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COMPANY REGISTRATION NUMBER: 05746354
M & L Joinery Limited
Filleted Unaudited Financial Statements
Year ended
30 November 2024
M & L Joinery Limited
Financial Statements
Year ended 30 November 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
M & L Joinery Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
27,724
1,151
Current assets
Debtors
6
11,326
24,099
Cash at bank and in hand
11,350
--------
--------
11,326
35,449
Creditors: amounts falling due within one year
7
18,648
27,798
--------
--------
Net current (liabilities)/assets
( 7,322)
7,651
--------
-------
Total assets less current liabilities
20,402
8,802
Creditors: amounts falling due after more than one year
8
12,804
6,606
Provisions
5,269
220
--------
-------
Net assets
2,329
1,976
--------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
2,328
1,975
-------
-------
Shareholders funds
2,329
1,976
-------
-------
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 November 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 .
M & L Joinery Limited
Statement of Financial Position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 15 August 2025 , and are signed on behalf of the board by:
Mr M J Perry
Director
Company registration number: 05746354
M & L Joinery Limited
Notes to the Financial Statements
Year ended 30 November 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 Sheken, Main Street, Asselby, Goole, East Yorkshire, DN14 7HE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and does not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The turnover shown in the profit and loss account represents amounts invoiced during the year. Revenue is recognised on completion of the work undertaken.
(d) Current and deferred 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) 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.
(f) 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
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
(g) 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.
(h) Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 December 2023
2,465
17,238
600
20,303
Additions
35,815
35,815
-------
--------
----
--------
At 30 November 2024
2,465
53,053
600
56,118
-------
--------
----
--------
Depreciation
At 1 December 2023
2,048
16,757
347
19,152
Charge for the year
104
9,075
63
9,242
-------
--------
----
--------
At 30 November 2024
2,152
25,832
410
28,394
-------
--------
----
--------
Carrying amount
At 30 November 2024
313
27,221
190
27,724
-------
--------
----
--------
At 30 November 2023
417
481
253
1,151
-------
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
10,000
1,080
Other debtors
1,326
23,019
--------
--------
11,326
24,099
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,200
4,040
Trade creditors
3,420
10,831
Corporation tax
5,429
Social security and other taxes
2,135
7,498
Other creditors
6,893
--------
--------
18,648
27,798
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,464
6,606
Other creditors
10,340
--------
-------
12,804
6,606
--------
-------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Perry
17,759
34,263
( 51,340)
682
--------
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Perry
( 292,507)
413,826
( 103,560)
17,759
----------
----------
----------
--------
The overdrawn balance will be cleared via dividends voted in August 2025.