Registered number
06714946
MJE Contracts (Leicester) Limited
Filleted Accounts
31 March 2024
MJE Contracts (Leicester) Limited
Registered number: 06714946
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 172,564 148,804
Current assets
Stocks 63,912 57,213
Debtors 4 1,099,771 818,092
Cash at bank and in hand 49,546 334,878
1,213,229 1,210,183
Creditors: amounts falling due within one year 5 (817,363) (732,349)
Net current assets 395,866 477,834
Total assets less current liabilities 568,430 626,638
Creditors: amounts falling due after more than one year 6 (47,413) (36,428)
Net assets 521,017 590,210
Capital and reserves
Called up share capital 5 5
Profit and loss account 521,012 590,205
Shareholders' funds 521,017 590,210
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M English
Director
Approved by the board on 8 November 2024
MJE Contracts (Leicester) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment and furniture 25% straight line
Plant and machinery 25% reducing balance
Motor vehicles 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 35 38
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 107,617 174,869 282,486
Additions 5,941 51,882 57,823
Disposals - (15,509) (15,509)
At 31 March 2024 113,558 211,242 324,800
Depreciation
At 1 April 2023 70,116 63,566 133,682
Charge for the year 10,281 20,862 31,143
On disposals - (12,589) (12,589)
At 31 March 2024 80,397 71,839 152,236
Net book value
At 31 March 2024 33,161 139,403 172,564
At 31 March 2023 37,501 111,303 148,804
4 Debtors 2024 2023
£ £
Trade debtors 675,593 321,781
Amounts owed by group undertakings and undertakings in which the company has a participating interest 174,940 190,357
Other debtors 249,238 305,954
1,099,771 818,092
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,016 11,016
Trade creditors 514,485 423,048
Taxation and social security costs 219,751 166,948
Accruals 9,000 32,836
Other creditors 63,111 98,501
817,363 732,349
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,317 22,428
Other creditors 35,096 14,000
47,413 36,428
7 Other information
MJE Contracts (Leicester) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3, 40 Commercial Square
Freemans Common
Leicester
LE2 7SR
8 Employer Pension Obligations
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £14,000 (2023 - £14,000) was on 31/03/2024.
The principal assumptions used are:
- Discount rate – 2.0%
- Inflation RPI – 3.4%
- Inflation CPI – 2.6%
- Pre and Post Retirement mortality – S3PMA tables with improvements in the CMI 2019 model and a long term rate of improvement of 1.25%
2024 2023
£ £
Present value of defined benefit obligations 14,000 14,000
Fair value of scheme assets - -
Liability recognised in the balance sheet 14,000 14,000
Movements in the present value of the defined benefit obligations were as follows:
2024
£
At the beginning of the year 14,000.00
Current service cost -
Interest cost -
Actuarial losses -
At the end of the year 14,000.00
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