 2,192,390 -
2,494,294 2,540,246

Current assets
Stocks 310,608 -
Debtors 9 60,356 37,378
Investments 10 19,163 48,409
Cash at bank 5,493 46,137
395,620 131,924
Creditors
Amounts falling due within one year 11 1,187,216 766,687
Net current liabilities (791,596 ) (634,763 )
Total assets less current liabilities 1,702,698 1,905,483

Creditors
Amounts falling due after more than one
year

12

444,013

431,755
Net assets 1,258,685 1,473,728

Capital and reserves
Called up share capital 15 24,005 24,005
Share premium 210,999 210,999
Capital redemption reserve 11,996 11,996
Retained earnings 1,011,685 1,226,728
Shareholders' funds 1,258,685 1,473,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 16 August 2024 and were signed on its behalf by:




J C Lyon - Director



L Slayven - Director


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

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten 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.
Freehold property - 2% on a straight line basis
Shot Blasting equipment - 10% on a straight line basis and 5% on a straight line basis

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 3 (2022 - 3 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 December 2022
and 30 November 2023 217,000
Amortisation
At 1 December 2022 43,400
Charge for year 21,700
At 30 November 2023 65,100
Net book value
At 30 November 2023 151,900
At 30 November 2022 173,600

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 2,473,029 31,102 2,504,131
Additions 201,063 - 201,063
Disposals - (31,102 ) (31,102 )
Reclassification/transfer (2,674,091 ) - (2,674,091 )
At 30 November 2023 1 - 1
Depreciation
At 1 December 2022 293,611 23,231 316,842
Charge for year 23,374 1,555 24,929
Eliminated on disposal - (24,786 ) (24,786 )
Reclassification/transfer (316,985 ) - (316,985 )
At 30 November 2023 - - -
Net book value
At 30 November 2023 1 - 1
At 30 November 2022 2,179,418 7,871 2,187,289

7. Fixed asset investments

2023 2022
£    £   
Shares in group undertakings 150,003 150,003
Other loans - 29,354
150,003 179,357

Additional information is as follows:
Shares in
group
undertakings
£   
Cost
At 1 December 2022
and 30 November 2023 150,003
Net book value
At 30 November 2023 150,003
At 30 November 2022 150,003

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 29,354
Repayment in year (29,354 )
At 30 November 2023 -

8. Investment property
Total
£   
Fair value
Reclassification/transfer 2,357,107
Revaluations (164,717 )
At 30 November 2023 2,192,390
Net book value
At 30 November 2023 2,192,390

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 1,130 2,990
VAT 20,580 2,691
Deferred tax asset
Accelerated capital allowances 23,646 16,697
Prepayments and accrued income 15,000 15,000
60,356 37,378

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 10,576 50,092
Trade creditors 23,989 4,989
Amounts owed to group undertakings 1,124,609 659,874
Tax 4,766 -
Directors' loan accounts 16,795 37,411
Accruals and deferred income 6,481 14,321
1,187,216 766,687

12. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 10,576 50,092
Bank loans - 2-5 years 31,729 150,277
Bank loans more 5 yr by instal 401,708 231,386
444,013 431,755

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 454,589 481,847

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: £    £   
13,503 Ordinary A shares £1 13,503 13,503
4,501 Ordinary B shares £1 4,501 4,501
6,001 Ordinary C shares £1 6,001 6,001
24,005 24,005