Registered number
09958673
Majendie Homes Ltd
Filleted Accounts
31 January 2024
Majendie Homes Ltd
Registered number: 09958673
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 375,000 375,000
Current assets
Work in progress 6,749 6,749
Cash at bank and in hand 574 574
7,323 7,323
Creditors: amounts falling due within one year 4 (315,614) (315,494)
Net current liabilities (308,291) (308,171)
Total assets less current liabilities 66,709 66,829
Provisions for liabilities (9,520) (9,520)
Net assets 57,189 57,309
Capital and reserves
Called up share capital 100 100
Profit and loss account - non distributable 60,013 60,013
Profit and loss account - distributable (2,924) (2,804)
Shareholders' funds 57,189 57,309
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.
Robert Barker
Director
Approved by the board on 30 October 2024
Majendie Homes Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
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).
Profit and loss account reserves
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.
Freehold Investment Policy
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.
Work in progress
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.
Debtors
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.
Creditors
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.
Taxation
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Fair value
At 1 February 2023 375,000
At 31 January 2024 375,000
Historical cost
At 1 February 2023 305,446
At 31 January 2024 305,446
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.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 326 326
Other creditors 315,288 315,168
315,614 315,494
5 Other information
Majendie Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit G
Willow House
Dragonfly Place
London
SE4 2FJ
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