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COMPANY REGISTRATION NUMBER: 06174496
MJD Mechanical & Electrical Services Limited
Filleted Unaudited Financial Statements
30 April 2024
MJD Mechanical & Electrical Services Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
MJD Mechanical & Electrical Services Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of MJD Mechanical & Electrical Services Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MJD Mechanical & Electrical Services Limited for the year ended 30 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
29 January 2025
MJD Mechanical & Electrical Services Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
1,500
2,000
Tangible assets
6
26,183
30,899
--------
--------
27,683
32,899
Current assets
Stocks
25,000
20,000
Debtors
7
1,314,440
903,294
Cash at bank and in hand
460,064
59,823
------------
---------
1,799,504
983,117
Creditors: amounts falling due within one year
8
1,357,440
573,187
------------
---------
Net current assets
442,064
409,930
---------
---------
Total assets less current liabilities
469,747
442,829
Creditors: amounts falling due after more than one year
9
95,398
127,217
---------
---------
Net assets
374,349
315,612
---------
---------
Capital and reserves
Called up share capital
175
175
Profit and loss account
374,174
315,437
---------
---------
Shareholders funds
374,349
315,612
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
MJD Mechanical & Electrical Services Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr L. Davidson
Director
Company registration number: 06174496
MJD Mechanical & Electrical Services Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 20 Dragon Court, Crofts End Road, St George, Bristol, BS5 7XX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
10,000
--------
Amortisation
At 1 May 2023
8,000
Charge for the year
500
--------
At 30 April 2024
8,500
--------
Carrying amount
At 30 April 2024
1,500
--------
At 30 April 2023
2,000
--------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023 and 30 April 2024
78,908
78,908
--------
--------
Depreciation
At 1 May 2023
48,009
48,009
Charge for the year
4,716
4,716
--------
--------
At 30 April 2024
52,725
52,725
--------
--------
Carrying amount
At 30 April 2024
26,183
26,183
--------
--------
At 30 April 2023
30,899
30,899
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
718,747
642,998
Amounts owed by group undertakings and undertakings in which the company has a participating interest
304,777
203,243
Other debtors
290,916
57,053
------------
---------
1,314,440
903,294
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
37,944
44,974
Trade creditors
996,749
361,935
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,875
Corporation tax
123,585
Social security and other taxes
12,414
9,080
Other creditors
186,748
150,323
------------
---------
1,357,440
573,187
------------
---------
The company has given security for some of the creditors that fall due within one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of it's bank loan of £37,944.
Obligations under hire purchase contracts of £65,881 (2023 - £63,390 )are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,500
78,552
Other creditors
59,898
48,665
--------
---------
95,398
127,217
--------
---------
The company has given security for all of the creditors that fall due after more than one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of it's bank loan of £35,500.
Obligations under hire purchase contracts of £59,898 (2023- £48,665) are secured on the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
2,620
----
-------
11. Directors' advances, credits and guarantees
At 30 April 2024 the company owed the director, Mr M J Davidson, £31,733 (2023 - £80,153). This loan is subject to interest at commercial rates, as determined by the director. At 30 April 2024 the company owed the directors, Mr L Davison £58 (2023 - £57) and Mr M L Davidson £168 (2023 - £44). These loans are interest free and repayable on demand.
12. Controlling party
The company is a 100% subsidiary undertaking of MJD UK Holdings Limited.