Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30falsetrue2023-10-01falseNo description of principal activity22The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03748909 2023-10-01 2024-09-30 03748909 2022-10-01 2023-09-30 03748909 2024-09-30 03748909 2023-09-30 03748909 c:Director1 2023-10-01 2024-09-30 03748909 d:MotorVehicles 2023-10-01 2024-09-30 03748909 d:MotorVehicles 2024-09-30 03748909 d:MotorVehicles 2023-09-30 03748909 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 03748909 d:FurnitureFittings 2023-10-01 2024-09-30 03748909 d:CurrentFinancialInstruments 2024-09-30 03748909 d:CurrentFinancialInstruments 2023-09-30 03748909 d:Non-currentFinancialInstruments 2024-09-30 03748909 d:Non-currentFinancialInstruments 2023-09-30 03748909 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 03748909 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 03748909 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 03748909 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 03748909 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 03748909 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 03748909 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 03748909 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 03748909 d:ShareCapital 2024-09-30 03748909 d:ShareCapital 2023-09-30 03748909 d:RetainedEarningsAccumulatedLosses 2024-09-30 03748909 d:RetainedEarningsAccumulatedLosses 2023-09-30 03748909 c:FRS102 2023-10-01 2024-09-30 03748909 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 03748909 c:FullAccounts 2023-10-01 2024-09-30 03748909 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03748909 2 2023-10-01 2024-09-30 03748909 6 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 03748909










MAJORNET LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
MAJORNET LIMITED
REGISTERED NUMBER: 03748909

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
40,383
53,844

Investments
 5 
200
200

  
40,583
54,044

Current assets
  

Stocks
 6 
5,440,237
6,126,937

Debtors: amounts falling due within one year
 7 
12,689,108
2,678,151

Cash at bank and in hand
 8 
2,734,655
62,126

  
20,864,000
8,867,214

Creditors: amounts falling due within one year
 9 
(3,366,085)
(427,532)

Net current assets
  
 
 
17,497,915
 
 
8,439,682

Total assets less current liabilities
  
17,538,498
8,493,726

Creditors: amounts falling due after more than one year
 10 
(2,648,597)
(2,678,672)

  

Net assets
  
14,889,901
5,815,054


Capital and reserves
  

Called up share capital 
  
815,001
815,001

Profit and loss account
  
14,074,900
5,000,053

  
14,889,901
5,815,054


Page 1

 
MAJORNET LIMITED
REGISTERED NUMBER: 03748909
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




................................................
Mr S Latif
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Majornet Limited is a private company limited by shares, registered in the United Kingdom number 03748909. Its registered office is Manor House, 35 St. Thomas’s Road, Chorley, Lancashire, PR7 1HP. 
During the year, the principal activity of the company was the letting and operating of real estate, in addition to the development of land and buildings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 4

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a individual basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 October 2023
95,721



At 30 September 2024

95,721



Depreciation


At 1 October 2023
41,877


Charge for the year on owned assets
13,461



At 30 September 2024

55,338



Net book value



At 30 September 2024
40,383



At 30 September 2023
53,844


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2023
200



At 30 September 2024
200





6.


Stocks

2024
2023
£
£

Raw materials and consumables
5,440,237
6,126,937

5,440,237
6,126,937


Page 6

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
27,158
16,035

Amounts owed by group undertakings
12,659,800
2,659,800

Prepayments and accrued income
2,150
2,316

12,689,108
2,678,151



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,734,655
62,126

2,734,655
62,126


Page 7

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
180,648
180,648

Trade creditors
402
2,185

Corporation tax
3,029,436
59,353

Other taxation and social security
16,659
8,317

Obligations under finance lease and hire purchase contracts
37,118
55,108

Other creditors
28,217
60,157

Accruals and deferred income
73,605
61,764

3,366,085
427,532


2024
2023
£
£

Other taxation and social security

VAT control
16,659
8,317

16,659
8,317


The following liabilities were secured:




Details of security provided:

Bank loans are secured by a combination of 1st legal charges on properties held by Majornet together with personal guarantees from the directors.

Page 8

 
MAJORNET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,648,597
2,678,672

2,648,597
2,678,672


The following liabilities were secured:




Details of security provided:

Bank loans are secured by a combination of 1st legal charges on properties held by Majornet together with personal guarantees from the directors.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
180,648
180,648


180,648
180,648

Amounts falling due 1-2 years

Bank loans
176,723
180,648


176,723
180,648

Amounts falling due 2-5 years

Bank loans
2,471,874
2,498,024


2,471,874
2,498,024


2,829,245
2,859,320


 
Page 9