MJS Express Limited

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 3516666

		2020		2019
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	3		820,740		792,243

			820,740		792,243
CURRENT ASSETS
Stocks	4	6,257		7,669
Debtors	5	436,852		377,830
Cash at bank and in hand		594,988		582,563

		1,038,097		968,062
Creditors: Amounts Falling Due Within One Year	6	(278,935 )		(360,486 )

NET CURRENT ASSETS (LIABILITIES)			759,162		607,576

TOTAL ASSETS LESS CURRENT LIABILITIES			1,579,902		1,399,819

PROVISIONS FOR LIABILITIES
Deferred Taxation	7		(64,021 )		(55,170 )

NET ASSETS			1,515,881		1,344,649

CAPITAL AND RESERVES
Called up share capital	8		102		102
Profit and Loss Account			1,515,779		1,344,547

SHAREHOLDERS' FUNDS			1,515,881		1,344,649

Page 1

MJS Express Limited

Balance Sheet (continued)

As at 31 March 2020

For the year ending 31 March 2020 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 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

18 December 2020

The notes on pages 3 to 6 form part of these financial statements.

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. 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
Lorries	25% on reducing balance
Motor Vehicles	25% on reducing balance
Equipment	at variable rates on reducing balance

1.4. 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.

1.5. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

1.6. Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

1.7. Pensions

For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.

Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.

Page 3

MJS Express Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2020

2. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2019: )

3. Tangible Assets

	Land & Property
	Leasehold	Lorries	Motor Vehicles	Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2019	700,154	1,020,262	81,739	68,629	1,870,784
Additions	1,320	117,500	10,001	21,000	149,821
Disposals	-	(11,300 )	-	(14,700 )	(26,000 )

As at 31 March 2020	701,474	1,126,462	91,740	74,929	1,994,605

Depreciation
As at 1 April 2019	257,312	703,406	60,013	57,810	1,078,541
Provided during the period	15,874	83,470	6,567	3,681	109,592
Disposals	-	(5,687 )	-	(8,581 )	(14,268 )

As at 31 March 2020	273,186	781,189	66,580	52,910	1,173,865

Net Book Value
As at 31 March 2020	428,288	345,273	25,160	22,019	820,740

As at 1 April 2019	442,842	316,856	21,726	10,819	792,243

4. Stocks

	2020	2019
	£	£
Stock	6,257	7,669

	6,257	7,669

Page 4

MJS Express Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2020

5. Debtors

	2020	2019
	£	£
Due within one year
Trade debtors	228,606	188,131
Prepayments and accrued income	92,999	88,772
Other debtors	100,460	100,610
Purchase ledger debit balances	2,729	-
VAT	12,058	-
Net wages	-	317

	436,852	377,830

6. Creditors: Amounts Falling Due Within One Year

	2020	2019
	£	£
Trade creditors	70,000	105,779
Corporation tax	55,075	47,063
Other taxes and social security	8,400	7,318
VAT	-	6,966
Net wages	669	-
Other creditors	71	144
Accruals and deferred income	1,720	216
Directors' loan accounts	143,000	193,000

	278,935	360,486

7. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances

	2020	2019
	£	£
Deferred tax	64,021	55,170

	64,021	55,170

8. Share Capital

	2020		2019
Allotted, Called up and fully paid	102		102

Page 5

MJS Express Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2020

9. Dividends

	2020	2019
	£	£
On equity shares:
Interim dividend paid	72,418	74,668

	72,418	74,668

10. Related Party Transactions

During the period, Julie Sadler, (a shareholder and director), agreed to take on the Company’s pension obligation in respect of Mark Sadler and Josh Sadler. The Company agreed to pay Julie Sadler £193,000 which is the actuarial valuation of the pension obligations at transfer.

11. Controlling Party

The company's controlling party is Mrs Julie Sadler by virtue of her ownership of 98% of the issued share capital in the company.

12. General Information

MJS Express Limited is a private company, limited by shares, incorporated in England & Wales, registered number 3516666 . The registered office is The Paddocks Moor Road, Great Staughton St Neots, Huntingdon, Cambridgeshire, PE19 5BJ.