Abbreviated Company Accounts - MAJORSPEED LIMITED

Abbreviated Company Accounts - MAJORSPEED LIMITED


Registered Number 02041062

MAJORSPEED LIMITED

Abbreviated Accounts

31 March 2014

MAJORSPEED LIMITED Registered Number 02041062

Abbreviated Balance Sheet as at 31 March 2014

Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 467,113 467,113
467,113 467,113
Current assets
Debtors 399,223 371,136
Cash at bank and in hand 6,326 20,250
405,549 391,386
Creditors: amounts falling due within one year (659,611) (651,636)
Net current assets (liabilities) (254,062) (260,250)
Total assets less current liabilities 213,051 206,863
Creditors: amounts falling due after more than one year (98,319) (105,955)
Total net assets (liabilities) 114,732 100,908
Capital and reserves
Called up share capital 3 2 2
Profit and loss account 114,730 100,906
Shareholders' funds 114,732 100,908
  • For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 26 March 2015

And signed on their behalf by:
BARRY FELDMAN, Director

MAJORSPEED LIMITED Registered Number 02041062

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover in the accounts consists solely of rental income.

Tangible assets depreciation policy
Fixed assets

All fixed assets are initially recorded at cost.

Other accounting policies
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.

2Tangible fixed assets
£
Cost
At 1 April 2013 467,113
Additions -
Disposals -
Revaluations -
Transfers -
At 31 March 2014 467,113
Depreciation
At 1 April 2013 -
Charge for the year -
On disposals -
At 31 March 2014 -
Net book values
At 31 March 2014 467,113
At 31 March 2013 467,113

Fixed assets

All fixed assets are initially recorded at cost.

3Called Up Share Capital
Allotted, called up and fully paid:
2014
£
2013
£
2 Ordinary shares of £1 each 2 2