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REGISTERED NUMBER: 02593069 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

FOR

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: S J Oxenham
Mrs D J Oxenham





SECRETARY: Mrs D J Oxenham





REGISTERED OFFICE: Westgate House
87 St Dunstan's Street
Canterbury
Kent
CT2 8AE





REGISTERED NUMBER: 02593069 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
Chartered Accountants
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,365 32,560

CURRENT ASSETS
Debtors 5 161,753 314,946
Cash at bank and in hand 173,165 112,820
334,918 427,766
CREDITORS
Amounts falling due within one year 6 148,425 282,377
NET CURRENT ASSETS 186,493 145,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

223,858

177,949

CREDITORS
Amounts falling due after more than one
year

7

21,490

31,439
NET ASSETS 202,368 146,510

CAPITAL AND RESERVES
Called up share capital 9 27,501 27,501
Share premium 10 17,500 17,500
Retained earnings 10 157,367 101,509
SHAREHOLDERS' FUNDS 202,368 146,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

BALANCE SHEET - continued
30TH APRIL 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 Board of Directors and authorised for issue on 17th January 2024 and were signed on its behalf by:




Mrs D J Oxenham - Director



S J Oxenham - Director


MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023


1. STATUTORY INFORMATION

Majestic International Freight Forwarding 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 company's functional currency is the Pound Sterling (£).

The company's principal activities are shipping and forwarding agents.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Government Grants
Government grants have been received by the company in the year. Grant income is not recognised until there is reasonable assurance that the entity will adhere to the conditions which are attached to the grant. There must also be reasonable assurance that the grant will be received by the entity in order to recognise the grant in the financial statements,

The accounting policy for recognising grant income adopted by the company is the accrual model:-

Revenue-based grant
Grant monies receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs have been recognised in the period in which they are received or become receivable.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost


MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st May 2022 20,994 52,023 73,017
Additions 17,522 - 17,522
At 30th April 2023 38,516 52,023 90,539
DEPRECIATION
At 1st May 2022 13,375 27,082 40,457
Charge for year 6,345 6,372 12,717
At 30th April 2023 19,720 33,454 53,174
NET BOOK VALUE
At 30th April 2023 18,796 18,569 37,365
At 30th April 2022 7,619 24,941 32,560

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST
At 1st May 2022
and 30th April 2023 8,513
DEPRECIATION
At 1st May 2022 5,109
Charge for year 1,703
At 30th April 2023 6,812
NET BOOK VALUE
At 30th April 2023 1,701
At 30th April 2022 3,404

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 152,202 303,324
VAT 771 2,036
Prepayments 8,780 9,586
161,753 314,946

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,973 9,727
Hire purchase contracts - 236
Trade creditors 120,030 253,973
Tax 13,651 8,974
Income tax on interest 540 540
Social security and other taxes 2,801 3,894
Directors' loan account (5,717 ) (581 )
Pensions payable 965 816
Accrued expenses 6,182 4,798
148,425 282,377

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,225 9,973
Bank loans - 2-5 years 11,265 21,466
21,490 31,439

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 31,463 41,166
Hire purchase contracts - 236
31,463 41,402

There is a bank overdraft facility in place which is secured by a charge over the Company's asset and guarantees from the Directors.
The Hire Purchase contract is secured over the asset concerned.
The Bounce Back Loan is guaranteed by the government.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
27,501 Ordinary £1 27,501 27,501

MAJESTIC INTERNATIONAL FREIGHT
FORWARDING LIMITED (REGISTERED NUMBER: 02593069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1st May 2022 101,509 17,500 119,009
Profit for the year 55,858 55,858
At 30th April 2023 157,367 17,500 174,867

11. OTHER FINANCIAL COMMITMENTS

Pension
The company contributes to personal pension plans for each individual employee. The amount outstanding at year end amounted to £965 (2022: £816).