Registration number:
MJ Asset Management Limited
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 |
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Investment property |
|
|
|
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
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 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.
.........................................
Director
MJ Asset Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2024 |
|
At 1 March 2023 |
|
At 29 February 2024 |
|
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).
Debtors |
2024 |
2023 |
|
Other debtors |
|
|
MJ Asset Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)
Creditors |
2024 |
2023 |
|
Due within one year |
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Other creditors |
|
|
Accruals |
3,000 |
3,000 |
Social security and other taxes |
1,167 |
2,299 |
|
|
|
Due after one year |
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Amounts owed to associate undertakings |
|
|
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 |
Related party transactions |
Summary of transactions with other related parties