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REGISTERED NUMBER: 06179186 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

MAJESTIC LEISURE LTD

MAJESTIC LEISURE LTD (REGISTERED NUMBER: 06179186)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MAJESTIC LEISURE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: J G L Stanford
C E Stanford





SECRETARY: S A F Kerr





REGISTERED OFFICE: Unit B2
Longmead Business Centre
Blenheim Road
Epsom
Surrey
KT19 9QQ





REGISTERED NUMBER: 06179186 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
Unit 4 Mulgrave Chambers
26-28 Mulgrave Road
Sutton
Surrey
SM2 6LE

MAJESTIC LEISURE LTD (REGISTERED NUMBER: 06179186)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 14,788 12,822
Tangible assets 5 55,269 70,586
Investments 6 86 86
70,143 83,494

CURRENT ASSETS
Stocks 2,509,302 2,238,119
Debtors 7 590,235 533,995
Cash at bank and in hand 965,628 912,070
4,065,165 3,684,184
CREDITORS
Amounts falling due within one year 8 1,195,388 1,245,098
NET CURRENT ASSETS 2,869,777 2,439,086
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,939,920

2,522,580

CREDITORS
Amounts falling due after more than one
year

9

(76,229

)

(68,024

)

PROVISIONS FOR LIABILITIES (13,615 ) (17,400 )
NET ASSETS 2,850,076 2,437,156

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,849,976 2,437,056
SHAREHOLDERS' FUNDS 2,850,076 2,437,156

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





J G L Stanford - Director


MAJESTIC LEISURE LTD (REGISTERED NUMBER: 06179186)

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


1. STATUTORY INFORMATION

Majestic Leisure Ltd 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 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.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

The directors, having considered all the information available, are confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.

Preparation of consolidated financial statements
The financial statements contain information about Majestic Leisure Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents goods sold and provided during the year.

Revenue is recognised when the goods are delivered to the customer, such that the risks and rewards of ownership have passed to them.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Capital items below £250 are written off to the profit and loss account.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stock is stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition.


MAJESTIC LEISURE LTD (REGISTERED NUMBER: 06179186)

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


2. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss accounts on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or financial leases are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. The capital element of the future payment is treated as a liability.

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 or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023 13,614
Additions 3,597
At 31 August 2024 17,211
AMORTISATION
At 1 September 2023 792
Charge for year 1,631
At 31 August 2024 2,423
NET BOOK VALUE
At 31 August 2024 14,788
At 31 August 2023 12,822

MAJESTIC LEISURE LTD (REGISTERED NUMBER: 06179186)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 19,199 90,962 19,550 23,786 153,497
Additions 1,071 3,902 - 3,926 8,899
At 31 August 2024 20,270 94,864 19,550 27,712 162,396
DEPRECIATION
At 1 September 2023 10,967 37,821 16,868 17,255 82,911
Charge for year 2,262 17,573 671 3,710 24,216
At 31 August 2024 13,229 55,394 17,539 20,965 107,127
NET BOOK VALUE
At 31 August 2024 7,041 39,470 2,011 6,747 55,269
At 31 August 2023 8,232 53,141 2,682 6,531 70,586

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 86
NET BOOK VALUE
At 31 August 2024 86
At 31 August 2023 86

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Majestic Leisure B.V. (a company incorporated in Netherlands)
Registered office: Joop Geesinkweg 901, Begane Grond, 1ste, 2de & 3de Verdieping, 1114AB Amsterdam-Duivendrecht
Nature of business: Wholesale and internet retail of gaming machines
%
Class of shares: holding
Ordinary at €1 100.00
2024 2023
£    £   
Aggregate capital and reserves (13,934 ) (9,476 )
Loss for the year (4,677 ) (2,518 )

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 404,207 364,281
Amounts owed by group undertakings 20,907 9,509
Other debtors 27,940 33,085
Prepayments 105,952 73,199
559,006 480,074

MAJESTIC LEISURE LTD (REGISTERED NUMBER: 06179186)

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


7. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Prepayments and other debtors 31,229 53,921

Aggregate amounts 590,235 533,995

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account 511,605 638,034
Trade creditors 400,014 396,863
Corporation tax 143,170 51,415
Social security and other taxes 33,979 33,470
VAT 75,434 89,768
Other creditors 4,644 4,499
Directors' current accounts 501 37
Accrued expenses 26,041 31,012
1,195,388 1,245,098

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 76,229 68,024

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 162,018 238,676
Between one and five years 343,092 543,432
505,110 782,108

The commitments relate to land, buildings and equipments.

11. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the directors £501 (2023 : £37). The amount is interest free and carries no fixed term of repayment.

Included in Debtors note 9 is a balance due from a related party, which is under common control, of £16,843 (2023 : £16,843).