Company registration number 11693066 (England and Wales)
MJC Properties Limited
Unaudited
financial statements
for the year ended 30 April 2023
PAGES FOR FILING WITH REGISTRAR
MJC Properties Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
MJC Properties Limited
Statement of financial position
as at 30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,000
Investment property
4
145,786
145,786
155,786
145,786
Current assets
Debtors
5
6,000
6,000
Cash at bank and in hand
2,728
2,164
8,728
8,164
Creditors: amounts falling due within one year
6
(151,842)
(150,842)
Net current liabilities
(143,114)
(142,678)
Net assets
12,672
3,108
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
12,671
3,107
Total equity
12,672
3,108
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 September 2023
M J Cusack
Director
Company Registration No. 11693066
MJC Properties Limited
Notes to the financial statements
for the year ended 30 April 2023
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon provision of services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
No depreciation
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
MJC Properties Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 3 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2022
Additions
10,000
At 30 April 2023
10,000
Depreciation and impairment
At 1 May 2022 and 30 April 2023
Carrying amount
At 30 April 2023
10,000
At 30 April 2022
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
145,786
Investment property comprises residential properties that are included at cost. The director does not think that their open market value is materially different to cost.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by connected company
6,000
6,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts due to connected company
150,318
149,318
Corporation tax
224
224
Directors loan account
300
300
Accruals and deferred income
1,000
1,000
151,842
150,842
MJC Properties Limited
Notes to the financial statements (continued)
for the year ended 30 April 2023
- 4 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
1
1
1
1
8
Company information
MJC Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Crown Yard, Southgate, Elland, West Yorkshire, HX5 0DQ.