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REGISTERED NUMBER: 01808558 (England and Wales)







REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

MAJORFAX LIMITED

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


MAJORFAX LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: L M Dale
J H Hughes
G Cox





REGISTERED OFFICE: Charles Street
Walsall
West Midlands
WS2 9LZ





REGISTERED NUMBER: 01808558 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

L M Dale
J H Hughes
G Cox

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 judgements 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 are sufficient to show and explain the company's transactions and 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. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





G Cox - Director


14 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAJORFAX LIMITED


Opinion
We have audited the financial statements of Majorfax Limited (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAJORFAX LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAJORFAX LIMITED


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

20 January 2025

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

TURNOVER 6,045,791 7,789,806

Cost of sales 3,562,881 5,297,711
GROSS PROFIT 2,482,910 2,492,095

Administrative expenses 1,268,263 779,856
OPERATING PROFIT 1,214,647 1,712,239

Interest receivable and similar income 42,297 12,528
PROFIT BEFORE TAXATION 1,256,944 1,724,767

Tax on profit 4 317,133 456,233
PROFIT FOR THE FINANCIAL YEAR 939,811 1,268,534

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 290,379 98,529

CURRENT ASSETS
Stocks 975,339 1,277,745
Debtors 6 2,951,671 3,069,633
Cash at bank and in hand 2,152,171 2,019,250
6,079,181 6,366,628
CREDITORS
Amounts falling due within one year 7 1,033,032 1,239,936
NET CURRENT ASSETS 5,046,149 5,126,692
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,336,528

5,225,221

PROVISIONS FOR LIABILITIES 9 52,022 16,526
NET ASSETS 5,284,506 5,208,695

CAPITAL AND RESERVES
Called up share capital 10,005 10,005
Capital redemption reserve 161 161
Other reserves 10 10
Retained earnings 5,274,330 5,198,519
SHAREHOLDERS' FUNDS 5,284,506 5,208,695

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2025 and were signed on its behalf by:




G Cox - Director



L M Dale - Director


MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 August 2022 10,005 5,051,318 161 10 5,061,494

Changes in equity
Total comprehensive income - 1,268,534 - - 1,268,534
Dividends - (1,121,333 ) - - (1,121,333 )
Balance at 31 July 2023 10,005 5,198,519 161 10 5,208,695

Changes in equity
Total comprehensive income - 939,811 - - 939,811
Dividends - (864,000 ) - - (864,000 )
Balance at 31 July 2024 10,005 5,274,330 161 10 5,284,506

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Majorfax Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life.

Improvements to property-5% on cost
Fixtures and fittings-12.5% on cost
Motor vehicles-20% on reducing balance
Computer equipment-20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
Current and deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 279,069 362,495
Under/(over) provision in respect of prior
periods

2,568

93,544
Total current tax 281,637 456,039

Deferred tax 35,496 194
Tax on profit 317,133 456,233

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 16,000 256,029 131,013 14,461 417,503
Additions - - 281,854 - 281,854
Disposals - - (38,662 ) - (38,662 )
At 31 July 2024 16,000 256,029 374,205 14,461 660,695
DEPRECIATION
At 1 August 2023 16,000 207,390 87,558 8,026 318,974
Charge for year - 10,728 62,205 2,776 75,709
Eliminated on disposal - - (24,367 ) - (24,367 )
At 31 July 2024 16,000 218,118 125,396 10,802 370,316
NET BOOK VALUE
At 31 July 2024 - 37,911 248,809 3,659 290,379
At 31 July 2023 - 48,639 43,455 6,435 98,529

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,197,161 1,322,917
Amounts owed by group undertakings 1,697,869 1,697,869
Other debtors 56,641 48,847
2,951,671 3,069,633

MAJORFAX LIMITED (REGISTERED NUMBER: 01808558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 597,274 671,627
Taxation and social security 370,778 519,329
Other creditors 64,980 48,980
1,033,032 1,239,936

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 124,755 127,125
Between one and five years 662,213 252,004
In more than five years 429,968 -
1,216,936 379,129

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 52,022 16,526

Deferred
tax
£   
Balance at 1 August 2023 16,526
Provided during year 35,496
Balance at 31 July 2024 52,022

The provision for deferred tax relates to accelerated capital allowances.

10. ULTIMATE CONTROLLING PARTY

No individual has control of the ultimate parent company, Majorfax Sourcing Limited, a company registered in England & Wales.