Company Registration No. 01110706 (England and Wales)
Maiford Limited
Unaudited accounts
for the year ended 30 April 2023
Maiford Limited
Company Information
for the year ended 30 April 2023
Directors
K Yorke
T P Nash
R L Reader
A J Wallis
Company Number
01110706 (England and Wales)
Registered Office
The Old Stables, East Lenham Farm
Ashford Road, Lenham
Maidstone
Kent
ME17 2DP
Accountants
Wiggins & Co, Chartered Accountants
The Old Stables, East Lenham Farm
Ashford Road, Lenham
Maidstone
Kent
ME17 2DP
Maiford Limited
Accountants' report
Accountants' report to the board of directors of Maiford Limited on the preparation of the unaudited statutory accounts for the year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Maiford Limited for the year ended
30 April 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Maiford Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Maiford Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maiford Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Maiford Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Maiford Limited. You consider that Maiford Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Maiford Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Wiggins & Co, Chartered Accountants
The Old Stables, East Lenham Farm
Ashford Road, Lenham
Maidstone
Kent
ME17 2DP
9 October 2023
Maiford Limited
Statement of financial position
as at 30 April 2023
Tangible assets
577,682
415,139
Inventories
210,000
205,000
Debtors
1,194,766
1,345,623
Cash at bank and in hand
77,178
123,589
Creditors: amounts falling due within one year
(1,299,822)
(1,443,006)
Net current assets
182,122
231,206
Total assets less current liabilities
759,804
646,345
Creditors: amounts falling due after more than one year
(282,045)
(165,765)
Net assets
477,759
480,580
Called up share capital
104
104
Profit and loss account
477,655
480,476
Shareholders' funds
477,759
480,580
For the year ending 30 April 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by
A J Wallis
Director
Company Registration No. 01110706
Maiford Limited
Notes to the Accounts
for the year ended 30 April 2023
Maiford Limited is a private company, limited by shares, registered in England and Wales, registration number 01110706. The registered office is The Old Stables, East Lenham Farm, Ashford Road, Lenham, Maidstone, Kent, ME17 2DP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the invoiced net sales, excluding Value Added Tax.
The Company is a wholly owned subsidiary of Maiford Trading Ltd, which is a wholly owned subsidiary of Maiford MBO Ltd, forming a small group. The group has taken advantage of the exemption provided by section 383(4) of the Companies Act 2006 not to prepare group accounts.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation is charged.
Plant & machinery
15% on reducing balance.
Motor vehicles
25% on reducing balance.
Stock and Work in Progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's accounts. Deferred tax is provided in full, on timing of differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Maiford Limited
Notes to the Accounts
for the year ended 30 April 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2022
21,602
260,481
816,653
1,098,736
Additions
-
24,995
359,595
384,590
Disposals
-
-
(299,650)
(299,650)
At 30 April 2023
21,602
285,476
876,598
1,183,676
At 1 May 2022
-
160,476
523,121
683,597
Charge for the year
-
18,766
149,952
168,718
On disposals
-
-
(246,321)
(246,321)
At 30 April 2023
-
179,242
426,752
605,994
At 30 April 2023
21,602
106,234
449,846
577,682
At 30 April 2022
21,602
100,005
293,532
415,139
Amounts falling due within one year
Trade debtors
1,100,613
1,251,210
Accrued income and prepayments
174
298
Other debtors
93,979
94,115
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
143,939
189,394
Obligations under finance leases and hire purchase contracts
142,399
93,436
Trade creditors
619,896
744,221
Taxes and social security
76,298
95,884
Other creditors
317,290
320,071
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
282,045
165,765
Allotted, called up and fully paid:
104 Ordinary shares of £1 each
104
104
Maiford Limited
Notes to the Accounts
for the year ended 30 April 2023
9
Transactions with related parties
Rent is paid at open market value to Nigel Palmer Properties Ltd, which is controlled by Maiford MBO Ltd, by virtue of it owning 100% of the 'A' ordinary voting shares.
There is an outstanding loan of £12,692 (2022 - £12,692) included in 'Sundry Debtors'.
£195,000 is still outstanding to Nigel Palmer Properties and is included in 'Sundry Creditors' (2022 - £195,000).
Intercompany Dividends
Dividends totalling £250,648 were paid to Maiford Trading Ltd during the year (2022 - £188,960).
Control
The Directors control the company, by virtue of controlling Maiford Trading Ltd, which is controlled by Maiford MBO Ltd.
10
Average number of employees
During the year the average number of employees was 48 (2022: 48).