Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseNo description of principal activity22truetrue 10984506 2023-01-01 2023-12-31 10984506 2022-01-01 2022-12-31 10984506 2023-12-31 10984506 2022-12-31 10984506 c:Director2 2023-01-01 2023-12-31 10984506 d:CurrentFinancialInstruments 2023-12-31 10984506 d:CurrentFinancialInstruments 2022-12-31 10984506 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10984506 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10984506 d:ShareCapital 2023-12-31 10984506 d:ShareCapital 2022-12-31 10984506 d:InvestmentPropertiesRevaluationReserve 2023-12-31 10984506 d:InvestmentPropertiesRevaluationReserve 2022-12-31 10984506 d:RetainedEarningsAccumulatedLosses 2023-12-31 10984506 d:RetainedEarningsAccumulatedLosses 2022-12-31 10984506 c:FRS102 2023-01-01 2023-12-31 10984506 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10984506 c:FullAccounts 2023-01-01 2023-12-31 10984506 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10984506 2 2023-01-01 2023-12-31 10984506 d:Right-of-useInvestmentProperty 2023-01-01 2023-12-31 10984506 d:Right-of-useInvestmentProperty 2023-12-31 10984506 d:Right-of-useInvestmentProperty 2022-12-31 10984506 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10984506










M.J.S. ACQUISITIONS (MARCH) LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
M.J.S. ACQUISITIONS (MARCH) LTD
REGISTERED NUMBER: 10984506

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,493,734
1,785,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,040,281
1,044,363

Cash at bank and in hand
  
41,855
599,310

  
1,082,136
1,643,673

Creditors: amounts falling due within one year
 6 
(1,714,121)
(2,492,526)

Net current liabilities
  
 
 
(631,985)
 
 
(848,853)

Total assets less current liabilities
  
861,749
936,147

Provisions for liabilities
  

Deferred tax
  
(10,453)
(46,016)

Net assets
  
851,296
890,131


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
58,580
165,270

Profit and loss account
  
792,616
724,761

  
851,296
890,131


Page 1

 
M.J.S. ACQUISITIONS (MARCH) LTD
REGISTERED NUMBER: 10984506
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




................................................
Mr B J Saxby
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
M.J.S. ACQUISITIONS (MARCH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

M.J.S. Acquisitions (March) Ltd ("the company") is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information.
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. In response to the COVID-19 pandemic, the Directors have taken into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. It is also important to note that although the company is in a net current liabilites position this is due to outstanding loans with companies with directors in common.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
M.J.S. ACQUISITIONS (MARCH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
M.J.S. ACQUISITIONS (MARCH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
M.J.S. ACQUISITIONS (MARCH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
M.J.S. ACQUISITIONS (MARCH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Property held for development

£



Valuation


At 1 January 2023
1,785,000


Additions at cost
258,734


Disposals
(550,000)



At 31 December 2023
1,493,734

The 2023 valuations were made by the directors, on an open market value for existing use basis.






5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,040,100
240,100

Other debtors
181
800,000

Prepayments and accrued income
-
4,263

1,040,281
1,044,363


The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 7

 
M.J.S. ACQUISITIONS (MARCH) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
841
11,860

Amounts owed to group undertakings
1,611,780
1,767,781

Corporation tax
-
220,834

Other taxation and social security
-
489,101

Other creditors
100,000
-

Accruals and deferred income
1,500
2,950

1,714,121
2,492,526


The amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Related party transactions

Included within other creditors is a balance due to M.J.S. Construction (March) Limited, a company with directors in common, totalling £100,000 (2022: £800,000 included within other debtors).
This balances is unsecured, interest free and repayable on demand.


8.


Controlling party

The company's immediate parent is M.J.S. Venture Holdings (March) Ltd a company incorporated in England and Wales, and holding all of the issued ordinary shares in the company. The ultimate controlling party is M.J.S. Investments (March) Limited. The registered office of both M.J.S. Venture Holdings (March) Ltd and M.J.S. Investments (March) Limited is MJS House, Wisbech Road, Westry, March, PE15 0BA.

 
Page 8