Registration number:
M P J Enterprises Ltd
for the Year Ended 31 December 2019
M P J Enterprises Ltd
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
|
Statement of Changes in Equity |
|
Statement of Financial Position |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
M P J Enterprises Ltd
Company Information
Director |
M P Jarrett |
Company secretary |
B J Jarrett |
Registered office |
|
Accountants |
|
Auditors |
|
M P J Enterprises Ltd
Strategic Report for the Year Ended 31 December 2019
The director presents his strategic report for the year ended 31 December 2019.
Principal activity
The principal activity of the company is unlicensed restaurants and cafes.
Fair review of the business
The results for the year end and financial position are shown in the annexed financial statements. As operators of a chain of nine McDonald's restaurants (two additional stores were added during 2019) we consider our key performance indicators are turnover and gross profit. The year ended 31 December 2019 has returned satisfactory results with turnover increasing by 32.77% and gross profit remaining consistent with the previous year.
Since the balance sheet date, our restaurants were closed during March 2020 due to the outbreak of Covid-19. All restaurants are hopeful of reopening during the summer of 2020, subject to government guidelines.
Principal risks and uncertainties
The management of the business and the nature of the company's strategy are subject to a number of risks. The director is of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified. Where possible, processes are in place to monitor and mitigate such risks.
As an operator of a McDonald's restaurant franchise a lot of the main risks (food cost inflation, utility prices, wage cost inflation and competition) are managed by our franchisor.
Approved by the
.........................................
Director
M P J Enterprises Ltd
Director's Report for the Year Ended 31 December 2019
The director presents his report and the financial statements for the year ended 31 December 2019.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise cash and bank loans. The main purpose of these financial instruments is to raise finance for the company's operations. The company does not enter into derivative transactions. It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken.
Price risk, credit risk, liquidity risk and cash flow risk
The main risks arising from the company's financial instruments are interest risk and liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Interest rate risk
The company's exposure to market risk for changes in interest rates is limited to bank loans. The additional requirement for medium to long term debt will be reviewed by the directors based on the company's forecast requirements.
Liquidity risk
The company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash and bank loans.
Employment of disabled persons
It is the policy of the company to give full and fair consideration to applications for employment made by disabled persons, to continue where possible the employment of those who become disabled and to provide equal opportunities for the training and career development of disabled employees.
Employee involvement
The company communicates regularly with all employees on matters relating to its performance. Employees are encouraged to contribute to the decision making process through regular staff meetings. In addition there is a bulletin board in each restaurant where memoranda relating to company policy are displayed. There is also an online portal known as Our Lounge, which contains news and information for McDonald's people.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
The auditors Manex Accountants Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
M P J Enterprises Ltd
Director's Report for the Year Ended 31 December 2019
Approved by the
.........................................
Director
M P J Enterprises Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. He is 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.
M P J Enterprises Ltd
Independent Auditor's Report to the Members of M P J Enterprises Ltd
Opinion
We have audited the financial statements of M P J Enterprises Ltd (the 'company') for the year ended 31 December 2019, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
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 Auditor’s 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 UK, including the FRC’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.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
M P J Enterprises Ltd
Independent Auditor's Report to the Members of M P J Enterprises Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
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 auditor’s 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.
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 auditor's report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
M P J Enterprises Ltd
Independent Auditor's Report to the Members of M P J Enterprises Ltd
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. |
• |
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
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 auditor’s 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.
......................................
For and on behalf of
9 Castle Court 2
Castlegate Way
West Midlands
DY1 4RD
M P J Enterprises Ltd
Income Statement for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
- |
|
|
Interest payable and similar expenses |
( |
( |
|
(125,687) |
(75,752) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
M P J Enterprises Ltd
Statement of Changes in Equity for the Year Ended 31 December 2019
Share capital |
Profit and loss account |
Total |
|
At 1 January 2019 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2019 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2018 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2018 |
|
|
|
M P J Enterprises Ltd
(Registration number: 04026818)
Statement of Financial Position as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
11,250 |
8,750 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
672,566 |
493,768 |
|
Shareholders' funds |
672,666 |
493,868 |
Approved and authorised by the
.........................................
Director
M P J Enterprises Ltd
Statement of Cash Flows for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Finance income |
- |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
FA investment - unlisted other shares additions |
(2,500) |
- |
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of intangible assets |
( |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
2,506,063 |
4,833,298 |
|
Repayment of bank borrowing |
(890,606) |
(5,030,290) |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
2,282,264 |
1,869,858 |
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 and deferred 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.
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.
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
Asset class |
Depreciation method and rate |
Plant and equipment |
between 5 and 12 years straight line |
Office equipment |
3 years straight line |
Motor vehicles |
5 years straight line |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Licence fees |
straight line over the remaining life of the licence |
Stamp duty |
straight line over the shorter of the remaining life of the lease or 20 years |
Goodwill |
straight line over the remaining life of the lease |
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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.
Stocks
Stocks are stated at the lower of average cost and net realisable value. Net realisable value is based on estimated selling price less further costs expected to be incurred prior to completion and disposal.
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
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 Income Statement 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2019 |
2018 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2019 |
2018 |
|
Miscellaneous other operating income |
|
- |
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2019 |
2018 |
|
Gain (loss) on disposal of property, plant and equipment |
( |
- |
Operating profit |
Arrived at after charging/(crediting)
2019 |
2018 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - property |
|
|
Operating lease expense - plant and machinery |
|
- |
Loss on disposal of property, plant and equipment |
|
- |
Auditor's remuneration - The audit of the company's annual accounts |
2,150 |
2,125 |
Other interest receivable and similar income |
2019 |
2018 |
|
Interest income on bank deposits |
- |
|
Interest payable and similar expenses |
2019 |
2018 |
|
Interest on bank overdrafts and borrowings |
|
|
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2019 |
2018 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2019 |
2018 |
|
Production |
|
|
Administration and support |
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
2019 |
2018 |
|
Remuneration |
|
|
Auditors' remuneration |
2019 |
2018 |
|
Audit of the financial statements |
|
|
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Taxation |
Tax charged/(credited) in the income statement
2019 |
2018 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2018 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2019 |
2018 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2019 |
Liability |
Accelerated capital allowances |
|
2018 |
Liability |
Accelerated capital allowances |
|
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Intangible assets |
Goodwill |
Licence fees |
Stamp duty |
Total |
|
Cost or valuation |
||||
At 1 January 2019 |
|
|
|
|
Additions acquired separately |
|
|
|
|
At 31 December 2019 |
|
|
|
|
Amortisation |
||||
At 1 January 2019 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 December 2019 |
|
|
|
|
Carrying amount |
||||
At 31 December 2019 |
|
|
|
|
At 31 December 2018 |
|
|
|
|
Tangible assets |
Plant and equipment |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2019 |
|
|
|
|
Additions |
|
|
- |
|
Disposals |
( |
( |
- |
( |
At 31 December 2019 |
|
|
|
|
Depreciation |
||||
At 1 January 2019 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
At 31 December 2019 |
|
|
|
|
Carrying amount |
||||
At 31 December 2019 |
|
|
|
|
At 31 December 2018 |
|
|
|
|
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Other financial assets (current and non-current) |
2019 |
2018 |
|
Non-current financial assets |
||
Financial assets at cost less impairment |
|
|
Stocks |
2019 |
2018 |
|
Other inventories |
|
|
Debtors |
2019 |
2018 |
|
Other debtors |
|
|
Prepayments |
|
|
Total current trade and other debtors |
|
|
Cash and cash equivalents |
2019 |
2018 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
- |
Cash and cash equivalents in statement of cash flows |
2,282,264 |
1,869,858 |
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Creditors |
Note |
2019 |
2018 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
38,485 |
153,784 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2019 |
|
|
Additional provisions |
|
|
At 31 December 2019 |
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
M P J Enterprises Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2019 |
2018 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
|
- |
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
2019 |
2018 |
|
After more than five years by instalments |
|
- |
- |
- |
Dividends |
2019 |
2018 |
|||
£ |
£ |
|||
Interim dividend of £
|
200,000 |
220,000 |
||
Commitments |
Other financial commitments
The total amount of other financial commitments not provided in the financial statements was £