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Registration number: 04937378

Majors Service Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Majors Service Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Majors Service Limited

(Registration number: 04937378)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

9,000

9,000

Tangible Assets

5

2,105,131

2,548,311

 

2,114,131

2,557,311

Current assets

 

Debtors

6

96,816

200,972

Cash at bank and in hand

 

8,697

10,116

 

105,513

211,088

Creditors: Amounts falling due within one year

7

(1,012,669)

(950,652)

Net current liabilities

 

(907,156)

(739,564)

Total assets less current liabilities

 

1,206,975

1,817,747

Creditors: Amounts falling due after more than one year

7

(939,653)

(1,368,656)

Provisions for liabilities

(13,213)

(40,212)

Net assets

 

254,109

408,879

Capital and Reserves

 

Called up share capital

8

1,000

1,000

Retained Earnings

253,109

407,879

Shareholders' funds

 

254,109

408,879

 

Majors Service Limited

(Registration number: 04937378)

Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr IS Boparai
Director

 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Colonsay
12 Prouds Lane
Bilston
Wolverhampton
WV14 6PW

These financial statements were authorised for issue by the Board on 29 January 2025.

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.

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 tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Land and buildings

Nil

Leasehold improvements

15% reducing balance basis

Fixtures and fittings

15% straight line basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Nil

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.

 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

9,000

9,000

At 30 April 2024

9,000

9,000

Amortisation

Carrying amount

At 30 April 2024

9,000

9,000

At 30 April 2023

9,000

9,000

 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

623,997

90,935

3,414,821

92,128

4,221,881

Additions

-

9,320

109,751

-

119,071

Disposals

-

-

(391,000)

-

(391,000)

At 30 April 2024

623,997

100,255

3,133,572

92,128

3,949,952

Depreciation

At 1 May 2023

136,809

56,522

1,410,528

69,711

1,673,570

Charge for the year

1,140

10,901

444,203

5,605

461,849

Eliminated on disposal

-

-

(290,598)

-

(290,598)

At 30 April 2024

137,949

67,423

1,564,133

75,316

1,844,821

Carrying amount

At 30 April 2024

486,048

32,832

1,569,439

16,812

2,105,131

At 30 April 2023

487,188

34,413

2,004,293

22,417

2,548,311

Included within the net book value of land and buildings above is £479,588 (2023 - £479,588) in respect of freehold land and buildings and £6,461 (2023 - £7,601) in respect of long leasehold land and buildings.
 

 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade Debtors

67,599

136,406

Prepayments

29,217

26,396

Other debtors

-

38,170

 

96,816

200,972

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

686,512

643,269

Trade Creditors

 

147,575

143,352

Taxation and social security

 

119,425

93,016

Accruals and deferred income

 

2,851

2,954

Other creditors

 

56,306

68,061

 

1,012,669

950,652

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

939,653

1,368,656

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       
 

Majors Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

122,593

157,603

Hire purchase contracts

817,060

1,211,053

939,653

1,368,656

Current loans and borrowings

2024
£

2023
£

Bank borrowings

37,101

39,182

Bank overdrafts

193,645

156,496

Hire purchase contracts

454,858

447,591

Other borrowings

908

-

686,512

643,269

10

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £22.00 (2023 - £30.00) per ordinary share

 

22,000

 

30,000

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

20,139

20,000