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COMPANY REGISTRATION NUMBER: 2566836
Major Equipment Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
Major Equipment Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
15,655
7,471
Current assets
Stocks
379,333
306,273
Debtors
6
896,867
1,630,092
Cash at bank and in hand
117,870
1,121,574
------------
------------
1,394,070
3,057,939
Creditors: amounts falling due within one year
7
1,379,444
3,036,778
------------
------------
Net current assets
14,626
21,161
--------
--------
Total assets less current liabilities
30,281
28,632
--------
--------
Net assets
30,281
28,632
--------
--------
Capital and reserves
Called up share capital
2
2
Other reserves
24,100
24,100
Profit and loss account
6,179
4,530
--------
--------
Shareholders funds
30,281
28,632
--------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Major Equipment Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mrs A Lecky
Director
Company registration number: 2566836
Major Equipment Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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:
Plant and equipment
-
15% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
£
Cost
At 1 January 2023
144,445
Additions
12,000
Disposals
( 81,422)
---------
At 31 December 2023
75,023
---------
Depreciation
At 1 January 2023
136,974
Charge for the year
3,816
Disposals
( 81,422)
---------
At 31 December 2023
59,368
---------
Carrying amount
At 31 December 2023
15,655
---------
At 31 December 2022
7,471
---------
6. Debtors
2023
2022
£
£
Trade debtors
874,681
1,615,095
Prepayments and accrued income
22,186
14,997
---------
------------
896,867
1,630,092
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,216,401
2,614,467
Accruals and deferred income
33,940
31,700
Social security and other taxes
105,892
361,681
Director loan accounts
23,211
28,930
------------
------------
1,379,444
3,036,778
------------
------------
8. Related party transactions
During the year the company purchased goods and services from Major Equipment (Intl) Limited to the amount of £7,608,232 (2022 £8,432,224). The company also sold goods to the amount of £8,617 (2022 £4,249) to Major Equipment (Intl) Limited during the year. Major Equipment (Intl) Limited is ultimately controlled by three of the four directors of Major Equipment Limited and their father. These purchases and sales were at normal market price.