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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
COMPANY INFORMATION
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M.J.S. CONSTRUCTION (MARCH) LIMITED
CONTENTS
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M.J.S. CONSTRUCTION (MARCH) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present the strategic review of the Company for the year ended 31 December 2024.
During the year, the Company's principal activity was that of building contractors specialising in the field of concrete placement and formwork.
The turnover for the year ended 31 December 2024 was £12,087,347 (2023: £13,683,997). The Company made a profit before tax of £350,472 (2023: £1,259,425 as restated). The business has continued to show reasonable trading over the past couple of years in a largely recessionary environment with net profit decreasing, however gross profit increasing in the current year. The Company remained in a good financial position at the end of the year..
The Company continues to operate in an industry with the challenges of Health and Safety and the Construction Industry Scheme regulations a key consideration. Any changes to such regulations are out of the control of the business and we are therefore aware of that when considering plans and future development.
Credit risk The Company has various other financial assets and liabilities such as trade receivables and trade payables arising directly from its operations. The major risk of trade receivables is the credit risk arising, however, this is mitigated by the Company through ensuring there is no significant concentration of credit. In addition credit control manages overdue debts on a weekly basis. Liquidity risk and cashflow risk The Company manages its cash and borrowing requirements to optimise interest income and minimise expense, whilst ensuring that the Company has sufficient liquid resources to meet the operating needs of its business. Price risk Wherever possible we look to pass on any increases in costs. Where suppliers give any advance notice of increases, we often bulk buy to secure lower prices.
The key financial performance indicators of the Company are considered to be those that communicate the financial performance and strength of the Company, being turnover and gross profit. These figures can be found in the Statement of Comprehensive Income.
The Company has continued to trade consistently after the balance sheet date, and is committed to winning profitable tenders that will take place in future years and ensure the Company continues to show strong profits year on year.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £484,269 (2023 restated - £1,054,617).
Dividends totalling £1,949,556 (2023: £431,654) were proposed during the year.
The directors who served during the year were:
Details concerning principal activities, business review, principal risks and uncertainties, financial key performance indicators (KPIs), and future developments can be found in the Strategic report.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
• so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and • the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J.S. CONSTRUCTION (MARCH) LIMITED
We have audited the financial statements of M.J.S. Construction (March) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J.S. CONSTRUCTION (MARCH) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J.S. CONSTRUCTION (MARCH) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual and potential litigation and claims; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; - Reviewing minutes of meetings of those charged with governance; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M.J.S. CONSTRUCTION (MARCH) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Peterborough, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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M.J.S. CONSTRUCTION (MARCH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
REGISTERED NUMBER: 03129904
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 30 form part of these financial statements.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
M.J.S. Construction (March) Limited ("the Company") is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the Company information. The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of M.J.S. Holdings (March) Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the concern basis preparing the annual report and accounts.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Amounts recoverable on long-term contracts are valued at the excess of the value of work that has been completed at the year end less amounts that have been billed against each project. The value of the work that has been completed at the year end is assessed by reference to professional valuations. Management assess each contract for forseeable losses and provide for any such losses immediately.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Critical estimates Onerous Contract Provisions The Company is party to long-term construction contracts. Management assesses each contract to determine whether the estimated costs of fulfilling contractual obligations exceed the economic benefits expected to be received. Where such circumstances arise, a provision is recognised for the present value of the unavoidable costs of meeting the obligations, net of any expected recoveries. At 31 December 2024, provisions of £943,000 (2023: £nil) have been recognised in respect of loss making contracts. Snagging Provisions The Company is contractually obliged to rectify minor defects and incomplete works (“snags”) identified following the practical completion of construction projects. A provision is recognised for the estimated costs of completing such obligations. The assessment of snagging provisions requires the exercise of significant management judgment and is therefore considered a critical accounting estimate. The provision is based on the best estimate of the expenditure required to settle the present obligation at the reporting date. Uncertainties remain regarding the final scope of snagging works, the timing of rectification, and potential claims from customers. Actual outcomes may therefore differ from these estimates. At 31 December 2024, the Company has recognised a provision of £3,964,386 (2023: £4,521,823) in respect of outstanding snagging obligations.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Contract Accounting
Revenue and profit recognition requires management to exercise significant judgment in estimating both the total contract revenue and the costs to complete each project. These estimates are reviewed on an ongoing basis and updated to reflect the latest information available to management. Due to the inherent uncertainty in forecasting project outcomes, actual results may differ from these estimates, which could have a material impact on reported revenue, profit, and provisions. At 31 December 2024, the Company has recognised amounts recoverable on contracts of £2,378,747 (2023: £3,258,416).
The whole of the turnover is attributable to the one principal activity of the company.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have made a prior year adjustment in relation to sub-contractor costs of £557,675 for the year ended 31 December 2023. The impact of the prior year adjustments on the comparative figures is outlined below:
- Sub-contractor labour cost decreased by £557,675, from £5,385,300 to £4,827,625. - Trade creditors decreased by £557,675, from £1,430,776, to £873,101. As a result of the above adjustment, the corporation tax creditor and tax on profit increased by £75,800, from £133,797 to £209,597 and from £129,008 to £204,808 respectively. Consequently, the brought forward reserves at 1 January 2024 have increased by £481,875, from £2,612,268 to £3,094,143.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £169,659 (2023: £291,948). There were contributions outstanding amounting to £83,925 (2023: £67,031) at the year end. This balance is shown in other creditors.
During the year a director was loaned monies by the Company. Advances to the director totalled £5,950 (2023: £7,350) and repayments totalled £nil (2023: £nil). At the balance sheet date £570,076 was owed to the director (2023: £576,026). No interest has been charged on this balance (2023: £nil).
During the year a second director was loaned monies by the Company. Advances to the director totalled £nil (2023: £nil) and repayments totalled £nil (2023: £200,000). At the balance sheet date £200,000 was owed to the director (2023: £200,000). No interest has been charged on this balance (2023: £nil). These balances are included within other creditors.
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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M.J.S. CONSTRUCTION (MARCH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate and ultimate holding company is M.J.S. Holdings (March) Limited, a company incorporated in England and Wales, which prepares consolidated financial statements and these can be obtained from the company's registered office. The registered office of M.J.S. Holdings (March) Limited is, MJS House, Wisbech Road, Westry, March, PE15 0BA.
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