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Registered Number: 11352446
England and Wales

 

 

 

MASAJ LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Directors S A Crawley
A L C Vaughan
H Crawley
W Zeqiri
Registered Number 11352446
Registered Office International House,
6 Canterbury Crescent,
London
SW9 7QE
Accountants Blue Peak Consulting Ltd
Wyvols Court
Basingstoke Road
Berkshire
United Kingdom
RG7 1WY
1
Director's report and financial statements
The directors present their annual report and financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the company during the year under review was the provision of massage services.
Directors
The directors who served the company throughout the year were as follows:
S A Crawley
A L C Vaughan
H Crawley
W Zeqiri
Statement of directors' responsibilities
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board and signed on its behalf by:


----------------------------------
S A Crawley
Director

Date approved: 23 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 217,473    89,798 
217,473    89,798 
Current assets      
Stocks 4 411   
Debtors 5 150,879    36,186 
Cash at bank and in hand 240,843    25,551 
392,133    61,737 
Creditors: amount falling due within one year 6 (488,809)   (231,147)
Net current liabilities (96,676)   (169,410)
 
Total assets less current liabilities 120,797    (79,612)
Creditors: amount falling due after more than one year 7 (151,607)   (75,671)
Net liabilities (30,810)   (155,283)
 

Capital and reserves
     
Called up share capital 8 1,518    1,000 
Share premium account 9 399,482   
Profit and loss account (431,810)   (156,283)
Shareholder's funds (30,810)   (155,283)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 February 2024 and were signed on its behalf by:


-------------------------------
S A Crawley
Director
3
Company information
Masaj Limited is a private company limited by shares incorporated in England and Wales. The registered office is 145 Unthank Road, Norwich, NR2 2PE.
1.

Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.


The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.


When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.


Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.


Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff  rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.


Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold Improvements 25 % Straight Line
Fixtures and Fittings 25 % Straight Line
Computer Equipment 25 % Straight Line
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.


A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.


Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.


If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.


Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.


The cost of any unused holiday entitlement is recognised in the period in which the employees services are received.


Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Preference shares
The company's preference shares are treated as a financial liability since they are subject to mandatory redemption for a fixed or determinable amount at a fixed or determinable time and are thus included in creditors in the statement of financial position rather than as part of the company's issued share capital.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.


Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.


Financial assets and 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.



Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 13 (2022 : 6).
3.

Tangible fixed assets

Cost or valuation Leasehold Improvements   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 June 2022 97,228    32,832    4,521    134,581 
Additions 159,263    18,810    9,496    187,569 
Disposals   (74)     (74)
At 31 May 2023 256,491    51,568    14,017    322,076 
Depreciation
At 01 June 2022 21,731    21,956    1,096    44,783 
Charge for year 47,949    9,597    2,294    59,840 
On disposals   (20)     (20)
At 31 May 2023 69,680    31,533    3,390    104,603 
Net book values
Closing balance as at 31 May 2023 186,811    20,035    10,627    217,473 
Opening balance as at 01 June 2022 75,497    10,876    3,425    89,798 


4.

Stocks

2023
£
  2022
£
Stocks 411   
411   

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 3,959   
Amount Owed by Group Undertakings 10,283    10,283 
Prepayments & Accrued Income 34,591    15,853 
Other Debtors 37,046    10,050 
Accrued Income 65,000   
150,879    36,186 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 115,781    27,089 
Bank Loans & Overdrafts (Secured) 144,804    9,673 
PAYE & Social Security 9,725    947 
VAT 5,715    29,333 
Accrued Expenses 10,583    2,043 
Other Creditors 6,434    279 
Income in Advance 71,376    57,608 
Directors' Current Accounts 124,391    104,175 
488,809    231,147 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured) 151,607    75,671 
151,607    75,671 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1,032 shares of £1.00 each 1,032    1,000 
486 shares of £1.00 each 486   
1,518    1,000 

9.

Share premium account

2023
£
  2022
£
Equity Share Premium - New Issue 24,968   
Preference Share Premium - New Issue 374,514   
399,482   

10.

Judgements and key sources of estimation uncertainty

In the application of the companys accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4