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REGISTERED NUMBER: 04554472 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th November 2023

for

Mayfield Furniture Limited

Mayfield Furniture Limited (Registered number: 04554472)






Contents of the Financial Statements
for the Year Ended 30th November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mayfield Furniture Limited

Company Information
for the Year Ended 30th November 2023







DIRECTOR: G P Bowen





REGISTERED OFFICE: 24-32 Nottingham Road
Somercotes
Alfreton
Derbyshire
DE55 4JJ





REGISTERED NUMBER: 04554472 (England and Wales)

Mayfield Furniture Limited (Registered number: 04554472)

Balance Sheet
30th November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 173,031 162,036

CURRENT ASSETS
Stocks 36,800 35,500
Debtors 5 6,639 13,690
Cash in hand 987 628
44,426 49,818
CREDITORS
Amounts falling due within one year 6 87,802 107,192
NET CURRENT LIABILITIES (43,376 ) (57,374 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,655

104,662

CREDITORS
Amounts falling due after more than one year 7 (98,000 ) (33,000 )

PROVISIONS FOR LIABILITIES 8 (3,703 ) (728 )
NET ASSETS 27,952 70,934

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 27,951 70,933
SHAREHOLDERS' FUNDS 27,952 70,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Mayfield Furniture Limited (Registered number: 04554472)

Balance Sheet - continued
30th November 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th March 2024 and were signed by:





G P Bowen - Director


Mayfield Furniture Limited (Registered number: 04554472)

Notes to the Financial Statements
for the Year Ended 30th November 2023

1. STATUTORY INFORMATION

Mayfield Furniture Limited 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
Turnover 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.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Mayfield Furniture Limited (Registered number: 04554472)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1st December 2022 229,531 3,666 19,516
Additions - - -
Disposals - - (2,788 )
At 30th November 2023 229,531 3,666 16,728
DEPRECIATION
At 1st December 2022 74,262 730 16,046
Charge for year 4,591 73 301
Eliminated on disposal - - (2,321 )
At 30th November 2023 78,853 803 14,026
NET BOOK VALUE
At 30th November 2023 150,678 2,863 2,702
At 30th November 2022 155,269 2,936 3,470

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st December 2022 15,200 14,836 282,749
Additions 21,995 434 22,429
Disposals (15,200 ) (9,518 ) (27,506 )
At 30th November 2023 21,995 5,752 277,672
DEPRECIATION
At 1st December 2022 14,839 14,836 120,713
Charge for year 5,498 143 10,606
Eliminated on disposal (14,839 ) (9,518 ) (26,678 )
At 30th November 2023 5,498 5,461 104,641
NET BOOK VALUE
At 30th November 2023 16,497 291 173,031
At 30th November 2022 361 - 162,036

Mayfield Furniture Limited (Registered number: 04554472)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,639 13,690

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 58,627 68,491
Trade creditors 19,722 24,312
Taxation and social security 569 4,569
Other creditors 8,884 9,820
87,802 107,192

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 98,000 33,000

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,703 728

Deferred
tax
£   
Balance at 1st December 2022 728
Provided during year 2,975
Balance at 30th November 2023 3,703

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1.00 1 1