Company registration number 08554336 (England and Wales)
MAISON 21 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MAISON 21 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MAISON 21 LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,281
-
0
Investment properties
5
650,000
650,000
Investments
6
328,645
-
0
983,926
650,000
Current assets
Stocks
40,530
50,000
Debtors
7
155,442
31,913
Cash at bank and in hand
5,760
2,558
201,732
84,471
Creditors: amounts falling due within one year
8
(616,058)
(166,384)
Net current liabilities
(414,326)
(81,913)
Total assets less current liabilities
569,600
568,087
Creditors: amounts falling due after more than one year
9
(21,165)
(29,606)
Provisions for liabilities
(117,614)
(117,614)
Net assets
430,821
420,867
Capital and reserves
Called up share capital
80
80
Capital redemption reserve
20
20
Profit and loss reserves
430,721
420,767
Total equity
430,821
420,867

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

MAISON 21 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 March 2024
D J Ridler
Director
Company Registration No. 08554336
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Maison 21 Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and other investments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

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.

Other operating income represents rent and service charges receivable in the year.

1.3
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.

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:

Motor vehicles
25% reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Other fixed asset investments, which are assets held for capital appreciation, are measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

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.

1.9
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.10
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.

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.

MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.11
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.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property valuation

The director has assessed the value of the Investment property to be £650,000 as at 30th June 2023.

Other investments held at fair value

The director has assessed the value of the investment in the Ferrari 458 to be £328,645 as at 30th June 2023.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
-
0
Additions
6,500
At 30 June 2023
6,500
Depreciation and impairment
At 1 July 2022
-
0
Depreciation charged in the year
1,219
At 30 June 2023
1,219
Carrying amount
At 30 June 2023
5,281
At 30 June 2022
-
0
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
650,000

The property was valued by the Director at 30th June 2023 at £650,000 based on comparison with the open market value of similar properties in the locality.

6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
328,645
-
0

During the year the company purchased a Ferrari 458 motor car as an investment. The car was valued by the Director at 30th June 2023 at £328,645 based on comparison with the open market value of similar cars in this global market place.

MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2022
-
Additions
328,645
At 30 June 2023
328,645
Carrying amount
At 30 June 2023
328,645
At 30 June 2022
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,442
14,392
Other debtors
120,000
17,521
155,442
31,913
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,317
9,317
Trade creditors
416,601
93,124
Corporation tax
2,818
1,533
Other taxation and social security
4,139
-
0
Other creditors
183,183
62,410
616,058
166,384

Secured creditors - Metro Bank loan of £30,482 (2022: £38,315) is secured by a legal charge over the company's investment property known as Unit 32, Thames Industrial Estate and a floating charge over all unattached assets at the property incurred at the date of the deed and after.

9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
21,165
29,606
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
117,614
117,614
There were no deferred tax movements in the year.
11
Events after the reporting date

In July 2023 the company invested £280,000 for a 7% share of CWSH, CWS & College of Esports Limited, a company well positioned to take advantage of the growing esports market place.

 

In December 2023 the company completed on the purchase of land and buildings at Arcany Road, South Ockendon, Essex for £925,000. This will be developed and rented out in line with the company's principal activities.

12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Entities with control, joint control or significant influence over the company
-
0
69,483
Manage charge payable
Sundry income receivable
2023
2022
2023
2022
£
£
£
£
Other connected companies under common control
15,000
15,000
10,125
-

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other connected companies not under common control
86,597
80,000
Other connected companies under common control
160,251
-
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
Related party transactions
(Continued)
- 9 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other connected companies not under common control
2,868
-
Other connected companies under common control
12,150
3,963
13
Directors' transactions

Amounts owed by the director of the company at the balance sheet date was £Nil (2022: £26,007).

14
Parent company

The company is controlled by its Director Mr DJ Ridler.

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