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Registered number: 03516666
MJS Express Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Focal Business Group Limited
Chartered Institue of Management Accountants
4A Church Street
Market Harborough
Leicestershire
LE16 7AA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03516666
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 702,234 783,677
702,234 783,677
CURRENT ASSETS
Stocks 5 6,257 6,257
Debtors 6 495,773 459,979
Cash at bank and in hand 935,070 770,070
1,437,100 1,236,306
Creditors: Amounts Falling Due Within One Year 7 (339,441 ) (248,250 )
NET CURRENT ASSETS (LIABILITIES) 1,097,659 988,056
TOTAL ASSETS LESS CURRENT LIABILITIES 1,799,893 1,771,733
PROVISIONS FOR LIABILITIES
Deferred Taxation (70,148 ) (84,771 )
NET ASSETS 1,729,745 1,686,962
CAPITAL AND RESERVES
Called up share capital 8 102 102
Profit and Loss Account 1,729,643 1,686,860
SHAREHOLDERS' FUNDS 1,729,745 1,686,962
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Julie Anne Sadler
Director
3 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MJS Express Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03516666 . The registered office is The Paddocks Moor Road, Great Staughton St Neots, Huntingdon, Cambridgeshire, PE19 5BJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold in accordance with the property
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings at variable rates on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 710,748 1,157,749 139,240 79,398 2,087,135
Additions 5,384 30,465 16,156 26,612 78,617
Disposals - (197,000 ) (10,000 ) - (207,000 )
As at 31 March 2024 716,132 991,214 145,396 106,010 1,958,752
Depreciation
As at 1 April 2023 321,430 816,899 96,904 68,225 1,303,458
Provided during the period 16,390 93,365 14,931 11,335 136,021
Disposals - (175,422 ) (7,539 ) - (182,961 )
As at 31 March 2024 337,820 734,842 104,296 79,560 1,256,518
Net Book Value
As at 31 March 2024 378,312 256,372 41,100 26,450 702,234
As at 1 April 2023 389,318 340,850 42,336 11,173 783,677
5. Stocks
2024 2023
£ £
Stock 6,257 6,257
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 244,697 203,167
Other debtors 251,076 256,812
495,773 459,979
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 99,993 74,774
Bank loans and overdrafts 40,168 22,416
Other creditors 144,811 145,329
Taxation and social security 54,469 5,731
339,441 248,250
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
Page 5