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REGISTERED NUMBER: 06532309 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

MAYFAYRE ALUMINIUM SYSTEMS LTD

MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAYFAYRE ALUMINIUM SYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr S Howson
Mr A Smith



SECRETARY: Mr S Howson



REGISTERED OFFICE: Copia House
Great Cliffe Court
Great Cliffe Road
Barnsley
South Yorkshire
S75 3SP



REGISTERED NUMBER: 06532309 (England and Wales)



ACCOUNTANTS: Reed Smith Accountancy Limited
Chartered Certified Accountants
Copia House
Great Cliffe Court
Great Cliffe Road
Barnsley
South Yorkshire
S75 3SP



BANKERS: Lloyds Bank Plc
1 High Street
Sheffield
South Yorkshire
S1 2GA

MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 9,092 14,959

CURRENT ASSETS
Inventories 102,112 93,140
Debtors 5 115,719 169,235
Cash at bank and in hand 33,039 44,050
250,870 306,425
CREDITORS
Amounts falling due within one year 6 137,239 174,917
NET CURRENT ASSETS 113,631 131,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

122,723

146,467

CREDITORS
Amounts falling due after more than one
year

7

(39,867

)

(62,407

)

PROVISIONS FOR LIABILITIES (2,273 ) (2,710 )
NET ASSETS 80,583 81,350

CAPITAL AND RESERVES
Called up share capital 41,000 41,000
Retained earnings 39,583 40,350
SHAREHOLDERS' FUNDS 80,583 81,350

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2023 and were signed on its behalf by:




Mr S Howson - Director



Mr A Smith - Director


MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Mayfayre Aluminium Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - Straight line over 5 years and Straight line over 4 years

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

Construction contracts
The company sells building services to the construction industry. When the outcome of a transaction for the
rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the
company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion as a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 119,829
Additions 650
At 31 March 2023 120,479
DEPRECIATION
At 1 April 2022 104,870
Charge for year 6,517
At 31 March 2023 111,387
NET BOOK VALUE
At 31 March 2023 9,092
At 31 March 2022 14,959

MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 28,836
DEPRECIATION
At 1 April 2022 17,301
Charge for year 5,767
At 31 March 2023 23,068
NET BOOK VALUE
At 31 March 2023 5,768
At 31 March 2022 11,535

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 111,019 164,985
Other debtors 4,700 4,250
115,719 169,235

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 18,400 18,400
Hire purchase contracts 4,141 5,980
Trade creditors 65,420 102,821
Taxation and social security 25,288 27,521
Other creditors 23,990 20,195
137,239 174,917

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 39,867 58,266
Hire purchase contracts - 4,141
39,867 62,407

MAYFAYRE ALUMINIUM SYSTEMS LTD (REGISTERED NUMBER: 06532309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 4,141 10,121

The hire purchase contracts are secured against the items of tangible fixed assets to which they relate.