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REGISTERED NUMBER: 12818485 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

MAYDAY HOLDINGS LIMITED

MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MAYDAY HOLDINGS LIMITED

Company Information
for the year ended 31 December 2023







Directors: D C Tuck
J Griffin





Registered office: 32 Ellerton Road
London
SW18 3NN





Registered number: 12818485 (England and Wales)






MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Statement of Financial Position
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 5 290 327
Tangible assets 6 3,708 2,754
3,998 3,081

Current assets
Debtors 7 117,420 35,956
Cash at bank 1,256,689 166,940
1,374,109 202,896
Creditors
Amounts falling due within one year 8 44,356 107,005
Net current assets 1,329,753 95,891
Total assets less current liabilities 1,333,751 98,972

Capital and reserves
Called up share capital 2 2
Share premium 777,971 169,980
Other reserves 920,000 -
Retained earnings (364,222 ) (71,010 )
1,333,751 98,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Statement of Financial Position - continued
31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2024 and were signed on its behalf by:





D C Tuck - Director


MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

Mayday Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Revenue expenditure on research and development is written off in the period in which it is incurred.

The company makes claims under the SME R&D tax relief scheme. Tax credits arising from claims under the SME R&D tax relief scheme are reflected 'below the line' as a reduction in the Corporation Tax charge or, if loss-making, as a Corporation Tax credit. Tax credits receivable from R&D claims are recognised in the reporting period in which the qualifying expenditure is incurred.

Hire purchase and leasing commitments
Rental paid under operating leases are charged to the income statement over the period of the lease.

4. Employees and directors

The average number of employees during the year was 6 (2022 - 3 ) .

MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


5. Intangible fixed assets
Patents and
licences
£
Cost
At 1 January 2023
and 31 December 2023 370
Amortisation
At 1 January 2023 43
Amortisation for year 37
At 31 December 2023 80
Net book value
At 31 December 2023 290
At 31 December 2022 327

6. Tangible fixed assets
Fixtures
and Computer
fittings equipment Totals
£ £ £
Cost
At 1 January 2023 1,153 3,063 4,216
Additions - 2,379 2,379
At 31 December 2023 1,153 5,442 6,595
Depreciation
At 1 January 2023 662 800 1,462
Charge for year 288 1,137 1,425
At 31 December 2023 950 1,937 2,887
Net book value
At 31 December 2023 203 3,505 3,708
At 31 December 2022 491 2,263 2,754

7. Debtors: amounts falling due within one year
2023 2022
£ £
Tax 96,220 35,579
VAT 1,101 -
Prepayments and accrued income 20,099 377
117,420 35,956

MAYDAY HOLDINGS LIMITED (REGISTERED NUMBER: 12818485)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 100 776
Social security and other taxes 12,739 6,865
VAT - 645
Other creditors - 49,999
Accruals and deferred income 31,517 48,720
44,356 107,005