Maybells Limited 07914771 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is retial and wholesale caterers Digita Accounts Production Advanced 6.30.9574.0 true 07914771 2022-04-01 2023-03-31 07914771 2023-03-31 07914771 bus:OrdinaryShareClass1 2023-03-31 07914771 core:CurrentFinancialInstruments 2023-03-31 07914771 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07914771 core:FurnitureFittingsToolsEquipment 2023-03-31 07914771 bus:SmallEntities 2022-04-01 2023-03-31 07914771 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07914771 bus:FullAccounts 2022-04-01 2023-03-31 07914771 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07914771 bus:RegisteredOffice 2022-04-01 2023-03-31 07914771 bus:Director1 2022-04-01 2023-03-31 07914771 bus:Director2 2022-04-01 2023-03-31 07914771 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07914771 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07914771 core:FurnitureFittings 2022-04-01 2023-03-31 07914771 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07914771 countries:EnglandWales 2022-04-01 2023-03-31 07914771 2022-03-31 07914771 core:FurnitureFittingsToolsEquipment 2022-03-31 07914771 2021-04-01 2022-03-31 07914771 2022-03-31 07914771 bus:OrdinaryShareClass1 2022-03-31 07914771 core:CurrentFinancialInstruments 2022-03-31 07914771 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07914771 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07914771

Maybells Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Maybells Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Maybells Limited

Company Information

Directors

Mr Michael Georgiou

Mr Ioannis Georgiou

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Harris Kafton Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Maybells Limited

(Registration number: 07914771)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,186

3,326

Current assets

 

Stocks

5

2,850

3,700

Debtors

6

49,579

53,723

Cash at bank and in hand

 

44,474

123,168

 

96,903

180,591

Creditors: Amounts falling due within one year

7

(19,643)

(71,719)

Net current assets

 

77,260

108,872

Net assets

 

82,446

112,198

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

82,444

112,196

Shareholders' funds

 

82,446

112,198

For the financial year ending 31 March 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 and delivered 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 Board on 1 November 2023 and signed on its behalf by:
 

.........................................
Mr Michael Georgiou
Director

 

Maybells Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 1 November 2023.

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.

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.

 

Maybells Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Fixtures and fittings

15% Reducing balance 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

 

Maybells Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Maybells Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

8,198

8,198

Additions

2,775

2,775

At 31 March 2023

10,973

10,973

Depreciation

At 1 April 2022

4,872

4,872

Charge for the year

915

915

At 31 March 2023

5,787

5,787

Carrying amount

At 31 March 2023

5,186

5,186

At 31 March 2022

3,326

3,326

5

Stocks

2023
£

2022
£

Other inventories

2,850

3,700

6

Debtors

Current

2023
£

2022
£

Prepayments

8,534

9,678

Other debtors

41,045

44,045

 

Maybells Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

826

7,570

Taxation and social security

 

2,329

7,771

Other creditors

 

963

1,057

Accrued expenses

 

4,762

3,898

Corporation tax payable

 

9,994

13,113

Directors current account

 

769

38,310

 

19,643

71,719

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £37,500.00 (2022 - £2,000.00) per ordinary share

 

75,000

 

4,000

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

29,047

53,375

Contributions paid to money purchase schemes

7,600

7,200

36,647

60,575