Company Registration No. 11036800 (England and Wales)
MJ 4Properties Limited
Unaudited accounts
for the year ended 31 October 2024
MJ 4Properties Limited
Unaudited accounts
Contents
MJ 4Properties Limited
Company Information
for the year ended 31 October 2024
Directors
M Grimes
R Grimes
Company Number
11036800 (England and Wales)
Registered Office
71 Brownlees
Exminster
Exeter
Devon
EX6 8SW
Accountants
Griffin
Courtenay House
Pynes Hill
Exeter
Devon
EX2 5AZ
MJ 4Properties Limited
Statement of financial position
as at 31 October 2024
Tangible assets
2,210
3,554
Investment property
1,123,000
1,120,000
Cash at bank and in hand
182,383
117,010
Creditors: amounts falling due within one year
(1,052,169)
(1,012,365)
Net current liabilities
(867,266)
(892,790)
Total assets less current liabilities
257,944
230,764
Creditors: amounts falling due after more than one year
(151,550)
(151,550)
Provisions for liabilities
Deferred tax
(22,247)
(21,339)
Called up share capital
100
100
Profit and loss account
84,047
57,775
Shareholders' funds
84,147
57,875
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2025 and were signed on its behalf by
R Grimes
Director
Company Registration No. 11036800
MJ 4Properties Limited
Notes to the Accounts
for the year ended 31 October 2024
MJ 4Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 11036800. The registered office is 71 Brownlees, Exminster, Exeter, Devon, EX6 8SW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors confirm that, having considered their expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. .
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Computer equipment
3 Years straight line
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
MJ 4Properties Limited
Notes to the Accounts
for the year ended 31 October 2024
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
MJ 4Properties Limited
Notes to the Accounts
for the year ended 31 October 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 November 2023
3,658
2,719
6,377
At 31 October 2024
3,658
2,719
6,377
At 1 November 2023
1,917
906
2,823
Charge for the year
438
906
1,344
At 31 October 2024
2,355
1,812
4,167
At 31 October 2024
1,303
907
2,210
At 31 October 2023
1,741
1,813
3,554
Fair value at 1 November 2023
1,120,000
Net gain from fair value adjustments
3,633
At 31 October 2024
1,123,000
The 2023 valuations were made by the Company's Director, based on similar sized properties in the same area, on an open market value.
Amounts falling due within one year
Accrued income and prepayments
270
315
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
2,552
(941)
Other creditors
1,049,083
1,012,838
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
151,550
151,550
MJ 4Properties Limited
Notes to the Accounts
for the year ended 31 October 2024
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).