MJ Strategies Limited Small abridged accounts

MJ Strategies Limited Small abridged accounts

MJ STRATEGIES LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of MJ Strategies Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 09773618
MJ STRATEGIES LIMITED
UNAUDITED ABRIDGED FINANCIAL STATEMENTS
28 February 2017
PELLS
Chartered accountant
1 Derby Road
Eastwood
Nottingham
NG16 3PA
MJ STRATEGIES LIMITED
ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2017
Contents
Page
Director's report
1
Abridged statement of comprehensive income
2
Abridged statement of financial position
3
Statement of changes in equity
5
Accounting policies
6
Notes to the abridged financial statements
8
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
Detailed abridged income statement
11
MJ STRATEGIES LIMITED
DIRECTOR'S REPORT
YEAR ENDED 28 FEBRUARY 2017
The director presents his report and the unaudited abridged financial statements of the company for the year ended 28 February 2017 .
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 8 June 2017 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 STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 28 FEBRUARY 2017
2017
Note
£
GROSS PROFIT
221,845
Administrative expenses
284,248
----------
OPERATING LOSS
( 62,403)
----------
LOSS BEFORE TAXATION
4
( 62,403)
Tax on loss
–
---------
LOSS FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 62,403)
---------
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 2017
2017
Note
£
£
FIXED ASSETS
Tangible assets
5
209,876
CURRENT ASSETS
Stocks
5,000
Cash at bank and in hand
33,161
---------
38,161
CREDITORS: amounts falling due within one year
310,430
----------
NET CURRENT LIABILITIES
272,269
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 62,393)
---------
NET LIABILITIES
( 62,393)
---------
CAPITAL AND RESERVES
Called up share capital
10
Profit and loss account
( 62,403)
---------
MEMBERS DEFICIT
( 62,393)
---------
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 2017 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 .
MJ STRATEGIES LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
28 February 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 8 June 2017 , and are signed on behalf of the board by:
Mr Q Aziz
Director
Company registration number: 09773618
MJ STRATEGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 28 FEBRUARY 2017
Called up share capital
Profit and loss account
Total
£
£
£
AT 1 MARCH 2016
–
–
–
Loss for the year
( 62,403)
( 62,403)
----
---------
---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
( 62,403)
( 62,403)
Issue of shares
10
–
10
----
----
----
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
10
–
10
----
---------
---------
AT 28 FEBRUARY 2017
10
( 62,403)
( 62,393)
----
---------
---------
MJ STRATEGIES LIMITED
ACCOUNTING POLICIES
YEAR ENDED 28 FEBRUARY 2017
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.
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.
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
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.
MJ STRATEGIES LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2017
1. General information
The company is a private company limited by shares, registered in . 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 the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 23.
4. Profit before taxation
Loss before taxation is stated after charging:
2017
£
Depreciation of tangible assets
39,878
---------
5. Tangible assets
£
Cost
Additions
249,754
----------
At 28 February 2017
249,754
----------
Depreciation
Charge for the year
39,878
----------
At 28 February 2017
39,878
----------
Carrying amount
At 28 February 2017
209,876
----------
6. Director's advances, credits and guarantees
Included in creditors is an amount of £270,655 owing to the directors. This amount is interest free, unsecured and repayable on demand.
7. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.
MJ STRATEGIES LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 28 FEBRUARY 2017
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 2017
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 2017, which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity 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 accountant
1 Derby Road Eastwood Nottingham NG16 3PA
8 June 2017
MJ STRATEGIES LIMITED
DETAILED ABRIDGED INCOME STATEMENT
YEAR ENDED 28 FEBRUARY 2017
2017
£
TURNOVER
Sales
365,782
COST OF SALES
Purchases
127,792
Laundry, cleaning and refuse
21,145
----------
148,937
Closing stock
5,000
----------
143,937
----------
----------
GROSS PROFIT
221,845
OVERHEADS
ADMINISTRATIVE EXPENSES
Rent, rates and water
3,232
Light and heat
8,843
Insurance
580
Wages and salaries
198,779
Travel and subsistence
1,026
Telephone
2,844
Equipment repairs and renewals
10,839
Printing postage and stationery
1,867
Sundry expenses
2,088
Advertising
7,340
Bank charges
4,372
Accountancy fees
2,560
Depreciation of tangible assets
39,878
----------
284,248
---------
OPERATING LOSS
( 62,403)
---------
LOSS BEFORE TAXATION
(62,403)
---------