Registration number:
M J D Holidays Limited
for the Year Ended 31 December 2024
M J D Holidays Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
M J D Holidays Limited
Company Information
Directors |
Mrs M J Dewar Mr D D Dewar Ms J Curley Mrs K Laing |
Registered office |
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Accountants |
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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.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
M J D Holidays Limited
(Registration number: SC412855)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,000 |
2,000 |
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Retained earnings |
333,319 |
454,359 |
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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:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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M J D Holidays Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
UK
The principal place of business is:
Unit 1 Waverley Road
Mitchelston Industrial Estate
Kirkcaldy
Fife
KY1 3NH
Scotland
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
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
The tax charge / (credit) on the profit for the year was as follows: |
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2024 |
2023 |
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£ |
£ |
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UK corporation tax |
96,236 |
109,315 |
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Deferred tax |
- |
(738) |
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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
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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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
Debtors |
Note |
2024 |
2023 |
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Due from related company |
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Prepayments |
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Other debtors |
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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.
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
- |
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Deposits received in advance |
168,728 |
157,465 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Hire purchase contracts |
- |
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Financial commitments |
Minimum non-cancellable operating lease payments fall due as follows: |
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2024 |
2023 |
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£ |
£ |
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Within one year |
18,096 |
13,836 |
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Between one and five years |
- |
- |
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18,096 |
13,836 |
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.