Company registration number 00556831 (England and Wales)
M & J Engineers Limited
Financial Statements
For the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
M & J Engineers Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 5
M & J Engineers Limited
Balance Sheet
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
4
250,002
Current assets
Debtors
5
7,827
2,817,761
Creditors: amounts falling due within one year
6
(7,829)
(256,206)
Net current (liabilities)/assets
(2)
2,561,555
Net assets
2
2,811,557
Capital and reserves
Called up share capital
2
2,500,000
Profit and loss reserves
311,557
Total equity
2
2,811,557
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 24 December 2024 and are signed on its behalf by:
D. J. Dawson
Director
Company registration number 00556831 (England and Wales)
M & J Engineers Limited
Notes to the Financial Statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information
M & J Engineers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Abbey House, 2 Southgate Road, Potters Bar, Herts, EN6 5DU.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
M & J Engineers Limited is a wholly owned subsidiary of Abbey Limited and the results of M & J Engineers Limited are included in the consolidated financial statements of Gallagher Investments Limited which are available from the registered office.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
M & J Engineers Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
M & J Engineers Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Dividends
2024
2023
£
£
Final paid
418,636
6,000,000
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4
250,002
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
250,002
Reduction in capital
(249,998)
At 30 April 2024
4
Carrying amount
At 30 April 2024
4
At 30 April 2023
250,002
The Fixed Asset Investments are shares held in dormant companies which are wholly owned.
M & J Engineers Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2
2,817,761
Other debtors
7,825
7,827
2,817,761
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
4
250,002
Taxation and social security
134
Other creditors
7,825
6,070
7,829
256,206
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Richard Hattrell BA FCA
Statutory Auditor:
Gilberts Chartered Accountants
Date of audit report:
24 December 2024
8
Parent company
The Directors consider that the immediate parent undertaking of the Company is Abbey Limited and the ultimate parent undertaking to be Shrewsbury Holdings Limited, a company incorporated in Jersey. The Directors further consider that the smallest group in which the Company is consolidated is Gallagher Investments limited, an intermediate parent company. Copies of the accounts of Gallagher Investments Limited, which is the largest group in which the Company is consolidated, can be obtained from its registered office at Pendragon House, 65 London Road, St. Albans, Hertfordshire, AL1 1LJ England.