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Registration number: 04627753

Majestic Gifts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Majestic Gifts Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Majestic Gifts Limited

Company Information

Directors

Mrs J C Sledmar

Mr T K Sledmar

Company secretary

Mr T K Sledmar

Registered office

Fair Oaks
165 Pondtail Road
HORSHAM
West Sussex
RH12 5HT

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Majestic Gifts Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Majestic Gifts Limited for the year ended 31 March 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Majestic Gifts Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Majestic Gifts Limited and state those matters that we have agreed to state to the Board of Directors of Majestic Gifts Limited, as a body, in this report and for no other reason. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Majestic Gifts Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Majestic Gifts Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Majestic Gifts Limited. You consider that Majestic Gifts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Majestic Gifts Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

22 October 2024

 

Majestic Gifts Limited

(Registration number: 04627753)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

350

1,706

Current assets

 

Stocks

6

27,059

24,312

Cash at bank and in hand

 

196

473

 

27,255

24,785

Creditors: Amounts falling due within one year

7

(99,914)

(85,112)

Net current liabilities

 

(72,659)

(60,327)

Net liabilities

 

(72,309)

(58,621)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(72,409)

(58,721)

Shareholders' deficit

 

(72,309)

(58,621)

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 24 October 2024 and signed on its behalf by:
 

.........................................
Mrs J C Sledmar
Director

 

Majestic Gifts Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Fair Oaks
165 Pondtail Road
HORSHAM
West Sussex
RH12 5HT

These financial statements were authorised for issue by the Board on 24 October 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis as both the directors have demonstrated their willingness to continue to provide such support as the company requires for the foreseeable future. Consequently, the directors believe the going concern basis to be appropriate for the preparation of these financial statements.

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 company has trading losses of £74,045 (2023 - £61,713) to offset against future trading profits.

 

Majestic Gifts Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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

Fixtures and fittings

25% per annum reducing balance

Other tangibles

25% per annum reducing balance

Office equipment

33% per annum 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.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Borrowings

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Majestic Gifts Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,356

1,393

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

6,179

533

6,712

At 31 March 2024

6,179

533

6,712

Depreciation

At 1 April 2023

4,473

533

5,006

Charge for the year

1,356

-

1,356

At 31 March 2024

5,829

533

6,362

Carrying amount

At 31 March 2024

350

-

350

At 31 March 2023

1,706

-

1,706

6

Stocks

2024
£

2023
£

Other inventories

27,059

24,312

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

99,098

84,332

Accruals and deferred income

 

816

780

 

99,914

85,112

 

Majestic Gifts Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

99,098

84,332

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Other payments made to company by director
£

At 31 March 2024
£

Mrs J C Sledmar

Interest free loan

84,332

(360)

15,126

99,098

2023

At 1 April 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 March 2023
£

Mrs J C Sledmar

Interest free loan

70,376

(13,400)

27,356

84,332

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

6,420

-