M.J.M. Inns Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03352674 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

M.J.M. Inns Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J F Molloy

SECRETARY:

Mr M J Molloy

REGISTERED OFFICE:

Electric Arms

190 Fratton Road

Portsmouth

Hampshire

PO1 5HD

REGISTERED NUMBER:

03352674 (England and Wales)

ACCOUNTANTS:

Andrew Spencer Associates Limited

Chartered Certified Accountants

328 Chatsworth Avenue

Cosham

Portsmouth

Hampshire

PO6 2UP

FIXED ASSETS

Tangible assets

4

147,965

148,829

CURRENT ASSETS

Stocks

1,000

Debtors

5

15,386

16,680

Cash at bank and in hand

26,853

10,615

43,239

28,295

CREDITORS

Amounts falling due within one year

6

(213,357

)

(212,349

)

NET CURRENT LIABILITIES

(170,118

)

(184,054

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(22,153

)

(35,225

)

CAPITAL AND RESERVES

Called up share capital

100,000

Retained earnings

(122,153

)

(135,225

)

SHAREHOLDERS' FUNDS

(22,153

)

(35,225

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2022 and were signed by:

Mr J F Molloy - Director

1.	STATUTORY INFORMATION

M.J.M. Inns Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements relate to MJM Inns Limited as an individual entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

COST

At 1 June 2020

223,753

55,017

278,770

Additions

-

2,554

At 31 May 2021

223,753

57,571

281,324

DEPRECIATION

At 1 June 2020

82,077

47,864

129,941

Charge for year

2,266

1,152

3,418

At 31 May 2021

84,343

49,016

133,359

NET BOOK VALUE

At 31 May 2021

139,410

8,555

147,965

At 31 May 2020

141,676

7,153

148,829

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

VAT

2,958

1,485

Deferred tax asset

11,390

13,869

Prepayments and accrued income

1,038

1,326

15,386

16,680

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

Trade creditors

(717

)

461

Tax

988

Other creditors

2,060

Directors' current accounts

209,242

206,245

Accruals and deferred income

1,784

2,595

213,357

212,349

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J F Molloy.

The ultimate controlling party is Mr J F Molloy.

8.	GOING CONCERN

At 31 May 2021 the company had net liabilities of £22,153 (2020:£35,225).

The director has confirmed that he will continue to provide financial support to the company for the foreseeable future and that he will not seek full repayment of his loan until the company is in a financial position to enable the loan to be repaid. Included within the above, as detailed in the Creditors due within one year, are amounts owed to the director of £209,242 (2020: £206,245).

Due to the COVID 19 lockdown, the company has been unable to open either of it's Public Houses throughout the year in question and has instead been reliant upon the government grants that have been made available. The director has considered the future position of the company and is of the opinion that the company will be able to re-commence trading in the coming year and will be able to trade within its existing facilities for the foreseeable future.

In view of the above the director considers that the going concern basis for the preparation of the accounts is appropriate.

M.J.M. Inns Limited - Accounts to registrar (filleted) - small 18.2

M.J.M. Inns Limited - Accounts to registrar (filleted) - small 18.2