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REGISTERED NUMBER: 03842658 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MAY (IMPORTS) LIMITED

MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

MAY (IMPORTS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Y Zens-Pirker





SECRETARY: A Zens





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 03842658 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 236,384 232,952
Investment property 5 529,883 529,883
766,267 762,835

CURRENT ASSETS
Stocks 250,336 169,865
Debtors 6 2,938,956 3,299,694
Cash at bank 327 614
3,189,619 3,470,173
CREDITORS
Amounts falling due within one year 7 3,217,386 3,615,385
NET CURRENT LIABILITIES (27,767 ) (145,212 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

738,500

617,623

CREDITORS
Amounts falling due after more than one
year

8

(274,833

)

(12,140

)

PROVISIONS FOR LIABILITIES (4,067 ) (44,714 )
NET ASSETS 459,600 560,769

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 459,500 560,669
SHAREHOLDERS' FUNDS 459,600 560,769

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 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.

MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)

BALANCE SHEET - 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 September 2024 and were signed by:





Y Zens-Pirker - Director


MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

May (Imports) 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.

The directors have made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

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
The freehold property will be revalued on an annual basis.

Assets disclosed within Plant and Machinery are being depreciated at 25% on a reducing balance.
Assets disclosed within Fixtures and Fittings are being depreciated at 15% on a reducing balance.

Investment property
Investment property is shown at the most recent valuation. In accordance with Financial Reporting Standard 102 the property is revalued annually, by the Director. External valuation is also carried out periodically to support the review completed by the Director. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 220,117 28,906 249,023
Additions - 7,245 7,245
At 31 December 2023 220,117 36,151 256,268
DEPRECIATION
At 1 January 2023 - 16,071 16,071
Charge for year - 3,813 3,813
At 31 December 2023 - 19,884 19,884
NET BOOK VALUE
At 31 December 2023 220,117 16,267 236,384
At 31 December 2022 220,117 12,835 232,952

The freehold property has been valued by the director at £220,117 at the balance sheet date representing, in the opinion of the director, the current market value.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 529,883
NET BOOK VALUE
At 31 December 2023 529,883
At 31 December 2022 529,883

The director has considered the valuation at the balance sheet date and no material adjustment is considered necessary.

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 1,896,237 2,204,750
Amounts owed by group undertakings 996,860 1,094,301
Other debtors - 643
VAT 29,660 -
2,922,757 3,299,694

MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. DEBTORS - continued
31.12.23 31.12.22
£    £   
Amounts falling due after more than one year:
Tax 16,199 -

Aggregate amounts 2,938,956 3,299,694

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 150,587 178,728
Hire purchase contracts 3,948 6,342
Trade creditors 2,520,290 2,854,888
Tax 76 16,199
VAT - 14,826
Other creditors - 1,942
Owed to holding company 400,000 400,000
Directors' current accounts 139,035 139,035
Accrued expenses 3,450 3,425
3,217,386 3,615,385

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts - 3,948
Amounts owed to group undertakings 274,833 8,192
274,833 12,140

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 150,587 171,213
Bank loans - 7,515
150,587 178,728

The bank loans are secured by a fixed and floating charges on the company's freehold premises dated 25th August 2005, 29th January 2010, 19th December 2012 and 26th April 2013.

MAY (IMPORTS) LIMITED (REGISTERED NUMBER: 03842658)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. RELATED PARTY DISCLOSURES

During the financial year, the reporting entity sold goods to the value of £880,368 to Zen Bearings UK Limited, a company which is part of the same group as May (Imports) Limited.

The reporting entity also invoiced £32,000 to Zen Bearings UK Limited for rents during the financial year.

The above transactions were carried out at arms length.

At the balance sheet date, the total amount owed to the reporting entity from Zen Bearings UK Limited was £996,860.

At the same date, the company owed Zen Bearings Limited (the 100% shareholder of May (Imports) Limited) £400,000.

In addition, at the balance sheet date, the director Mr Y Zens was owed £139,035 (2023: £139,035) by the company.

There are no terms attached to these loans and no interest is being charged on the amounts outstanding.

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MAY (IMPORTS) LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of May (Imports) Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of May (Imports) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of May (Imports) Limited and state those matters that we have agreed to state to the director of May (Imports) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than May (Imports) Limited and its director for our work or for this report.

It is your duty to ensure that May (Imports) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of May (Imports) Limited. You consider that May (Imports) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of May (Imports) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


15 September 2024