James Knight Of Mayfair Limited
Unaudited Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 03618336 (England and Wales)
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Company Information
Directors
S P Marshall
P J Tiernan
S Marshall
(Appointed 7 July 2023)
J Tiernan
(Appointed 7 July 2023)
Secretary
S P Marshall
Company number
03618336
Registered office
135-138 Newport Street
Vauxhall
London
SE11 6AQ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
James Knight Of Mayfair Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
2
Tangible assets
4
320,037
322,956
320,038
322,958
Current assets
Stock
136,696
168,674
Debtors
5
1,430,095
1,292,089
Cash at bank and in hand
1,440,658
1,533,227
3,007,449
2,993,990
Creditors: amounts falling due within one year
6
(1,524,657)
(1,600,117)
Net current assets
1,482,792
1,393,873
Total assets less current liabilities
1,802,830
1,716,831
Creditors: amounts falling due after more than one year
7
(697,500)
(985,278)
Provisions for liabilities
(50,108)
(58,596)
Net assets
1,055,222
672,957
Capital and reserves
Called up share capital
8
120
120
Profit and loss reserves
1,055,102
672,837
Total equity
1,055,222
672,957
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
James Knight Of Mayfair Limited
Balance Sheet (Continued)
As at 31 July 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
S P Marshall
P J Tiernan
Director
Director
Company Registration No. 03618336
James Knight Of Mayfair Limited
Statement of Changes in Equity
For the year ended 31 July 2023
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
120
237,650
237,770
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
435,187
435,187
Balance at 31 July 2022
120
672,837
672,957
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
482,265
482,265
Dividends
-
(100,000)
(100,000)
Balance at 31 July 2023
120
1,055,102
1,055,222
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 4
1
Accounting policies
Company information
James Knight of Mayfair Limited is a private company limited by shares incorporated in England and Wales. The registered office is 135-138 Newport Street, Vauxhall, London, SE11 6AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property rights
20% Straight Line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 5
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
5%-12.5% straight line over the life of the lease
Plant and equipment
12.5%-33% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
Cycle scheme
1-3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 35 (2022 :34).
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 7
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
354,296
4
354,300
Amortisation and impairment
At 1 August 2022
354,296
2
354,298
Amortisation charged for the year
1
1
At 31 July 2023
354,296
3
354,299
Carrying amount
At 31 July 2023
1
1
At 31 July 2022
2
2
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 8
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Cycle scheme
Total
£
£
£
£
£
£
Cost
At 1 August 2022
535,585
344,636
247,251
629,941
47,825
1,805,238
Additions
32,260
11,004
73,720
1,745
118,729
Disposals
(157,636)
(157,636)
At 31 July 2023
535,585
376,896
258,255
546,025
49,570
1,766,331
Depreciation and impairment
At 1 August 2022
520,264
251,473
220,462
442,258
47,825
1,482,282
Depreciation charged in the year
4,137
30,747
13,226
73,102
436
121,648
Eliminated in respect of disposals
(157,636)
(157,636)
At 31 July 2023
524,401
282,220
233,688
357,724
48,261
1,446,294
Carrying amount
At 31 July 2023
11,184
94,676
24,567
188,301
1,309
320,037
At 31 July 2022
15,321
93,163
26,789
187,683
322,956
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 9
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,280,082
1,146,096
Other debtors
150,013
145,993
1,430,095
1,292,089
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
300,000
300,000
Trade creditors
707,071
783,070
Corporation tax
142,715
82,692
Other taxation and social security
44,910
60,995
Other creditors
329,961
373,360
1,524,657
1,600,117
Included within other creditors are pension contributions payable of £7,453 (2022: £6,088).
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
697,500
982,500
Other creditors
2,778
697,500
985,278
The bank loan is in accordance with the Coronavirus Business Interruption Scheme and is secured by a fixed and a floating charge over all the assets of the company. Interest is payable at 3.40% per annum over Coutts Base Rate. The loan is due for repayment in full by 3 November 2026.
8
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
120 Ordinary shares of £1 each
120
120
James Knight of Mayfair Limited
James Knight Of Mayfair Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 10
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
208,500
417,000
10
Related party transactions
During the period, the company paid £100,000 (2022: £nil) of dividends to the directors of the company, in accordance with their shareholdings.
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