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Registration number: 07330153

M. J. Marine Charters Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

M. J. Marine Charters Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

M. J. Marine Charters Limited

Company Information

Director

Mr M N Johns

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 Charters Limited

(Registration number: 07330153)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,862

1,434

Current assets

 

Stocks

5

600

600

Debtors

6

5,478

2,676

Cash at bank and in hand

 

15,440

3,177

 

21,518

6,453

Creditors: Amounts falling due within one year

7

(32,800)

(26,027)

Net current liabilities

 

(11,282)

(19,574)

Total assets less current liabilities

 

580

(18,140)

Creditors: Amounts falling due after more than one year

7

(40,000)

-

Provisions for liabilities

-

(272)

Net liabilities

 

(39,420)

(18,412)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(39,421)

(18,413)

Shareholders' deficit

 

(39,420)

(18,412)

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.

Director's responsibilities:

The member has not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 June 2025
 

 

M. J. Marine Charters Limited

(Registration number: 07330153)
Balance Sheet as at 31 August 2024

.........................................
Mr M N Johns
Director

 

M. J. Marine Charters 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 director 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.

Going concern

The company continues to be supported by the director, who has confirmed that he will not withdraw funds to the detriment of the company's other creditors. The financial statements have, therefore, been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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.

Tax

The tax expense for the period comprises 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.

 

M. J. Marine Charters Limited

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

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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

20% reducing balance basis

Fixtures and fittings

20% reducing balance 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.

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.

 

M. J. Marine Charters Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

-

9,343

9,343

Additions

13,394

-

13,394

At 31 August 2024

13,394

9,343

22,737

Depreciation

At 1 September 2023

-

7,909

7,909

Charge for the year

2,679

287

2,966

At 31 August 2024

2,679

8,196

10,875

Carrying amount

At 31 August 2024

10,715

1,147

11,862

At 31 August 2023

-

1,434

1,434

5

Stocks

2024
£

2023
£

Other inventories

600

600

6

Debtors

2024
£

2023
£

Prepayments

1,573

1,335

Other debtors

3,905

1,341

5,478

2,676

 

M. J. Marine Charters 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

(32,927)

-

Accruals and deferred income

750

700

Other creditors

64,977

25,327

32,800

26,027

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

40,000

-

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Other payments made to company by director
£

At 31 August 2024
£

Mr M N Johns

Interest free loan from Director

3,679

40,000

43,679

       
     

 

 

M. J. Marine Charters Limited

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

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Mr M N Johns

Interest free loan from Director

4,609

(930)

3,679

       
     

 

Summary of transactions with other related parties

M. J. Marine Electronics Limited
 (A group company under common control)

 During the year M. J. Marine Electronics Limited met expenditure and received income on behalf of the company. At the balance sheet date the amount due to M. J. Marine Electronics Limited was £19,873 (2023: £19,123).