MJ Strategies Limited Company accounts

MJ STRATEGIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09773618

MJ STRATEGIES LIMITED

UNAUDITED ABRIDGED FINANCIAL STATEMENTS

28 February 2019

MJ STRATEGIES LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2019

Contents	Page

Director's report	1

Abridged income statement	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

The following pages do not form part of the abridged financial statements

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	10

MJ STRATEGIES LIMITED

DIRECTOR'S REPORT

YEAR ENDED 28 FEBRUARY 2019

The director presents his report and the unaudited abridged financial statements of the company for the year ended 28 February 2019 .

Director

The director who served the company during the year was as follows:

Mr Q Aziz

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 November 2019 and signed on behalf of the board by:

Mr Q Aziz
Director

Registered office:

1 Derby Road

Eastwood

Nottinghamshire

NG16 3PA

MJ STRATEGIES LIMITED

ABRIDGED INCOME STATEMENT

YEAR ENDED 28 FEBRUARY 2019

	2019	2018
Note	£	£
GROSS PROFIT	332,102	367,833

Administrative expenses	367,017	355,312
	----------	----------
OPERATING (LOSS)/PROFIT	( 34,915)	12,521

		----------	----------
(LOSS)/PROFIT BEFORE TAXATION	5	( 34,915)	12,521

Tax on (loss)/profit	10,898	–
	---------	---------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR	( 45,813)	12,521
	---------	---------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

MJ STRATEGIES LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

28 February 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Tangible assets	6		160,823		187,281

CURRENT ASSETS

Stocks	5,000	5,000
Cash at bank and in hand	40,068	40,761
	---------	---------
	45,068	45,761

CREDITORS: amounts falling due within one year	290,678		282,914
	----------		----------
NET CURRENT LIABILITIES		245,610		237,153
		----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 84,787)		( 49,872)

PROVISIONS	10,898	–
	---------	---------
NET LIABILITIES	( 95,685)	( 49,872)
	---------	---------

CAPITAL AND RESERVES

Called up share capital	10	10
Profit and loss account	( 95,695)	( 49,882)
	---------	---------
SHAREHOLDERS DEFICIT	( 95,685)	( 49,872)
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 28 February 2019 in accordance with Section 444(2A) of the Companies Act 2006.

MJ STRATEGIES LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

28 February 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2019 , and are signed on behalf of the board by:

Mr Q Aziz
Director

Company registration number: 09773618

MJ STRATEGIES LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2019

1. General information

The company is a private company limited by shares, registered in united Kingdom. The address of the registered office is 1 Derby Road, Eastwood, Nottinghamshire, NG16 3PA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	5% straight line
Fixtures and fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 32 (2018: 32 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	26,458	33,856
	---------	---------

6. Tangible assets

	£
Cost
At 1 March 2018 and 28 February 2019	261,015
	----------
Depreciation
At 1 March 2018	73,734
Charge for the year	26,458
	----------
At 28 February 2019	100,192
	----------
Carrying amount
At 28 February 2019	160,823
	----------
At 28 February 2018	187,281
	----------

7. Director's advances, credits and guarantees

Included in creditors is an amount of £247,547 (2018: £244,340) owing to the directors. This amount is interest free, unsecured and repayable on demand.

MJ STRATEGIES LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 28 FEBRUARY 2019

The following pages do not form part of the abridged financial statements.

MJ STRATEGIES LIMITED

CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF MJ STRATEGIES LIMITED

YEAR ENDED 28 FEBRUARY 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of MJ Strategies Limited for the year ended 28 February 2019, which comprise the abridged income statement, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

PELLS Chartered accountants

1 Derby Road Eastwood Nottingham NG16 3PA

29 November 2019