Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-232024-05-232024-05-232023-12-31falseNo description of principal activityfalse02023-01-01false0 11537308 2023-01-01 2023-12-31 11537308 2022-01-01 2022-12-31 11537308 2023-12-31 11537308 2022-12-31 11537308 c:CompanySecretary1 2023-01-01 2023-12-31 11537308 c:Director1 2023-01-01 2023-12-31 11537308 c:Director2 2023-01-01 2023-12-31 11537308 c:Director3 2023-01-01 2023-12-31 11537308 c:Director3 2023-12-31 11537308 c:Director5 2023-01-01 2023-12-31 11537308 c:Director7 2023-01-01 2023-12-31 11537308 c:Director9 2023-01-01 2023-12-31 11537308 c:Director10 2023-01-01 2023-12-31 11537308 c:Director10 2023-12-31 11537308 c:RegisteredOffice 2023-01-01 2023-12-31 11537308 c:Agent1 2023-01-01 2023-12-31 11537308 d:FurnitureFittings 2023-01-01 2023-12-31 11537308 d:FurnitureFittings 2023-12-31 11537308 d:FurnitureFittings 2022-12-31 11537308 d:OfficeEquipment 2023-01-01 2023-12-31 11537308 d:OfficeEquipment 2023-12-31 11537308 d:OfficeEquipment 2022-12-31 11537308 d:ComputerSoftware 2023-12-31 11537308 d:ComputerSoftware 2022-12-31 11537308 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11537308 d:CurrentFinancialInstruments 2023-12-31 11537308 d:CurrentFinancialInstruments 2022-12-31 11537308 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11537308 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11537308 d:ShareCapital 2023-12-31 11537308 d:ShareCapital 2022-12-31 11537308 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11537308 d:RetainedEarningsAccumulatedLosses 2023-12-31 11537308 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11537308 d:RetainedEarningsAccumulatedLosses 2022-12-31 11537308 d:RetainedEarningsAccumulatedLosses 2022-01-01 11537308 c:FRS102 2023-01-01 2023-12-31 11537308 c:Audited 2023-01-01 2023-12-31 11537308 c:FullAccounts 2023-01-01 2023-12-31 11537308 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11537308 d:UltimateParent 2023-01-01 2023-12-31 11537308 d:UltimateParent 2023-12-31 11537308 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11537308 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11537308 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11537308
















MWJV LTD




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































img53ab.png


MWJV LTD

 
COMPANY INFORMATION


DIRECTORS
James Beckly 
Leshantha Davies 
Jonathan M Holmes (resigned 23 May 2024)
Caroline P Lassen 
Jason D Millett 
Andrew J Snapes 
Daniel J Easthope (appointed 23 May 2024)




KEY MANAGEMENT PERSONNEL
Jeremy Dunn, Managing Director
Roger Hannaford, Financial & Commercial Director



REGISTERED NUMBER
11537308



REGISTERED OFFICE
Compass House
Truro Business Park

Truro

Cornwall

TR4 9LD




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN




BANKERS
NatWest
2/4 St Nicholas Street

Truro

TR1 2RN






MWJV LTD


CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of income and retained earnings
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 14



MWJV LTD

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIRECTORS

The Directors who served during the year were:

James Beckly 
Leshantha Davies 
Jonathan M Holmes (resigned 23 May 2024)
Caroline P Lassen 
Jason D Millett 
Andrew J Snapes 

PRINCIPAL RISKS AND UNCERTAINTIES

Legacy Work
During 2023 Cornwall Council tendered for the new BEPS2 Framework for which MWJV was unsuccessful. During this process Cornwall Council (CC) confirmed that all existing commissions would remain with MWJV to deliver to conclusion; to date this has transpired and our initial revenue forecasts for 2024 and 2025 have increased from £5.9m and £1.5m to £8m and £3m respectively. 

Economic Uncertainty
Given the backdrop of National and Local elections during Summer of 2024 and Spring of 2025, together with well-publicised observations of CC Risk exposure outstripping its reserves, it is believed that the new projects commenced by CC in the near future are likely to be low value and low risk and fully funded externally. It should be noted that the abovementioned Legacy Work is either externally funded or represents a capital investment for CC. MWJV partners remain committed to delivering the remaining commissions for CC and that the forecast for 2024 and early 2025 is robust and represents a going concern; overheads have been scaled back accordingly. In addition, opportunities to continue providing a combined delivery, including Delivery Partners where relevant are being explored via the Southern Construction Framework (SCF) and Management Contracting delivery model.

Page 1


MWJV LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
 
DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.


AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANIES NOTE

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






James Beckly
Director

Date: 20 August 2024

Compass House
Truro Business Park
Truro
Cornwall
TR4 9LD

Page 2


MWJV LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MWJV LTD
 
OPINION


We have audited the financial statements of MWJV LTD (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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


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.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 3


MWJV LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MWJV LTD (CONTINUED)

OPINION 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 1, 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 is 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 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 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 an Auditors' report 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
• We  have considered the nature of the sector, control environment and financial performance; 
•   We have considered the results of enquiries with management and Directors in relation to their own              identification and assessment of the risk of irregularities within the entity; and,
 
Page 4


MWJV LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MWJV LTD (CONTINUED)

•   We have reviewed the documentation of key processes and controls and performed walkthroughs of           transactions to confirm that the systems are operating in line with documentation.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition and assessment of long-term contract profit recognition.
In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. 
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These included data protection legislation and health and safety regulations.
Audit response to risks identified
We identified revenue recognition, in particular, assessment of long-term contract profit recognition, cut-off and accounting estimates as key audit matters related to the potential risk of fraud. 
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statement disclosures and testing to supporting documentation to assess                  compliance with provisions of relevant laws and regulations described as having direct effect on the              financial statements;
• Enquiring of management concerning actual and potential litigation and claims;
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate          risks of material misstatement due to fraud;
• Performing detailed review of ongoing contracts in progress at the year end and also consideration of           those in progress at the prior year end to consider the accuracy of managements assessment in                   determining the appropriate levels of profit recognition;
• In addressing the risk of fraud through management override of controls, testing the appropriateness of           journal entries, and other adjustments; assessing whether the judgements made in making accounting           estimates are indicative of potential bias; and evaluating the business rationale of any significant                    transactions that are unusual or outside the normal course of the business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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 Auditors' report.


Page 5


MWJV LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MWJV LTD (CONTINUED)

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 2006Our 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 an Auditors' report 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.






Nathan Coughlin FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

20 August 2024
Page 6


MWJV LTD

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
12,634,900
11,546,168

Cost of sales
  
(11,222,961)
(10,279,333)

GROSS PROFIT
  
1,411,939
1,266,835

Administrative expenses
  
(1,396,238)
(1,231,728)

OPERATING PROFIT
  
15,701
35,107

Interest payable and similar expenses
  
(215)
(126)

PROFIT BEFORE TAX
  
15,486
34,981

Tax on profit
  
(11,094)
(8,713)

PROFIT AFTER TAX
  
4,392
26,268

  

  

Retained earnings at the beginning of the year
  
26,268
91,033

  
26,268
91,033

Profit for the year
  
4,392
26,268

Dividends declared and paid
  
(26,268)
(91,033)

RETAINED EARNINGS AT THE END OF THE YEAR
  
4,392
26,268
The notes on pages 9 to 14 form part of these financial statements.

Page 7


MWJV LTD
REGISTERED NUMBER:11537308

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Intangible assets
 5 
-
-

Tangible assets
 6 
-
-

  
-
-

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 7 
2,279,052
2,043,114

Cash at bank and in hand
 8 
529,000
505,833

  
2,808,052
2,548,947

Creditors: amounts falling due within one year
 9 
(2,803,656)
(2,522,675)

NET CURRENT ASSETS
  
 
 
4,396
 
 
26,272

  

NET ASSETS
  
4,396
26,272


CAPITAL AND RESERVES
  

Called up share capital 
  
4
4

Profit and loss account
  
4,392
26,268

  
4,396
26,272


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





James Beckly
Director

Date: 20 August 2024

The notes on pages 9 to 14 form part of these financial statements.

Page 8


MWJV LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

MWJV Ltd is a Company incorporated in the United Kingdom. The registered office is Compass House, Truro Business Park, Truro, Cornwall, United Kingdom, TR4 9LD.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis. The Directors have considered the impact of the unsuccessful retender of the current Cornwall Council contract. The company’s Directors are content that the forecast for 2024 and 2025 is robust and represents only the Programmes/Projects already awarded and confirmed as remaining with MWJV by Cornwall Council; noting that there is slight potential for new work to be awarded under current blanket commissions. The Directors are satisfied that the company can continue to generate sufficient cash to cover all liabilities as they fall due for a period of at least 12 months from the approval of these financial statements.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

LONG-TERM CONTRACTS

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Page 9


MWJV LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.5

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years
Page 10


MWJV LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
3
years
Office equipment
-
3
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements.
The turnover and costs are recognised on a percentage complete basis. As such, judgements are applied to determine the stage of completion and anticipated profit margins on each project. Management seek to ensure the accuracy of these estimates through regular and focused project-by-project consultation with each of the project managers and close monitoring of actual contract performance.

Page 11


MWJV LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


EMPLOYEES

The key management personnel of the Company comprise senior management team as listed on page 1. The Company paid £216,560 (2022: £200,887) to its parent companies for the services received from key management personnel.


The average monthly number of employees, including directors, during the year was 0 (2022: 0).


5.


INTANGIBLE ASSETS




Computer software

£



COST


At 1 January 2023
4,900



At 31 December 2023

4,900



AMORTISATION


At 1 January 2023
4,900



At 31 December 2023

4,900



NET BOOK VALUE



At 31 December 2023
-



At 31 December 2022
-



Page 12


MWJV LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Office equipment
Total

£
£
£



COST 


At 1 January 2023
4,250
8,534
12,784



At 31 December 2023

4,250
8,534
12,784



DEPRECIATION


At 1 January 2023
4,250
8,534
12,784



At 31 December 2023

4,250
8,534
12,784



NET BOOK VALUE



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-


7.


DEBTORS

2023
2022
£
£


Trade debtors
870,896
1,055,687

Other debtors
-
2,245

Called up share capital not paid
4
4

Prepayments and accrued income
38,849
31,066

Amounts recoverable on long-term contracts
1,368,605
948,161

Deferred taxation
698
5,951

2,279,052
2,043,114



8.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
529,000
505,833


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MWJV LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
484,930
1,081,908

Amounts owed to group undertakings
573,753
471,641

Corporation tax
3,681
9,548

Other taxation and social security
43,330
-

Accruals and deferred income
1,697,962
959,578

2,803,656
2,522,675



10.


DEFERRED TAXATION




2023


£






At beginning of year
5,951


Charged to profit or loss
(5,253)



AT END OF YEAR
698

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
698
5,951

698
5,951


11.


RELATED PARTY TRANSACTIONS

During the period, the Company made purchases of £7,064,226 (2022: £4,583,593) from its parent companies. At the period end the Company owed £580,780 (2022: £471,641) to its parent companies.
During the period, the Company made purchases of £83,27483,274 (2022: £17,364) from a company with a common shareholder. At the period end the Company owed £Nil (2022: £Nil) to the company with a common shareholder.


12.


CONTROLLING PARTY

The company is jointly controlled by Mace Limited and Ward Williams Associates LLP.

 
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