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Registration number: 07265529

Majestic Care Northwest Ltd

Annual Report and Unaudited Financial Statements

for the Period from 30 May 2022 to 27 May 2023

 

Majestic Care Northwest Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Majestic Care Northwest Ltd

(Registration number: 07265529)
Balance Sheet as at 27 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

196,615

230,269

Current assets

 

Debtors

5

2,449

13,489

Cash at bank and in hand

 

96,831

112,629

 

99,280

126,118

Creditors: Amounts falling due within one year

6

(154,929)

(199,625)

Net current liabilities

 

(55,649)

(73,507)

Total assets less current liabilities

 

140,966

156,762

Creditors: Amounts falling due after more than one year

6

(72,917)

(112,050)

Provisions for liabilities

(11,991)

(15,385)

Net assets

 

56,058

29,327

Capital and reserves

 

Called up share capital

100

100

Retained earnings

55,958

29,227

Shareholders' funds

 

56,058

29,327

 

Majestic Care Northwest Ltd

(Registration number: 07265529)
Balance Sheet as at 27 May 2023

For the financial period ending 27 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 August 2024
 

.........................................
A Cooper
Director

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Central Methodist Church
Hargreaves Street
Burnley
Lancashire
BB11 1DU
England

These financial statements were authorised for issue by the director on 16 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 45 (2022 - 48).

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 30 May 2022

87,000

21,085

161,659

8,758

At 27 May 2023

87,000

21,085

161,659

8,758

Depreciation

At 30 May 2022

-

18,753

20,722

8,758

Charge for the period

-

1,322

32,332

-

At 27 May 2023

-

20,075

53,054

8,758

Carrying amount

At 27 May 2023

87,000

1,010

108,605

-

At 29 May 2022

87,000

2,332

140,937

-

Total
£

Cost or valuation

At 30 May 2022

278,502

At 27 May 2023

278,502

Depreciation

At 30 May 2022

48,233

Charge for the period

33,654

At 27 May 2023

81,887

Carrying amount

At 27 May 2023

196,615

At 29 May 2022

230,269

Included within the net book value of land and buildings above is £87,000 (2022 - £87,000) in respect of long leasehold land and buildings.
 

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

-

13,489

Amounts owed by related parties

8

(10,000)

-

Other debtors

 

12,449

-

   

2,449

13,489

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

62,500

74,700

Taxation and social security

 

83,007

115,272

Accruals and deferred income

 

3,250

2,700

Other creditors

 

6,172

6,953

 

154,929

199,625

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

72,917

112,050

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

72,917

112,050

2023
£

2022
£

Current loans and borrowings

Bank borrowings

62,500

74,700

 

Majestic Care Northwest Ltd

Notes to the Unaudited Financial Statements for the Period from 30 May 2022 to 27 May 2023

8

Related party transactions

Transactions with the director

2023

At 30 May 2022
£

Advances to director
£

Repayments by director
£

At 27 May 2023
£

A Cooper

Loan to be repaid within 9 months

2,398

(54,847)

40,000

(12,449)