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Registered number: 10466853
Majestic Living Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10466853
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 144,262 144,262
Investment Properties 5 63,738 -
208,000 144,262
CURRENT ASSETS
Debtors 6 935 -
Cash at bank and in hand 9,505 29,724
10,440 29,724
Creditors: Amounts Falling Due Within One Year 7 (72,781 ) (92,152 )
NET CURRENT ASSETS (LIABILITIES) (62,341 ) (62,428 )
TOTAL ASSETS LESS CURRENT LIABILITIES 145,659 81,834
Creditors: Amounts Falling Due After More Than One Year 8 (139,046 ) (139,046 )
NET ASSETS/(LIABILITIES) 6,613 (57,212 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair Value Reserve 10 63,738 -
Profit and Loss Account (57,225 ) (57,312 )
SHAREHOLDERS' FUNDS 6,613 (57,212)
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Jotshna Patel
Director
21/08/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Majestic Living Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10466853 . The registered office is 5 Carlton Close, Newport Pagnell, MK16 9AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
4. Tangible Assets
Land & Property
Freehold
£
Cost or Valuation
As at 1 December 2022 144,262
As at 30 November 2023 144,262
Net Book Value
As at 30 November 2023 144,262
As at 1 December 2022 144,262
Page 3
Page 4
5. Investment Property
2023
£
Fair Value
As at 1 December 2022 -
Fair value adjustments 63,738
As at 30 November 2023 63,738
6. Debtors
2023 2022
£ £
Due within one year
Deposits Held by Total Property 935 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Tenant Deposit held 935 -
Accruals and deferred income 550 550
Directors' loan accounts 71,296 91,602
72,781 92,152
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 139,046 139,046
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
Transfer to profit and loss 63,738
As at 30 November 2023 63,738
Page 4