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Registered number: 03278604









MJF UK HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MJF UK HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J M Power 
C M Jennings 
A B Power 




Company secretary
C M Jennings



Registered number
03278604



Registered office
112-114 Goswell Road

London

EC1V 7DH




Independent auditor
Barnes Roffe LLP
Chartered Accountants 
Stautory Auditor

Leytonstone House

Leytonstone

London

E11 1GA




Bankers
NatWest




Solicitors
IBB
Capital Court

30 Windsor Street

Uxbridge

Middlesex

UB8 1AB





 
MJF UK HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 35


 
MJF UK HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report of the company and the group for the year ended 31 December 2023.
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The group's activities are organised into the following divisions:
- Records Management & Scanning
- Office Furniture
- Business Relocation
- Interior Office Fit-out

Business review
 
The office furniture and relocations businesses moved from Uxbridge to Clerkenwell during the prior year, where a state of the art design studio opened on Goswell Rd. Along with the significant capital expenditure in premises, MJF Interiors reinvested in marketing, design, sales support and project management to better service our clients and the consultants that we work with going forward.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and operating profit.
The financial results of the company were as follows:
                               
 2023               2022
                               £'000s             £'000s
Turnover                  17,099            13,529
Gross profit                4,493              2,838
GP%                          26.3%             21.0%
Overall turnover increased by 26.4% compared to 2022.
There was a 58.3% increase in gross profit compared to 2022. The increase in the GP% was the result of improved margins within all areas of the business. Administration expenses were 72.1% higher due to an increase in operational overheads resulting from the scaling up of operations in Clerkenwell.
There was an operating profit of £442k 
(2022: £485k). This resulted from the increase in overheads during the year.
 
Profit before tax was £107k 
(2022: £346k). The profit added to reserves was £12k (2022: £170k). No dividends were paid (2022: Nil).
The cash balance at the year end was £762k 
(2022: £1,516k).

Page 1

 
MJF UK HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
As for many businesses of our size, the business environment in which we operate can be challenging. The Office Services market in the UK is highly competitive, and also subject to corporate spending patterns within our economy. We are able to manage this risk by controlling the overheads in our project type businesses. In the Records Management division, the continuing focus on retention of existing client base and the growth by new business are key to the strategy.
A significant proportion of the external bank loans have been substantially replaced by intercompany loans from the Irish parent. Cashflow projections anticipate that profits from the Records Management side of the business will be able to repay these loans within the next three years.


This report was approved by the board on 26 September 2024 and signed on its behalf.



J M Power
Director

Page 2

 
MJF UK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activities of the group in the year under review were those of providing practical office design solutions, document storage and relocation and removal services.

Results and dividends

The profit for the year, after taxation, amounted to £12,422 (2022 - £170,345).

No dividends will be distributed for the year ended 31 December 2023.

Directors

The directors who served during the year were:

J M Power 
C M Jennings 
A B Power 

Future developments

The directors do not believe that the business will change significantly in the foreseeable future.

Page 3

 
MJF UK HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board on 26 September 2024 and signed on its behalf.
 





J M Power
Director

Page 4

 
MJF UK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJF UK HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of MJF UK Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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.


Page 5

 
MJF UK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJF UK HOLDINGS LIMITED (CONTINUED)


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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MJF UK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJF UK HOLDINGS LIMITED (CONTINUED)


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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, includingobtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; and
performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 7

 
MJF UK HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MJF UK HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Gary H Leonard (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Stautory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

26 September 2024
Page 8

 
MJF UK HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,099,293
13,528,845

Cost of sales
  
(12,606,652)
(10,690,747)

Gross profit
  
4,492,641
2,838,098

Administrative expenses
  
(4,050,657)
(2,353,031)

Operating profit
 5 
441,984
485,067

Interest receivable and similar income
 9 
7
-

Interest payable and similar expenses
 10 
(335,400)
(138,793)

Profit before tax
  
106,591
346,274

Tax on profit
 11 
(94,169)
(175,929)

Profit for the financial year
  
12,422
170,345

Profit for the year attributable to:
  

Owners of the parent company
  
12,422
170,345

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
MJF UK HOLDINGS LIMITED
REGISTERED NUMBER: 03278604

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
13,632,115
13,939,088

Current assets
  

Debtors: amounts falling due within one year
 15 
5,604,146
3,780,568

Cash at bank and in hand
 16 
762,333
1,516,176

  
6,366,479
5,296,744

Creditors: amounts falling due within one year
 17 
(8,206,497)
(4,635,114)

Net current (liabilities)/assets
  
 
 
(1,840,018)
 
 
661,630

Total assets less current liabilities
  
11,792,097
14,600,718

Creditors: amounts falling due after more than one year
 18 
-
(2,915,212)

Provisions for liabilities
  

Deferred tax
 20 
(707,265)
(613,096)

Net assets
  
11,084,832
11,072,410


Capital and reserves
  

Called up share capital 
 21 
1,085,716
1,085,716

Share premium account
 22 
16,590
16,590

Revaluation reserve
 22 
3,643,191
3,708,531

Capital redemption reserve
 22 
1,033,501
1,033,501

Profit and loss account
 22 
5,305,834
5,228,072

  
11,084,832
11,072,410


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 16 to 35 form part of these financial statements.

Page 10

 
MJF UK HOLDINGS LIMITED
REGISTERED NUMBER: 03278604

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
2,606,702
2,606,702

Current assets
  

Debtors: amounts falling due within one year
 15 
4,249,615
4,141,118

Cash at bank and in hand
 16 
18,541
43,938

  
4,268,156
4,185,056

Creditors: amounts falling due within one year
 17 
(4,122,578)
(888,521)

Net current assets
  
 
 
145,578
 
 
3,296,535

Total assets less current liabilities
  
2,752,280
5,903,237

  

Creditors: amounts falling due after more than one year
 18 
-
(2,915,212)

  

Net assets
  
2,752,280
2,988,025


Capital and reserves
  

Called up share capital 
 21 
1,085,716
1,085,716

Share premium account
 22 
16,590
16,590

Capital redemption reserve
 22 
1,033,501
1,033,501

Profit and loss account brought forward
  
852,218
869,353

Loss for the year

  

(235,745)
(17,135)

Profit and loss account carried forward
 22 
616,473
852,218

  
2,752,280
2,988,025


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 16 to 35 form part of these financial statements.

Page 11

 

 
MJF UK HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2022
1,085,716
16,590
1,033,501
3,773,871
4,992,387
10,902,065



Comprehensive income for the year


Profit for the year
-
-
-
-
170,345
170,345

Total comprehensive income for the year
-
-
-
-
170,345
170,345


Transfer to/from profit and loss account
-
-
-
(65,340)
65,340
-





At 1 January 2023
1,085,716
16,590
1,033,501
3,708,531
5,228,072
11,072,410



Comprehensive income for the year


Profit for the year
-
-
-
-
12,422
12,422

Total comprehensive income for the year
-
-
-
-
12,422
12,422


Transfer to/from profit and loss account
-
-
-
(65,340)
65,340
-



At 31 December 2023
1,085,716
16,590
1,033,501
3,643,191
5,305,834
11,084,832



The notes on pages 16 to 35 form part of these financial statements.

Page 12

 
MJF UK HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
1,085,716
16,590
1,033,501
869,353
3,005,160


Comprehensive income for the year

Loss for the year
-
-
-
(17,135)
(17,135)
Total comprehensive income for the year
-
-
-
(17,135)
(17,135)



At 1 January 2023
1,085,716
16,590
1,033,501
852,218
2,988,025


Comprehensive income for the year

Loss for the year
-
-
-
(235,745)
(235,745)
Total comprehensive income for the year
-
-
-
(235,745)
(235,745)


At 31 December 2023
1,085,716
16,590
1,033,501
616,473
2,752,280


The notes on pages 16 to 35 form part of these financial statements.

Page 13

 
MJF UK HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
12,422
170,345

Adjustments for:

Depreciation of tangible assets
1,082,487
927,416

Interest paid
335,400
138,793

Interest received
(7)
-

Taxation charge
94,169
175,929

Increase in debtors
(1,786,158)
(1,296,166)

Increase in creditors
827,530
1,814,245

Increase in amounts owed to group companies
2,750,000
650,000

Corporation tax paid
(125,000)
(230,340)

Net cash generated from operating activities

3,190,843
2,350,222


Cash flows from investing activities

Purchase of tangible fixed assets
(775,514)
(928,701)

Interest received
7
-

Net cash from investing activities

(775,507)
(928,701)

Cash flows from financing activities

Repayment of loans
(2,833,779)
(883,246)

Interest paid
(335,400)
(138,793)

Net cash used in financing activities
(3,169,179)
(1,022,039)

Net (decrease)/increase in cash and cash equivalents
(753,843)
399,482

Cash and cash equivalents at beginning of year
1,516,176
1,116,694

Cash and cash equivalents at the end of year
762,333
1,516,176


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
762,333
1,516,176


The notes on pages 16 to 35 form part of these financial statements.

Page 14

 
MJF UK HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,516,176

(753,843)

-

762,333

Debt due after 1 year

(2,915,212)

2,000,000

915,212

-

Debt due within 1 year

(872,829)

833,779

(915,212)

(954,262)


(2,271,865)
2,079,936
-
(191,929)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

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

1.


General information

MJF UK Holdings 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 General 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling, the functional and presentational currency of the Company, and are rounded to the nearest whole £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

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

Page 16

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

Revenue, which is stated net of value added tax and trade discounts represents amounts invoiced to third parties, except in respect of long-term contracts where revenue represents the sales value of work done in the year, including estimates in respect of amounts not invoiced.
Revenue in respect of long-term contracts is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer.
Long term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording revenue and related costs as contract activity progresses. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Interest income

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

 
2.8

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 17

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

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

 
2.12

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 18

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

2.Accounting policies (continued)


2.12
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:

Freehold property and improvements
-
2% straight line
Motor vehicles
-
25% - 50% straight line
Fixtures and fittings
-
10% - 33% straight line
Office equipment
-
25% - 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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

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

 
2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 19

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

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price.

 
2.18

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.

 
2.19

Financial instruments

The Group 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 Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

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 Group'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
Page 20

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 21

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically.
Judgements in applying accounting policies
The Company does not consider there to be any critical judgements in applying accounting policies.
Accounting judgements and estimation
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including: the credit rating of the receivable, the ageing profile of receivables and historical experience.
Long term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value that costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.


4.


Turnover

The turnover and profit before taxation are attributable to the principal activities of the group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
16,855,533
13,520,089

Europe
230,018
8,756

Rest of World
13,742
-

17,099,293
13,528,845


Page 22

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

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Auditors remuneration
25,000
25,950

Operating leases
576,423
664,364

Depreciation
1,082,487
927,421


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
25,000
25,950

Fees payable to the company's auditors for non audit services

5,800
4,250

Total audit fees
30,800
30,200

Page 23

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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,522,909
2,220,136

Social security costs
276,009
253,806

Cost of defined contribution scheme
106,135
95,649

2,905,053
2,569,591


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Admin
9
9
3
3



Selling
8
7
-
-



Design
2
1
-
-



Operations
35
33
-
-

54
50
3
3


8.


Directors' remuneration

2023
2022
£
£

Director's remuneration
21,505
20,000


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable and similar income

2023
2022
£
£


Other interest
7
-

Page 24

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

10.


Interest payable and similar expenses

2023
2022
£
£


Other interest
130,887
7

Bank loan interest
204,513
138,786

335,400
138,793


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
140,062

Adjustments in respect of previous periods
-
(24,305)


Total current tax
-
115,757

Deferred tax


Origination and reversal of timing differences
94,169
60,172

Total deferred tax
94,169
60,172


Tax on profit
94,169
175,929
Page 25

 
MJF UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
106,591
346,274


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
26,648
65,792

Effects of:


Expenses not deductible for tax purposes
2,072
14,919

Utilisation of brought forward tax losses
(79,030)
-

Depreciation in excess of capital allowances
36,486
59,160

Adjustments to tax charge in respect of prior periods
-
(24,305)

Other timing differences leading to an increase in taxation
107,993
60,363

Total tax charge for the year
94,169
175,929


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £235,745 (2022 - loss £17,135).

Page 26

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

13.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
12,536,477
-
8,611,274
527,948
21,675,699


Additions
-
44,995
670,041
60,478
775,514



At 31 December 2023

12,536,477
44,995
9,281,315
588,426
22,451,213



Depreciation


At 1 January 2023
1,570,083
-
5,749,850
416,678
7,736,611


Charge for the year on owned assets
247,843
9,999
762,768
61,877
1,082,487



At 31 December 2023

1,817,926
9,999
6,512,618
478,555
8,819,098



Net book value



At 31 December 2023
10,718,551
34,996
2,768,697
109,871
13,632,115



At 31 December 2022
10,966,394
-
2,861,424
111,270
13,939,088

Included within Freehold Property are three buildings which have been valued at their market value of £12,219,210 (2022: £12,219,210). The original cost of these assets was £8,988,430 (2022: £8,988,430). One other property included within this class of tangible fixed assets is considered specialised property by the directors and therefore has not been subject to revaluation.

Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
9,269,497
At valuation:

Open market - previous valuations
3,266,980



12,536,477

Page 27

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

           13.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£

Group


Cost
9,269,497
9,269,497

Accumulated depreciation
(2,528,374)
(2,346,959)

Net book value
6,741,123
6,922,538

Page 28

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

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
2,606,702



At 31 December 2023
2,606,702





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

MJF Group Limited
Holding Company
Ordinary
100%
MJF Interdec Limited*
Dormant
Ordinary
100%
MJF Interiors Limited**
Offices Services
Ordinary
100%
MJF International Limited
Dormant
Ordinary
100%
MJF Business Services Limited
Offices Services
Ordinary
100%
MJF City Limited**
Dormant
Ordinary
100%
Redd Projects Limited***
Dormant
Ordinary
100%

*The company holds 24% of the ordinary share capital directly and 76% indirectly through its ownership of MJF Group Limited.
** The company holds 17.5% of the ordinary share capital directly and 82.5% indirectly through its ownership of MJF Group Limited.
*** The company holds 10% of the ordinary share capital directly and 90% indirectly through its ownership of MJF Group Limited.
All companies are registered in England and Wales with the registered office of the subsidiary undertakings being 112-114 Goswell Road, London, England, EC1V 7DH..

Page 29

 
MJF UK HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

MJF Group Limited
7,694,031
250,406

MJF Interdec Limited*
(682,435)
-

MJF Interiors Limited**
688,731
(388,554)

MJF International Limited
7,546
-

MJF Business Services Limited
2,707,322
386,315

MJF City Limited**
(887,484)
-

Redd Projects Limited***
(1,207,484)
-


15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
4,299,881
3,102,345
-
-

Amounts owed by group undertakings
-
1,000
4,249,615
4,141,118

Other debtors
243,836
16,527
-
-

Prepayments and accrued income
359,637
206,032
-
-

Amounts recoverable on long-term contracts
700,792
363,276
-
-

Tax recoverable
-
91,388
-
-

5,604,146
3,780,568
4,249,615
4,141,118



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
762,333
1,516,176
18,541
43,938


Page 30

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

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
954,262
872,829
954,262
872,829

Trade creditors
2,010,488
1,674,090
-
-

Amounts owed to group undertakings
3,350,000
600,000
3,065,950
-

Corporation tax
-
86,201
-
-

Other taxation and social security
552,071
360,404
-
-

Other creditors
18,088
18,033
-
-

Accruals and deferred income
1,321,588
1,023,557
102,366
15,692

8,206,497
4,635,114
4,122,578
888,521


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 and its subsidiary undertakings had secured loans outstanding of £954,262 (2022: £3,788,041).
NatWest Bank has a first legal charge over properties at Rainham, Wargrave and Thatcham.
The balances owed to group undertakings represent balances held with the Irish group companies which do not form part of the consolidation.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
2,915,212
-
2,915,212




Page 31

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

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
954,262
872,829
954,262
872,829


Amounts falling due 2-5 years

Bank loans
-
1,272,560
-
1,272,560

Amounts falling due after more than 5 years

Bank loans
-
1,642,652
-
1,642,652

954,262
3,788,041
954,262
3,788,041


Page 32

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

20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(613,096)
(552,924)


Charged to profit or loss
(94,169)
(60,172)



At end of year
(707,265)
(613,096)

Company


2023
£
2022
£






At beginning and end of year
-
-



Group
Group
2023
2022
£
£

Accelerated capital allowances
(385,920)
(291,751)

Deferred tax on revaluation
(321,345)
(321,345)

(707,265)
(613,096)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



174,325 (2022 - 174,325) Ordinary shares of £0.05 each
8,716
8,716
1,077,000 (2022 - 1,077,000) Preference shares of £1.00 each
1,077,000
1,077,000

1,085,716

1,085,716


Page 33

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

22.


Reserves

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Revaluation reserve

The revaluation reserve represents the cumulative revaluation of freehold property, net of deferred tax. 

Capital redemption reserve

The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.

Profit and loss account

The profit and loss account represents cumulative profit or losses, net of dividends and other adjustments. 


23.


Pension commitments

The Group operates a defined contribution pension scheme for its directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension costs during the year were £106,135 
(2022 - £95,649). The unpaid contributions outstanding at the year-end included in 'other creditors' are £10,505 (2022: £10,450).

Page 34

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

24.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
Group
£
£


Not later than 1 year
349,569
253,392

Later than 1 year and not later than 5 years
269,243
369,539

618,812
622,931

2023
2022

£
£

Company


Not later than 1 year
237,933
102,500

Later than 1 year and not later than 5 years
161,459
239,083

399,392
341,583


25.


Controlling party

The company's ultimate parent undertaking party is MJF Interiors Group Limited, a company based in Ireland. Copies of the group financial statements are available from its registered office, Clonlara Avenue, Baldonnel Business Park, Baldonnel, Dublin 22.
The ultimate controlling party is J M Power.

Page 35