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REGISTERED NUMBER: 01829898 (England and Wales)
























Major Machine Tools Limited

Financial Statements for the Year Ended 31st October 2023






Major Machine Tools Limited (Registered number: 01829898)

Contents of the Financial Statements
for the Year Ended 31st October 2023










Page

Company information 1

Abridged balance sheet 2

Notes to the financial statements 4


Major Machine Tools Limited

Company Information
for the Year Ended 31st October 2023







Directors: A J Major
Mrs F A Major





Registered office: Poyntz House
Harlestone Road
Chapel Brampton
Northampton
NN6 8AW





Registered number: 01829898 (England and Wales)





Accountants: A.J. Lewis
Chartered Accountant
Lewis & Son Accountants Limited
37 Stoke Road
Blisworth
Northampton
NN7 3BZ

Major Machine Tools Limited (Registered number: 01829898)

Abridged Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 3 56,071 72,863

Current assets
Stocks 105,530 86,266
Debtors 10,464 30,615
Cash at bank 355,362 387,378
471,356 504,259
Creditors
Amounts falling due within one year 94,121 115,421
Net current assets 377,235 388,838
Total assets less current liabilities 433,306 461,701

Creditors
Amounts falling due after more than one
year

(7,288

)

(24,780

)

Provisions for liabilities (264 ) (1,680 )
Net assets 425,754 435,241

Capital and reserves
Called up share capital 1,500 1,500
Retained earnings 424,254 433,741
425,754 435,241

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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.

Major Machine Tools Limited (Registered number: 01829898)

Abridged Balance Sheet - continued
31st October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31st October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2024 and were signed on its behalf by:





A J Major - Director


Major Machine Tools Limited (Registered number: 01829898)

Notes to the Financial Statements
for the Year Ended 31st October 2023


1. 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.

Revenue recognition
The company recognises revenue to the extent that it obtains the right to consideration in exchange for its performance under contract. The right to consideration arises when some, but not necessarily all, of the contractual obligations have been fulfilled.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Major Machine Tools Limited (Registered number: 01829898)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


1. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between the contributions payable and the contributions actually paid in the year are shown as either accruals or prepayments at the year end.

2. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

3. Tangible fixed assets
Totals
£   
Cost
At 1st November 2022 163,534
Additions 387
At 31st October 2023 163,921
Depreciation
At 1st November 2022 90,671
Charge for year 17,179
At 31st October 2023 107,850
Net book value
At 31st October 2023 56,071
At 31st October 2022 72,863