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Company No: 02956470 (England and Wales)

M H JOINERY PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

M H JOINERY PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

M H JOINERY PRODUCTS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
M H JOINERY PRODUCTS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
DIRECTORS Mr I C Hobden
Mr A J Saitch
Mrs A J Saitch
Mr M J Tracey
SECRETARY Mrs A J Saitch
REGISTERED OFFICE Unit 11 Parrett Way
Colley Lane Industrial Estate
Bridgwater
Somerset
TA6 5LD
United Kingdom
COMPANY NUMBER 02956470 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
M H JOINERY PRODUCTS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
M H JOINERY PRODUCTS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 5 313,270 326,073
313,270 326,073
Current assets
Stocks 688,146 1,128,871
Debtors 6 1,222,683 1,445,303
Cash at bank and in hand 138,851 182,653
2,049,680 2,756,827
Creditors: amounts falling due within one year 7 ( 1,292,207) ( 1,890,399)
Net current assets 757,473 866,428
Total assets less current liabilities 1,070,743 1,192,501
Creditors: amounts falling due after more than one year 8 ( 182,138) ( 265,222)
Net assets 888,605 927,279
Capital and reserves
Called-up share capital 9 62,320 62,320
Share premium account 3,800 3,800
Profit and loss account 822,485 861,159
Total shareholders' funds 888,605 927,279

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of M H Joinery Products Limited (registered number: 02956470) were approved and authorised for issue by the Board of Directors on 25 March 2025. They were signed on its behalf by:

Mr A J Saitch
Director
M H JOINERY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
M H JOINERY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M H Joinery Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 11 Parrett Way, Colley Lane Industrial Estate, Bridgwater, Somerset, TA6 5LD.

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 £1.

The financial statements have been prepared under the historical cost convention.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Prior year adjustment

During the year the directors discovered that in the prior year financial statements, other debtors, VAT and accruals had been incorrectly stated on the Balance Sheet. As a result the equity had been overstated by £91,187. These errors have been corrected by restating the prior period financial statements.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised on delivery or fulfilment of the contract where the company has the right to consideration.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Taxation

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.

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, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 12.5 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2. Prior year adjustment

During the year the directors discovered that in the prior year financial statements, other debtors, VAT and accruals had been incorrectly stated on the Balance Sheet. As a result the equity had been overstated by £91,187. These errors have been corrected by restating the prior period financial statements.

As previously reported Adjustment As restated
Year ended 30 June 2023 £ £ £
Other debtors 367,133 (128,386) 238,747
Accruals (115,382) 57,060 (58,322)
Other taxation and social security (145,732) (25,861) (171,593)
Equity (958,346) 97,187 (861,159)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 87 85

4. Directors' remuneration

2024 2023
£ £
Directors' emoluments 197,576 190,519

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 2).

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2023 488,952 1,499,278 346,782 160,657 2,495,669
Additions 0 0 58,341 0 58,341
At 30 June 2024 488,952 1,499,278 405,123 160,657 2,554,010
Accumulated depreciation
At 01 July 2023 488,952 1,352,372 180,434 147,838 2,169,596
Charge for the financial year 0 22,036 46,449 2,659 71,144
At 30 June 2024 488,952 1,374,408 226,883 150,497 2,240,740
Net book value
At 30 June 2024 0 124,870 178,240 10,160 313,270
At 30 June 2023 0 146,906 166,348 12,819 326,073

6. Debtors

2024 2023
£ £
Trade debtors 732,185 1,205,556
Amounts owed by Parent undertakings 1,000 1,000
Accrued income 489,498 238,747
1,222,683 1,445,303

As at 30 June 2024, amounts of £732,185 (2023: £1,205,556) were used as security in respect of the invoice financing due in less than one year disclosed in Note 6.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 115,672 111,327
Trade creditors 520,071 1,106,701
Other loans 270,714 421,657
Accruals 42,298 58,322
Other taxation and social security 291,128 171,593
Obligations under finance leases and hire purchase contracts 18,935 9,004
Other creditors 33,389 11,795
1,292,207 1,890,399

The bank loans and overdrafts totalling £115,672 (2023: £111,327) are secured by fixed and floating charges over the assets of the company. Interest is payable at 7.95% and 6.5% per annum respectively, including the margin and underlying rate. For further information regarding the bank loans and overdrafts, see Note 7.

Included in other borrowings is invoice financing totalling £270,714 (2023: £421,657), this is secured over specific trade debtor balances as disclosed in Note 5. Interest is payable at 2.5% over base rate.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 140,699 256,371
Obligations under finance leases and hire purchase contracts 41,439 8,851
182,138 265,222

Within bank loans and overdrafts is an amount of £89,091 (2023: £140,000), which is secured by fixed and floating charges over the assets of the company. Interest is payable at 7.95% per annum, including the margin and underlying rate. The loans are repayable over 5 years by monthly instalments.

Also within bank loans and overdrafts is an amount of £51,608 (2023: £116,371), which is secured by floating charges over the assets of the company. Interest is payable at 6.5% per annum, including the margin and underlying rate. The loan is due to be repaid by March 2026.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
62,320 Ordinary shares shares of £ 1.00 each 62,320 62,320

10. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 228,205 269,171

11. Related party transactions

There is a cross guarantee arrangement between the company and MH Joinery Holdings Limited in which the company will continue to pay interest on bank loans related to a property which was transferred in 2022.

At the year end the company was owed £1,000 (2023: £1,000) from MH Joinery Holdings Limited. This amount is interest free and repayable on demand.

12. Ultimate controlling party

Parent Company:

MH Joinery Holdings Limited
Unit 11, Parrett Way, Colley Lane Industrial Estate, Bridgwater, Somerset TA6 5LD

The ultimate controlling party is deemed to be Mr A J Saitch by virtue of his majority shareholding.