Silverfin false false 31/03/2024 06/01/2023 31/03/2024 Mr M J Jeavons 06/01/2023 Mrs K V Lamsin 06/01/2023 01 October 2024 The principal activity of the company during the financial year was the letting of investment property. 14575457 2024-03-31 14575457 bus:Director1 2024-03-31 14575457 bus:Director2 2024-03-31 14575457 core:CurrentFinancialInstruments 2024-03-31 14575457 core:ShareCapital 2024-03-31 14575457 core:RetainedEarningsAccumulatedLosses 2024-03-31 14575457 core:OfficeEquipment 2023-01-05 14575457 2023-01-05 14575457 core:OfficeEquipment 2024-03-31 14575457 bus:OrdinaryShareClass1 2024-03-31 14575457 2023-01-06 2024-03-31 14575457 bus:FilletedAccounts 2023-01-06 2024-03-31 14575457 bus:SmallEntities 2023-01-06 2024-03-31 14575457 bus:AuditExemptWithAccountantsReport 2023-01-06 2024-03-31 14575457 bus:PrivateLimitedCompanyLtd 2023-01-06 2024-03-31 14575457 bus:Director1 2023-01-06 2024-03-31 14575457 bus:Director2 2023-01-06 2024-03-31 14575457 core:OfficeEquipment 2023-01-06 2024-03-31 14575457 bus:OrdinaryShareClass1 2023-01-06 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14575457 (England and Wales)

M.J. & K.L. LIMITED

Unaudited Financial Statements
For the financial period from 06 January 2023 to 31 March 2024
Pages for filing with the registrar

M.J. & K.L. LIMITED

Unaudited Financial Statements

For the financial period from 06 January 2023 to 31 March 2024

Contents

M.J. & K.L. LIMITED

BALANCE SHEET

As at 31 March 2024
M.J. & K.L. LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 2,444
Investment property 4 965,426
967,870
Current assets
Debtors 5 1,668
Cash at bank and in hand 6,067
7,735
Creditors: amounts falling due within one year 6 ( 964,216)
Net current liabilities (956,481)
Total assets less current liabilities 11,389
Net assets 11,389
Capital and reserves
Called-up share capital 7 100
Profit and loss account 11,289
Total shareholders' funds 11,389

For the financial period ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of M.J. & K.L. Limited (registered number: 14575457) were approved and authorised for issue by the Board of Directors on 01 October 2024. They were signed on its behalf by:

Mrs K V Lamsin
Director
M.J. & K.L. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 January 2023 to 31 March 2024
M.J. & K.L. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 January 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

M.J. & K.L. Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £11,389. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company was incorporated on 6 January 2023 and hence the current financial statements covers the period from 6 January 2023 to 31 March 2024.

Turnover

Turnover represents rental income. Rental income is accounted for in the period to which is relates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/ reducing balance basis over its expected useful life, as follows:

Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
06.01.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 3

3. Tangible assets

Office equipment Total
£ £
Cost
At 06 January 2023 0 0
Additions 2,875 2,875
At 31 March 2024 2,875 2,875
Accumulated depreciation
At 06 January 2023 0 0
Charge for the financial period 431 431
At 31 March 2024 431 431
Net book value
At 31 March 2024 2,444 2,444

4. Investment property

Investment property
£
Valuation
As at 06 January 2023 0
Additions 965,426
As at 31 March 2024 965,426

Valuation

The fair value of the company's investment property was not revalued in the current year as the property was acquired within the year and the view was taken that there was no material change in the value of the property.

5. Debtors

31.03.2024
£
Trade debtors 1,054
Other debtors 614
1,668

6. Creditors: amounts falling due within one year

31.03.2024
£
Amounts owed to directors 960,072
Accruals 2,100
Corporation tax 1,998
Other creditors 46
964,216

7. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100