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REGISTERED NUMBER: 02323601 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

MJ ENGINEERING LIMITED

MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MJ ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTOR: Mr DG Simpkin





SECRETARY: Mr DG Simpkin





REGISTERED OFFICE: Unit L1 Airfield Business Park
Harborough Road
Market Harborough
Leicestershire
LE16 7UL





REGISTERED NUMBER: 02323601 (England and Wales)

MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

BALANCE SHEET
28 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 400,031 432,129

CURRENT ASSETS
Stocks 182,391 151,079
Debtors 5 433,994 405,859
Cash at bank and in hand 182,976 188,377
799,361 745,315
CREDITORS
Amounts falling due within one year 6 279,878 236,694
NET CURRENT ASSETS 519,483 508,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

919,514

940,750

CREDITORS
Amounts falling due after more than one year 7 (24,160 ) (31,365 )

PROVISIONS FOR LIABILITIES (97,637 ) (103,601 )
NET ASSETS 797,717 805,784

CAPITAL AND RESERVES
Called up share capital 657 657
Capital redemption reserve 343 343
Retained earnings 796,717 804,784
SHAREHOLDERS' FUNDS 797,717 805,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

BALANCE SHEET - continued
28 FEBRUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





Mr DG Simpkin - Director


MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024


1. STATUTORY INFORMATION

MJ Engineering 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company supplies products to customers from its warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in the income statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Monies the company has received by way of government grants are recognised in the profit and loss for the in which they relate to.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 1,308,306 163,947 120,875 1,593,128
Additions 13,753 4,613 125,709 144,075
Disposals - - (91,554 ) (91,554 )
At 28 February 2024 1,322,059 168,560 155,030 1,645,649
DEPRECIATION
At 1 March 2023 934,776 119,677 106,546 1,160,999
Charge for year 116,105 14,311 31,427 161,843
Eliminated on disposal - - (77,224 ) (77,224 )
At 28 February 2024 1,050,881 133,988 60,749 1,245,618
NET BOOK VALUE
At 28 February 2024 271,178 34,572 94,281 400,031
At 28 February 2023 373,530 44,270 14,329 432,129

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 376,456 359,530
Other debtors 57,538 46,329
433,994 405,859

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,856 10,648
Trade creditors 122,207 117,210
Taxation and social security 128,070 99,956
Other creditors 20,745 8,880
279,878 236,694

MJ ENGINEERING LIMITED (REGISTERED NUMBER: 02323601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 24,160 31,365

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr DG Simpkin
Balance outstanding at start of year 20,000 20,000
Amounts advanced 118,965 118,965
Amounts repaid (118,965 ) (118,965 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,000 20,000

The loans were interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

As at the year end, there was £9,369 (2023: £9,369) owed to the company by Ms K Stringfellow, a minority shareholder of the company. At the year end Mrs N Simpkin, minority shareholder, owed the company £3,255 (2023: £3,255).