Registration number:
EWMJ Investments Ltd
for the Year Ended 30 November 2023
EWMJ Investments Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
EWMJ Investments Ltd
(Registration number: SC716226)
Balance Sheet as at 30 November 2023
Note |
2023 |
As Restated |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Other reserves |
(33,647) |
(37,151) |
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Retained earnings |
(91,108) |
(26,210) |
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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:
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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
EWMJ Investments Ltd
(Registration number: SC716226)
Balance Sheet as at 30 November 2023
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EWMJ Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2023 |
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At 1 December |
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Additions |
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Fair value adjustments |
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At 30 November |
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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.
Debtors |
2023 |
2022 |
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Trade debtors |
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- |
Other debtors |
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Prepayments |
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EWMJ Investments Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
As Restated |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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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
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Transactions with directors |
2023 |
At 1 December 2022 |
Advances to director |
Repayments by director |
At 30 November 2023 |
Mr J Mithoff |
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Directors loan account |
( |
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( |
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Mrs E Weiler-Mithoff |
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Directors loan account |
( |
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( |
( |
2022 |
At 26 November 2021 |
Advances to director |
Repayments by director |
At 30 November 2022 |
Mr J Mithoff |
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Directors loan account |
- |
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( |
( |
Mrs E Weiler-Mithoff |
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Directors loan account |
- |
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( |
( |
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The loans are repayable on demand and interest has been charged at a market rate.