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Company Registration No. 09952427 (England and Wales)
Majestic Construction Limited Unaudited accounts for the year ended 31 March 2024
Majestic Construction Limited Unaudited accounts Contents
Page
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Majestic Construction Limited Company Information for the year ended 31 March 2024
Director
Alan John Daysh
Company Number
09952427 (England and Wales)
Registered Office
5 Scrub Lane Benfleet Essex SS7 2JA England
Accountants
Lo Roche Business Services Ltd 5 Scrub Lane Hadleigh Benfleet SS7 2JA
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Majestic Construction Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,199 
3,893 
Current assets
Inventories
353,435 
317,390 
Debtors
161,133 
143,836 
Cash at bank and in hand
190,807 
474 
705,375 
461,700 
Creditors: amounts falling due within one year
(732,259)
(667,497)
Net current liabilities
(26,884)
(205,797)
Total assets less current liabilities
(23,685)
(201,904)
Creditors: amounts falling due after more than one year
(27,909)
(23,470)
Net liabilities
(51,594)
(225,374)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(51,694)
(225,474)
Shareholders' funds
(51,594)
(225,374)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 November 2024 and were signed on its behalf by
Alan John Daysh Director Company Registration No. 09952427
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Majestic Construction Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Majestic Construction Limited is a private company, limited by shares, registered in England and Wales, registration number 09952427. The registered office is 5 Scrub Lane, Benfleet, Essex, SS7 2JA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Computer equipment
25% on reducing balance
Inventories
Stocks and work in progress have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Majestic Construction Limited Notes to the Accounts for the year ended 31 March 2024
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity, Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Presentation currency
The accounts are presented in £ sterling.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above bot be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
2,218 
4,912 
7,130 
Additions
- 
372 
372 
At 31 March 2024
2,218 
5,284 
7,502 
Depreciation
At 1 April 2023
970 
2,267 
3,237 
Charge for the year
312 
754 
1,066 
At 31 March 2024
1,282 
3,021 
4,303 
Net book value
At 31 March 2024
936 
2,263 
3,199 
At 31 March 2023
1,248 
2,645 
3,893 
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Majestic Construction Limited Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
49,657 
30,942 
Other debtors
111,476 
112,894 
161,133 
143,836 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
- 
10,000 
VAT
126,505 
- 
Trade creditors
162,702 
124,720 
Taxes and social security
256,383 
529,777 
Other creditors
183,544 
3,000 
Accruals
3,125 
- 
732,259 
667,497 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
27,909 
23,470 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Alan John Daysh
DCA
(71,520)
(50,234)
(63,211)
(58,543)
(71,520)
(50,234)
(63,211)
(58,543)
The above advances and credits to a director subsisted during the year ended 31 March 2024 . Interest has been charged at the HMRC approved rate of 2%.
10
Average number of employees
During the year the average number of employees was 3 (2023: 3).
11
Reconciliations on adoption of FRS 102
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