17 false false false false false false false false false false true false false true true true true true No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 175,000 175,000 xbrli:pure xbrli:shares iso4217:GBP SC411538 2023-04-01 2024-03-31 SC411538 2024-03-31 SC411538 2023-03-31 SC411538 2022-04-01 2023-03-31 SC411538 2023-03-31 SC411538 2022-03-31 SC411538 core:PlantMachinery 2023-04-01 2024-03-31 SC411538 core:FurnitureFittings 2023-04-01 2024-03-31 SC411538 core:MotorVehicles 2023-04-01 2024-03-31 SC411538 core:NetGoodwill 2023-04-01 2024-03-31 SC411538 bus:RegisteredOffice 2023-04-01 2024-03-31 SC411538 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 SC411538 bus:Director1 2023-04-01 2024-03-31 SC411538 bus:Director2 2023-04-01 2024-03-31 SC411538 bus:Director3 2023-04-01 2024-03-31 SC411538 bus:Director4 2023-04-01 2024-03-31 SC411538 bus:Director5 2023-04-01 2024-03-31 SC411538 bus:Director6 2023-04-01 2024-03-31 SC411538 core:NetGoodwill 2024-03-31 SC411538 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 SC411538 core:PlantMachinery 2023-03-31 SC411538 core:FurnitureFittings 2023-03-31 SC411538 core:MotorVehicles 2023-03-31 SC411538 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 SC411538 core:PlantMachinery 2024-03-31 SC411538 core:FurnitureFittings 2024-03-31 SC411538 core:MotorVehicles 2024-03-31 SC411538 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 SC411538 core:WithinOneYear 2024-03-31 SC411538 core:WithinOneYear 2023-03-31 SC411538 core:AfterOneYear 2024-03-31 SC411538 core:AfterOneYear 2023-03-31 SC411538 core:ShareCapital 2024-03-31 SC411538 core:ShareCapital 2023-03-31 SC411538 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC411538 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC411538 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 SC411538 core:PlantMachinery 2023-03-31 SC411538 core:FurnitureFittings 2023-03-31 SC411538 bus:SmallEntities 2023-04-01 2024-03-31 SC411538 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC411538 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC411538 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC411538 bus:FullAccounts 2023-04-01 2024-03-31 SC411538 core:OfficeEquipment 2023-04-01 2024-03-31 SC411538 core:OfficeEquipment 2023-03-31 SC411538 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: SC411538
THE MAJESTIC LINE (SCOTLAND) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
THE MAJESTIC LINE (SCOTLAND) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
THE MAJESTIC LINE (SCOTLAND) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Dr K. Grant
Mr A. Thoms
M Marini
C M Thoms
M T Thoms
Mr C Craig
Registered office
18 Highland Avenue
Sandbank
Dunoon
Scotland
United Kingdom
PA23 8PB
Accountants
TC BSG Valentine Limited
Chartered accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
THE MAJESTIC LINE (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
3,756,852
3,843,181
CURRENT ASSETS
Debtors
7
2,249,708
2,700,795
Cash at bank and in hand
1,924,940
2,086,383
------------
------------
4,174,648
4,787,178
CREDITORS: amounts falling due within one year
8
( 4,763,970)
( 5,257,631)
------------
------------
NET CURRENT LIABILITIES
( 589,322)
( 470,453)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,167,530
3,372,728
CREDITORS: amounts falling due after more than one year
9
( 1,146,729)
( 1,741,902)
------------
------------
NET ASSETS
2,020,801
1,630,826
------------
------------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
2,019,801
1,629,826
------------
------------
SHAREHOLDERS FUNDS
2,020,801
1,630,826
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
THE MAJESTIC LINE (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr C Craig
Director
Company registration number: SC411538
THE MAJESTIC LINE (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 Highland Avenue, Sandbank, Dunoon, Scotland, PA23 8PB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Vessel
-
Over 40 years
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 17 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
175,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
175,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Vessel
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
4,493,134
98,165
16,062
10,078
32,677
4,650,116
Additions
28,257
24,128
1,345
53,730
------------
---------
--------
--------
--------
------------
At 31 Mar 2024
4,521,391
122,293
16,062
10,078
34,022
4,703,846
------------
---------
--------
--------
--------
------------
Depreciation
At 1 Apr 2023
705,221
65,990
8,306
10,078
17,340
806,935
Charge for the year
113,035
18,129
2,781
6,114
140,059
------------
---------
--------
--------
--------
------------
At 31 Mar 2024
818,256
84,119
11,087
10,078
23,454
946,994
------------
---------
--------
--------
--------
------------
Carrying amount
At 31 Mar 2024
3,703,135
38,174
4,975
10,568
3,756,852
------------
---------
--------
--------
--------
------------
At 31 Mar 2023
3,787,913
32,175
7,756
15,337
3,843,181
------------
---------
--------
--------
--------
------------
7. Debtors
2024
2023
£
£
Trade debtors
2,207,687
2,658,494
Other debtors
42,021
42,301
------------
------------
2,249,708
2,700,795
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
346,666
346,666
Trade creditors
126,242
62,426
Social security and other taxes
3,656
13,911
Other creditors
4,287,406
4,834,628
------------
------------
4,763,970
5,257,631
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,146,729
1,591,730
Other creditors
150,172
------------
------------
1,146,729
1,741,902
------------
------------