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Registration number: SC716226

EWMJ Investments Ltd

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

EWMJ Investments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

EWMJ Investments Ltd

(Registration number: SC716226)
Balance Sheet as at 30 November 2023

Note

2023
£

As Restated
2022
£

Fixed assets

 

Investment property

4

1,340,846

855,500

Current assets

 

Debtors

5

3,125

1,355

Cash at bank and in hand

 

3,395

102,184

 

6,520

103,539

Creditors: Amounts falling due within one year

6

(545,004)

(456,742)

Net current liabilities

 

(538,484)

(353,203)

Total assets less current liabilities

 

802,362

502,297

Creditors: Amounts falling due after more than one year

6

(956,184)

(580,394)

Provisions for liabilities

29,069

14,738

Net liabilities

 

(124,753)

(63,359)

Capital and reserves

 

Called up share capital

2

2

Other reserves

(33,647)

(37,151)

Retained earnings

(91,108)

(26,210)

Shareholders' deficit

 

(124,753)

(63,359)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 August 2024 and signed on its behalf by:
 

 

EWMJ Investments Ltd

(Registration number: SC716226)
Balance Sheet as at 30 November 2023

Mr J Mithoff
Director

   
     
 

EWMJ Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
5 Buchanan Street
Balfron
Glasgow
Lanarkshire
G63 0RL
Scotland

These financial statements were authorised for issue by the Board on 16 August 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors of the company are of the opinion that there are no material uncertainties related to going concern that require disclosure. In arriving at this conclusion, the directors have considered the working capital requirements for at least 12 months from the date of approval of the financial statements and the company's cash flow forecasts. The company has net current liabilities of £538,484 (2022; £353,203) and retained losses of £124,755 (2022; £63,361) as a result of funds personally invested with no formal repayment terms. The directors have pledged to continue to support the company and therefore the financial statements have been prepared on a going concern basis.

 

EWMJ Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Prior period errors

Understated acquisition cost of an investment property

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Investment Property additions

-

60,000

-

Other creditors

-

(60,000)

-

   



During the preparation of the financial statements for the period ending 30th November 2022, the acquisition cost of an investment property was understated by an amount personally funded by the director. The balance sheet for the prior year has been restated to show the correct position, this has had no effect on the profit or tax position of the company.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable on the rental of investment property in the ordinary course of the company’s activities. Turnover is shown net of sales, 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 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.

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.

 

EWMJ Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by either external valuers or the directors. In determining the value, observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 December

855,500

Additions

481,019

Fair value adjustments

4,327

At 30 November

1,340,846

All properties acquired and remortgaged during the period were subject to a valuation by an independent third party during the process of arranging mortgages on the properties concerned.

The properties are carried at their open market value.

5

Debtors

2023
£

2022
£

Trade debtors

586

-

Other debtors

1,539

1,080

Prepayments

1,000

275

3,125

1,355

 

EWMJ Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

As Restated
2022
£

Due within one year

Accruals and deferred income

29,876

7,831

Other creditors

515,128

448,911

545,004

456,742

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

956,184

580,394


Loans and borrowing include mortgages on each investment property which are secured of £956,184 (2022: £580,394). A charge is held over each property in favour of the associated lenders.

 

EWMJ Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

956,184

580,394

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr J Mithoff

Directors loan account

(11,912)

86,145

(72,694)

1,539

Mrs E Weiler-Mithoff

Directors loan account

(436,999)

90,931

(166,060)

(512,128)

2022

At 26 November 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr J Mithoff

Directors loan account

-

19,688

(31,600)

(11,912)

Mrs E Weiler-Mithoff

Directors loan account

-

1

(437,000)

(436,999)

The loans are repayable on demand and interest has been charged at a market rate.