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31/08/2022
2022-08-31
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No description of principal activities is disclosed
2021-09-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
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2021-09-01
2022-08-31
04691950
2022-08-31
04691950
2021-08-31
04691950
2020-09-01
2021-08-31
04691950
2021-08-31
04691950
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2021-09-01
2022-08-31
04691950
bus:LeadAgentIfApplicable
2021-09-01
2022-08-31
04691950
bus:Director1
2021-09-01
2022-08-31
04691950
bus:CompanySecretary1
2021-09-01
2022-08-31
04691950
core:NetGoodwill
2022-08-31
04691950
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-08-31
04691950
core:PlantMachinery
2021-08-31
04691950
core:FurnitureFittingsToolsEquipment
2021-08-31
04691950
core:MotorVehicles
2021-08-31
04691950
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-08-31
04691950
core:PlantMachinery
2022-08-31
04691950
core:FurnitureFittingsToolsEquipment
2022-08-31
04691950
core:MotorVehicles
2022-08-31
04691950
core:WithinOneYear
2022-08-31
04691950
core:WithinOneYear
2021-08-31
04691950
core:AfterOneYear
2022-08-31
04691950
core:AfterOneYear
2021-08-31
04691950
core:ShareCapital
2022-08-31
04691950
core:ShareCapital
2021-08-31
04691950
core:RevaluationReserve
2022-08-31
04691950
core:RetainedEarningsAccumulatedLosses
2022-08-31
04691950
core:RetainedEarningsAccumulatedLosses
2021-08-31
04691950
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-09-01
2022-08-31
04691950
core:PlantMachinery
2021-09-01
2022-08-31
04691950
core:FurnitureFittingsToolsEquipment
2021-09-01
2022-08-31
04691950
core:MotorVehicles
2021-09-01
2022-08-31
04691950
core:NetGoodwill
2021-08-31
04691950
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-08-31
04691950
core:PlantMachinery
2021-08-31
04691950
core:FurnitureFittingsToolsEquipment
2021-08-31
04691950
core:MotorVehicles
2021-08-31
04691950
bus:SmallEntities
2021-09-01
2022-08-31
04691950
bus:AuditExempt-NoAccountantsReport
2021-09-01
2022-08-31
04691950
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2021-09-01
2022-08-31
04691950
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2021-09-01
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04691950
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2021-09-01
2022-08-31
Company registration number:
04691950
MPJ Fabrications Ltd
Unaudited financial statements
31 August 2022
MPJ Fabrications Ltd
Contents
Directors and other information
Director's report
Income statement
Statement of financial position
Notes to the financial statements
MPJ Fabrications Ltd
Directors and other information
|
|
|
|
Director |
Mr Michael P Jeffs |
|
|
|
|
|
|
|
Secretary |
Tracey Ann Smith |
|
|
|
|
|
|
|
Company number |
04691950 |
|
|
|
|
|
|
|
Registered office |
Unit C Welton Road |
|
|
Warwick |
|
|
CV34 5PZ |
|
|
|
|
|
|
|
Business address |
Unit C Welton Road |
|
|
Warwick |
|
|
CV34 5PZ |
|
|
|
|
|
|
|
Accountant |
Ray Thompson & Co |
|
|
7 Chapel Drive |
|
|
Balsall Common |
|
|
West Midlands |
|
|
CV7 7EQ |
|
|
|
MPJ Fabrications Ltd
Director's report
Year ended 31 August 2022
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2022.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
16 May 2023
and signed on behalf of the board by:
Mr Michael P Jeffs
Director
MPJ Fabrications Ltd
Income statement
Year ended 31 August 2022
|
|
|
|
2022 |
|
2021 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
|
|
1,230,859 |
|
1,031,866 |
|
|
Cost of sales |
|
|
|
(
735,725) |
|
(
657,344) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Gross profit |
|
|
|
495,134 |
|
374,522 |
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
401,503) |
|
(
356,207) |
|
|
Other operating income |
|
|
|
- |
|
19,673 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Operating profit |
|
|
|
93,631 |
|
37,988 |
|
|
|
|
|
|
|
|
|
|
|
Income from other fixed asset investments |
|
|
|
5,647 |
|
311 |
|
|
Other interest receivable and similar income |
|
|
|
47 |
|
6 |
|
|
Interest payable and similar expenses |
|
|
|
(
4,585) |
|
(
5,407) |
|
|
Profit before taxation |
|
5 |
|
94,740 |
|
32,898 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
|
|
(
26,758) |
|
(
6,785) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
Profit for the financial year |
|
|
|
67,982 |
|
26,113 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
MPJ Fabrications Ltd
Statement of financial position
31 August 2022
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
- |
|
|
|
- |
|
|
Tangible assets |
|
7 |
1,473,056 |
|
|
|
631,040 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
1,473,056 |
|
|
|
631,040 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
25,000 |
|
|
|
25,000 |
|
|
Debtors |
|
8 |
266,211 |
|
|
|
884,820 |
|
|
Investments |
|
9 |
- |
|
|
|
27,631 |
|
|
Cash at bank and in hand |
|
|
589,953 |
|
|
|
456,074 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
881,164 |
|
|
|
1,393,525 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
227,072) |
|
|
|
(
191,235) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
654,092 |
|
|
|
1,202,290 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
2,127,148 |
|
|
|
1,833,330 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
11 |
|
|
(
111,886) |
|
|
|
(
150,098) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
53,073) |
|
|
|
(
65,699) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,962,189 |
|
|
|
1,617,533 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
50 |
|
|
|
50 |
Revaluation reserve |
|
|
|
|
949,125 |
|
|
|
- |
Profit and loss account |
|
|
|
|
1,013,014 |
|
|
|
1,617,483 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,962,189 |
|
|
|
1,617,533 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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|
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|
For the year ending 31 August 2022 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the
board of directors
and authorised for issue on
16 May 2023
, and are signed on behalf of the board by:
Mr Michael P Jeffs
Director
Company registration number:
04691950
MPJ Fabrications Ltd
Notes to the financial statements
Year ended 31 August 2022
1.
General information
The company is a private company limited by shares, registered in England & wales. The address of the registered office is Unit C Welton Road, Warwick, CV34 5PZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 pay or recover 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2021:
13
).
5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
|
|
|
|
2022 |
2021 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
127,269 |
81,350 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 September 2021 and 31 August 2022 |
7,500 |
7,500 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 September 2021 and 31 August 2022 |
7,500 |
7,500 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 August 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 August 2021 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
|
At 1 September 2021 |
436,142 |
799,632 |
14,092 |
48,140 |
1,298,006 |
|
|
|
Additions |
- |
20,160 |
- |
- |
20,160 |
|
|
|
Revaluation |
605,858 |
(
282,792) |
- |
- |
323,066 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 August 2022 |
1,042,000 |
537,000 |
14,092 |
48,140 |
1,641,232 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 September 2021 |
150,864 |
475,195 |
11,175 |
29,732 |
666,966 |
|
|
|
Charge for the year |
41,680 |
80,550 |
437 |
4,602 |
127,269 |
|
|
|
Revaluations |
(
150,864) |
(
475,195) |
- |
- |
(
626,059) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 August 2022 |
41,680 |
80,550 |
11,612 |
34,334 |
168,176 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 August 2022 |
1,000,320 |
456,450 |
2,480 |
13,806 |
1,473,056 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 August 2021 |
285,278 |
324,437 |
2,917 |
18,408 |
631,040 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
8.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
234,114 |
164,532 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
672,451 |
|
Other debtors |
|
32,097 |
47,837 |
|
|
|
_______ |
_______ |
|
|
|
266,211 |
884,820 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Investments
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Scottish Widows Investment Funds |
|
- |
24,320 |
|
Scottish Widows current year. |
|
- |
3,311 |
|
|
|
_______ |
_______ |
|
|
|
- |
27,631 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
74,352 |
79,161 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
1,764 |
- |
|
Corporation tax |
|
39,384 |
- |
|
Social security and other taxes |
|
46,821 |
54,444 |
|
Other creditors |
|
64,751 |
57,630 |
|
|
|
_______ |
_______ |
|
|
|
227,072 |
191,235 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Other creditors |
|
111,886 |
150,098 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Contingent assets and liabilities
There were no contingent liabilities at 31st August 2022.
13
Related party transactions
There were no material transactions with related parties from which the Director could benefit.
14.
Controlling party
The ultimate control rests with M P Jeffs through a majority shareholding in the Holding Company MPJ Holdings Limited. T A Smith also has a significant interest.
15
Intercompany Debt
An intercompany loan balance due from the Holding Company was written off to reserves in the period.