Registered number
01468974
MJB Haulage Limited
Accounts for the year ended
31 March 2024
MJB Haulage Limited
Registered number: 01468974
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 141,429 134,239
Current assets
Debtors 4 444,931 321,834
Cash at bank and in hand 148,299 208,520
593,230 530,354
Creditors: amounts falling due within one year 5 (280,271) (184,918)
Net current assets 312,959 345,436
Total assets less current liabilities 454,388 479,675
Provisions for liabilities (33,515) (31,215)
Net assets 420,873 448,460
Capital and reserves
Called up share capital 1,100 1,100
Profit and loss account 419,773 447,360
Shareholders' funds 420,873 448,460
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Brookman
Director
Approved by the board on 31 October 2024
MJB Haulage Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the amounts derived from the provision of goods and services in the UK which falls within the company's ordinary activities stated after trade discounts and net of value added tax.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets,at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Leasehold improvements over the term of the lease
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.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. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 14
3 Tangible fixed assets
Leasehold improvements Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 10,050 71,144 220,754 301,948
Additions - 4,660 39,483 44,143
Disposals - - (4,500) (4,500)
At 31 March 2024 10,050 75,804 255,737 341,591
Depreciation
At 1 April 2023 670 53,684 113,355 167,709
Charge for the year 2,010 5,530 29,285 36,825
On disposals - - (4,372) (4,372)
At 31 March 2024 2,680 59,214 138,268 200,162
Net book value
At 31 March 2024 7,370 16,590 117,469 141,429
At 31 March 2023 9,380 17,460 107,399 134,239
4 Debtors 2024 2023
£ £
Trade debtors 279,931 242,049
Other debtors 165,000 79,785
444,931 321,834
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 166,971 123,603
Taxation and social security costs 53,016 44,652
Other creditors 60,284 16,663
280,271 184,918
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 214,369 6,228
7 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
M J Brookman
Directors loan 50,000 - (50,000) -
Directors loan - 160,000 - 160,000
50,000 160,000 (50,000) 160,000
The loan is accruing interest at the rate of 2.5% p.a.
8 Controlling party
The ultimate controlling party of the company is M.J.Brookman.
9 Other information
MJB Haulage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ivy Mill House
Ivy Mill Lane
Godstone
Surrey
RH9 8NR
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