Majestic Engineering Limited
Majestic Engineering Limited
Registered number: 01797996
Unaudited Financial Statements
For The Year Ended
31 July 2022
Majestic Engineering Limited
Unaudited Financial Statements
For The Year Ended
31 July 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Majestic Engineering Limited
Balance Sheet
As at
31 July 2022
Balance Sheet
Registered number:
01797996
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 11,304 | 20,404 | |||
Majestic Engineering Limited
Balance Sheet (continued)
As at
31 July 2022
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
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Majestic Engineering Limited
Notes to the Financial Statements
For The Year Ended
31 July 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
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.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
1.3.
Tangible Fixed Assets and Depreciation
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.
Depreciation is calculated so as to write off the cost or valuation of an asset, less itsresidual value, over the useful economic life of that asset as follows:
| Plant and machinery |
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| Motor vehicles |
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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.
1.4.
Leasing and Hire Purchase Contracts
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
1.5.
Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs tocomplete 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.
1.6.
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.
1.7.
Taxation
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.
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.
1.8.
Pensions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Majestic Engineering Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2022
1.9.
Government Grant
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
1.10.
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 statement of financial position and the amount of the provision as an expense.
1.11.
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'.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 5 (2021: 5)
3.
Tangible Assets
| Plant and machinery | Motor vehicles | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2022 | 2021 | ||
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| £ | £ | ||
| Motor vehicles |
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4.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 6,500 | 6,500 | |
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Majestic Engineering Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2022
5.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 50,040 | 30,152 | |
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6.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 33,323 | 3,813 | |
| Taxation and social security | 10,863 | 11,437 | |
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The debenture is secured by fixed and floating charges over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures and plant and machinery.
7.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021 : £6,753) in respect of liabilities payable or repayble by installments which fall due for payment after more than five years from the reporting date.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 6,753 |
9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Within 1 year | 15,000 | 15,000 |
| 15,000 | 15,000 | |
Majestic Engineering Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 July 2022
10.
Directors Advances, Credits and Guarantees
A director had brought forward interest free advances, which are repayable on demand totalling £28,860. Further advances totalling £20,300 were made during the year and amounts totalling £28,900 were repaid. The advance carried forward is £20,260.
11.
Related Party Transactions
The following related party transactions were undertaken during the year:
A director and shareholder, withdrew amounts totalling £20,300 and introduced amounts totalling £28,900 (2021: withdrew amounts totalling £28,200 and introduced amounts totalling £26,000). At the year end the balance payable by the director was £20,260 (2021: £28,860).
Dividends were paid to the directors in respect of their shareholdings totalling £28,900 (2021: £26,000).
No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
12.
General Information
Majestic Engineering Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01797996
. The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.