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COMPANY REGISTRATION NUMBER: 05721200
MJV Design & Development Ltd
Filleted Unaudited Financial Statements
30 April 2024
MJV Design & Development Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MJV Design & Development Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
171,560
152,915
Current assets
Stocks
3,497,400
2,811,753
Debtors
6
843,294
661,276
Cash at bank and in hand
20,725
9,511
------------
------------
4,361,419
3,482,540
Creditors: amounts falling due within one year
7
4,366,714
3,499,632
------------
------------
Net current liabilities
5,295
17,092
---------
---------
Total assets less current liabilities
166,265
135,823
Creditors: amounts falling due after more than one year
8
8,427
18,853
Provisions
Taxation including deferred tax
42,913
38,229
---------
---------
Net assets
114,925
78,741
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
114,924
78,740
---------
--------
Shareholders funds
114,925
78,741
---------
--------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MJV Design & Development Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 3 March 2025 , and are signed on behalf of the board by:
M J Varrall
Director
Company registration number: 05721200
MJV Design & Development Ltd
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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
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.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
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.
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.
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.
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:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
263,390
5,309
213,921
34,040
516,660
Additions
53,956
4,347
58,303
---------
-------
---------
--------
---------
At 30 April 2024
317,346
5,309
213,921
38,387
574,963
---------
-------
---------
--------
---------
Depreciation
At 1 May 2023
138,335
4,519
186,852
34,039
363,745
Charge for the year
32,055
198
6,768
637
39,658
---------
-------
---------
--------
---------
At 30 April 2024
170,390
4,717
193,620
34,676
403,403
---------
-------
---------
--------
---------
Carrying amount
At 30 April 2024
146,956
592
20,301
3,711
171,560
---------
-------
---------
--------
---------
At 30 April 2023
125,055
790
27,069
1
152,915
---------
-------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
496,123
430,154
Other debtors
347,171
231,122
---------
---------
843,294
661,276
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,676
10,927
Trade creditors
473,457
122,481
Corporation tax
5,189
Social security and other taxes
95,886
117,888
Other creditors
3,781,506
3,248,336
------------
------------
4,366,714
3,499,632
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,427
18,853
-------
--------
9. Related party transactions
At the year end the company owed the director £565,726 (2023: £435,183).