Company registration number 04123965 (England and Wales)
MOJOFUEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MOJOFUEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MOJOFUEL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68,357
29,695
Current assets
Stocks
26,857
28,622
Debtors
4
109,649
160,238
Cash at bank and in hand
18,039
19,979
154,545
208,839
Creditors: amounts falling due within one year
5
(134,292)
(124,541)
Net current assets
20,253
84,298
Total assets less current liabilities
88,610
113,993
Creditors: amounts falling due after more than one year
6
(541,667)
(553,307)
Net liabilities
(453,057)
(439,314)
Capital and reserves
Called up share capital
72
72
Profit and loss reserves
(453,129)
(439,386)
Total equity
(453,057)
(439,314)
MOJOFUEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
Mr M Moran
Director
Company registration number 04123965 (England and Wales)
MOJOFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Mojofuel Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Jack Ross, Barnfield House, The Approach, Blackfriars Road, Manchester, M3 7BX.
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
Going concern
At the year end the company had net liabilities of £453,057.
The company’s ongoing activities are dependent upon the continued financial support of the directors who have undertaken to provide such support for at least one year from the date on which these financial statements are approved.
Therefore, the directors consider it appropriate for the accounts to be prepared on the going concern basis.
The directors are confident that the company will continue to generate sufficient cash flows to meet its obligations as they fall due for payment.
1.3
Turnover
The turnover shown in the profit and loss account represents the value of all services delivered during the year, at selling price exclusive of Value Added Tax.
Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer and is determined by reference to the stage of completion of each service contract.
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.
1.4
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.
MOJOFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
- 33.33% straight line
Fixtures, fittings & equipment
- 25% reducing balance
Motor vehicles
- 25% 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.
1.5
Stocks
Stocks 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.
1.6
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.
1.7
Financial instruments
The company 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 company's balance sheet when the company 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 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.
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 company after deducting all of its liabilities.
MOJOFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.8
Equity instruments
Equity instruments issued by the company 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 company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
8
MOJOFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
32,644
57,993
41,090
131,727
Additions
11,497
56,306
67,803
Disposals
(41,090)
(41,090)
At 31 March 2024
44,141
57,993
56,306
158,440
Depreciation and impairment
At 1 April 2023
17,391
54,308
30,333
102,032
Depreciation charged in the year
9,501
921
9,071
19,493
Eliminated in respect of disposals
(31,442)
(31,442)
At 31 March 2024
26,892
55,229
7,962
90,083
Carrying amount
At 31 March 2024
17,249
2,764
48,344
68,357
At 31 March 2023
15,253
3,685
10,757
29,695
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
101,465
155,358
Other debtors
8,184
4,880
109,649
160,238
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,171
3,478
Trade creditors
2,772
7,361
Taxation and social security
30,812
33,491
Other creditors
95,537
80,211
134,292
124,541
MOJOFUEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,946
34,837
Other creditors
516,721
518,470
541,667
553,307
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
8
Related party transactions
Included in other debtors is a loan to a director of £747 (2023: £1,060 other creditors owed to a director).
Included in creditors due after more than one year is a loan from directors of £372,624 (2023: £403,470). Interest of £7,764 (2023: £6,228) has been accrued on these balances.
Also included in creditors due after more than one year are loans of £115,000 (2023: £115,000) from shareholders with a participating interest.