4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 20,000 20,000 16,663 16,040 11,794 20,909 7,761 10,172 11,794 6,139 14,770 8,902 xbrli:pure xbrli:shares iso4217:GBP 07296592 2023-07-01 2024-06-30 07296592 2024-06-30 07296592 2023-06-30 07296592 2022-07-01 2023-06-30 07296592 2023-06-30 07296592 2022-06-30 07296592 core:NetGoodwill 2023-07-01 2024-06-30 07296592 core:FurnitureFittings 2023-07-01 2024-06-30 07296592 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 07296592 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 07296592 bus:Director1 2023-07-01 2024-06-30 07296592 core:NetGoodwill 2024-06-30 07296592 core:FurnitureFittings 2023-06-30 07296592 core:FurnitureFittings 2024-06-30 07296592 core:WithinOneYear 2024-06-30 07296592 core:WithinOneYear 2023-06-30 07296592 core:ShareCapital 2024-06-30 07296592 core:ShareCapital 2023-06-30 07296592 core:RetainedEarningsAccumulatedLosses 2024-06-30 07296592 core:RetainedEarningsAccumulatedLosses 2023-06-30 07296592 core:FurnitureFittings 2023-06-30 07296592 bus:SmallEntities 2023-07-01 2024-06-30 07296592 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07296592 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07296592 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07296592 bus:FullAccounts 2023-07-01 2024-06-30 07296592 bus:OrdinaryShareClass1 2024-06-30 07296592 bus:OrdinaryShareClass1 2023-06-30 07296592 bus:OrdinaryShareClass2 2024-06-30 07296592 bus:OrdinaryShareClass2 2023-06-30 07296592 bus:AllOrdinaryShares 2024-06-30 07296592 bus:AllOrdinaryShares 2023-06-30
COMPANY REGISTRATION NUMBER: 07296592
MJF Financial Services Limited
Filleted Unaudited Financial Statements
30 June 2024
MJF Financial Services Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
14,770
8,902
Current assets
Debtors
7
241,807
228,807
Cash at bank and in hand
69,736
44,994
---------
---------
311,543
273,801
Creditors: amounts falling due within one year
8
113,786
50,802
---------
---------
Net current assets
197,757
222,999
---------
---------
Total assets less current liabilities
212,527
231,901
---------
---------
Net assets
212,527
231,901
---------
---------
Capital and reserves
Called up share capital
9
117
117
Profit and loss account
212,410
231,784
---------
---------
Shareholders funds
212,527
231,901
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
M J Finch
Director
Company registration number: 07296592
MJF Financial Services Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 106 One Trinity Green, Eldon Street, South Shields, Tyne and Wear, NE33 1SA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
20,000
--------
Amortisation
At 1 July 2023 and 30 June 2024
20,000
--------
Carrying amount
At 30 June 2024
--------
At 30 June 2023
--------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 July 2023
16,663
16,663
Additions
16,040
16,040
Disposals
( 11,794)
( 11,794)
--------
--------
At 30 June 2024
20,909
20,909
--------
--------
Depreciation
At 1 July 2023
7,761
7,761
Charge for the year
10,172
10,172
Disposals
( 11,794)
( 11,794)
--------
--------
At 30 June 2024
6,139
6,139
--------
--------
Carrying amount
At 30 June 2024
14,770
14,770
--------
--------
At 30 June 2023
8,902
8,902
--------
--------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
237,628
224,628
Other debtors
4,179
4,179
---------
---------
241,807
228,807
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,250
4,330
Social security and other taxes
61,207
12,808
Other creditors
51,329
33,664
---------
--------
113,786
50,802
---------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
B Ordinary shares of £ 1 each
17
17
17
17
----
----
----
----
117
117
117
117
----
----
----
----
10. Other financial commitments
Total financial commitments (future minimum lease payments under non-cancellable operating leases) which are not included in the balance sheet amount to £ 40,654 (2023: £ 17,000 ).