Registered Number 01797996

MAJESTIC ENGINEERING LIMITED

Abbreviated Accounts

31 July 2016

MAJESTIC ENGINEERING LIMITED Registered Number 01797996

Abbreviated Balance Sheet as at 31 July 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 7,367 9,823
7,367 9,823
Current assets
Stocks 11,370 15,370
Debtors 153,336 130,909
164,706 146,279
Creditors: amounts falling due within one year (84,729) (98,665)
Net current assets (liabilities) 79,977 47,614
Total assets less current liabilities 87,344 57,437
Creditors: amounts falling due after more than one year - (1,670)
Total net assets (liabilities) 87,344 55,767
Capital and reserves
Called up share capital 3 100 100
Other reserves - (19,200)
Profit and loss account 87,244 74,867
Shareholders' funds 87,344 55,767
  • For the year ending 31 July 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 8 February 2017

And signed on their behalf by:
MR K Ballinger, Director

MAJESTIC ENGINEERING LIMITED Registered Number 01797996

Notes to the Abbreviated Accounts for the period ended 31 July 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 25% reducing balance
Motor Vehicles - 25% reducing balance

Valuation information and policy
Fixed assets

All fixed assets are initially recorded at cost.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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 the transaction. Exchange differences are taken into account in arriving at the operating profit.

Other accounting policies
Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2Tangible fixed assets
£
Cost
At 1 August 2015 121,383
Additions -
Disposals -
Revaluations -
Transfers -
At 31 July 2016 121,383
Depreciation
At 1 August 2015 111,560
Charge for the year 2,456
On disposals -
At 31 July 2016 114,016
Net book values
At 31 July 2016 7,367
At 31 July 2015 9,823
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
100 Ordinary shares of £1 each 100 100

4Transactions with directors

Name of director receiving advance or credit: Mr K Ballinger
Description of the transaction: Interest free advances
Balance at 1 August 2015: £ 0
Advances or credits made: £ 51,829
Advances or credits repaid: -
Balance at 31 July 2016: £ 51,829