Registered number
07161296
MAJESTIC FURNISHINGS LIMITED
Filleted Accounts
28 February 2023
MAJESTIC FURNISHINGS LIMITED
Registered number: 07161296
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 245,438 255,425
Current assets
Stocks 1,398,511 980,857
Debtors 4 136,344 117,404
1,534,855 1,098,261
Creditors: amounts falling due within one year 5 (356,231) (156,014)
Net current assets 1,178,624 942,247
Total assets less current liabilities 1,424,062 1,197,672
Creditors: amounts falling due after more than one year 6 (1,010,650) (803,393)
Net assets 413,412 394,279
Capital and reserves
Called up share capital 100 100
Profit and loss account 413,312 394,179
Shareholders' funds 413,412 394,279
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sabir Patel
Director
Approved by the board on 15 November 2023
MAJESTIC FURNISHINGS LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 275,421 49,187 15,955 340,563
Additions - 5,169 - 5,169
At 28 February 2023 275,421 54,356 15,955 345,732
Depreciation
At 1 March 2022 36,401 44,748 3,989 85,138
Charge for the year 5,508 5,659 3,989 15,156
At 28 February 2023 41,909 50,407 7,978 100,294
Net book value
At 28 February 2023 233,512 3,949 7,977 245,438
At 28 February 2022 239,020 4,439 11,966 255,425
4 Debtors 2023 2022
£ £
Trade debtors 38,722 42,271
Other debtors 97,622 75,133
136,344 117,404
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 196,884 95,074
Trade creditors 71,827 54,090
Taxation and social security costs 39,600 6,827
Other creditors 47,920 23
356,231 156,014
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 1,010,650 803,393
7 Controlling party
There is no ultimate controlling party.
8 Other information
MAJESTIC FURNISHINGS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
152 Savile Road
Dewsbury
West Yorkshire
WF12 9LR
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