MRJO Limited NI006438 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the trade in linen textiles and fabrics Digita Accounts Production Advanced 6.30.9574.0 true false true true true NI006438 2023-10-01 2024-09-30 NI006438 2024-09-30 NI006438 bus:OrdinaryShareClass1 2024-09-30 NI006438 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-09-30 NI006438 core:CurrentFinancialInstruments 2024-09-30 NI006438 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 NI006438 core:Non-currentFinancialInstruments 2024-09-30 NI006438 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 NI006438 core:FurnitureFittingsToolsEquipment 2024-09-30 NI006438 core:LandBuildings 2024-09-30 NI006438 core:MotorVehicles 2024-09-30 NI006438 bus:SmallEntities 2023-10-01 2024-09-30 NI006438 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 NI006438 bus:FilletedAccounts 2023-10-01 2024-09-30 NI006438 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI006438 bus:RegisteredOffice 2023-10-01 2024-09-30 NI006438 bus:CompanySecretaryDirector2 2023-10-01 2024-09-30 NI006438 bus:Director3 2023-10-01 2024-09-30 NI006438 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 NI006438 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI006438 core:FurnitureFittings 2023-10-01 2024-09-30 NI006438 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 NI006438 core:LandBuildings 2023-10-01 2024-09-30 NI006438 core:MotorVehicles 2023-10-01 2024-09-30 NI006438 core:PlantMachinery 2023-10-01 2024-09-30 NI006438 core:Subsidiary1 2023-10-01 2024-09-30 NI006438 core:Subsidiary1 1 2023-10-01 2024-09-30 NI006438 core:Subsidiary1 countries:NorthernIreland 2023-10-01 2024-09-30 NI006438 core:Subsidiary2 2023-10-01 2024-09-30 NI006438 core:Subsidiary2 1 2023-10-01 2024-09-30 NI006438 core:Subsidiary2 countries:NorthernIreland 2023-10-01 2024-09-30 NI006438 countries:NorthernIreland 2023-10-01 2024-09-30 NI006438 2023-09-30 NI006438 core:CostValuation 2023-09-30 NI006438 core:FurnitureFittingsToolsEquipment 2023-09-30 NI006438 core:LandBuildings 2023-09-30 NI006438 core:MotorVehicles 2023-09-30 NI006438 2022-10-01 2023-09-30 NI006438 2023-09-30 NI006438 bus:OrdinaryShareClass1 2023-09-30 NI006438 core:CurrentFinancialInstruments 2023-09-30 NI006438 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 NI006438 core:Non-currentFinancialInstruments 2023-09-30 NI006438 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 NI006438 core:FurnitureFittingsToolsEquipment 2023-09-30 NI006438 core:LandBuildings 2023-09-30 NI006438 core:MotorVehicles 2023-09-30 NI006438 core:Subsidiary1 1 2022-10-01 2023-09-30 NI006438 core:Subsidiary2 1 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI006438

MRJO Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

MRJO Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

MRJO Limited

Company Information

Directors

Mr Richard Saunders

Mr Ryan Saunders

Company secretary

Mr Ryan Saunders

Registered office

41-45 Middlepath Street
Belfast
BT5 4BG

Solicitors

Mills Selig
21 Arthur Street
Belfast
BT1 4GA

Accountants

TB Millar & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

MRJO Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Richard Saunders

Mr Ryan Saunders - Company secretary and director

Principal activity

The principal activity of the company is the trade in linen textiles and fabrics

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
Mr Richard Saunders
Director

 

MRJO Limited

(Registration number: NI006438)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,059,895

1,082,434

Investments

5

10,100

10,100

Other financial assets

6

6,512

6,512

 

1,076,507

1,099,046

Current assets

 

Stocks

7

153,125

156,200

Debtors

8

29,528

29,944

Cash at bank and in hand

 

159,904

130,628

 

342,557

316,772

Creditors: Amounts falling due within one year

9

(96,258)

(94,918)

Net current assets

 

246,299

221,854

Total assets less current liabilities

 

1,322,806

1,320,900

Creditors: Amounts falling due after more than one year

9

(122,485)

(131,323)

Provisions for liabilities

(1,695)

(2,260)

Net assets

 

1,198,626

1,187,317

Capital and reserves

 

Called up share capital

10

15,000

15,000

Capital redemption reserve

30,000

30,000

Retained earnings

1,153,626

1,142,317

Shareholders' funds

 

1,198,626

1,187,317

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

MRJO Limited

(Registration number: NI006438)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 17 December 2024 and signed on its behalf by:
 

.........................................
Mr Richard Saunders
Director

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
41-45 Middlepath Street
Belfast
BT5 4BG

These financial statements were authorised for issue by the Board on 17 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

2% Straight Line

Plant and Machinery

25% Reducing balance

Fixtures and Fittings

25% Reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

1,407,283

217,475

86,788

1,711,546

At 30 September 2024

1,407,283

217,475

86,788

1,711,546

Depreciation

At 1 October 2023

423,532

205,580

-

629,112

Charge for the year

19,566

2,973

-

22,539

At 30 September 2024

443,098

208,553

-

651,651

Carrying amount

At 30 September 2024

964,185

8,922

86,788

1,059,895

At 30 September 2023

983,751

11,895

86,788

1,082,434

Included within the net book value of land and buildings above is £964,185 (2023 - £983,751) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

10,100

10,100

Subsidiaries

£

Cost or valuation

At 1 October 2023

10,100

Provision

Carrying amount

At 30 September 2024

10,100

At 30 September 2023

10,100

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Belfast Theatrical Linens Ltd

41-45 Middlepath Street
Belfast
BT5 4BG

Northern Ireland

Ordinary

100%

100%

Stoker Mills Limited

41-45 Middlepath Street
Belfast
BT5 4BG

Northern Ireland

100 £1 Ordinary shares

100%

100%

Subsidiary undertakings

Belfast Theatrical Linens Ltd

The principal activity of Belfast Theatrical Linens Ltd is Sale of Linen products.

Stoker Mills Limited

The principal activity of Stoker Mills Limited is sale of Irish linen products.

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

6,512

6,512

At 30 September 2024

6,512

6,512

Impairment

Carrying amount

At 30 September 2024

6,512

6,512

7

Stocks

2024
£

2023
£

Other inventories

153,125

156,200

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

4,426

Amounts owed by related parties

13

22,802

15,302

Prepayments

 

4,726

4,930

Other debtors

 

2,000

5,286

   

29,528

29,944

9

Creditors

Creditors: amounts falling due within one year

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

17,862

21,739

Amounts due to related parties

13

60,971

63,991

Social security and other taxes

 

4,853

142

Accruals

 

4,513

5,378

Income tax liability

8,037

3,641

Deferred income

 

22

27

 

96,258

94,918

Due after one year

 

Loans and borrowings

11

122,398

131,214

Deferred income

 

87

109

 

122,485

131,323

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

15,000

15,000

15,000

15,000

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

122,398

131,214

Current loans and borrowings

2024
£

2023
£

Bank borrowings

17,400

20,950

Bank overdrafts

462

789

17,862

21,739

12

Dividends

2024

2023

£

£

 

 

13

Related party transactions

 

MRJO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

39,636

35,270