Registration number:
M. J. Marine Charters Limited
for the Year Ended 31 August 2024
M. J. Marine Charters Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
M. J. Marine Charters Limited
Company Information
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Director |
Mr M N Johns |
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Registered office |
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Accountants |
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M. J. Marine Charters Limited
(Registration number: 07330153)
Balance Sheet as at 31 August 2024
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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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Stocks |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(39,421) |
(18,413) |
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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:
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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
M. J. Marine Charters Limited
(Registration number: 07330153)
Balance Sheet as at 31 August 2024
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M. J. Marine Charters Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 4
Albert Pier
Penzance
Cornwall
TR18 2LL
These financial statements were authorised for issue by the
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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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
20% reducing balance basis |
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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
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Tangible assets |
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Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 September 2023 |
- |
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Additions |
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- |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
- |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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2024 |
2023 |
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Prepayments |
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Other debtors |
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M. J. Marine Charters Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
( |
- |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
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- |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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Related party transactions |
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Transactions with the director |
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2024 |
At 1 September 2023 |
Other payments made to company by director |
At 31 August 2024 |
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Mr M N Johns |
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Interest free loan from Director |
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40,000 |
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M. J. Marine Charters Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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2023 |
At 1 September 2022 |
Advances to director |
At 31 August 2023 |
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Mr M N Johns |
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Interest free loan from Director |
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( |
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Summary of transactions with other related parties
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).