Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalseWholesale of furniturefalse2023-01-01167true 02645619 2023-01-01 2023-12-31 02645619 2022-01-01 2022-12-31 02645619 2023-12-31 02645619 2022-12-31 02645619 2022-01-01 02645619 c:Director2 2023-01-01 2023-12-31 02645619 d:MotorVehicles 2023-01-01 2023-12-31 02645619 d:MotorVehicles 2023-12-31 02645619 d:MotorVehicles 2022-12-31 02645619 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02645619 d:FurnitureFittings 2023-01-01 2023-12-31 02645619 d:FurnitureFittings 2023-12-31 02645619 d:FurnitureFittings 2022-12-31 02645619 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02645619 d:OfficeEquipment 2023-01-01 2023-12-31 02645619 d:OfficeEquipment 2023-12-31 02645619 d:OfficeEquipment 2022-12-31 02645619 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02645619 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02645619 d:CurrentFinancialInstruments 2023-12-31 02645619 d:CurrentFinancialInstruments 2022-12-31 02645619 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02645619 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02645619 d:ShareCapital 2023-12-31 02645619 d:ShareCapital 2022-12-31 02645619 d:RetainedEarningsAccumulatedLosses 2023-12-31 02645619 d:RetainedEarningsAccumulatedLosses 2022-12-31 02645619 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02645619 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02645619 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02645619 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02645619 c:FRS102 2023-01-01 2023-12-31 02645619 c:Audited 2023-01-01 2023-12-31 02645619 c:FullAccounts 2023-01-01 2023-12-31 02645619 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02645619 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02645619 2 2023-01-01 2023-12-31 02645619 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02645619









MJF INTERIORS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MJF INTERIORS LIMITED
REGISTERED NUMBER: 02645619

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
578,805
595,464

Current assets
  

Debtors
 5 
3,242,965
1,940,390

Cash in hand
  
225,710
567,527

  
3,468,675
2,507,917

Creditors: amounts falling due within one year
 6 
(3,280,925)
(2,016,721)

Net current assets
  
 
 
187,750
 
 
491,196

Total assets less current liabilities
  
766,555
1,086,660

Provisions for liabilities
  

Deferred tax
 7 
(77,824)
(9,375)

Net assets
  
688,731
1,077,285


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Retained earnings
  
687,731
1,076,285

  
688,731
1,077,285


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




J M Power
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MJF Interiors Limited ("the Company") 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

 
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 financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

Going concern

The Directors have identified no material uncertainties that cast significant doubt about the ability of the Company to continue as a going concern.

 
2.3

Turnover

Turnover comprises revenue recognised by the company in respect of the sale, design and installation of office furniture to a wide variety of organisations in the United Kingdom. Turnover is recognised once the furniture has been delivered or installed at the client's site.
Business relocation - revenue is recognised in the period to which the service relates.

 
2.4

Long term contracts

Turnover and profit in respect of long-term contracts is calculated and recorded as contract activity progresses. Turnover and profit is assessed with reasonable certainty as the proportion of total contract value completed at the year end. Revenues derived from variations on contracts are recognised only when accepted by the customer.

 
2.5

Operating leases: the Company as lessee

Rentals under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred 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 to an item recognised 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.
Deferred tax
Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from 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.

 
2.10

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.

Page 3

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Motor vehicles
-
33%
straight line
Fixtures and fittings
-
33%
straight line
Equipment
-
33%
straight line

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Page 4

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 5

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)



3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 7).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
-
621,416
72,409
693,825


Additions
44,995
32,686
31,892
109,573


Transfers intra group
-
60,576
2,008
62,584



At 31 December 2023

44,995
714,678
106,309
865,982



Depreciation


At 1 January 2023
-
62,237
36,124
98,361


Charge for the year on owned assets
9,999
158,129
20,688
188,816



At 31 December 2023

9,999
220,366
56,812
287,177



Net book value



At 31 December 2023
34,996
494,312
49,497
578,805



At 31 December 2022
-
559,179
36,285
595,464

Page 6

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
2,155,458
1,257,891

Amounts owed by group undertakings
224,687
384,227

Other debtors
106,205
61,383

Prepayments and accrued income
57,540
2,287

Amounts recoverable on long-term contracts
699,075
234,602

3,242,965
1,940,390



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,758,108
1,276,807

Amounts owed to group undertakings
571,684
21,621

Other taxation and social security
79,712
86,770

Other creditors
18,088
18,033

Accruals and deferred income
853,333
613,490

3,280,925
2,016,721


There is a mortgage debenture secured on the assets of MJF UK Holdings Limited and its subsidiary undertakings. As at 31 December 2023, MJF UK Holdings Limited and its subsidiary undertakings had secured loans outstanding of £954,262 (2022: £3,788,041).

Page 7

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023
2022


£

£






At beginning of year
(9,375)
(587)


Charged to profit or loss
(68,449)
(8,788)



At end of year
(77,824)
(9,375)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(94,507)
(9,375)

Tax losses carried forward
16,683
-

(77,824)
(9,375)


8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £30,693 (2022 - £17,007). Contributions totalling £10,505 (2022 - £10,450) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same group that are wholly owned.
Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 paragraph 33.1A. The group publishes consolidated accounts.

Page 8

 
MJF INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

The Company's immediate parent undertaking company is MJF Group Limited, a company incorporated in England and Wales.
The smallest group in which the results of the company are consolidated is that headed by MJF UK Holdings Limited. The consolidated accounts of this MJF UK Holdings Limited are available from its registered office, 112-114 Goswell Road, London, England, EC1V 7DH. 
The company's ultimate parent undertaking is MJF Interiors Group Limited, a company based in Ireland. Copies of the group accounts are available from its registered office, Clonlara Avenue, Baldonnel Business Park, Baldonnel, Dublin 22.
The ultimate controlling party is J M Power.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Gary H Leonard (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 9