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Registration number: SC412855

M J D Holidays Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

M J D Holidays Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

M J D Holidays Limited

Company Information

Directors

Mrs M J Dewar

Mr D D Dewar

Ms J Curley

Mrs K Laing

Registered office




Registration number

31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

SC412855 (Scotland)

Accountants

Brown, Scott & Main
Chartered Accountants31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M J D Holidays Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M J D Holidays Limited for the year ended 31 December 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of M J D Holidays Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that M J D Holidays Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of M J D Holidays Limited. You consider that M J D Holidays Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of M J D Holidays Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB

3 March 2025

 

M J D Holidays Limited

(Registration number: SC412855)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

14,620

26,400

Current assets

 

Debtors

7

254,086

402,556

Cash at bank and in hand

 

389,702

345,238

 

643,788

747,794

Creditors: Amounts falling due within one year

8

(323,089)

(317,835)

Net current assets

 

320,699

429,959

Net assets

 

335,319

456,359

Capital and reserves

 

Called up share capital

2,000

2,000

Retained earnings

333,319

454,359

Shareholders' funds

 

335,319

456,359

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................
Mrs M J Dewar
Director

 

M J D Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
31 Townsend Place
Kirkcaldy
Fife
KY1 1HB
UK

The principal place of business is:
Unit 1 Waverley Road
Mitchelston Industrial Estate
Kirkcaldy
Fife
KY1 3NH
Scotland

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is sterling.

Financial instruments

Classification
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

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 cost 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 value rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic Financial Liabilities
Basic financial liabilities, comprising creditors and accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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 rate of interest.

 

 

M J D Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Goodwill

Goodwill, being the value attributed to the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of ten years.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is provided at rates calculated so as to write off the cost less residual value of each asset over its expected useful life as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum straight line

Office furniture & equipment

25% per annum straight line

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Revenue recognition

Turnover represents income earned from the provision of travel and holiday packages, exclusive of value added tax and is recognised on commencement of the respective tour package. Receipts and payments in advance are included in creditors and debtors respectively.

Government grants

Grants that are received in respect of expenditure incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable. No such grants have been received since 2022.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 as 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 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.

 

M J D Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. The capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 7).

4

Taxation

The tax charge / (credit) on the profit for the year was as follows:

2024

2023

£

£

UK corporation tax

96,236

109,315

Deferred tax

-

(738)

Tax on profit

96,236

108,577

 

M J D Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

77,891

77,891

At 31 December 2024

77,891

77,891

Amortisation

At 1 January 2024

77,891

77,891

At 31 December 2024

77,891

77,891

Carrying amount

At 31 December 2024

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

28,618

30,296

58,914

Additions

657

-

657

At 31 December 2024

29,275

30,296

59,571

Depreciation

At 1 January 2024

16,328

16,186

32,514

Charge for the year

4,863

7,574

12,437

At 31 December 2024

21,191

23,760

44,951

Carrying amount

At 31 December 2024

8,084

6,536

14,620

At 31 December 2023

12,290

14,110

26,400

Included within tangible fixed assets are motor vehicles purchased on hire purchase contracts with a net book value of £nil (2023 £14,110).

 

M J D Holidays Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

Note

2024
£

2023
£

Due from related company

11

150,500

300,500

Prepayments

 

76,873

79,102

Other debtors

 

26,713

22,954

 

254,086

402,556

Balances due from related company comprise loans due from Dewar Holiday Holdings Limited. Included in other debtors are loan balances of £11,509 (2023 £7,782) due from directors. The loans are interest free and repayable on demand. Further details of related parties can be found at note 11.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

3,056

Deposits received in advance

 

168,728

157,465

Taxation and social security

 

115,710

125,257

Accruals and deferred income

 

29,836

24,500

Other creditors

 

8,815

7,557

 

323,089

317,835

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

3,056

10

Financial commitments

Minimum non-cancellable operating lease payments fall due as follows:

2024

2023

£

£

Within one year

18,096

13,836

Between one and five years

-

-

18,096

13,836

11

Related party transactions

Dewar Holiday Holdings Limited was incorporated on 2 August 2023 and acquired the entire shareholding of MJD Holidays Limited on 8 March 2024. Its shareholders and directors are Mr D D Dewar, Mrs M J Dewar, Ms J Curley and Mrs K Laing, who remain directors of MJD Holidays Limited.