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| Registered number: 11537308
MWJV LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
MWJV LTD REGISTERED NUMBER:11537308 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 860,997 |  | 1,087,674 |
Cash at bank and in hand | 6 | 455,638 |  | 1,106,283 |
|  | 1,316,635 |  | 2,193,957 |
Creditors: amounts falling due within one year | 7 | (1,307,755) |  | (2,186,439) |
NET CURRENT ASSETS |  |  | 8,880 |  | 7,518
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 8,880 |  | 7,518
NET ASSETS |  |  | 8,880 |  | 7,518
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital |  |  | 4 |  | 4
Profit and loss account |  |  | 8,876 |  | 7,514
|  |  | 8,880 |  | 7,518
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
James William Beckly
Director
Date: 11 August 2026
The notes on pages 2 to 4 form part of these financial statements. Page 1
MWJV LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
MWJV Ltd is a company incorporated in England and Wales (Company number: 11537308). The registered office is Compass House, Truro Business Park, Truro, Cornwall, United Kingdom, TR4 9LD. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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 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 following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The financial statements have been prepared on the going concern basis. The Directors have considered the impact of the unsuccessful retender of the current Cornwall Council contract. The company’s Directors are content that the forecast for 2026 and 2027 is robust and represents only the Programmes/Projects already awarded and confirmed as remaining with MWJV by Cornwall Council. With the right-sizing of overheads and confidence in the forecasts, the Directors are satisfied that the Company can continue to generate sufficient cash to cover all liabilities as they fall due for a period of at least 12 months from the approval of these financial statements.
| 2.3 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | LONG-TERM CONTRACTS
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. Page 2
MWJV LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements. The turnover and costs are recognised on a percentage complete basis. As such, judgements are applied to determine the stage of completion and anticipated profit margins on each project. Management seek to ensure the accuracy of these estimates through regular and focused project-by-project consultation with each of the project managers and close monitoring of actual contract performance.
4. | EMPLOYEES
| The key management personnel of the Company comprise senior management team as listed on page 1. The Company paid £210,096 (2024: £219,317) to its parent companies for the services received from key management personnel.
| The average monthly number of employees, including directors, during the year was 0 (2024: 0).
5. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 115,334 | 512,784
| Other debtors | 29,760 | -
| Called up share capital not paid | 4 | 4
| Prepayments and accrued income | 11,445 | 29,227
| Amounts recoverable on long-term contracts | 704,454 | 545,659
|  | 860,997 | 1,087,674
Page 3
MWJV LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 455,638 | 1,106,283
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 144,185 | 675,360
| Amounts owed to group undertakings | 160,668 | 517,934
| Corporation tax | 320 | 210
| Other taxation and social security | - | 50,446
| Accruals and deferred income | 1,002,582 | 942,489
|  | 1,307,755 | 2,186,439
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
9. | RELATED PARTY TRANSACTIONS
| During the period, the Company made purchases of £3,129,758 (2024: £4,279,162) from its parent companies. At the period end the Company owed £160,668 (2024: £517,934) to its parent companies. During the period, the Company made purchases of £698,086 (2024: £57,228) from a company with a common shareholder. At the period end the Company owed £51,650 (2024: £Nil) to the company with a common shareholder.
10. | POST BALANCE SHEET EVENTS
During 2025 Mace Limited demerged its consultancy business and, following that demerger, Goldman Sachs has indirectly acquired a majority shareholding in Mace Consult Limited (MCL). Mace Limited transferred its share in MWJV Ltd to MCL in early 2026 and the Joint Venture agreement in place for MWJV Ltd was novated to MCL. Under the terms of the Framework Agreement with CC, written consent was required and this was duly provided in February 2026. Whilst these agreements have been emplaced all trading has continued uninterrupted on a business-as-usual basis.
11. | CONTROLLING PARTY
The Company was jointly controlled by Mace Limited and Ward Williams Associates LLP during the year. See details in note 10 for changes post year end. Page 4