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MJC PROPERTIES (ESSEX) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022






MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 9

MJC PROPERTIES (ESSEX) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTORS: P J Casey
M C Casey
Mrs V P Casey



SECRETARY: Mrs V P Casey



REGISTERED OFFICE: Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL



REGISTERED NUMBER: 03690229 (England and Wales)



ACCOUNTANTS: Clouders
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL



BANKERS: National Westminster Bank
120/122 High Street
Hornchurch
Essex
RM12 4UL

MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,801 33,723
Investment property 5 17,495,000 16,880,000
17,542,801 16,913,723

CURRENT ASSETS
Debtors 6 1,178,447 1,155,857
Investments 7 85,868 211,822
Cash at bank 281,426 142,074
1,545,741 1,509,753
CREDITORS
Amounts falling due within one year 8 140,816 175,939
NET CURRENT ASSETS 1,404,925 1,333,814
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,947,726

18,247,537

CREDITORS
Amounts falling due after more than one
year

9

(11,112,828

)

(11,260,742

)

PROVISIONS FOR LIABILITIES (1,062,987 ) (866,387 )
NET ASSETS 6,771,911 6,120,408

MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

BALANCE SHEET - continued
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 198 198
Fair value reserve 10 7,313,313 6,545,035
Retained earnings (541,600 ) (424,825 )
SHAREHOLDERS' FUNDS 6,771,911 6,120,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th October 2023 and were signed on its behalf by:




P J Casey - Director



M C Casey - Director


MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022

1. STATUTORY INFORMATION

MJC Properties (Essex) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
& equipment
£   
COST
At 1st January 2022 110,394
Additions 25,338
At 31st December 2022 135,732
DEPRECIATION
At 1st January 2022 76,671
Charge for year 11,260
At 31st December 2022 87,931
NET BOOK VALUE
At 31st December 2022 47,801
At 31st December 2021 33,723

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2022 16,880,000
Additions 10,049
Disposals (357,225 )
Revaluations 962,176
At 31st December 2022 17,495,000
NET BOOK VALUE
At 31st December 2022 17,495,000
At 31st December 2021 16,880,000

Fair value at 31st December 2022 is represented by:
£   
Valuation in 2022 17,495,000

MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

5. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 9,127,663 9,474,839

Investment property was valued on a fair value basis on 31st December 2022 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 5,540 3,550
Other debtors 203,170 199,701
Directors' current accounts 963,869 949,718
Prepayments 5,868 2,888
1,178,447 1,155,857

7. CURRENT ASSET INVESTMENTS
2022 2021
£    £   
Listed investments 85,868 211,822

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 54,324 96,494
Trade creditors 19,294 8,183
Corporation tax 32,487 46,572
Social security and other taxes - 1,765
Other creditors 3,591 1,763
Accrued expenses 31,120 21,162
140,816 175,939

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Mortgages 11,112,828 11,260,742

MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2022 2021
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgages 11,112,828 11,260,742

10. RESERVES
Fair
value
reserve
£   
At 1st January 2022 6,545,035
Transfer from profit & loss
account 768,278

At 31st December 2022 7,313,313

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2022 and 31st December 2021:

2022 2021
£    £   
P J Casey
Balance outstanding at start of year 219,461 270,822
Amounts advanced 98,380 52,435
Amounts repaid (98,034 ) (103,796 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 219,807 219,461

M C Casey
Balance outstanding at start of year 218,558 270,408
Amounts advanced 98,510 46,059
Amounts repaid (98,034 ) (97,909 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 219,034 218,558

MJC PROPERTIES (ESSEX) LIMITED (REGISTERED NUMBER: 03690229)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs V P Casey
Balance outstanding at start of year 511,699 488,835
Amounts advanced 25,264 34,060
Amounts repaid (11,936 ) (11,196 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 525,027 511,699

12. RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £202,746 (2021 £199,701) to CHC Capital Limited. One of the directors of MJC Properties (Essex) Limited is also a director of this company.

MJC PROPERTIES (ESSEX) LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
MJC PROPERTIES (ESSEX) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st December 2022 set out on pages four to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Clouders
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL


6th October 2023