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REGISTERED NUMBER: 05407918 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

MSSJ Limited

MSSJ Limited (Registered number: 05407918)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MSSJ Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S P Hancock
S J Nickson





SECRETARY: S P Hancock





REGISTERED OFFICE: 1 Springfield Street
Palmyra Square
Warrington
Cheshire
WA1 1BB





REGISTERED NUMBER: 05407918 (England and Wales)





ACCOUNTANTS: Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

MSSJ Limited (Registered number: 05407918)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 2,060,105 1,926,569

CURRENT ASSETS
Debtors 6 5,159 3,024
Cash at bank 152,604 260,834
157,763 263,858
CREDITORS
Amounts falling due within one year 7 20,881 16,757
NET CURRENT ASSETS 136,882 247,101
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,196,987

2,173,670

CREDITORS
Amounts falling due after more than one year 8 1,805,785 1,817,359
NET ASSETS 391,202 356,311

CAPITAL AND RESERVES
Called up share capital 10 350 350
Retained earnings 11 390,852 355,961
SHAREHOLDERS' FUNDS 391,202 356,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MSSJ Limited (Registered number: 05407918)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





S J Nickson - Director


MSSJ Limited (Registered number: 05407918)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MSSJ Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:-

Revaluation of investment property - the company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The company engaged independent valuation specialists to determine fair value at 31 March 2017. The valuers used valuation techniques based on comparable market data. The directors have considered the valuations made and deem these valuations to still remain appropriate as the fair value of the investment properties.

The directors have considered key assumptions concerning the future and other key sources of estimation and uncertainty at the end of the reporting period and do not consider there are any areas where there is a material risk of adjustment to the carrying amounts of assets and liabilities within the next financial year.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
The turnover shown in the profit and loss account represents rental income receivable in the year.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.


MSSJ Limited (Registered number: 05407918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MSSJ Limited (Registered number: 05407918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Provisions
A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at the current time value of money.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

MSSJ Limited (Registered number: 05407918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

MSSJ Limited (Registered number: 05407918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,926,569
Additions 133,536
At 31 March 2024 2,060,105
NET BOOK VALUE
At 31 March 2024 2,060,105
At 31 March 2023 1,926,569

The investment properties were valued by an independent valuer with recognised and relevant professional qualifications and with recent experience in the location and category of the investment properties being valued, Homesmart Lettings Limited in July 2019, on the basis of open market value.

The directors have reconsidered the property valuations at the year end date and are satisfied that no valuation adjustment is necessary.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Prepayments and accrued income 5,159 3,024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 11,574 11,078
Accruals and deferred income 9,307 5,679
20,881 16,757

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 12,522 11,574
Bank loans - 2-5 years 583,194 595,716
Amounts owed to group undertakings 1,210,069 1,210,069
1,805,785 1,817,359

MSSJ Limited (Registered number: 05407918)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 607,290 618,368

There is a legal charge for a mortgage outstanding with Lloyds Bank plc which contains a fixed charge, a floating charge (over all property or undertakings of the company) and a negative pledge. There is also a legal charge for this mortgage over 10 investment properties held by the company which contains a fixed charge and negative pledge.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
250 Ordinary A £1 250 250
100 Ordinary B £1 100 100
350 350

The 'A' and 'B' shares rank pari passu in all respects other than the fact that the 'A' shares hold the rights to appoint three directors and the 'B' shares only one director.

11. RESERVES
Retained
earnings
£   

At 1 April 2023 355,961
Profit for the year 34,891
At 31 March 2024 390,852

12. ULTIMATE PARENT COMPANY

D.A.T.S. (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

Copies of the accounts are available from the registered office of that company - 1 Springfield Street, Warrington, Cheshire, WA1 1BB.

The address of the principle place of business is 1 Springfield Street, Warrington, Cheshire, WA1 1BB.