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Registered number: 04469763
Mayfairs Coaches Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04469763
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 209,654 239,885
209,654 239,885
CURRENT ASSETS
Debtors 5 401,302 27,493
Cash at bank and in hand 421,176 233,721
822,478 261,214
Creditors: Amounts Falling Due Within One Year 6 (194,114 ) (65,166 )
NET CURRENT ASSETS (LIABILITIES) 628,364 196,048
TOTAL ASSETS LESS CURRENT LIABILITIES 838,018 435,933
Creditors: Amounts Falling Due After More Than One Year 7 (220,240 ) (250,427 )
NET ASSETS 617,778 185,506
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 617,776 185,504
SHAREHOLDERS' FUNDS 617,778 185,506
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Nazari
Director
19th September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mayfairs Coaches Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04469763 . The registered office is 5b Russell Gardens, London, W14 8EZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold No depreciation
Plant & Machinery 25% on written down value
Motor Vehicles 25% on written down value
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 7)
9 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 16,868 4,367 395,500 416,735
Additions - - 149,000 149,000
Disposals - - (145,500 ) (145,500 )
As at 31 December 2023 16,868 4,367 399,000 420,235
Depreciation
As at 1 January 2023 - 4,111 172,739 176,850
Provided during the period - 64 64,198 64,262
Disposals - - (30,531 ) (30,531 )
As at 31 December 2023 - 4,175 206,406 210,581
...CONTINUED
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Net Book Value
As at 31 December 2023 16,868 192 192,594 209,654
As at 1 January 2023 16,868 256 222,761 239,885
5. Debtors
2023 2022
£ £
Due within one year
VAT 11,910 27,493
Amounts owed by group undertakings 389,392 -
401,302 27,493
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 22,591 22,591
Trade creditors 9,540 4,043
Corporation tax 152,594 30,268
Other taxes and social security 790 14
Other creditors 7,500 7,451
Pension Control 144 17
Credit Card Control 955 782
194,114 65,166
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 67,086 89,675
Bank loans 84,615 110,039
Directors loan account 68,539 50,713
220,240 250,427
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8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 30,143 30,143
Later than one year and not later than five years 72,783 102,925
102,926 133,068
Less: Finance charges allocated to future periods 13,249 20,802
89,677 112,266
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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