Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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313,270 | 326,073 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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2,049,680 | 2,756,827 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Profit and loss account |
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Total shareholders' funds |
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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:
Mr A J Saitch
Director |
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.
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.
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.
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.
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.
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.
Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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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.
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.
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.
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 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.
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) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2024 | 2023 | ||
£ | £ | ||
Directors' emoluments |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2023 |
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Additions |
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At 30 June 2024 |
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Accumulated depreciation | |||||||||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||||||||
At 30 June 2024 |
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At 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Parent undertakings |
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Accrued income |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other loans |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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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.
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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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.
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Capital commitments are as follows:
2024 | 2023 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Finance leases entered into | 228,205 | 269,171 |
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.
Parent Company:
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Unit 11, Parrett Way, Colley Lane Industrial Estate, Bridgwater, Somerset TA6 5LD |