Major Diamond Supplies Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06053165 (England and Wales)

Major Diamond Supplies Limited

Unaudited Financial Statements

for the Year Ended 31st March 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

R S Major

Mrs S J Major

SECRETARY:

Mrs S J Major

REGISTERED OFFICE:

39 Church Street

Rothersthorpe

Northamptonshire

NN7 3JD

REGISTERED NUMBER:

06053165 (England and Wales)

ACCOUNTANTS:

Cheney & Co

310 Wellingborough Road

Northampton

NN1 4EP

FIXED ASSETS

Tangible assets

5

32,159

42,922

CURRENT ASSETS

Debtors

6

263,866

154,534

Cash at bank

267,500

400,605

531,366

555,139

CREDITORS

Amounts falling due within one year

7

191,379

194,399

NET CURRENT ASSETS

339,987

360,740

TOTAL ASSETS LESS CURRENT LIABILITIES

372,146

403,662

PROVISIONS FOR LIABILITIES

8

2,400

5,300

NET ASSETS

369,746

398,362

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

369,646

398,262

SHAREHOLDERS' FUNDS

369,746

398,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th June 2023 and were signed on its behalf by:

R S Major - Director

1.	STATUTORY INFORMATION

Major Diamond Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company in the year under review was that of the sale and hire of drilling and cutting equipment.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistency applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1st April 2022

and 31st March 2023

52,250

96,122

2,302

150,674

DEPRECIATION

At 1st April 2022

52,250

53,345

2,157

107,752

Charge for year

-

10,691

72

10,763

At 31st March 2023

52,250

64,036

2,229

118,515

NET BOOK VALUE

At 31st March 2023

-

32,086

73

32,159

At 31st March 2022

-

42,777

145

42,922

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

169,995

90,308

Amounts owed by associates

89,634

-

Other debtors

4,237

64,226

263,866

154,534

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

112,940

59,000

Amounts owed to associates

-

34,761

Taxation and social security

24,398

46,628

Other creditors

54,041

54,010

191,379

194,399

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

2,400

5,300

Deferred

tax

£

Balance at 1st April 2022

5,300

Provided during year

(2,900

)

Balance at 31st March 2023

2,400

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

10.	CONTINGENT LIABILITIES

There were no contingent liabilities as at 31st March 2023 or at 31st March 2022.

.

11.	CAPITAL COMMITMENTS

There were no capital commitments as at 31st March 2023 or at 31st March 2022.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2023 and 31st March 2022:

2023

2022

£

£

R S Major and Mrs S J Major

Balance outstanding at start of year

60,252

122,065

Amounts repaid

(60,252

)

(61,813

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

60,252

No interest has been charged on this amount, which has been repaid within 9 months of the year end.