Majesty Developments Ltd Filleted accounts for Companies House (small and micro)

Majesty Developments Ltd Filleted accounts for Companies House (small and micro)

MAJESTY DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08508498
Majesty Developments Ltd
Filleted Unaudited Financial Statements
31 May 2023
Majesty Developments Ltd
Financial Statements
Year ended 31 May 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Majesty Developments Ltd
Balance Sheet
31 May 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
4
5,183
–
Cash at bank and in hand
2,752,869
2,756,853
------------
------------
2,758,052
2,756,853
Creditors: amounts falling due within one year
5
( 1,817,983)
( 1,822,131)
------------
------------
Net current assets
940,069
934,722
---------
---------
Total assets less current liabilities
940,069
934,722
---------
---------
Net assets
940,069
934,722
---------
---------
Majesty Developments Ltd
Balance Sheet (continued)
31 May 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
939,969
934,622
---------
---------
Shareholders funds
940,069
934,722
---------
---------
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 Section 1A of 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 profit and loss account has not been delivered.
For the year ending 31 May 2023 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
Mr G Gori
Director
Company registration number: 08508498
Majesty Developments Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
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 and in sterling, which is the functional currency of the entity.
Revenue recognition
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. Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
4. Debtors
2023
2022
£
£
Other debtors
5,183
–
-------
----
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
–
657
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,811,501
1,806,501
Corporation tax
1,254
9,753
Other creditors
5,228
5,220
------------
------------
1,817,983
1,822,131
------------
------------
6. Director's advances, credits and guarantees
During the year, the director had an interest free, repayable on demand loan with the company. At the start of the year he was owed by the company £3,060 and at the end of the year he was owed £3,060.
7. Related party transactions
At the start of the year the company owed its parent company £1,397,521 and at the end of the year owed £1,402,521. The loan is interest free and repayable on demand. At the start of the year the company owed a shareholder £220,490 and at the end of the year owed £220,490. The loan is interest free and repayable on demand. At the start of the year the company owed a shareholder £188,490 and at the end of the year owed £188,490. The loan is interest free and repayable on demand.
8. Parent company
The company's parent company throughout the year was New Investments Ltd.
New Investments Ltd is incorporated in England and its registered office and principal place of business is 7 Bell Yard, London, UK, WC2A 2JR