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Registered Number: 11222462
England and Wales

 

 

 

MAJOR GROUP DEVELOPMENTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
Directors BRADLEY John David
John David Bradley
Registered Number 11222462
Registered Office JUNIPER HOUSE WARLEY HILL BUSINESS PARK
THE DRIVE BRENTWOOD
CM13 3BE
Accountants Versa Tax Solutions Ltd
9 Corbets Tey Road
Upminster
Essex
RM14 2AP
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 29 February 2024
Principal activities
The companys principal activity during the year was the Buying and selling of own real estate & Other letting and operating of own or leased real estate.
Directors
The directors who served the company throughout the year were as follows:
BRADLEY John David
John David Bradley
Mathew Allan Game
Ricky Aaron Millard
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
BRADLEY John David
Director

Date approved: 20 August 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 29 February 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Versa Tax Solutions Ltd
29 February 2024



....................................................
Versa Tax Solutions Ltd
9 Corbets Tey Road
Upminster
Essex
RM14 2AP
20 August 2024
3
 
 
Notes
 
2024
£
  2023
£
Turnover 59,704    63,817 
Cost of sales (1,801)  
Gross profit 57,903    63,817 
Administrative expenses (12,369)   (8,678)
Operating profit 45,534    55,139 
Other interest receivable and similar income 15    3,532 
Interest payable and similar charges (47,867)   (74,262)
Profit/(Loss) on ordinary activities before taxation (2,318)   (15,591)
Tax on profit on ordinary activities  
Profit/(Loss) for the financial year (2,318)   (15,591)
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,171,552    1,171,552 
Investments 4 141    141 
1,171,693    1,171,693 
Current assets      
Debtors 5 360,613    316,518 
Cash at bank and in hand 101    1,978 
360,714    318,496 
Creditors: amount falling due within one year 6 (946,117)   (898,923)
Net current assets (585,403)   (580,427)
 
Total assets less current liabilities 586,290    591,266 
Creditors: amount falling due after more than one year 7 (530,817)   (533,475)
Net assets 55,473    57,791 
 

Capital and reserves
     
Called up share capital 60    60 
Reserves 8 168,533    168,533 
Profit and loss account (113,120)   (110,802)
Shareholders' funds 55,473    57,791 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 20 August 2024 and were signed on its behalf by:


-------------------------------
BRADLEY John David
Director
5
  Equity share capital   Revaluation reserve   Retained Earnings   Total
£ £ £ £
At 01 March 2022 60  168,533  (95,211) 73,382 
Profit for the year (15,591) (15,591)
Total comprehensive income for the year (15,591) (15,591)
Total investments by and distributions to owners
At 28 February 2023 60  168,533  (110,802) 57,791 
At 01 March 2023 60  168,533  (110,802) 57,791 
Profit for the year (2,318) (2,318)
Total comprehensive income for the year (2,318) (2,318)
Total investments by and distributions to owners
At 29 February 2024 60  168,533  (113,120) 55,473 
6
General Information
MAJOR GROUP DEVELOPMENTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11222462, registration address JUNIPER HOUSE WARLEY HILL BUSINESS PARK, THE DRIVE BRENTWOOD, CM13 3BE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0 Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 March 2023 1,171,552    1,171,552 
Additions  
Disposals  
At 29 February 2024 1,171,552    1,171,552 
Depreciation
At 01 March 2023  
Charge for year  
On disposals  
At 29 February 2024  
Net book values
Closing balance as at 29 February 2024 1,171,552    1,171,552 
Opening balance as at 01 March 2023 1,171,552    1,171,552 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 March 2023 141    141 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 29 February 2024 141    141 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income (2,640)   2,490 
Other Debtors 363,253    314,028 
360,613    316,518 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 1,380    1,380 
Bank Loans & Overdrafts 7,233    10,000 
Accrued Expenses 1,680    1,680 
Other Creditors 441,290    473,569 
Directors' Current Accounts 494,534    412,294 
946,117    898,923 

7.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 530,817    533,475 
530,817    533,475 

8.

Reserves

2024
£
  2023
£
Revaluation Reserve b/fwd 168,533    168,533 
168,533    168,533 

9.

Director’s loan

Director Current Account

At the year end, the company owed £ 494,534 (2023: £412,294) to the director in respect of a directors loan.
The loan is provided interest free and repayable upon demand

7