MJH Accountancy (South West) Limited
Registered number: 07952156
Balance Sheet
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 4 1,614 2,838
Current assets
Debtors 5 9,604 10,580
Cash at bank and in hand 71,805 64,795
81,409 75,375
Creditors: amounts falling due within one year 6 (67,199) (46,844)
Net current assets 14,210 28,531
Total assets less current liabilities 15,824 31,369
Provisions for liabilities (403) (709)
Net assets 15,421 30,660
Capital and reserves
Called up share capital 10 10
Profit and loss account 15,411 30,650
Shareholders' funds 15,421 30,660
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MJ Harris
Director
Approved by the board on 28 March 2025
MJH Accountancy (South West) Limited
Notes to the Accounts
for the year ended 28 February 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2024 35,490
At 28 February 2025 35,490
Amortisation
At 1 March 2024 35,490
At 28 February 2025 35,490
Net book value
At 28 February 2025 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2024 7,103
Additions 231
Disposals (733)
At 28 February 2025 6,601
Depreciation
At 1 March 2024 4,265
Charge for the year 1,455
On disposals (733)
At 28 February 2025 4,987
Net book value
At 28 February 2025 1,614
At 29 February 2024 2,838
5 Debtors 2025 2024
£ £
Trade debtors 6,691 7,862
Other debtors 2,913 2,718
9,604 10,580
6 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors (47) -
Corporation tax 11,367 11,621
Other taxes and social security costs 6,198 3,437
Other creditors 49,681 31,786
67,199 46,844
7 Other information
MJH Accountancy (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Fernpark Close
Exeter
Devon
EX2 6AW
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