MJ Asset Management Limited 04656820 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of property letting. Digita Accounts Production Advanced 6.30.9574.0 true true 04656820 2023-03-01 2024-02-29 04656820 2024-02-29 04656820 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04656820 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 04656820 bus:SmallEntities 2023-03-01 2024-02-29 04656820 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04656820 bus:FullAccounts 2023-03-01 2024-02-29 04656820 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04656820 bus:Director1 2023-03-01 2024-02-29 04656820 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04656820 core:OtherRelatedParties 2023-03-01 2024-02-29 04656820 countries:AllCountries 2023-03-01 2024-02-29 04656820 2023-02-28 04656820 2022-03-01 2023-02-28 04656820 2023-02-28 04656820 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04656820 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 04656820

MJ Asset Management Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

 

MJ Asset Management Limited

(Registration number: 04656820)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

275,000

275,000

Current assets

 

Debtors

4

1,142

1,142

Cash at bank and in hand

 

3,273

8,362

 

4,415

9,504

Creditors: Amounts falling due within one year

5

(8,667)

(9,799)

Net current liabilities

 

(4,252)

(295)

Total assets less current liabilities

 

270,748

274,705

Creditors: Amounts falling due after more than one year

5

(542,605)

(551,552)

Net liabilities

 

(271,857)

(276,847)

Capital and reserves

 

Called up share capital

950

950

Capital redemption reserve

650

650

Profit and loss account

(273,457)

(278,447)

Shareholders' deficit

 

(271,857)

(276,847)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 23 September 2024
 

.........................................

M Starzec
Director

 

MJ Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

Statutory information

MJ Asset Management Limited is a private company, limited by shares, domiciled in England and Wales, company number 04656820. The registered office is at Alexander House, Staden Lane Business Park, Ashbourne Road, Buxton, SK17 9RZ.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling.

Going concern

The financial statements have been prepared on a going concern basis as a related party, with a common director and shareholder, Vardells Limited have agreed to provide on going financial support to the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is recognised inline with rental agreements.

Tax

The tax expense for the period comprises current 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.

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

 

MJ Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

1

Accounting policies (continued)

Investment property

Certain of the company’s properties are held for long-term investment. Investment properties are accounted for as follows:

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account and accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

3

Investment properties

2024
£

At 1 March 2023

275,000

At 29 February 2024

275,000

The investment properties were revalued on 22 October 2021 by Miles E Lewis BSc MRICS of Miles Lewis LLP who is external to the company. The investment properties were valued on the Market Value basis at £275,000.The director belives this to still be the market value at 28 February 2024. The historical cost of the investment properties is £412,897 (2023 : £412,897).

4

Debtors

2024
£

2023
£

Other debtors

1,142

1,142

 

MJ Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Other creditors

4,500

4,500

Accruals

3,000

3,000

Social security and other taxes

1,167

2,299

8,667

9,799

Due after one year

Amounts owed to associate undertakings

542,605

551,552

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

50

50

50

50

B Ordinary shares of £1 each

900

900

900

900

950

950

950

950

7

Related party transactions

Summary of transactions with other related parties

The company is in receipt of an interest free loan from Vardells Limited, a company with a common director and shareholder. The loan balance as at the year end was £542,605 (2023 - £551,552).