Company registration number 10179749 (England and Wales)
RJ MASON STORAGE AND WAREHOUSING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
RJ MASON STORAGE AND WAREHOUSING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
RJ MASON STORAGE AND WAREHOUSING LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
114,391
126,099
Investments
4
301,500
415,891
126,099
Current assets
Debtors
6
47,506
73,810
Cash at bank and in hand
42,697
25,754
90,203
99,564
Creditors: amounts falling due within one year
7
(392,379)
(112,821)
Net current liabilities
(302,176)
(13,257)
Total assets less current liabilities
113,715
112,842
Creditors: amounts falling due after more than one year
8
(11,000)
(25,139)
Provisions for liabilities
(4,191)
(5,481)
Net assets
98,524
82,222
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
98,424
82,122
Total equity
98,524
82,222
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 February 2025
Mr R J Mason
Director
Company Registration No. 10179749
RJ MASON STORAGE AND WAREHOUSING LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
2
Accounting policies
Company information
RJ Mason Storage and Warehousing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
2.1
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.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
5% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33.33% reducing balance
Motor vehicles
20% reducing balance
2.4
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.
RJ MASON STORAGE AND WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 3 -
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.5
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.6
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
2.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
RJ MASON STORAGE AND WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
2
Accounting policies
(Continued)
- 4 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
112,089
39,997
16,500
1,145
20,654
190,385
Depreciation and impairment
At 1 June 2023
16,151
26,426
8,315
636
12,758
64,286
Depreciation charged in the year
5,605
2,716
1,638
170
1,579
11,708
At 31 May 2024
21,756
29,142
9,953
806
14,337
75,994
Carrying amount
At 31 May 2024
90,333
10,855
6,547
339
6,317
114,391
At 31 May 2023
95,938
13,571
8,185
509
7,896
126,099
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests held at cost value
301,500
5
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Newport Truck Park Limited
Bradbury House, Mission Court, Newport, NP20 2DW
Lorry Park
Ordinary
50.00
RJ MASON STORAGE AND WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,674
56,918
Other debtors
2,832
16,892
47,506
73,810
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
21,604
Trade creditors
4,343
1,111
Taxation and social security
23,106
26,319
Other creditors
358,930
63,787
392,379
112,821
Included in bank loans above is £nil (2023 - £15,604) secured by a fixed charge over the property
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,000
25,139
Included in bank loans above is £nil (2023 - £8,139) secured by a fixed charge over the property.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
RJ MASON STORAGE AND WAREHOUSING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
10
Related party transactions
The company has an existing loan with R.J.Mason (Holdings) Limited, a company in which Mr R J Mason is a director. At the year end a balance of £290,068 (2023 - £13,021) remained outstanding, being included in creditors (2023 - debtors): amounts falling due within one year.
The company has an existing loan with Mason and Reynolds Holdings Limited, a company in which Mr R J Mason is a director. At the year end a balance of £1,883 (2023 - £1,883) remained outstanding, being included in debtors: amounts falling due within one year.
During the year the company received a loan from Lorry Park (Newport) Ltd, a company in which Mr R J Mason is a director. At the year end, a balance of £46,506 (2023 - £20,000)remained outstanding, being included in creditors: amounts falling due within one year.
11
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors fees. At the year end, the amount outstanding to the director was £nil (2023 - £3,072); this amount being included in creditors: amounts falling due within one year.