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Logo On Report
Registered Number: 12391459
England and Wales

 

 

 

MAJESTIC CARPETS & INTERIORS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2021

End date: 31 January 2022
Directors Mohammad Rafiq
Jahangir Khan
Registered Number 12391459
Registered Office 2 Nineveh Road
Birmingham
B21 0TU
1
  2022   2021
    £ £   £ £
Fixed assets   15,579     
Current assets 292,252      259,918   
Creditors: amount falling due within one year (196,343)     (212,733)  
Net current assets   95,909      47,185 
Total assets less current liabilities   111,488      47,185 
Creditors: amount falling due after more than one year   (50,928)     (50,000)
Net assets   60,560      (2,815)
 

         
Capital and reserves   60,560      (2,815)
 
NOTES TO THE ACCOUNTS

General Information
Majestic Carpets & interiors Ltd is a private company, limited by shares, registered in England and Wales, registration number 12391459, registration address 2 Nineveh Road, Birmingham, B21 0TU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 18% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Motor Vehicles   Total
  £   £
At 01 February 2021  
Additions 18,999    18,999 
Disposals  
At 31 January 2022 18,999    18,999 
Depreciation
At 01 February 2021  
Charge for year 3,420    3,420 
On disposals  
At 31 January 2022 3,420    3,420 
Net book values
Closing balance as at 31 January 2022 15,579    15,579 
Opening balance as at 01 February 2021  


3.

Average number of employees

Average number of employees during the year was 5 (2021 : 0).


For the year ended 31 January 2022 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 accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 105, the financial reporting standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 August 2022 and were signed on its behalf by:


--------------------------------
Mohammad Rafiq
Director
2