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Registered Number: 10664446
England and Wales

 

 

 

MJ VACATIONS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2022

End date: 30 April 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 18,375    22,875 
Tangible fixed assets 4 696,270    699,711 
714,645    722,586 
Current assets      
Stocks 5 400    400 
Cash at bank and in hand (14,316)   12,271 
(13,916)   12,671 
Creditors: amount falling due within one year 6 (360,059)   (352,683)
Net current liabilities (373,975)   (340,012)
 
Total assets less current liabilities 340,670    382,574 
Creditors: amount falling due after more than one year 7 (345,642)   (372,482)
Net liabilities (4,972)   10,092 
 

Capital and reserves
     
Called up share capital 8 30    30 
Profit and loss account (5,002)   10,062 
Shareholder's funds (4,972)   10,092 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 18 October 2023 and were signed on its behalf by:


-------------------------------
J Donnelly
Director
-------------------------------
M Donnelly
Director
1
General Information
MJ Vacations Ltd is a private company, limited by shares, registered in England and Wales, registration number 10664446, registration address Compston House, Compston Road, Ambleside, Cumbria, LA22 9DJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The financial statements have been prepared on a going concern basis on the understanding that, as at the date of approval, the directors and shareholders will continue to financially support the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants represent Covid-19 related funding received from HM Government and the local authority in the form of Job Retention Scheme monies and a business interruption grant, recognised in the financial statements once eligibility has been established. Government Grants also includes the applicable amount due, as at the year end, of the 12 months interest on a Bounce Back loan, payable by HM Government.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation for the year comprises current tax. 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.

Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Straight Line
Plant and Machinery 20% Straight Line
Fixtures and Fittings 25% Straight Line
Computer Equipment 33.3% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees


Average number of employees during the year was 3 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 May 2022 45,000    45,000 
Additions  
Disposals  
At 30 April 2023 45,000    45,000 
Amortisation
At 01 May 2022 22,125    22,125 
Charge for year 4,500    4,500 
On disposals  
At 30 April 2023 26,625    26,625 
Net book values
At 30 April 2023 18,375    18,375 
At 30 April 2022 22,875    22,875 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 May 2022 690,418    12,720    4,182    374    707,694 
Additions        
Disposals        
At 30 April 2023 690,418    12,720    4,182    374    707,694 
Depreciation
At 01 May 2022   4,755    3,207    21    7,983 
Charge for year   2,544    774    123    3,441 
On disposals        
At 30 April 2023   7,299    3,981    144    11,424 
Net book values
Closing balance as at 30 April 2023 690,418    5,421    201    230    696,270 
Opening balance as at 01 May 2022 690,418    7,965    975    353    699,711 


5.

Stocks

2023
£
  2022
£
Stocks 400    400 
400    400 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors   779 
Bank Loans & Overdrafts (Secured) 26,838    26,838 
Corporation Tax 4,425    4,881 
PAYE & Social Security 355    6,048 
Accrued Expenses 6,994    6,126 
Directors' Current Accounts 314,904    306,267 
VAT 6,543    1,744 
360,059    352,683 
Bank Loans & Overdrafts (Secured) include -
£3,570 Bounce Back Loan and, £23,268 secured by way of a fixed and floating charge over the freehold property known as Compston House.


7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 345,642    372,482 
345,642    372,482 
Bank Loans & Overdrafts (Secured) include -
£21,811 Bounce Back Loan, and, £323,831 secured by way of a fixed and floating charge over the freehold property known as Compston House.




8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
30 Ordinary shares of £1.00 each 30    30 
30    30 

9.

Operating Lease Commitments

The Company has an annual operating lease commitment of £23,940 relating to an equipment rental agreement that expires in August 2023.

2