MAYFAIR TRADING CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Mayfair Trading Corporation Limited (02552082) is a private company limited by shares and incorporated in England & Wales. Its registered office is 17a Larkfield Road, Surrey, GU9 7DB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
During the year under review the company made a loss of £3,294 (2021: £1,025 profit), and at the end of the year had carried forward retained losses of £83,642 (2021: £80,348). This may call into question the company’s continued ability to trade.
The company continues to be supported financially by the parent company and by the company's director, being the ultimate controlling party. This support will remain for the foreseeable future.
The director therefore considers it appropriate for the accounts to be prepared on a going concern basis.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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