Registration number:
MJD Flooring Limited
for the Year Ended 31 October 2024
MJD Flooring Limited
Contents
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Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
MJD Flooring Limited
Company Information
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Director |
Mr Michael John Davies |
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Registered office |
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Accountants |
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MJD Flooring Limited
Director's Report for the Year Ended 31 October 2024
The director presents his report and the financial statements for the year ended 31 October 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is is that of floor covering services.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MJD Flooring Limited
for the Year Ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MJD Flooring Limited for the year ended 31 October 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of MJD Flooring Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MJD Flooring Limited and state those matters that we have agreed to state to the Board of Directors of MJD Flooring Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MJD Flooring Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that MJD Flooring Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MJD Flooring Limited. You consider that MJD Flooring Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of MJD Flooring Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Cudworth
Barnsley
South Yorkshire
S72 8BE
MJD Flooring Limited
Profit and Loss Account for the Year Ended 31 October 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
95,387 |
69,036 |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
MJD Flooring Limited
Statement of Comprehensive Income for the Year Ended 31 October 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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MJD Flooring Limited
(Registration number: 14446390)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
24,277 |
17,687 |
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Shareholders' funds |
24,377 |
17,787 |
For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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MJD Flooring Limited
Statement of Changes in Equity for the Year Ended 31 October 2024
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Share capital |
Retained earnings |
Total |
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At 1 November 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 October 2024 |
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Share capital |
Retained earnings |
Total |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 October 2023 |
100 |
17,687 |
17,787 |
MJD Flooring Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
MJD Flooring Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
MJD Flooring Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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MJD Flooring Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Tangible assets |
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Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2023 |
- |
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Additions |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
- |
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Charge for the year |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
- |
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Debtors |
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2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
MJD Flooring Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Hire purchase contracts |
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Current loans and borrowings
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2024 |
2023 |
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Hire purchase contracts |
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Dividends |
Interim dividends paid
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2024 |
2023 |
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Interim dividend of 670.00 (2023 - 430.00) per each Ordinary |
67,000 |
43,000 |
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MJD Flooring Limited
Detailed Profit and Loss Account for the Year Ended 31 October 2024
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Year ended 31 October 2024 |
27 October 2022 to 31 October 2023 |
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turnover |
126,977 |
94,057 |
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Cost of sales |
(2,118) |
(5,770) |
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Gross profit |
124,859 |
88,287 |
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Gross profit (%) |
98.33% |
93.87% |
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Administrative expenses |
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Establishment costs |
2,622 |
879 |
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General administrative expenses |
16,472 |
10,713 |
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Finance charges |
55 |
55 |
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Depreciation costs |
10,323 |
7,604 |
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29,472 |
19,251 |
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Operating profit |
95,387 |
69,036 |
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Interest payable and similar charges |
2,836 |
203 |
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Profit before tax |
92,551 |
68,833 |
MJD Flooring Limited
Detailed Profit and Loss Account for the Year Ended 31 October 2024
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2024 |
2023 |
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Turnover |
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Sale of goods, UK |
126,977 |
94,057 |
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Cost of sales |
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Purchases |
2,118 |
5,770 |
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Establishment costs |
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Insurance |
2,102 |
879 |
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Use of home as office |
520 |
- |
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2,622 |
879 |
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General administrative expenses |
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Repairs and renewals |
422 |
4,046 |
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Telephone and fax |
92 |
158 |
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Protective Clothing |
495 |
- |
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Tools |
4,645 |
- |
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Printing, postage and stationery |
50 |
8 |
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Motor expenses |
8,494 |
3,921 |
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Car hire and leasing expenses (Spot hire) |
(366) |
395 |
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Parking charges |
1,200 |
202 |
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Travel and subsistence |
43 |
264 |
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Hotel accommodation |
397 |
181 |
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Accountancy fees |
1,000 |
1,515 |
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Legal and professional fees |
- |
23 |
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16,472 |
10,713 |
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Finance charges |
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Bank charges |
55 |
55 |
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Depreciation costs |
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Depreciation of plant and machinery (owned) |
320 |
- |
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Depreciation of motor vehicles (owned) |
10,003 |
7,604 |
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10,323 |
7,604 |
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Interest payable and similar expenses |
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Hire purchase interest |
2,836 |
203 |