2022-12-282023-12-312023-12-31false14558495MAJESTIC RETAIL 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MAJESTIC RETAIL LTD

Registered Number
14558495
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

MAJESTIC RETAIL LTD
Company Information
for the period from 28 December 2022 to 31 December 2023

Director

KHAN, Suhail Malik

Registered Address

25-27 Buckingham Palace Road
London
SW1W 0PP

Registered Number

14558495 (England and Wales)
MAJESTIC RETAIL LTD
Balance Sheet as at
31 December 2023

Notes

2023

£

£

ASSETS
Fixed assets
Tangible assets375,867
75,867
Current assets
Stocks30,000
Debtors386,284
Cash at bank and in hand1,055
417,339
417,339
493,206
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Profit and loss account16,681
16,681
Liabilities
Creditors amounts falling due within one year476,525
493,206
The financial statements were approved and authorised for issue by the Director on 20 September 2024, and are signed on its behalf by:
KHAN, Suhail Malik
Director
Registered Company No. 14558495
MAJESTIC RETAIL LTD
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-15
Fixtures and fittings15-
Office Equipment-4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

2023
Average number of employees during the year26
3.Tangible fixed assets

Total

£
Cost or valuation
Additions78,889
At 31 December 2378,889
Depreciation and impairment
Charge for year3,022
At 31 December 233,022
Net book value
At 31 December 2375,867
At 27 December 22-