Company Registration No. 04490937 (England and Wales)
MJC FINANCIAL PLANNING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MJC FINANCIAL PLANNING LIMITED
COMPANY INFORMATION
Director
Mr I Jolley
Secretary
Mr I Jolley
Company number
04490937
Registered office
22 South Street
Wellington
Somerset
TA21 8NS
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
MJC FINANCIAL PLANNING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MJC FINANCIAL PLANNING LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,962
9,508
Investments
5
57,939
50,438
65,901
59,946
Current assets
Debtors
6
2,302
137
Cash at bank and in hand
11,577
19,789
13,879
19,926
Creditors: amounts falling due within one year
7
(30,459)
(24,072)
Net current liabilities
(16,580)
(4,146)
Total assets less current liabilities
49,321
55,800
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
2,320
3,008
Profit and loss reserves
46,001
51,792
Total equity
49,321
55,800

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 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 Act 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 4 September 2024
Mr I Jolley
Director
Company Registration No. 04490937
MJC FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

MJC Financial Planning Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

Following the global impact of 'Covid-19', at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents total commissions receivable and invoices issued during the year.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Property improvements
10 years straight line
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

MJC FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

 

1.10
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2023 - 5).

MJC FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
62,500
Amortisation and impairment
At 1 August 2023 and 31 July 2024
62,500
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
4
Tangible fixed assets
Property improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2023
14,200
10,041
5,352
29,593
Additions
-
0
517
262
779
Disposals
-
0
-
0
(691)
(691)
At 31 July 2024
14,200
10,558
4,923
29,681
Depreciation and impairment
At 1 August 2023
9,991
5,826
4,268
20,085
Depreciation charged in the year
890
711
724
2,325
Eliminated in respect of disposals
-
0
-
0
(691)
(691)
At 31 July 2024
10,881
6,537
4,301
21,719
Carrying amount
At 31 July 2024
3,319
4,021
622
7,962
At 31 July 2023
4,209
4,215
1,084
9,508
5
Fixed asset investments
2024
2023
£
£
Investments
57,939
50,438

Investments are recognised at fair value which represents market value.

MJC FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 August 2023
50,438
Additions
35,000
Valuation changes
4,507
Other movements
206
Disposals
(32,212)
At 31 July 2024
57,939
Carrying amount
At 31 July 2024
57,939
At 31 July 2023
50,438
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
132
137
Prepayments and accrued income
2,170
-
0
2,302
137
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
22,055
17,223
Other taxation and social security
407
433
Other creditors
6,201
4,530
Accruals and deferred income
1,796
1,886
30,459
24,072
MJC FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
250 Ordinary A shares of £1 each
250
250
250 Ordinary B shares of £1 each
250
250
250 Ordinary C shares of £1 each
250
250
250 Ordinary D shares of £1 each
250
250
1,000
1,000
2024-07-312023-08-01false04 September 2024CCH SoftwareCCH Accounts Production 2024.100IFAMr I JolleyMr I Jolleyfalsefalse044909372023-08-012024-07-3104490937bus:CompanySecretaryDirector12023-08-012024-07-3104490937bus:CompanySecretary12023-08-012024-07-3104490937bus:Director12023-08-012024-07-3104490937bus:RegisteredOffice2023-08-012024-07-31044909372024-07-31044909372023-07-3104490937core:LandBuildingscore:OwnedOrFreeholdAssets2024-07-3104490937core:FurnitureFittings2024-07-3104490937core:ComputerEquipment2024-07-3104490937core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3104490937core:FurnitureFittings2023-07-3104490937core:ComputerEquipment2023-07-3104490937core:CurrentFinancialInstruments2024-07-3104490937core:CurrentFinancialInstruments2023-07-3104490937core:ShareCapital2024-07-3104490937core:ShareCapital2023-07-3104490937core:RevaluationReserve2024-07-3104490937core:RevaluationReserve2023-07-3104490937core:RetainedEarningsAccumulatedLosses2024-07-3104490937core:RetainedEarningsAccumulatedLosses2023-07-3104490937core:ShareCapitalOrdinaryShares2024-07-3104490937core:ShareCapitalOrdinaryShares2023-07-3104490937core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-012024-07-3104490937core:FurnitureFittings2023-08-012024-07-3104490937core:ComputerEquipment2023-08-012024-07-31044909372022-08-012023-07-3104490937core:NetGoodwill2023-07-3104490937core:NetGoodwill2024-07-3104490937core:NetGoodwill2023-07-3104490937core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3104490937core:FurnitureFittings2023-07-3104490937core:ComputerEquipment2023-07-31044909372023-07-3104490937bus:PrivateLimitedCompanyLtd2023-08-012024-07-3104490937bus:SmallCompaniesRegimeForAccounts2023-08-012024-07-3104490937bus:FRS1022023-08-012024-07-3104490937bus:AuditExemptWithAccountantsReport2023-08-012024-07-3104490937bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP