Majestic Joinery Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 11808693

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		9,853		10,933

			9,853		10,933
CURRENT ASSETS
Stocks	5	181,171		140,173
Debtors	6	60,624		86,032
Cash at bank and in hand		15,330		16,444

		257,125		242,649
Creditors: Amounts Falling Due Within One Year	7	(126,429 )		(138,776 )

NET CURRENT ASSETS (LIABILITIES)			130,696		103,873

TOTAL ASSETS LESS CURRENT LIABILITIES			140,549		114,806

Creditors: Amounts Falling Due After More Than One Year	8		(127,839 )		(104,995 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,872 )		(2,077 )

NET ASSETS			10,838		7,734

CAPITAL AND RESERVES
Called up share capital	9		900		900
Profit and Loss Account			9,938		6,834

SHAREHOLDERS' FUNDS			10,838		7,734

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Majestic Joinery Ltd

Balance Sheet (continued)

As At 31 December 2024

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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Kieran Forsey

Director

12/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Majestic Joinery Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11808693 . The registered office is Unit 12 Belton Lane Industrial Estate, Belton Lane, Grantham, Lincs, NG31 9HN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	Varying rates on cost
Motor Vehicles	25% straight line
Computer Equipment	25% straight line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Majestic Joinery Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2023: 8)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	21,162	9,250	2,059	32,471
Additions	2,385	-	-	2,385
Disposals	-	(9,250 )	-	(9,250 )

As at 31 December 2024	23,547	-	2,059	25,606

Depreciation
As at 1 January 2024	11,731	9,250	557	21,538
Provided during the period	2,950	-	515	3,465
Disposals	-	(9,250 )	-	(9,250 )

As at 31 December 2024	14,681	-	1,072	15,753

Net Book Value
As at 31 December 2024	8,866	-	987	9,853

As at 1 January 2024	9,431	-	1,502	10,933

5. Stocks

	2024	2023
	£	£
Materials	88,361	35,307
Work in progress	92,810	104,866

	181,171	140,173

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	46,907	60,285
Other debtors	13,717	25,747

	60,624	86,032

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	24,844	59,950
Bank loans and overdrafts	10,000	10,000
Other loans	31,250	6,930
Other creditors	45,382	57,038
Taxation and social security	14,953	4,858

	126,429	138,776

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Majestic Joinery Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	12,653	23,996
Other loans	61,447	49,767
Other creditors	53,739	31,232

	127,839	104,995

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	900	900

10. Related Party Transactions

During the year, repayments of £9,000 were made to an unsecured and interest free loan from Kieran Forsey Consulting Ltd, a company of which K Forsey is a director. A further loan was made of £15,000. The net movement in the year increased the total borrowing to £28,045.

Management fees amounting to £5,000 were paid to Kieran Forsey Consulting Ltd, a company of which K Forsey is a director.

Rents paid in the year include £21,600 paid to Mr K & Mrs M Forsey, who jointly own Unit 12 Belton Lane Industrial Estate. There was also buildings insurance of £585. These were charged at open market value.

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