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REGISTERED NUMBER: 05616744 (England and Wales)









MAJOR STYLES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAJOR STYLES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: R Patel





SECRETARY: Mrs R Patel





REGISTERED OFFICE: 64 Sloper Road
Cardiff
CF11 8AB





REGISTERED NUMBER: 05616744 (England and Wales)






MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 188,304 180,762

CURRENT ASSETS
Stocks 5 2,800 3,000
Debtors 6 141,398 161,518
Cash at bank 589,706 345,003
733,904 509,521
CREDITORS
Amounts falling due within one year 7 343,547 247,639
NET CURRENT ASSETS 390,357 261,882
TOTAL ASSETS LESS CURRENT
LIABILITIES

578,661

442,644

CREDITORS
Amounts falling due after more than one
year

8

(69,071

)

(81,870

)

PROVISIONS FOR LIABILITIES 11 (4,914 ) (3,256 )
NET ASSETS 504,676 357,518

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 504,675 357,517
SHAREHOLDERS' FUNDS 504,676 357,518

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

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

The director acknowledges his 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.

MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

BALANCE SHEET - continued
31 JANUARY 2023


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 director and authorised for issue on 11 October 2023 and were signed by:





R Patel - Director


MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Major Styles 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover represents sales of goods and diagnostic services rendered by the company, excluding value added tax recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over term of lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.


MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued
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 leases.

Assets under hire purchase are classified as such whenever the terms of the agreement transfer substatially all the risks and rewards of ownership to the lessees.

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.

MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

Cash & cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2022 3,513 209,324 74,233
Additions - 67,077 3,403
At 31 January 2023 3,513 276,401 77,636
DEPRECIATION
At 1 February 2022 3,513 143,460 60,251
Charge for year - 33,235 4,347
At 31 January 2023 3,513 176,695 64,598
NET BOOK VALUE
At 31 January 2023 - 99,706 13,038
At 31 January 2022 - 65,864 13,982

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2022 118,268 3,218 408,556
Additions - - 70,480
At 31 January 2023 118,268 3,218 479,036
DEPRECIATION
At 1 February 2022 18,954 1,616 227,794
Charge for year 24,828 528 62,938
At 31 January 2023 43,782 2,144 290,732
NET BOOK VALUE
At 31 January 2023 74,486 1,074 188,304
At 31 January 2022 99,314 1,602 180,762

MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

5. STOCKS
2023 2022
£    £   
Stocks 2,800 3,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 139,398 159,518
Prepayments 2,000 2,000
141,398 161,518

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) - 958
Other loans (see note 9) 34,028 43,734
Hire purchase contracts (see note 10) 17,380 21,960
Trade creditors 115,395 99,443
Tax 48,849 11,153
Social security and other taxes 3,643 3,634
Pension payable 911 1,471
VAT 28,778 9,259
Directors' current accounts 90,382 51,807
Accrued expenses 4,181 4,220
343,547 247,639

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 69,071 81,870

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 958
Bank Loans < 1 year 10,648 10,648
Bank Loans > 1 year 23,380 33,086
34,028 44,692

MAJOR STYLES LIMITED (REGISTERED NUMBER: 05616744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 17,380 21,960
Between one and five years 69,071 81,870
86,451 103,830

Non-cancellable operating leases
2023 2022
£    £   
Within one year 47,380 51,960

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 4,914 3,256

Deferred
tax
£   
Balance at 1 February 2022 3,256
Balance at 31 January 2023 3,256

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the reporting date the company owed £90,382 (2022:£51,807), to the directors of the company. This balance is included within creditors.

The directors operate an interest free loan account with the company which is repayable on demand.

13. RELATED PARTY DISCLOSURES

The company paid rent of £30,000 to a company in which Mr R Patel's father holds interest.