MJH Holdings Limited - Period Ending 2020-10-31
MJH Holdings Limited - Period Ending 2020-10-31
Registration number:
MJH Holdings Limited
for the Year Ended 31 October 2020
MJH Holdings Limited
(Registration number: 04499704)
Statement of Financial Position as at 31 October 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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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 assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Director
MJH Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Group accounts not prepared
MJH Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 November 2019 and have had an effect on the financial statements:
Triennial review amendments to FRS 102
As a result of the triennial review amendments to FRS 102 the company has taken advantage of the choice to
measure investment property rented to a group entity at cost, instead of at fair value. On transition to this new
accounting policy the fair value of the property at transition date of 1 November 2018 has been recognised as deemed
cost, being £950,000. Prior to the triennial amendments, the property had been recognised on the company
balance sheet as an investment property. There is no profit impact from this reclassification.
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, returns, rebates and discounts.
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.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme. The Company has not directly benefited from any other forms of government assistance.
Tax
The tax expense for the period comprises current 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
MJH Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
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 publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
MJH Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 November 2019 |
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At 31 October 2020 |
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Depreciation |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Included within the net book value of land and buildings above is £950,000 (2019 - £950,000) in respect of freehold land and buildings.
MJH Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Investment properties |
2020 |
Investments consists of a freehold property and a leasehold property which are let to the subsidiary company, Camberley MOT Testing & Repair Centre Limited.
The freehold property has been valued at an open market value of £550,000 by the directors and the leasehold property has been valued at an open market value of £400,000, also by the directors.
Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 November 2019 |
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Provision |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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England |
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MJH Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Debtors |
2020 |
2019 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Transactions with directors |
2020 |
At 1 November 2019 |
Repayments by director |
At 31 October 2020 |
Mr Mohsen Haddad |
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Advances |
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( |
( |
207,600 |
(243,255) |
(35,655) |
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2019 |
At 1 November 2018 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 31 October 2019 |
Mr Mohsen Haddad |
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Advances |
( |
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( |
33,521 |
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(33,781) |
225,000 |
(17,140) |
33,521 |
207,600 |
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