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Registration number: 07336252

M. J. Marine Electronics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

M. J. Marine Electronics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

M. J. Marine Electronics Limited

Company Information

Directors

Mr Mark Nicholas Johns

Mr Robert Trembath

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

M. J. Marine Electronics Limited

(Registration number: 07336252)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,886

8,655

Current assets

 

Stocks

5

56,035

63,452

Debtors

6

45,596

65,645

Cash at bank and in hand

 

66,378

39,968

 

168,009

169,065

Creditors: Amounts falling due within one year

7

(46,832)

(114,383)

Net current assets

 

121,177

54,682

Total assets less current liabilities

 

128,063

63,337

Creditors: Amounts falling due after more than one year

7

(42,753)

-

Provisions for liabilities

(1,308)

(1,644)

Net assets

 

84,002

61,693

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

83,901

61,592

Shareholders' funds

 

84,002

61,693

For the financial year ending 31 August 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 5 June 2025 and signed on its behalf by:
 

 

M. J. Marine Electronics Limited

(Registration number: 07336252)
Balance Sheet as at 31 August 2024

.........................................
Mr Mark Nicholas Johns
Director

 

M. J. Marine Electronics Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
Unit 4
Albert Pier
Penzance
Cornwall
TR18 2LL

These financial statements were authorised for issue by the Board on 5 June 2025.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

M. J. Marine Electronics Limited

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

Government grants

Before a government grant can be recognized in an entities financial statements, there must be reasonable assurance that:

a) The entity will comply with the conditions attaching to them
b) The grants will be received

Government grants will be initially recognised at the fair value of the asset received (or receivable) to comply with FRS102 Section 24.5 and if any of the grant becomes repayable, the reporting entity must recognise a liability at the point in time the repayment meets the definition of a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Office equipment

33% reducing balance basis

Motor vehicles

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

M. J. Marine Electronics Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

M. J. Marine Electronics Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

10,791

26,506

7,958

45,255

Additions

1,482

-

-

1,482

At 31 August 2024

12,273

26,506

7,958

46,737

Depreciation

At 1 September 2023

9,042

21,021

6,537

36,600

Charge for the year

1,067

1,828

356

3,251

At 31 August 2024

10,109

22,849

6,893

39,851

Carrying amount

At 31 August 2024

2,164

3,657

1,065

6,886

At 31 August 2023

1,749

5,485

1,421

8,655

5

Stocks

2024
£

2023
£

Other inventories

56,035

63,452

6

Debtors

Current

2024
£

2023
£

Trade debtors

20,820

37,933

Prepayments

-

1,189

Other debtors

24,776

26,523

 

45,596

65,645

 

M. J. Marine Electronics Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,115

3,689

Taxation and social security

4,641

9,439

Accruals and deferred income

2,031

1,989

Other creditors

29,045

99,266

46,832

114,383

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

42,753

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

"A" Share of £0.01 each

100

1

100

1

 

200

101

200

101

 

M. J. Marine Electronics Limited

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

9

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr Mark Nicholas Johns

Interest-bearing loan to the company, repayable on demand

(95,627)

35,974

(8,300)

(67,953)

         
       

Mr Robert Trembath

Interest-bearing loan to the company,repayable on demand

(2,000)

-

(1,700)

(3,700)

         
       

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Mark Nicholas Johns

Interest-bearing loan to the company, repayable on demand

(86,727)

9,100

(18,000)

(95,627)

         
       

Mr Robert Trembath

Interest-bearing loan to the company,repayable on demand

-

-

(2,000)

(2,000)

         
       

 

Summary of transactions with parent

M J Marine Group Ltd
(A company with a controlling interest.)

 During the year the company met expenditure on behalf of M J Marine Group Litd.
At the balance sheet date the amount due from M J Marine Group Ltd was £3,510 (2023 - £3,360.)

 

 

M. J. Marine Electronics Limited

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

Summary of transactions with other related parties

M.J. Marine Charters Limited
Company under common control

 During the year the company met expenditure on behalf of M. J. Marine Charters Limited.
At the balance sheet date the amount owed from M. J. Marine Charters Limited was £19,873 (2023 - £19,123.)