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COMPANY REGISTRATION NUMBER: 07281906
MAYBANK RENOVATION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
MAYBANK RENOVATION LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
47,898
48,464
Current assets
Stocks
5,878
8,772
Debtors
6
1,579
1,579
Cash at bank and in hand
73,484
128,322
--------
---------
80,941
138,673
Creditors: amounts falling due within one year
7
40,005
66,594
--------
---------
Net current assets
40,936
72,079
--------
---------
Total assets less current liabilities
88,834
120,543
Creditors: amounts falling due after more than one year
8
20,833
30,718
Provisions
9,100
8,916
--------
---------
Net assets
58,901
80,909
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
58,801
80,809
--------
--------
Shareholders funds
58,901
80,909
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MAYBANK RENOVATION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr R J Birt
Director
Company registration number: 07281906
MAYBANK RENOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bron Graig, 6 Market Square, Tremadog, Porthmadog, LL49 9RB, Gwynedd.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from building and construction services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
38,372
3,288
45,048
86,708
Additions
11,164
13,490
24,654
Disposals
( 23,548)
( 23,548)
--------
-------
--------
--------
At 30 June 2023
49,536
3,288
34,990
87,814
--------
-------
--------
--------
Depreciation
At 1 July 2022
22,499
1,143
14,602
38,244
Charge for the year
5,407
429
6,138
11,974
Disposals
( 10,302)
( 10,302)
--------
-------
--------
--------
At 30 June 2023
27,906
1,572
10,438
39,916
--------
-------
--------
--------
Carrying amount
At 30 June 2023
21,630
1,716
24,552
47,898
--------
-------
--------
--------
At 30 June 2022
15,873
2,145
30,446
48,464
--------
-------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
1,579
1,579
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,042
Trade creditors
11,718
23,781
Corporation tax
5,994
14,118
Social security and other taxes
9,611
10,471
Other creditors
2,682
8,182
--------
--------
40,005
66,594
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,833
30,718
--------
--------
9. Director's advances, credits and guarantees
There were no director's advances, credits or guarantees during the year