Company registration number 04052526 (England and Wales)
MJT HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
MJT HOMES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
MJT HOMES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M J Thiel
Mrs N Thiel
Company number
04052526
Registered office
Bluebell Barn
Abberton Road
Fingringhoe
Colchester
Essex
CO5 7AL
Accountants
TC Group
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
MJT HOMES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
85,869
114,615
Investment property
5
210,000
210,000
295,869
324,615
Current assets
Stocks
274,701
262,920
Debtors
6
3,516
26,552
Cash at bank and in hand
1,095
21,806
279,312
311,278
Creditors: amounts falling due within one year
7
(232,379)
(101,201)
Net current assets
46,933
210,077
Total assets less current liabilities
342,802
534,692
Creditors: amounts falling due after more than one year
8
(25,406)
(119,584)
Provisions for liabilities
(8,883)
(8,883)
Net assets
308,513
406,225
Capital and reserves
Called up share capital
100
100
Revaluation reserve
18,743
18,743
Profit and loss reserves
289,670
387,382
Total equity
308,513
406,225
MJT HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -

For the financial year ended 31 August 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 of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Mr M J Thiel
Director
Company registration number 04052526 (England and Wales)
MJT HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
100
18,743
379,136
397,979
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
32,690
32,690
Dividends
-
-
(24,444)
(24,444)
Balance at 31 August 2023
100
18,743
387,382
406,225
Year ended 31 August 2024:
Loss and total comprehensive income
-
-
(57,712)
(57,712)
Dividends
-
-
(40,000)
(40,000)
Balance at 31 August 2024
100
18,743
289,670
308,513
MJT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
1
Accounting policies
Company information

MJT Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bluebell Barn, Abberton Road, Fingringhoe, Colchester, Essex, CO5 7AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MJT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MJT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

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.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
MJT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
5,873
2,830
164,977
173,680
Depreciation and impairment
At 1 September 2023
5,098
2,459
51,508
59,065
Depreciation charged in the year
196
183
28,367
28,746
At 31 August 2024
5,294
2,642
79,875
87,811
Carrying amount
At 31 August 2024
579
188
85,102
85,869
At 31 August 2023
775
371
113,469
114,615
5
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
210,000

Investment property comprises of 2 properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st August by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,225
24,001
Other debtors
2,291
2,551
3,516
26,552
MJT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,090
6,914
Trade creditors
3,244
12,103
Taxation and social security
(4,205)
15,358
Other creditors
226,250
66,826
232,379
101,201
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,654
13,744
Other creditors
18,752
105,840
25,406
119,584
2024-08-312023-09-01falsefalsefalse15 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr M J ThielMrs N Thiel040525262023-09-012024-08-3104052526bus:Director12023-09-012024-08-3104052526bus:Director22023-09-012024-08-3104052526bus:RegisteredOffice2023-09-012024-08-31040525262024-08-31040525262023-08-3104052526core:PlantMachinery2024-08-3104052526core:ComputerEquipment2024-08-3104052526core:MotorVehicles2024-08-3104052526core:PlantMachinery2023-08-3104052526core:ComputerEquipment2023-08-3104052526core:MotorVehicles2023-08-3104052526core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3104052526core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3104052526core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3104052526core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3104052526core:CurrentFinancialInstruments2024-08-3104052526core:CurrentFinancialInstruments2023-08-3104052526core:Non-currentFinancialInstruments2024-08-3104052526core:Non-currentFinancialInstruments2023-08-3104052526core:ShareCapital2024-08-3104052526core:ShareCapital2023-08-3104052526core:RevaluationReserve2024-08-3104052526core:RevaluationReserve2023-08-3104052526core:RetainedEarningsAccumulatedLosses2024-08-3104052526core:RetainedEarningsAccumulatedLosses2023-08-3104052526core:ShareCapital2022-08-3104052526core:RevaluationReserve2022-08-3104052526core:RetainedEarningsAccumulatedLosses2022-08-3104052526core:RetainedEarningsAccumulatedLosses2022-09-012023-08-31040525262022-09-012023-08-3104052526core:RetainedEarningsAccumulatedLosses2023-09-012024-08-3104052526core:PlantMachinery2023-09-012024-08-3104052526core:ComputerEquipment2023-09-012024-08-3104052526core:MotorVehicles2023-09-012024-08-3104052526core:PlantMachinery2023-08-3104052526core:ComputerEquipment2023-08-3104052526core:MotorVehicles2023-08-31040525262023-08-3104052526core:WithinOneYear2024-08-3104052526core:WithinOneYear2023-08-3104052526bus:PrivateLimitedCompanyLtd2023-09-012024-08-3104052526bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3104052526bus:FRS1022023-09-012024-08-3104052526bus:AuditExemptWithAccountantsReport2023-09-012024-08-3104052526bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP