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REGISTERED NUMBER: SC620140 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MJ PROJECT HOLDINGS LIMITED

MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MJ PROJECT HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M A Stephen
Mrs K A Stephen





REGISTERED OFFICE: 23 Strichen Court
Fraserburgh
Aberdeenshire
AB43 9SZ





REGISTERED NUMBER: SC620140 (Scotland)





ACCOUNTANTS: Leiper & Summers
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE

MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 27,599 16,499
Tangible assets 6 49,423 56,261
Investments 7 75 75
77,097 72,835

CURRENT ASSETS
Debtors 8 383,724 224,378
Cash at bank 136,606 256,211
520,330 480,589
CREDITORS
Amounts falling due within one year 9 260,388 269,137
NET CURRENT ASSETS 259,942 211,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

337,039

284,287

CREDITORS
Amounts falling due after more than one
year

10

(17,298

)

(21,331

)

PROVISIONS FOR LIABILITIES (2,799 ) (2,595 )
NET ASSETS 316,942 260,361

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 316,642 260,061
SHAREHOLDERS' FUNDS 316,942 260,361

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





M A Stephen - Director


MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

MJ Project Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licences and quota are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on reducing balance and 6.25% on cost


MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 at 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
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 16,499
Additions 11,100
At 31 March 2024 27,599
NET BOOK VALUE
At 31 March 2024 27,599
At 31 March 2023 16,499

MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 22,186 50,155 72,341
Additions - 5,520 5,520
Disposals - (6,415 ) (6,415 )
At 31 March 2024 22,186 49,260 71,446
DEPRECIATION
At 1 April 2023 647 15,433 16,080
Charge for year 444 6,301 6,745
Eliminated on disposal - (802 ) (802 )
At 31 March 2024 1,091 20,932 22,023
NET BOOK VALUE
At 31 March 2024 21,095 28,328 49,423
At 31 March 2023 21,539 34,722 56,261

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 75
NET BOOK VALUE
At 31 March 2024 75
At 31 March 2023 75

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 289,925 189,641
Other debtors 93,799 34,737
383,724 224,378

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 4,033 3,773
Taxation and social security 30,065 33,658
Other creditors 226,290 231,706
260,388 269,137

MJ PROJECT HOLDINGS LIMITED (REGISTERED NUMBER: SC620140)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 17,298 21,331

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 21,331 25,104

Hire purchase liabilities are secured against the assets relating to the agreements.

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.