Registered number
12922878
MJJ REAL ESTATE LTD
Filleted Accounts
31 October 2023
MJJ REAL ESTATE LTD
Registered number: 12922878
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,553 1,472
Investments 4 582,758 582,758
585,311 584,230
Current assets
Debtors 5 3,332 4,580
Cash at bank and in hand 3,259 820
6,591 5,400
Creditors: amounts falling due within one year 6 (162,773) (164,756)
Net current liabilities (156,182) (159,356)
Total assets less current liabilities 429,129 424,874
Creditors: amounts falling due after more than one year 7 (422,580) (422,580)
Net assets 6,549 2,294
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 5,549 1,294
Shareholders' funds 6,549 2,294
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Ranjithkumar
Director
Approved by the board on 30 July 2024
MJJ REAL ESTATE LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
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
Notwithstanding the deficit of assets at the balance sheet date these financial statements have been prepared on a going concern basis on the basis that the directors have given an undertaking to support the company until it returns to a net assets position. They consider that it is appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover derives from rental income. Rental income is recognised on an accruals basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years reducing balance
Investments
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. The profit or loss on revaluation is recognised in profit or loss and is subsequently transferred within equity to the "investment property reserve" together with the associated deferred tax.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 2,300
Additions 1,719
At 31 October 2023 4,019
Depreciation
At 1 November 2022 828
Charge for the year 638
At 31 October 2023 1,466
Net book value
At 31 October 2023 2,553
At 31 October 2022 1,472
4 Investment Property
Other
investments
£
Cost
At 1 November 2022 582,758
At 31 October 2023 582,758
Historical cost
At 1 November 2022 582,758
At 31 October 2023 582,758
The company's investment property was subject to revaluation at open market value at the year end, carried out by the directors.
5 Debtors 2023 2022
£ £
Other debtors 3,332 4,580
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 745 498
Other creditors 162,028 164,258
162,773 164,756
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 422,580 422,580
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 422,580 422,580
Secured bank loans 422,580 422,580
Bank loan is secured by a fixed charge over the assets of the company.
9 Related party transactions
Other creditors include an amount of £161,677 due to the directors of the company and it is repayable on demand.
10 Other information
MJJ REAL ESTATE LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Danemead Grove
Northolt
Middlesex
UB5 4NX
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