Registered number
06500547
Mayfair Practice Ltd
Filleted Accounts
28 February 2022
Mayfair Practice Ltd
Registered number: 06500547
Balance Sheet
as at 28 February 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 13,200 14,400
Tangible assets 4 91,080 118,112
104,280 132,512
Current assets
Debtors 5 43,770 39,460
Cash at bank and in hand 375,201 285,578
418,971 325,038
Creditors: amounts falling due within one year 6 (46,065) (54,082)
Net current assets 372,906 270,956
Net assets 477,186 403,468
Capital and reserves
Called up share capital 100 100
Profit and loss account 477,086 403,368
Shareholders' funds 477,186 403,468
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Jhanbux Jamshed Noshirwanadil Masani
Director
Approved by the board on 8 September 2022
Mayfair Practice Ltd
Notes to the Accounts
for the year ended 28 February 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2021 30,000
At 28 February 2022 30,000
Amortisation
At 1 March 2021 15,600
Provided during the year 1,200
At 28 February 2022 16,800
Net book value
At 28 February 2022 13,200
At 28 February 2021 14,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021 751,255
Additions 3,328
At 28 February 2022 754,583
Depreciation
At 1 March 2021 633,143
Charge for the year 30,360
At 28 February 2022 663,503
Net book value
At 28 February 2022 91,080
At 28 February 2021 118,112
5 Debtors 2022 2021
£ £
Trade debtors 11,675 6,345
Other debtors 32,095 33,115
43,770 39,460
6 Creditors: amounts falling due within one year 2022 2021
£ £
Corporation tax 31,154 20,207
Other taxes and social security costs 5,206 1,536
Other creditors 9,705 32,339
46,065 54,082
7 Related party transactions
There were no related party transaction apart from salary and dividends paid to the director.
8 Controlling party
The company is 60% controlled by Mr Jhanbux Jamshed Noshirwanadil Masani by virtue of his shareholding.
9 Other information
Mayfair Practice Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Lees Place
London
W1K 6LW
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