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REGISTERED NUMBER: 04231983 (England and Wales)









Financial Statements

for the Year Ended 31 December 2023

for

Majortown Limited

Majortown Limited (Registered number: 04231983)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Majortown Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: F Sidoli
M K Rodwell





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 04231983 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

Majortown Limited (Registered number: 04231983)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 10,059,192 10,030,000

CURRENT ASSETS
Debtors 5 224 17,861
Cash at bank 291,091 460,791
291,315 478,652
CREDITORS
Amounts falling due within one year 6 (2,157,570 ) (4,805,659 )
NET CURRENT LIABILITIES (1,866,255 ) (4,327,007 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,192,937

5,702,993

CREDITORS
Amounts falling due after more than one
year

7

(9,553,952

)

(7,090,000

)
NET LIABILITIES (1,361,015 ) (1,387,007 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,361,115 ) (1,387,107 )
SHAREHOLDERS' FUNDS (1,361,015 ) (1,387,007 )

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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





M K Rodwell - Director


Majortown Limited (Registered number: 04231983)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Majortown 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
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 as modified by the revaluation of certain assets.

Turnover
Income comprises rent receivable from investment properties net of value added tax and is recognised on an accruals basis. Benefits provided to lessees in the form of rent free periods and capital contributions are treated as a reduction in the overall return on the lease and are recognised on a straight line basis over the full term of the lease.

Investment property
Initial measurement
Investment properties are initially measured at cost.

Subsequent measurement
Investment properties are measured at fair value at each reporting date with changes in fair values recognised in profit or loss. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern
At the year end, the company had a net liability position which resulted from a downward revaluation of the company's investment properties. The company continues to be operationally profitable and therefore the financial statements have been prepared on going concern basis.

3. EMPLOYEES AND DIRECTORS

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

Majortown Limited (Registered number: 04231983)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 10,030,000
Additions 29,192
At 31 December 2023 10,059,192
NET BOOK VALUE
At 31 December 2023 10,059,192
At 31 December 2022 10,030,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 10,059,192

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 12,992,513 12,963,321

The investment properties were valued on a fair value basis on 31 December 2023 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,025
Prepayments & accrued income 224 16,836
224 17,861

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 4,500,000
Trade creditors 23,945 11,911
Tax 7,993 44,733
Value added tax 37,529 45,817
Other creditors 1,800,000 -
Accruals & deferred income 288,103 203,198
2,157,570 4,805,659

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 2,500,000 -
Loan arrangement fees (36,048 ) -
Director's loan account 7,090,000 7,090,000
9,553,952 7,090,000

Majortown Limited (Registered number: 04231983)

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

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,500,000 4,500,000

The bank loans are secured by legal mortgages over the company's properties.