Company registration number NI690837 (Northern Ireland)
MJR HOLDINGS IRELAND LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MJR HOLDINGS IRELAND LIMITED
COMPANY INFORMATION
Directors
Mr C J Rafferty
Mr M Rafferty
Mrs D Rafferty
Company number
NI690837
Registered office
Dungannon Business Park
Killyliss Road
Dungannon
BT70 1RP
Auditor
GMcG PORTADOWN
17 Mandeville Street
Portadown
Craigavon
Co Armagh
BT62 3PB
Business address
Dungannon Business Park
Killyliss Road
Dungannon
BT70 1RP
Bankers
AIB (NI)
18-20 Scotch Street
Dungannon
Co Tyrone
BT70 1AZ
Danske Bank
P.O. Box 183
Donegall Sq West
Belfast
BT1 6JS
MJR HOLDINGS IRELAND LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 10
Group income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 35
MJR HOLDINGS IRELAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

On the 16 January 2023, the company acquired 100% of the ordinary shares of Porta-fill International Limited as part of a group re-organisation. This re-organisation has been accounted for under the merger accounting principles and as such the group results are presented as if the group had always been in existence.

 

The directors remain pleased with the progress of the group with the results for the year reflecting continued development in the group's geographical markets, as evidenced by the key performance indicators noted below.

 

The group continues to invest heavily in its facilities incorporating a significant Research and Development facility, and looks forward to further developing the company's product range using this facility. The group sees development in Research and Development as being key to enabling it to compete in the global market.

 

The directors are pleased with results for the year given the inflationary pressures on the group's existing cost base, particularly in relation to raw materials used in production.

 

Turnover has decreased by 3.7% and the group generated a gross profit margin of 31% (2022 - 36%). These KPI's have been impacted by bringing new products to market, inflationary cost increases and fluctuation in exchange rates in the year.

 

The group reported an operating profit of £2,130,425 (2022 - £3,030,779).

Principal risks and uncertainites

The principal risks and uncertainties affecting the group are controlling costs and maintaining sales levels. The group's management endeavour to mitigate these risks by implementing regular strategic and operational reviews.

 

The key business risks and uncertainties are considered to relate to potential competition from foreign, low cost markets, and the risks associated with currency fluctuations. The group operates bank accounts denominated in Sterling, US Dollars and Euro in an attempt to mitigate it's exposure to exchange risk.

 

Other risks facing the company are considered to be:

 

Credit risk

Appropriate credit checks on potential customers are made before sale contracts are agreed. The amount of exposure to individual customers is subject to a limit which is assessed regularly by the directors.

Liquidity risk

The group maintains sufficient cash reserves designed to ensure that funds are available for its operation. Liquidity risk is considered medium.

Environment

The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors ongoing aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

Health and safety

The group is committed to achieving the highest practical standards in health and safety management and endeavours to make the workplace a safe environment for all it's employees.

MJR HOLDINGS IRELAND LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicicators

The directors used the key performance indicator as set out below to monitor the group's performance. Key performance indicators were an improvement on the performance achieved in the previous accounting period. Overall, the directors are pleased with the group's performance for the year.

 

The key performance indicators during the financial year were as follows:

 

 

2023

2022

 

£

£

Turnover

13,673,540

14,206,074

Gross Profit

42,645,600

5,055,900

Gross Profit Margin (%)

31

36

Operating Profit

2,130,425

3,030,779

Shareholders' Funds

14,901,828

13,261,794

 

On behalf of the board

Mr C J Rafferty
Director
23 August 2024
MJR HOLDINGS IRELAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company continued to be the manufacturing of mobile screening plant for use in the sorting of segregates.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C J Rafferty
Mr M Rafferty
Mrs D Rafferty
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MJR HOLDINGS IRELAND LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr C J Rafferty
Director
23 August 2024
MJR HOLDINGS IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MJR HOLDINGS IRELAND LIMITED
- 5 -
Opinion

We have audited the financial statements of MJR Holdings Ireland Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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

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 group's and parent 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.

MJR HOLDINGS IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MJR HOLDINGS IRELAND LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:

MJR HOLDINGS IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MJR HOLDINGS IRELAND LIMITED
- 7 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

MJR HOLDINGS IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MJR HOLDINGS IRELAND LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the group and company for fraud and identified the greatest potential for fraud in revenue 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 also obtained an understanding of the legal and regulatory frameworks that the group and 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 Companies Act 2006, and local 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 group and company’s ability to operate or to avoid a material penalty.

MJR HOLDINGS IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MJR HOLDINGS IRELAND LIMITED
- 9 -
Audit reponse to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MJR HOLDINGS IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MJR HOLDINGS IRELAND LIMITED
- 10 -

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor's 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.

Mr Stephen Houston FCA (Senior Statutory Auditor)
For and on behalf of GMcG PORTADOWN
23 August 2024
Chartered Accountants
Statutory Auditor
17 Mandeville Street
Portadown
Craigavon
Co Armagh
BT62 3PB
MJR HOLDINGS IRELAND LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
13,673,540
14,206,074
Cost of sales
(9,408,940)
(9,150,174)
Gross profit
4,264,600
5,055,900
Distribution costs
(646,732)
(781,073)
Administrative expenses
(1,519,535)
(1,285,091)
Other operating income
32,092
41,043
Operating profit
4
2,130,425
3,030,779
Interest receivable and similar income
8
3,258
193
Interest payable and similar expenses
9
-
0
(15,482)
Profit before taxation
2,133,683
3,015,490
Tax on profit
10
(424,085)
(407,266)
Profit for the financial year
22
1,709,598
2,608,224
Profit for the financial year is all attributable to the owners of the parent company.
MJR HOLDINGS IRELAND LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
£
£
Profit for the year
1,709,598
2,608,224
Other comprehensive income
-
-
Total comprehensive income for the year
1,709,598
2,608,224
Total comprehensive income for the year is all attributable to the owners of the parent company.
MJR HOLDINGS IRELAND LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,284,309
4,483,582
Current assets
Stocks
14
5,896,201
4,578,310
Debtors
15
1,147,961
1,721,025
Cash at bank and in hand
6,100,620
5,858,993
13,144,782
12,158,328
Creditors: amounts falling due within one year
16
(1,983,058)
(2,903,014)
Net current assets
11,161,724
9,255,314
Total assets less current liabilities
15,446,033
13,738,896
Creditors: amounts falling due after more than one year
17
(294,205)
(322,102)
Provisions for liabilities
Deferred tax liability
18
250,000
155,000
(250,000)
(155,000)
Net assets
14,901,828
13,261,794
Capital and reserves
Called up share capital
21
31,620
31,620
Capital redemption reserve
22
30,380
30,380
Profit and loss reserves
22
14,839,828
13,199,794
Total equity
14,901,828
13,261,794
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
23 August 2024
Mr C J Rafferty
Director
Company registration number NI690837 (Northern Ireland)
MJR HOLDINGS IRELAND LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,630,833
-
0
Investments
12
31,620
-
0
5,662,453
-
0
Current assets
Debtors
15
144,000
-
0
Cash at bank and in hand
1,427,248
-
0
1,571,248
-
0
Creditors: amounts falling due within one year
16
(198,812)
-
Net current assets
1,372,436
-
Net assets
7,034,889
-
Capital and reserves
Called up share capital
21
31,620
-
0
Profit and loss reserves
22
7,003,269
-
Total equity
7,034,889
-

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £7,003,269 (2022 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
23 August 2024
Mr C J Rafferty
Director
Company registration number NI690837 (Northern Ireland)
MJR HOLDINGS IRELAND LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
31,620
30,380
10,661,134
10,723,134
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
2,608,224
2,608,224
Dividends
-
-
(69,564)
(69,564)
Balance at 31 December 2022
31,620
30,380
13,199,794
13,261,794
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,709,598
1,709,598
Dividends
-
-
(69,564)
(69,564)
Balance at 31 December 2023
31,620
30,380
14,839,828
14,901,828
MJR HOLDINGS IRELAND LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
-
0
-
0
-
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 December 2022
-
0
-
0
-
Year ended 31 December 2023:
Profit and total comprehensive income
-
7,003,269
7,003,269
Issue of share capital
21
31,620
-
31,620
Balance at 31 December 2023
31,620
7,003,269
7,034,889
MJR HOLDINGS IRELAND LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
899,107
2,943,913
Interest paid
-
0
(15,482)
Income taxes paid
(308,273)
(129,266)
Net cash inflow from operating activities
590,834
2,799,165
Investing activities
Purchase of tangible fixed assets
(282,901)
(1,098,353)
Proceeds from disposal of tangible fixed assets
-
54,589
Interest received
3,258
193
Net cash used in investing activities
(279,643)
(1,043,571)
Financing activities
Repayment of bank loans
-
(1,367,702)
Dividends paid to equity shareholders
(69,564)
(69,564)
Net cash used in financing activities
(69,564)
(1,437,266)
Net increase in cash and cash equivalents
241,627
318,328
Cash and cash equivalents at beginning of year
5,858,993
5,540,665
Cash and cash equivalents at end of year
6,100,620
5,858,993
MJR HOLDINGS IRELAND LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
1,423,990
-
0
Investing activities
Interest received
3,258
-
0
Net cash generated from/(used in) investing activities
3,258
-
Net increase in cash and cash equivalents
1,427,248
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
1,427,248
-
0
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

MJR Holdings Ireland Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is Dungannon Business Park, Killyliss Road, Dungannon, BT70 1RP.

 

The group consists of MJR Holdings Ireland Limited and all of its subsidiaries.

 

The company's and the group's principal activities and nature of its operations are disclosed in the Directors' Report.

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.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

Where a business combination arises as a result of a group restructuring, these combinations are accounted for under the merger method. No goodwill is recognised on acquisition instead the assets, liabilities and results are incorporated at the book value. The results and cash flows of all the combining entities are brought into the financial statements of the group from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information is restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MJR Holdings Ireland Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 20 -
1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
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:

Freehold land and buildings
5% Straight Line
Plant and equipment
25% straight line or reducing balance
Fixtures and fittings
15% straight line or reducing balance
Motor vehicles
20% straight line or 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 recognised in the income statement.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 21 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group 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 group's statement of financial position 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.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 22 -
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 or 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 or 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 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, 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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified 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.

 

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.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 23 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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 through 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 24 -
1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty (Continued)
- 25 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Debtors and amounts recoverable

Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty.

Stock and work in progress

At each balance sheet date the company's stocks and work in progress are assessed for impairment. If stocks or work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The assessment of the selling price of such stock and work in progress involves some estimation uncertainty.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of machinery and parts
13,673,540
14,206,074

The directors consider the group to have only one class of business that being the sale of machinery and associated parts. An analysis of the group's geographical markets has not been given as, in the opinion of the directors, this disclosure would be seriously prejudicial to the interests of the group.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
40,425
(116,800)
Government grants
(31,349)
(41,043)
Depreciation of owned tangible fixed assets
490,202
444,653
Profit on disposal of tangible fixed assets
(8,028)
(10,834)
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
-
Audit of the financial statements of the company's subsidiaries
7,500
7,500
10,000
7,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
51
51
-
-
Administration
18
15
-
-
Total
69
66
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,156,698
1,948,752
-
0
-
0
Social security costs
205,385
194,626
-
-
Pension costs
47,583
43,416
-
0
-
0
2,409,666
2,186,794
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
49,112
46,757
Company pension contributions to defined contribution schemes
1,199
1,193
50,311
47,950

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 -1).

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
193
Other interest income
3,258
-
Total income
3,258
193
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,258
193
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
15,482
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
370,812
350,000
Adjustments in respect of prior periods
(41,727)
(20,734)
Total current tax
329,085
329,266
Deferred tax
Origination and reversal of timing differences
95,000
78,000
Total tax charge
424,085
407,266
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation (Continued)
- 28 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,133,683
3,015,490
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
533,421
572,943
Tax effect of expenses that are not deductible in determining taxable profit
42,291
-
0
Tax effect of income not taxable in determining taxable profit
(2,096)
(8,889)
Adjustments in respect of prior years
(41,727)
(20,734)
Effect of change in corporation tax rate
(29,017)
-
Research and development tax credit
(161,316)
(126,597)
Differences on depreciation and capital allowances
82,529
(9,457)
Taxation charge
424,085
407,266
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
4,003,194
1,726,324
604,177
126,612
6,460,307
Additions
-
0
192,117
44,320
68,465
304,902
Disposals
-
0
-
0
-
0
(53,301)
(53,301)
At 31 December 2023
4,003,194
1,918,441
648,497
141,776
6,711,908
Depreciation and impairment
At 1 January 2023
536,364
1,020,518
320,681
99,162
1,976,725
Depreciation charged in the year
200,160
224,481
49,173
16,388
490,202
Eliminated in respect of disposals
-
0
-
0
-
0
(39,328)
(39,328)
At 31 December 2023
736,524
1,244,999
369,854
76,222
2,427,599
Carrying amount
At 31 December 2023
3,266,670
673,442
278,643
65,554
4,284,309
At 31 December 2022
3,466,830
705,806
283,496
27,450
4,483,582
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets (Continued)
- 29 -
Company
Freehold land and buildings
£
Cost
At 1 January 2023
-
0
Additions
5,800,000
At 31 December 2023
5,800,000
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
169,167
At 31 December 2023
169,167
Carrying amount
At 31 December 2023
5,630,833
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
31,620
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
31,620
At 31 December 2023
31,620
Carrying amount
At 31 December 2023
31,620
At 31 December 2022
-

On the 16 January 2023, the company acquired 100% of the ordinary shares of Porta-fill International Limited for £31,620 in return for the issuance of 31,620 £1 Ordinary shares to its shareholders. This acquisition has been accounted for under the merger accounting method.

13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Subsidiaries (Continued)
- 30 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Porta-fill International Limited
a)
Manufacturing
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

a)
2 Dungannon Business Park, Killyliss Road, Dungannon, BT70 1RP
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,524,705
1,615,518
-
-
Work in progress
1,616,625
1,578,403
-
-
Finished goods and goods for resale
2,754,871
1,384,389
-
0
-
0
5,896,201
4,578,310
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
819,122
1,245,057
144,000
-
0
Other debtors
192,845
280,614
-
0
-
0
Prepayments and accrued income
135,994
195,354
-
0
-
0
1,147,961
1,721,025
144,000
-
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
1,337,354
2,084,011
-
0
-
0
Corporation tax payable
370,812
350,000
70,812
-
0
Other taxation and social security
93,303
49,050
48,000
-
Government grants
19
27,898
31,350
-
0
-
0
Other creditors
76,576
336,226
-
0
-
0
Accruals and deferred income
77,115
52,377
80,000
-
0
1,983,058
2,903,014
198,812
-
0
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Government grants
19
294,205
322,102
-
0
-
0
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
250,000
155,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
155,000
-
Charge to profit or loss
95,000
-
Liability at 31 December 2023
250,000
-
19
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
322,103
353,452
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
27,898
31,350
-
0
-
0
Non-current liabilities
294,205
322,102
-
0
-
0
322,103
353,452
-
-
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Government grants (Continued)
- 32 -

Government grants of £31,349 were released in the year (2022 - £41,043). Terms attaching to capital grant funding can result in repayment should the company default on agreements in place or sell or otherwise transfer the benefit pertaining to the capital asset. The directors do not expect any such repayment becoming due.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,583
43,416

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary £1 shares of £1 each
31,620
-
31,620
-

During the year as part of a group reconstruction 31,620 ordinary £1 shares were issued at nominal value in share for share exchange for the entire share capital of Porta-fill International Limited.

22
Reserves
Capital redemption reserve

The capital redemption reserve is a non-distributable reserve into which amounts were transferred following a purchase of the company's own shares.

Profit and loss reserves

The profit and loss reserve is the balance of retained earnings at the end of the period and is available for distribution.

23
Acquisition of a business

On the 16 January 2023, the company acquired 100% of the ordinary shares of Porta-fill International Limited for £31,620 in return for the issuance of 31,620 £1 Ordinary shares to its shareholders. This acquisition has been accounted for under the merger accounting method.

24
Operating lease commitments
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Operating lease commitments (Continued)
- 33 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
-
-
480,000
-
Between two and five years
-
-
1,920,000
-
In over five years
-
-
2,120,000
-
-
-
4,520,000
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
177,300
-
-
26
Related party transactions
Remuneration of key management personnel

Key management includes the Board of Directors of the company. The compensation paid or payable to key management for employee services is shown in note 7.

27
Directors' transactions

Dividends totalling £69,564 (2022 - £69,564) were paid in the year in respect of shares held by the company's directors.

At the year end the amount owing by the company to directors was £69,564 (2022- £208,692). No interest accrues on amounts owing to directors nor are there terms of repayment attaching.

MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,709,598
2,608,224
Adjustments for:
Taxation charged
424,085
407,266
Finance costs
-
0
15,482
Investment income
(3,258)
(193)
Gain on disposal of tangible fixed assets
(8,028)
(10,834)
Depreciation and impairment of tangible fixed assets
490,202
444,653
Movements in working capital:
Increase in stocks
(1,317,891)
(821,177)
Decrease/(increase) in debtors
573,064
(208,632)
(Decrease)/increase in creditors
(937,316)
471,438
(Decrease)/increase in deferred income
(31,349)
37,686
Cash generated from operations
899,107
2,943,913
29
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Profit for the year after tax
7,003,269
-
Adjustments for:
Taxation charged
70,812
-
0
Investment income
(6,963,258)
-
0
Non cash adjustment on movements in tangible fixed assets
1,160,000
-
Depreciation and impairment of tangible fixed assets
169,167
-
Movements in working capital:
Increase in debtors
(144,000)
-
Increase in creditors
128,000
-
Cash generated from/(absorbed by) operations
1,423,990
-
30
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,858,993
241,627
6,100,620
MJR HOLDINGS IRELAND LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
31
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
1,427,248
1,427,248
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