Company registration number: 09534517
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UNAUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 OCTOBER 2023
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MJ CAPITAL PARTNERS LIMITED
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MJ CAPITAL PARTNERS LIMITED
REGISTERED NUMBER:09534517
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STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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MJ CAPITAL PARTNERS LIMITED
REGISTERED NUMBER:09534517
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 4 form part of these financial statements.
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MJ CAPITAL PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
MJ Capital Partners Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09534517 and registered office address is Octagon Point, 5 Cheapside, London, EC2V 6AA.
The presentation currency of the financial statements is the Pound Sterling (£).
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
As at the balance sheet date the company has net current liabilities of £1,711,441. The company is supported by Directors loans of £6,211,575 which will not be repaid until such time that the company has sufficient funds to do so. It is therefore the directors' opinion that the going concern basis of preparation continues to be appropriate.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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MJ CAPITAL PARTNERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Related party transactions
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Included within debtors are loan balances of £2,669,312 (2022: £2,637,375) owed by subsidiaries.
During the period, interest receivable on these loans amounted to £1,937,257 (2022: £1,749,979). In the year a bad debt of £1,937,257 (2022: £1,749,979) has been provided for in relation to the interest.
The company had loans due of £6,525,010 to companies with a director in common. A bad debt has been provided for the interest in the year on these loans.
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Post balance sheet events
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After the year end the directors became aware that loans of £6,525,010 to companies with a director in common were not recoverable. A loan of £2,500,000 was to a company which has entered into administration in September 2024. The remaining £4,525,010 was to a company which started winding down its operations in October 2024 due to financial difficulties.
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