MJZ Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04241146 (England and Wales)
MJZ Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MJZ Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,823
4,648
Current assets
Work in progress
75,196
-
Debtors
4
3,538,223
1,314,870
Cash at bank and in hand
1,381,147
1,512,907
4,994,566
2,827,777
Creditors: amounts falling due within one year
5
(4,284,266)
(2,245,953)
Net current assets
710,300
581,824
Net assets
714,123
586,472
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
714,023
586,372
Total equity
714,123
586,472
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 6 September 2024
Mr D Zander
Director
Company Registration No. 04241146
MJZ Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
MJZ Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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 principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis.true The director expects the company to have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
Revenue is recognised in respect of productions from the point at which the company has obtained the right to consideration in return for performance. This is considered to be when all necessary approvals during the process of pre-production have been obtained from the commissioning agency and normally equates to the date at which the shoot commences. No profit element is recognised until the company is able to estimate the profit on the production reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line method
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
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. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments measured at fair value.
MJZ Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
MJZ Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year:
2023
2022
Number
Number
Total
8
7
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
50,003
Additions
1,624
At 31 December 2023
51,627
Depreciation and impairment
At 1 January 2023
45,355
Depreciation charged in the year
2,449
At 31 December 2023
47,804
Carrying amount
At 31 December 2023
3,823
At 31 December 2022
4,648
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,721,118
970,475
Corporation tax recoverable
2,629
Other debtors
226,739
123,239
Prepayments and accrued income
1,590,366
218,527
3,538,223
1,314,870
MJZ Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
556,750
58,769
Corporation tax
42,988
1,356
Other taxation and social security
41,713
385,102
Other creditors
346,579
378,225
Accruals and deferred income
3,296,236
1,422,501
4,284,266
2,245,953
Coutts & Company Bank holds a charge over a balance of £75,000 held in a nominated bank account.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
120,664
318,164
MJZ Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
8
Related party transactions
The Director D. Zander holds 100% of the share capital of a company incorporated in the USA, MJZ,Inc. Amounts due to related parties is an amount owed to MJZ, Inc. of £344,573 (2022: £342,601).
Included within trade creditors is an amount owed to MJZ Inc. of £nil (2022: £10,672).
During the year, the company made sales of £1,443,248 (2022: £38,186) to MJZ Inc. and purchases of £4,047,741 (2022: £2,581,119) from MJZ Inc.
During the year there was a management fee expense of £540,000 (2022: £500,000) charged by MJZ inc, which is included in the accruals balance at the year end.
9
Ultimate Controlling Party
The ultimate controlling party is D Zander by virtue of his 100% shareholding.