DMJ Asset Management Ltd. - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02476686 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

DMJ Asset Management Ltd.

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Directors:

D Yorath

M Yorath

Secretary:

M Yorath

Registered office:

The Old Drill Hall

Tavistock

Cornwall

PL19 0DZ

Registered number:

02476686 (England and Wales)

Accountants:

Nigel Webster & Co

129 North Hill

Plymouth

Devon

PL4 8JY

Fixed assets

Investment property

4

3,600,000

3,600,000

Current assets

Debtors

5

629,560

555,909

Investments

6

510,897

520,833

Cash at bank and in hand

2,747,153

2,740,947

3,887,610

3,817,689

Creditors

Amounts falling due within one year

7

68,292

75,293

Net current assets

3,819,318

3,742,396

Total assets less current liabilities

7,419,318

7,342,396

Provisions for liabilities

8

178,847

172,539

Net assets

7,240,471

7,169,857

Capital and reserves

Called up share capital

9

6,600

6,600

Revaluation reserve

10

1,500,648

1,500,648

Capital redemption reserve

10

3,400

3,400

Retained earnings

10

5,729,823

5,659,209

Shareholders' funds

7,240,471

7,169,857

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 June 2023 and were signed on its behalf by:

D Yorath - Director

M Yorath - Director

1.	STATUTORY INFORMATION

DMJ Asset Management Ltd. 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Income

Income derives from properties and is recognised on a receivable basis excluding taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 January 2022

and 31 December 2022

3,600,000

Net book value

At 31 December 2022

3,600,000

At 31 December 2021

3,600,000

The directors have valued investment property at the balance sheet date at open market value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

12,849

29,995

Other debtors

398,080

305,840

Directors' loan accounts

218,631

220,074

629,560

555,909

6.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Listed investments

510,897

520,833

Fair Values of listed investments are calculated according to the mid market price at the balance sheet date.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

-

212

Tax

37,100

33,780

VAT

11,573

12,203

Accruals

19,619

29,098

68,292

75,293

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

178,847

172,539

Deferred

tax

£

Balance at 1 January 2022

172,539

Provided during year

6,308

Balance at 31 December 2022

178,847

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

6,600

Ordinary

£1

6,600

6,600

10.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 January 2022

5,659,209

1,500,648

3,400

7,163,257

Profit for the year

92,614

-

-

92,614

Dividends

(22,000

)

-

-

(22,000

)

At 31 December 2022

5,729,823

1,500,648

3,400

7,233,871

11.	RELATED PARTY DISCLOSURES

At the balance sheet date the following amounts were owed to the company by related parties : -

Mr D Yorath (Director) owed the company £218,631

Mrs Z Follett (daughter of M Yorath director) owed the company £229,550.

The maximum overdrawn by both partners are the same as the balances and interest is charged in line with HMRC's official rate of interest p.a.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is D Yorath.