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Registration number: 02344622

Mayway (U.K.) Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Mayway (U.K.) Company Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Mayway (U.K.) Company Limited

Company Information

Directors

R Y Lau

Miss Y Lau

H Y Lau

Miss E Lau

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mayway (U.K.) Company Limited
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 Mayway (U.K.) Company Limited for the year ended 30 April 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mayway (U.K.) Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mayway (U.K.) Company Limited and state those matters that we have agreed to state to the Board of Directors of Mayway (U.K.) Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mayway (U.K.) Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mayway (U.K.) Company 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 profit of Mayway (U.K.) Company Limited. You consider that Mayway (U.K.) Company 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 Mayway (U.K.) Company 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.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

16 October 2023

 

Mayway (U.K.) Company Limited

(Registration number: 02344622)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,107,206

1,137,927

Current assets

 

Debtors

6

167,189

130,544

Cash at bank and in hand

 

1,653,995

1,561,073

 

1,821,184

1,691,617

Creditors: Amounts falling due within one year

7

(69,237)

(84,889)

Net current assets

 

1,751,947

1,606,728

Total assets less current liabilities

 

2,859,153

2,744,655

Provisions for liabilities

(38,948)

(38,948)

Net assets

 

2,820,205

2,705,707

Capital and reserves

 

Called up share capital

4

4

Retained earnings

2,820,201

2,705,703

Shareholders' funds

 

2,820,205

2,705,707

For the financial 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.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

 

Mayway (U.K.) Company Limited

(Registration number: 02344622)
Statement of Financial Position as at 30 April 2023 (continued)

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

Miss Y Lau
Director

   
     
 

Mayway (U.K.) Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
England

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents net invoiced rent, excluding value added tax.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

Mayway (U.K.) Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Improvement to property

Straight line over 50 years on building

Freehold property

Straight line over 50 years on building

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

 

Mayway (U.K.) Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Profit before tax (continued)

2023
£

2022
£

Depreciation expense

30,721

30,721

5

Tangible assets

Freehold property
£

Improvements to short
£

Total
£

Cost or valuation

At 1 May 2022

1,280,009

256,074

1,536,083

At 30 April 2023

1,280,009

256,074

1,536,083

Depreciation

At 1 May 2022

306,466

91,690

398,156

Charge for the year

25,600

5,121

30,721

At 30 April 2023

332,066

96,811

428,877

Carrying amount

At 30 April 2023

947,943

159,263

1,107,206

At 30 April 2022

973,543

164,384

1,137,927

 

Mayway (U.K.) Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

98,719

98,719

Amounts owed by associated company

29,518

29,518

Prepayments

 

38,952

2,192

Other debtors

 

-

115

 

167,189

130,544

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

29

151

Taxation and social security

41,741

51,973

Accruals and deferred income

27,467

32,765

69,237

84,889

5 Related party disclosures

The amount owed by associated company of £29,518 (2022: £29,518) is owed by Mayway (UK) Herb Co. Limited at the Statement of Financial Position date. This company is under the common control of the directors.

The trade debtors balance of £98,719 (2022: £98,719) is owed by Mayway Corporation. This company is under the common control of the directors.