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No description of principal activities is disclosed
2024-01-01
Sage Accounts Production 24.0 - FRS102_2024
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1
2024-01-01
2024-12-31
Company registration number:
SC223172
Majestic (Belford) Ltd
Unaudited filleted financial statements
31 December 2024
Majestic (Belford) Ltd
Contents
Statement of financial position
Notes to the financial statements
Majestic (Belford) Ltd
Statement of financial position
31 December 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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34,798,854 |
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23,756,348 |
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Debtors |
|
4 |
896,670 |
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44,709 |
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Cash at bank and in hand |
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49,422 |
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47,578 |
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_______ |
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_______ |
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35,744,946 |
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23,848,635 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
41,010,049) |
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(
3,655,996) |
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_______ |
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_______ |
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Net current (liabilities)/assets |
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(
5,265,103) |
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20,192,639 |
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_______ |
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_______ |
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Total assets less current liabilities |
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(
5,265,103) |
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20,192,639 |
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Creditors: amounts falling due |
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after more than one year |
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6 |
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- |
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(
22,447,403) |
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Provisions for liabilities |
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(
42,450) |
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- |
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_______ |
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_______ |
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Net liabilities |
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(
5,307,553) |
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(
2,254,764) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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7 |
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2 |
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2 |
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Share premium account |
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861,499 |
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861,499 |
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Profit and loss account |
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(
6,169,054) |
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(
3,116,265) |
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_______ |
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_______ |
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Shareholders deficit |
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(
5,307,553) |
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(
2,254,764) |
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_______ |
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_______ |
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For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
26 June 2025
, and are signed on behalf of the board by:
A.B. Afshar
Director
Company registration number:
SC223172
Majestic (Belford) Ltd
Notes to the financial statements
Year ended 31 December 2024
1.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover consists of completed sales of residential properties in the year, net of discounts and sales incentives.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Land remediation relief is recognised on qualifying revenue expenditure incurred in the accounting period.
Stocks
Work in progress is valued at the lower of cost and net realisable value. Work in progress represents costs incurred with the development of the site. Cost includes all purchase, conversion, and other relevant costs. NRV is the estimated selling price less costs to complete and sell. If NRV is lower than cost, an impairment loss is recognised.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered.Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term high liquidity invesments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
4.
Debtors
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2024 |
2023 |
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£ |
£ |
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Other debtors |
|
896,670 |
44,709 |
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_______ |
_______ |
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5.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
|
28,430,771 |
542,553 |
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Trade creditors |
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3,746,473 |
529,456 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,918,230 |
1,920,030 |
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Other creditors |
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6,914,575 |
663,957 |
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_______ |
_______ |
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41,010,049 |
3,655,996 |
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_______ |
_______ |
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OakNorth Bank Plc hold a standard security over the development site. In addition AMA (New Town) has provided a cost overrun guarantee of £5,500,000. OakNorth also hold a subordination agreement in respect of group and connected company loans. The directors have granted a joint and several guarantee in the sum of £4,000,000.
Majestic (Belford) Ltd
is party to a cross guarantee with AMA (Tor1) Ltd in respect of all sums due by the latter company to Oaknorth Bank which amounted to £6,245,721 at 31 December 2024 (£6,076, 497 - 2023). The company is related to AMA (Tor 1) Ltd by the directors who are directors and own the entire share capital of that company's parent company.
The company entered into an agremeent with Oaknorth Bank Ltd during the year to amend and restate the original facility agreement. The loans are repayable on 1 July 2025 and interest is charged at 5.5% over Bank of England base rate on the Development facility and 11% over base in respect of the Development Standby Facility.
Included in creditors is an amount owed to Rutterford (Holdings) Ltd of £542,553.
6.
Creditors: amounts falling due after more than one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
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- |
22,447,403 |
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_______ |
_______ |
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7.
Called up share capital
Issued, called up and fully paid
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2024 |
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2023 |
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No |
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£ |
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No |
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£ |
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Ordinary shares shares of £
1.00 each |
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1 |
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1 |
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1 |
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1 |
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Ordinary B shares shares of £
1.00 each |
|
1 |
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1 |
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1 |
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1 |
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_______ |
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_______ |
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_______ |
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_______ |
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2 |
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2 |
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2 |
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2 |
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_______ |
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_______ |
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_______ |
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_______ |
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The 'A' and 'B' shares have equal rights and rank pari passu in all respects.
8.
Contingent assets and liabilities
There is a Cross Guarantee between the company and AMA (Tor1) Ltd in respect of the OakNorth Bank loan in the sum of £6,245,721 (2023 £6,076,497).
9.
Related party transactions
Included within creditors due within one year is a loan of £1,918,230 (2023 £1,920,030) due to AMA (Majestic) Ltd, the parent company.The loan due to AMA (Majestic) Ltd is interest free and repayable on demand. However it is not anticipated that this will be called upon to be repaid in the near future. Two of directors are also the directors and controlling shareholders of other companies outwith the group. Other creditors (note 5) include amounts due to these companies totalling £6,776,045 (2023 Nil). These amounts are interest free and repayable on demand.AMA (New Town) Ltd has provided a cost overrun guarantee note 5.
10.
Controlling party
The company is a whollly owned subsidiary of
AMA (Majestic) Ltd
(SC136884). The registered office of AMA (Majestic) Ltd is 15 Coates Crescent, Edinburgh EH3 7AF.