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Registration number: 12128751

M J Transport (Powys) Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

M J Transport (Powys) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

M J Transport (Powys) Limited

Company Information

Directors

Mr M D Thomas

Mrs J M Thomas

Registered office

Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

M J Transport (Powys) Limited

(Registration number: 12128751)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

96,105

109,193

Current assets

 

Debtors

5

37,511

40,316

Cash at bank and in hand

 

48,736

31,708

 

86,247

72,024

Creditors: Amounts falling due within one year

6

(124,095)

(133,382)

Net current liabilities

 

(37,848)

(61,358)

Total assets less current liabilities

 

58,257

47,835

Provisions for liabilities

(2,692)

(5,210)

Net assets

 

55,565

42,625

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

55,465

42,525

Total equity

 

55,565

42,625

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

M J Transport (Powys) Limited

(Registration number: 12128751)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................

Mr M D Thomas

Director

.........................................

Mrs J M Thomas

Director

 

M J Transport (Powys) Limited

Notes to the Financial Statements
for the Year Ended 31 March 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:
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

These financial statements were authorised for issue by the Board on 14 November 2024.

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.

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.

The company recognises revenue when this 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

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the conditions will be met and the funds received.

Tax

The tax expense for the period comprises current and deferred 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.

 

M J Transport (Powys) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

At varying rates

Motor vehicles

20% on reducing balance

Office equipment

20% on reducing balance

Improvements to property

Nil

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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

M J Transport (Powys) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

M J Transport (Powys) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Tangible assets

Improvements to property
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

14,409

140,786

722

5,722

161,639

Additions

-

6,303

-

-

6,303

At 31 March 2024

14,409

147,089

722

5,722

167,942

Depreciation

At 1 April 2023

-

49,000

361

3,085

52,446

Charge for the year

-

18,791

73

527

19,391

At 31 March 2024

-

67,791

434

3,612

71,837

Carrying amount

At 31 March 2024

14,409

79,298

288

2,110

96,105

At 31 March 2023

14,409

91,786

361

2,637

109,193

5

Debtors

2024
£

2023
£

Trade debtors

35,873

38,638

Prepayments

1,638

1,678

37,511

40,316

 

M J Transport (Powys) Limited

Notes to the Financial Statements
for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

-

5,334

Trade creditors

 

2,784

1,964

Taxation and social security

 

2,344

2,976

Accruals and deferred income

 

1,535

1,892

Other creditors

 

117,432

121,216

 

124,095

133,382

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

-

5,334