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Registration number: 07514417

M J Marine Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

M J Marine Group Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

M J Marine Group Ltd

Company Information

Director

Mr Mark Nicholas 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 Group Ltd

(Registration number: 07514417)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

84

91

Current assets

 

Debtors

5

25,200

-

Cash at bank and in hand

 

130

15,000

 

25,330

15,000

Creditors: Amounts falling due within one year

6

(3,660)

(3,560)

Net current assets

 

21,670

11,440

Net assets

 

21,754

11,531

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

21,753

11,530

Shareholders' funds

 

21,754

11,531

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
 

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

 

M J Marine Group Ltd

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

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.

Group accounts not prepared

The parent, and the group headed by it, qualify as small under s383 of the Companies Act 2006 and the parent and the group are considered eligible for the exemption as determined by reference to sections 384 and 399(2A) of the Companies Act 2006.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

 

M J Marine Group Ltd

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

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

3

Staff numbers

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

4

Investments

2024
£

2023
£

Investments in subsidiaries

84

91

Subsidiaries

£

Cost or valuation

At 1 September 2023

91

Disposals

(7)

At 31 August 2024

84

Provision

Carrying amount

At 31 August 2024

84

At 31 August 2023

91

 

M J Marine Group Ltd

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

M.J. Marine Electronics Limited

England and Wales

Ordinary

83%

90%

 

     

M.J. Marine Charters Limited

England and Wales

Ordinary

100%

100%

 

     

The principal activity of M.J. Marine Electronics Limited is the supply and installation of marine equipment

The principal activity of M.J. Marine Charters Limited is boat chartering

5

Debtors

Current

2024
£

2023
£

Other debtors

25,200

-

 

25,200

-

 

M J Marine Group Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other payables

3,510

3,460

Accruals

150

100

3,660

3,560

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

Mr Mark Nicholas Johns

Interest free loan to the director, repayable on demand.

(100)

25,300

25,200

       
     

 

2023

At 1 September 2022
£

At 31 August 2023
£

Mr Mark Nicholas Johns

Interest free loan to the director, repayable on demand.

(100)

(100)

     
   

 

Summary of transactions with subsidiaries

(a group company under common control)
During the year M.J. Marines 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 was £3,510 (2023: £3,360)