Majorspeed Limited Filleted accounts for Companies House (small and micro)

MAJORSPEED LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02041062

Majorspeed Limited

Filleted Unaudited Financial Statements

31 March 2019

Majorspeed Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets		–	1,250,000

Current assets

Debtors	5	–	593,389
Cash at bank and in hand		–	335,056
		----	---------
		–	928,445

Creditors: amounts falling due within one year	6	–		601,492
		----		---------
Net current assets			–	326,953
			----	------------
Total assets less current liabilities			–	1,576,953

Creditors: amounts falling due after more than one year	7		–	697,604

Provisions

Taxation including deferred tax	–	( 76,000)
	----	------------
Net assets	–	803,349
	----	------------

Capital and reserves

Called up share capital	–	2
Fair value reserve	–	706,887
Profit and loss account	–	96,460
	----	---------
Shareholders funds	–	803,349
	----	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Majorspeed Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 9 May 2019 , and are signed on behalf of the board by:

Mr B. Feldman

Director

Company registration number: 02041062

Majorspeed Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 ODH.

2. Statement of compliance

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

Revenue recognition

The turnover in the accounts consists solely of rental income.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: 2 ).

5. Debtors

	2019	2018
	£	£
Other debtors	–	593,389
	----	---------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	23,237
Amounts owed to related companies	–	569,643
Other creditors	–	8,612
	----	---------
	–	601,492
	----	---------

7. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	–	697,604
	----	---------

8. Related party transactions

The company was under the control of Mr & Mrs Feldman throughout the current and previous year. Mr & Mrs Feldman are the sole directors of the company. Loan account balances with related companies are disclosed separately in the debtors and creditors notes to the accounts.