Registered number
04975498
Mays Accounting Ltd
Filleted Accounts
30 November 2023
Mays Accounting Ltd
Registered number: 04975498
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - -
Tangible assets 4 4,064 4,951
4,064 4,951
Current assets
Stocks - -
Debtors 5 11,930 12,196
Cash at bank and in hand 9,421 12,312
21,351 24,508
Creditors: amounts falling due within one year 6 (11,438) (13,743)
Net current assets 9,913 10,765
Total assets less current liabilities 13,977 15,716
Creditors: amounts falling due after more than one year 7 (13,207) (15,711)
Net assets 770 5
Capital and reserves
Called up share capital 2 2
Profit and loss account 768 3
Shareholders' funds 770 5
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs K A Everett
Director
Approved by the board on 30 August 2024
Mays Accounting Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 12,000
Additions -
Disposals -
At 30 November 2023 12,000
Amortisation
At 1 December 2022 12,000
Provided during the year -
On disposals -
At 30 November 2023 12,000
Net book value
At 30 November 2023 -
At 30 November 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Total
£ £
Cost
At 1 December 2022 9,119 9,119
Additions 129 129
Surplus on revaluation - -
Disposals - -
At 30 November 2023 9,248 9,248
Depreciation
At 1 December 2022 4,168 4,168
Charge for the year 1,016 1,016
Surplus on revaluation - -
On disposals - -
At 30 November 2023 5,184 5,184
Net book value
At 30 November 2023 4,064 4,064
At 30 November 2022 4,951 4,951
5 Debtors 2023 2022
£ £
Trade debtors 2,668 1,744
Other debtors 9,262 10,452
11,930 12,196
Amounts due after more than one year included above - -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - -
Trade creditors 90 -
Taxation and social security costs 6,489 5,184
Other creditors 4,859 8,559
11,438 13,743
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 11,479 12,811
Trade creditors - -
Other creditors 1,728 2,900
13,207 15,711
8 Other information
Mays Accounting Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Ixworth Road
Troston
Bury St Edmunds
Suffolk
IP31 1EZ
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