Majendie Homes Ltd |
Registered number: |
09958673 |
Balance Sheet |
as at 31 January 2024 |
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Notes |
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2024 |
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2023 |
£ |
£ |
Fixed assets |
Investments |
3 |
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375,000 |
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375,000 |
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Current assets |
Work in progress |
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6,749 |
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6,749 |
Cash at bank and in hand |
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574 |
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574 |
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7,323 |
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7,323 |
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Creditors: amounts falling due within one year |
4 |
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(315,614) |
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(315,494) |
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Net current liabilities |
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(308,291) |
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(308,171) |
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Total assets less current liabilities |
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66,709 |
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66,829 |
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Provisions for liabilities |
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(9,520) |
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(9,520) |
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Net assets |
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57,189 |
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57,309 |
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Capital and reserves |
Called up share capital |
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100 |
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100 |
Profit and loss account - non distributable |
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60,013 |
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60,013 |
Profit and loss account - distributable |
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(2,924) |
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(2,804) |
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Shareholders' funds |
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57,189 |
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57,309 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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Robert Barker |
Director |
Approved by the board on 30 October 2024 |
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Majendie Homes Ltd |
Notes to the Accounts |
for the year ended 31 January 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Profit and loss account reserves |
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The profit and loss reserve comprises distributable and non distributable reserves. The distributable and non distributable components are separately disclosed on the balance sheet and in the statement of changes in equity statement. |
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Freehold Investment Policy |
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Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties. Investment properties in the course of redevelopment are carried at fair value. |
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Work in progress |
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Costs incurred in connection with proposed developments of the investment property are recognised as work in progress until such time as either the proposed developments commence or plans are discontinued. Work in progress is valued at the lower of cost and net realisable value. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Investments |
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Other |
investments |
£ |
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Fair value |
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At 1 February 2023 |
375,000 |
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At 31 January 2024 |
375,000 |
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Historical cost |
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At 1 February 2023 |
305,446 |
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At 31 January 2024 |
305,446 |
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The freehold investment property was acquired on 25 January 2016 and is currently being redeveloped. The property was revalued by the directors on the basis of the open market value of the land and property with the planning status and condition at the balance sheet date. |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
326 |
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326 |
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Other creditors |
315,288 |
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315,168 |
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315,614 |
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315,494 |
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5 |
Other information |
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Majendie Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit G |
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Willow House |
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Dragonfly Place |
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London |
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SE4 2FJ |