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Registration number: 07300578

Mayford James Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Mayford James Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Mayford James Limited

Company Information

Director

Ms Sarah Templeman

Company secretary

Ms Sarah Templeman

Registered office

10 Fitzroy Square
London
W1T 5HP

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Mayford James Limited

(Registration number: 07300578)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

505

1,494

Current assets

 

Debtors

5

70,491

58,513

Cash at bank and in hand

 

114,554

169,752

 

185,045

228,265

Creditors: Amounts falling due within one year

6

(82,670)

(64,895)

Net current assets

 

102,375

163,370

Total assets less current liabilities

 

102,880

164,864

Creditors: Amounts falling due after more than one year

6

(102,500)

(132,500)

Net assets

 

380

32,364

Capital and reserves

 

Called up share capital

7

134

134

Retained earnings

246

32,230

Shareholders' funds

 

380

32,364

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 August 2022
 

 

Mayford James Limited

(Registration number: 07300578)
Balance Sheet as at 31 December 2021

.........................................
Ms Sarah Templeman
Company secretary and director

 

Mayford James Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Fitzroy Square
London
W1T 5HP
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Mayford James Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mayford James Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other debtors and creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash consideration expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2020 - 3).

 

Mayford James Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

2,966

2,966

At 31 December 2021

2,966

2,966

Depreciation

At 1 January 2021

1,472

1,472

Charge for the year

989

989

At 31 December 2021

2,461

2,461

Carrying amount

At 31 December 2021

505

505

At 31 December 2020

1,494

1,494

5

Debtors

Current

2021
£

2020
£

Trade debtors

31,968

8,922

Prepayments

1,821

2,316

Other debtors

36,702

47,275

38,523

49,591

 

70,491

58,513

 

Mayford James Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

30,000

17,500

Trade creditors

 

107

3,673

Taxation and social security

 

50,995

42,113

Accruals and deferred income

 

1,500

1,500

Other creditors

 

68

109

 

82,670

64,895

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

8

102,500

132,500

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary "A" shares of £1 each

60

60

60

60

Ordinary "B" shares of £1 each

40

40

40

40

Ordinary "C" shares of £1 each

12

12

12

12

Ordinary "D" shares of £1 each

11

11

11

11

Ordinary "E" shares of £1 each

11

11

11

11

 

134

134

134

134

 

Mayford James Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

102,500

132,500

2021
£

2020
£

Current loans and borrowings

Bank borrowings

30,000

17,500

9

Related party transactions

Transactions with the director

2021

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Amount owed to/(from) the director

(87,714)

98,288

(36,702)

       
     

 

2020

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Amount owed to/(from) the director

(88,068)

98,632

(47,276)