Company registration number 11752682 (England and Wales)
MJD DECORATORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
MJD DECORATORS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MJD DECORATORS LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,692
4,017
Current assets
Debtors
4
145,736
50,279
Cash at bank and in hand
6,411
32,627
152,147
82,906
Creditors: amounts falling due within one year
5
(119,575)
(81,579)
Net current assets
32,572
1,327
Total assets less current liabilities
35,264
5,344
Provisions for liabilities
(578)
(578)
Net assets
34,686
4,766
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
34,685
4,765
Total equity
34,686
4,766

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
Mr MJ Davies
Director
Company registration number 11752682 (England and Wales)
MJD DECORATORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

MJD Decorators Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

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 as applicable to companies subject to the small companies regime. 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 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
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.3
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:

Motor vehicles
33% 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 credited or charged to profit or loss.

1.4
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MJD DECORATORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

 

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

2
Employees

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

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
8,950
Depreciation and impairment
At 1 June 2022
4,932
Depreciation charged in the year
1,326
At 31 May 2023
6,258
Carrying amount
At 31 May 2023
2,692
At 31 May 2022
4,017
MJD DECORATORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
141,188
46,294
Corporation tax recoverable
1,719
1,719
Other debtors
2,829
2,266
145,736
50,279
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33,275
147
Corporation tax
82,597
35,239
Other taxation and social security
1,203
45,854
Other creditors
2,500
339
119,575
81,579
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
7
Directors' transactions

At the balance sheet date the director owed £1,637 (2022: £1,073) to the company. The loan is unsecured and repayable on demand. Interest of 2% is paid on balances over £10,000.

2023-05-312022-06-01false12 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr M J Daviesfalsefalse117526822022-06-012023-05-31117526822023-05-31117526822022-05-3111752682core:OtherPropertyPlantEquipment2023-05-3111752682core:OtherPropertyPlantEquipment2022-05-3111752682core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3111752682core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3111752682core:CurrentFinancialInstruments2023-05-3111752682core:CurrentFinancialInstruments2022-05-3111752682core:ShareCapital2023-05-3111752682core:ShareCapital2022-05-3111752682core:RetainedEarningsAccumulatedLosses2023-05-3111752682core:RetainedEarningsAccumulatedLosses2022-05-3111752682bus:Director12022-06-012023-05-3111752682core:MotorVehicles2022-06-012023-05-31117526822021-06-012022-05-3111752682core:OtherPropertyPlantEquipment2022-05-3111752682core:OtherPropertyPlantEquipment2022-06-012023-05-3111752682core:WithinOneYear2023-05-3111752682core:WithinOneYear2022-05-3111752682bus:PrivateLimitedCompanyLtd2022-06-012023-05-3111752682bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3111752682bus:FRS1022022-06-012023-05-3111752682bus:AuditExemptWithAccountantsReport2022-06-012023-05-3111752682bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP