Company registration number:
07701355
Mayflower House Art Limited
Unaudited filleted financial statements
31 October 2022
MAYFLOWER HOUSE ART LIMITED
DIRECTORS AND OTHER INFORMATION
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Directors |
Mr P B Cuddehay |
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Mrs G T Cuddehay |
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Company number |
07701355 |
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Registered office |
Mayflower House |
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50-54 Bretonside |
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Plymouth |
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Devon |
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PL4 0AU |
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Accountants |
Westcotts |
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Plym House |
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3 Longbridge Road, Marsh Mills |
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Plymouth |
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Devon |
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PL6 8LT |
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MAYFLOWER HOUSE ART LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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6,500 |
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8,000 |
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Cash at bank and in hand |
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5,068 |
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6,049 |
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_______ |
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_______ |
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11,568 |
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14,049 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
35,733) |
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(
35,777) |
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_______ |
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_______ |
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Net current liabilities |
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(
24,165) |
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(
21,728) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
24,165) |
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(
21,728) |
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_______ |
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_______ |
Net liabilities |
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(
24,165) |
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(
21,728) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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6 |
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(
24,265) |
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(
21,828) |
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_______ |
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_______ |
Shareholders deficit |
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(
24,165) |
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(
21,728) |
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_______ |
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_______ |
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For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 October 2023
, and are signed on behalf of the board by:
Mr P B Cuddehay
Director
Company registration number:
07701355
MAYFLOWER HOUSE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mayflower House, 50-54 Bretonside, Plymouth, Devon, PL4 0AU.
Principal activity
The principal activity of the company was that of retail sales in commercial art galleries.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
As at 31 October 2022 the company had net liabilities of £24,165. The directors have expressed their continued support of the company and therefore consider the going concern basis of accounting to be appropriate.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the performance model.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2021:
2
).
5.
Creditors: amounts falling due within one year
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2022 |
2021 |
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£ |
£ |
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Accruals and deferred income |
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890 |
834 |
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Other creditors |
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34,843 |
34,943 |
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_______ |
_______ |
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35,733 |
35,777 |
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_______ |
_______ |
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6.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
7.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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2022 |
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Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
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£ |
£ |
£ |
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Directors |
(
34,943) |
100 |
(
34,843) |
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_______ |
_______ |
_______ |
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2021 |
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Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
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£ |
£ |
£ |
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Directors |
(
42,179) |
7,236 |
(
34,943) |
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_______ |
_______ |
_______ |
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