May K Limited 00977476 false 2022-11-01 2023-10-31 2023-10-31 2023-10-31 The principal activity of the company is the manufacture and marketing of packaging materials and the company provides management services and manages rental properties. Digita Accounts Production Advanced 6.30.9574.0 true true true false true false false false 00977476 2022-11-01 2023-10-31 00977476 2023-10-31 00977476 bus:OrdinaryShareClass1 bus:Consolidated 2023-10-31 00977476 bus:OrdinaryShareClass2 bus:Consolidated 2023-10-31 00977476 bus:OrdinaryShareClass3 bus:Consolidated 2023-10-31 00977476 bus:OrdinaryShareClass4 bus:Consolidated 2023-10-31 00977476 bus:OrdinaryShareClass5 bus:Consolidated 2023-10-31 00977476 bus:OtherShareClass1 bus:Consolidated 2023-10-31 00977476 bus:Consolidated 2023-10-31 00977476 core:Non-controllingInterests bus:Consolidated 2023-10-31 00977476 core:RetainedEarningsAccumulatedLosses 2023-10-31 00977476 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-10-31 00977476 core:RevaluationReserve 2023-10-31 00977476 core:RevaluationReserve bus:Consolidated 2023-10-31 00977476 core:ShareCapital 2023-10-31 00977476 core:ShareCapital bus:Consolidated 2023-10-31 00977476 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-10-31 00977476 core:FinanceLeases core:CurrentFinancialInstruments 2023-10-31 00977476 core:FinanceLeases core:CurrentFinancialInstruments bus:Consolidated 2023-10-31 00977476 core:FinanceLeases core:Non-currentFinancialInstruments 2023-10-31 00977476 core:FinanceLeases core:Non-currentFinancialInstruments bus:Consolidated 2023-10-31 00977476 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-10-31 00977476 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments bus:Consolidated 2023-10-31 00977476 core:CurrentFinancialInstruments 2023-10-31 00977476 core:CurrentFinancialInstruments bus:Consolidated 2023-10-31 00977476 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 00977476 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-10-31 00977476 core:Non-currentFinancialInstruments 2023-10-31 00977476 core:Non-currentFinancialInstruments bus:Consolidated 2023-10-31 00977476 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 00977476 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-10-31 00977476 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 00977476 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-10-31 00977476 core:FurnitureFittingsToolsEquipment 2023-10-31 00977476 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-10-31 00977476 core:LandBuildings 2023-10-31 00977476 core:LandBuildings bus:Consolidated 2023-10-31 00977476 core:MotorVehicles bus:Consolidated 2023-10-31 00977476 core:OtherPropertyPlantEquipment 2023-10-31 00977476 core:OtherPropertyPlantEquipment bus:Consolidated 2023-10-31 00977476 core:DeferredTaxation 2023-10-31 00977476 core:DeferredTaxation bus:Consolidated 2023-10-31 00977476 bus:FRS102 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:Audited bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:FullAccounts bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:RegisteredOffice bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:Director1 2022-11-01 2023-10-31 00977476 bus:Director1 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:Director2 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:Director3 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:OrdinaryShareClass1 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:OrdinaryShareClass2 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:OrdinaryShareClass3 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:OrdinaryShareClass4 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:OrdinaryShareClass5 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:OtherShareClass1 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:Consolidated 1 2022-11-01 2023-10-31 00977476 bus:Consolidated 3 2022-11-01 2023-10-31 00977476 bus:PrivateLimitedCompanyLtd bus:Consolidated 2022-11-01 2023-10-31 00977476 bus:ConsolidatedGroupCompanyAccounts 2022-11-01 2023-10-31 00977476 1 2022-11-01 2023-10-31 00977476 core:Associate1 bus:Consolidated 2022-11-01 2023-10-31 00977476 core:Associate1 countries:AllCountries bus:Consolidated 2022-11-01 2023-10-31 00977476 core:Non-controllingInterests bus:Consolidated 2022-11-01 2023-10-31 00977476 core:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 00977476 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-11-01 2023-10-31 00977476 core:RevaluationReserve 2022-11-01 2023-10-31 00977476 core:RevaluationReserve bus:Consolidated 2022-11-01 2023-10-31 00977476 core:ShareCapital 2022-11-01 2023-10-31 00977476 core:ShareCapital bus:Consolidated 2022-11-01 2023-10-31 00977476 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-11-01 2023-10-31 00977476 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-11-01 2023-10-31 00977476 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 00977476 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-11-01 2023-10-31 00977476 core:LandBuildings 2022-11-01 2023-10-31 00977476 core:LandBuildings bus:Consolidated 2022-11-01 2023-10-31 00977476 core:MotorVehicles bus:Consolidated 2022-11-01 2023-10-31 00977476 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 00977476 core:OtherPropertyPlantEquipment bus:Consolidated 2022-11-01 2023-10-31 00977476 core:Subsidiary1 bus:Consolidated 2022-11-01 2023-10-31 00977476 core:Subsidiary1 bus:Consolidated 1 2022-11-01 2023-10-31 00977476 core:Subsidiary1 countries:AllCountries bus:Consolidated 2022-11-01 2023-10-31 00977476 core:UKTax bus:Consolidated 2022-11-01 2023-10-31 00977476 countries:AllCountries bus:Consolidated 2022-11-01 2023-10-31 00977476 2022-10-31 00977476 bus:Consolidated 2022-10-31 00977476 core:Non-controllingInterests bus:Consolidated 2022-10-31 00977476 core:RetainedEarningsAccumulatedLosses 2022-10-31 00977476 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-10-31 00977476 core:RevaluationReserve 2022-10-31 00977476 core:RevaluationReserve bus:Consolidated 2022-10-31 00977476 core:ShareCapital 2022-10-31 00977476 core:ShareCapital bus:Consolidated 2022-10-31 00977476 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-10-31 00977476 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 00977476 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-10-31 00977476 core:FurnitureFittingsToolsEquipment 2022-10-31 00977476 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-10-31 00977476 core:LandBuildings 2022-10-31 00977476 core:LandBuildings bus:Consolidated 2022-10-31 00977476 core:MotorVehicles bus:Consolidated 2022-10-31 00977476 core:OtherPropertyPlantEquipment 2022-10-31 00977476 core:OtherPropertyPlantEquipment bus:Consolidated 2022-10-31 00977476 core:DeferredTaxation 2022-10-31 00977476 core:DeferredTaxation bus:Consolidated 2022-10-31 00977476 2021-11-01 2022-10-31 00977476 2022-10-31 00977476 bus:OrdinaryShareClass1 bus:Consolidated 2022-10-31 00977476 bus:OrdinaryShareClass2 bus:Consolidated 2022-10-31 00977476 bus:OrdinaryShareClass3 bus:Consolidated 2022-10-31 00977476 bus:OrdinaryShareClass4 bus:Consolidated 2022-10-31 00977476 bus:OrdinaryShareClass5 bus:Consolidated 2022-10-31 00977476 bus:OtherShareClass1 bus:Consolidated 2022-10-31 00977476 bus:Consolidated 2022-10-31 00977476 core:FinanceLeases core:CurrentFinancialInstruments 2022-10-31 00977476 core:FinanceLeases core:CurrentFinancialInstruments bus:Consolidated 2022-10-31 00977476 core:FinanceLeases core:Non-currentFinancialInstruments 2022-10-31 00977476 core:FinanceLeases core:Non-currentFinancialInstruments bus:Consolidated 2022-10-31 00977476 core:CurrentFinancialInstruments 2022-10-31 00977476 core:CurrentFinancialInstruments bus:Consolidated 2022-10-31 00977476 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 00977476 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-10-31 00977476 core:Non-currentFinancialInstruments 2022-10-31 00977476 core:Non-currentFinancialInstruments bus:Consolidated 2022-10-31 00977476 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 00977476 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-10-31 00977476 core:FurnitureFittingsToolsEquipment 2022-10-31 00977476 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-10-31 00977476 core:LandBuildings 2022-10-31 00977476 core:LandBuildings bus:Consolidated 2022-10-31 00977476 core:MotorVehicles bus:Consolidated 2022-10-31 00977476 core:OtherPropertyPlantEquipment 2022-10-31 00977476 core:OtherPropertyPlantEquipment bus:Consolidated 2022-10-31 00977476 bus:Consolidated 2021-11-01 2022-10-31 00977476 bus:Consolidated 1 2021-11-01 2022-10-31 00977476 bus:Consolidated 3 2021-11-01 2022-10-31 00977476 1 2021-11-01 2022-10-31 00977476 core:Associate1 bus:Consolidated 2021-11-01 2022-10-31 00977476 core:Non-controllingInterests bus:Consolidated 2021-11-01 2022-10-31 00977476 core:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 00977476 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-11-01 2022-10-31 00977476 core:RevaluationReserve 2021-11-01 2022-10-31 00977476 core:RevaluationReserve bus:Consolidated 2021-11-01 2022-10-31 00977476 core:ShareCapital 2021-11-01 2022-10-31 00977476 core:ShareCapital bus:Consolidated 2021-11-01 2022-10-31 00977476 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-11-01 2022-10-31 00977476 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2021-11-01 2022-10-31 00977476 core:Subsidiary1 bus:Consolidated 1 2021-11-01 2022-10-31 00977476 core:UKTax bus:Consolidated 2021-11-01 2022-10-31 00977476 2021-10-31 00977476 bus:Consolidated 2021-10-31 00977476 core:Non-controllingInterests bus:Consolidated 2021-10-31 00977476 core:RetainedEarningsAccumulatedLosses 2021-10-31 00977476 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-10-31 00977476 core:RevaluationReserve 2021-10-31 00977476 core:RevaluationReserve bus:Consolidated 2021-10-31 00977476 core:ShareCapital 2021-10-31 00977476 core:ShareCapital bus:Consolidated 2021-10-31 00977476 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00977476

May K Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 October 2023

 

May K Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14 to 15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

May K Limited

Company Information

Directors

Mr D C Kelso

Mrs T J Kelso

Mr C W Kelso

Registered office

Birch Grove
Chapel Lane
Pirbright
Woking
Surrey
GU24 0JY

Auditors

Just Audit & Assurance Ltd
Senior Statutory Auditor
37 Market Square
Witney
Oxon
OX28 6RE

 

May K Limited

Strategic Report for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the group is the manufacture and marketing of packaging materials and the company provides management services and manages rental properties.

Fair review of the business

Ready Case continues to operate in a difficult environment but having moved premises and installed additional equipment is now better placed and is now seeing a net growth in customers and the futre is looking significantly better.

Principal risks and uncertainties

The principal risks continue to be the trading position of Ready Case but also the changing property market with higher interest rates and other economic pressures. These do appear to be recovering.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

May K Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the for the year ended 31 October 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr D C Kelso

Mrs T J Kelso

Mr C W Kelso

Financial instruments

Objectives and policies

The principal activity of the company and group continue to be that o the manufacture and distribution of packaging goods.

Price risk, credit risk, liquidity risk and cash flow risk

The results for the year are set out in the finacial satements and the company maintained its diidend levels.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

May K Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

May K Limited

Independent Auditor's Report to the Members of May K Limited

Opinion

We have audited the financial statements of May K Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2023 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

May K Limited

Independent Auditor's Report to the Members of May K Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

May K Limited

Independent Auditor's Report to the Members of May K Limited

Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:

• obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• an understanding of the entity’s risk assessment process, including the risk of fraud;
• designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Jonathan Michael Russell (Senior Statutory Auditor)
For and on behalf of Just Audit & Assurance Ltd, Statutory Auditor

37 Market Square
Witney
Oxon
OX28 6RE

7 October 2024

 

May K Limited

Consolidated Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

8,461,267

9,227,461

Cost of sales

 

(6,034,192)

(7,068,507)

Gross profit

 

2,427,075

2,158,954

Administrative expenses

 

(2,983,892)

(2,568,444)

Other operating income

4

145,603

43,256

Operating loss

5

(411,214)

(366,234)

Other interest receivable and similar income

6

139

704

Interest payable and similar expenses

7

(82,439)

(77,531)

   

(82,300)

(76,827)

Loss before tax

 

(493,514)

(443,061)

Tax on loss

11

-

262,524

Loss for the financial year

 

(493,514)

(180,537)

Profit/(loss) attributable to:

 

Owners of the company

 

(339,503)

(103,620)

Minority interests

 

(154,011)

(76,917)

 

(493,514)

(180,537)

 

May K Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Loss for the year

(493,514)

(180,537)

Total comprehensive income for the year

(493,514)

(180,537)

Total comprehensive income attributable to:

Owners of the company

(339,503)

(103,620)

Minority interests

(154,011)

(76,917)

(493,514)

(180,537)

 

May K Limited

(Registration number: 00977476)
Consolidated Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

3,542,652

3,738,872

Investment property

14

-

800,000

Other financial assets

16

22,458

199,884

 

3,565,110

4,738,756

Current assets

 

Stocks

17

535,289

405,717

Debtors

18

2,291,410

2,526,735

Cash at bank and in hand

 

803,687

326,822

 

3,630,386

3,259,274

Creditors: Amounts falling due within one year

20

(3,335,198)

(3,283,707)

Net current assets/(liabilities)

 

295,188

(24,433)

Total assets less current liabilities

 

3,860,298

4,714,323

Creditors: Amounts falling due after more than one year

20

(923,441)

(1,114,853)

Provisions for liabilities

21

(329,978)

(329,978)

Net assets

 

2,606,879

3,269,492

Capital and reserves

 

Called up share capital

23

1,000

1,000

Revaluation reserve

-

131,719

Retained earnings

2,529,385

2,906,268

Equity attributable to owners of the company

 

2,530,385

3,038,987

Minority interests

 

76,494

230,505

Shareholders' funds

 

2,606,879

3,269,492

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

May K Limited

(Registration number: 00977476)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

1,096,177

1,116,674

Investment property

14

-

800,000

Other financial assets

16

22,558

199,984

 

1,118,735

2,116,658

Current assets

 

Debtors

18

1,170,445

383,134

Cash at bank and in hand

 

695,181

326,806

 

1,865,626

709,940

Creditors: Amounts falling due within one year

20

(421,541)

(119,330)

Net current assets

 

1,444,085

590,610

Total assets less current liabilities

 

2,562,820

2,707,268

Creditors: Amounts falling due after more than one year

20

(230,763)

(280,427)

Provisions for liabilities

21

(43,906)

(43,906)

Net assets

 

2,288,151

2,382,935

Capital and reserves

 

Called up share capital

23

1,000

1,000

Revaluation reserve

-

131,719

Retained earnings

2,287,151

2,250,216

Shareholders' funds

 

2,288,151

2,382,935

The company made a loss after tax for the financial year of £35,683 (2022 - profit of £294,584).

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr D C Kelso
Director

 

May K Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 October 2023
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 November 2022

1,000

131,719

2,906,268

3,038,987

230,505

3,269,492

Loss for the year

-

-

(339,503)

(339,503)

(154,011)

(493,514)

Dividends

-

-

(169,099)

(169,099)

-

(169,099)

Transfers

-

(131,719)

131,719

-

-

-

At 31 October 2023

1,000

-

2,529,385

2,530,385

76,494

2,606,879



 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 November 2021

1,000

263,598

3,026,213

3,290,811

338,622

3,629,433

Loss for the year

-

-

(103,620)

(103,620)

(76,917)

(180,537)

Dividends

-

-

(148,204)

(148,204)

(31,200)

(179,404)

Transfers

-

(131,879)

131,879

-

-

-

At 31 October 2022

1,000

131,719

2,906,268

3,038,987

230,505

3,269,492

 

May K Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 November 2022

1,000

131,719

2,250,216

2,382,935

Loss for the year

-

-

(35,683)

(35,683)

Dividends

-

-

(59,099)

(59,099)

Transfers

-

(131,719)

131,719

-

At 31 October 2023

1,000

-

2,287,153

2,288,153



 

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 November 2021

1,000

263,598

1,883,157

2,147,755

Profit for the year

-

-

294,584

294,584

Dividends

-

-

(59,404)

(59,404)

Transfers

-

(131,879)

131,879

-

At 31 October 2022

1,000

131,719

2,250,216

2,382,935

 

May K Limited

Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Loss for the year

 

(493,514)

(180,537)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

467,554

449,867

Loss on disposal of tangible assets

15,929

14,000

Finance income

6

(139)

(704)

Finance costs

7

81,452

75,190

Income tax expense

11

-

(262,524)

Other gains/losses

 

-

(72,690)

 

71,282

22,602

Working capital adjustments

 

(Increase)/decrease in stocks

17

(129,572)

501,997

Decrease in trade debtors

18

235,325

559,735

(Decrease)/increase in trade creditors

20

(518,994)

220,653

(Decrease)/increase in deferred income, including government grants

 

(583)

583

Cash generated from operations

 

(342,542)

1,305,570

Income taxes (paid)/received

11

(150,594)

55,261

Net cash flow from operating activities

 

(493,136)

1,360,831

Cash flows from investing activities

 

Interest received

139

704

Acquisitions of tangible assets

(271,333)

(358,819)

Proceeds from sale of tangible assets

 

(15,929)

-

Proceeds from sale of investment properties

 

800,000

286,842

Proceeds from disposal of financial investments other than trading investments

 

177,426

(179,218)

Advance of directors loan account

 

-

(152,619)

Net cash flows from investing activities

 

690,303

(403,110)

Cash flows from financing activities

 

Interest paid

7

(81,452)

(75,190)

Proceeds from bank borrowing draw downs

 

120,455

(24,127)

Repayment of other borrowing

 

712,321

-

Payments to finance lease creditors

 

(1,262,462)

(532,533)

Dividends paid

(169,099)

(179,404)

Net cash flows from financing activities

 

(680,237)

(811,254)

Net (decrease)/increase in cash and cash equivalents

 

(483,070)

146,467

 

May K Limited

Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash and cash equivalents at 1 November

 

203,710

57,243

Cash and cash equivalents at 31 October

 

(279,360)

203,710

 

May K Limited

Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

 

(35,683)

294,584

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

33,977

31,282

Loss/(profit) on disposal of tangible assets

15,929

(232,929)

Finance income

(139)

-

Finance costs

20,681

11,417

Income tax expense

11

-

31,848

Other gains/losses

 

-

(18,778)

 

34,765

117,424

Working capital adjustments

 

(Increase)/decrease in trade debtors

18

(787,311)

195,152

Increase in trade creditors

20

234,395

41,460

(Decrease)/increase in deferred income, including government grants

 

(583)

583

Cash generated from operations

 

(518,734)

354,619

Income taxes received/(paid)

11

40,026

(31,838)

Net cash flow from operating activities

 

(478,708)

322,781

Cash flows from investing activities

 

Interest received

139

-

Acquisitions of tangible assets

(13,481)

(12,117)

Proceeds from sale of tangible assets

 

(15,929)

-

Proceeds from sale of investment properties

 

800,000

286,842

Proceeds from disposal of financial investments other than trading investments

 

177,426

-

Proceeds from disposal of financial investments other than trading investments

 

-

(179,218)

Advance of directors loan account

 

-

(154,874)

Net cash flows from investing activities

 

948,155

(59,367)

Cash flows from financing activities

 

Interest paid

(20,681)

(11,417)

Proceeds from bank borrowing draw downs

 

(21,292)

(24,127)

Dividends paid

(59,099)

(59,404)

Net cash flows from financing activities

 

(101,072)

(94,948)

Net increase in cash and cash equivalents

 

368,375

168,466

Cash and cash equivalents at 1 November

 

326,806

158,340

Cash and cash equivalents at 31 October

 

695,181

326,806

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Birch Grove
Chapel Lane
Pirbright
Woking
Surrey
GU24 0JY

These financial statements were authorised for issue by the Board on 7 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023.

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

8,461,267

9,224,771

Rental income from investment property

-

2,690

8,461,267

9,227,461

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

145,603

43,256

5

Operating loss

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

467,554

447,803

Amortisation expense

-

2,064

Operating lease expense - plant and machinery

42,684

-

Loss on disposal of property, plant and equipment

15,929

14,000

6

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

139

629

Other finance income

-

75

139

704

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

20,681

9,076

Interest on obligations under finance leases and hire purchase contracts

60,771

66,114

Foreign exchange gains

987

2,341

82,439

77,531

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,290,104

2,214,018

Social security costs

218,482

222,146

Other short-term employee benefits

33,990

1,543

Pension costs, defined contribution scheme

78,439

84,361

Other employee expense

-

50,222

2,621,015

2,572,290

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

51

51

Administration and support

29

29

80

80

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

130,482

118,832

Contributions paid to money purchase schemes

24,505

-

154,987

118,832

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

12,000

16,500

Other fees to auditors

All other non-audit services

-

1,500


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

-

(262,524)

12

Intangible assets

Group

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

45,511

45,511

At 31 October 2023

45,511

45,511

Amortisation

At 1 November 2022

45,511

45,511

At 31 October 2023

45,511

45,511

Carrying amount

At 31 October 2023

-

-

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Company

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

33,084

33,084

At 31 October 2023

33,084

33,084

Amortisation

At 1 November 2022

33,084

33,084

At 31 October 2023

33,084

33,084

Carrying amount

At 31 October 2023

-

-

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

1,587,351

117,263

57,922

4,154,967

5,917,503

Additions

40,409

18,188

-

212,736

271,333

At 31 October 2023

1,627,760

135,451

57,922

4,367,703

6,188,836

Depreciation

At 1 November 2022

51,158

78,223

57,922

1,991,328

2,178,631

Charge for the year

75,430

18,736

-

373,387

467,553

At 31 October 2023

126,588

96,959

57,922

2,364,715

2,646,184

Carrying amount

At 31 October 2023

1,501,172

38,492

-

2,002,988

3,542,652

At 31 October 2022

1,536,193

39,040

-

2,163,639

3,738,872

Included within the net book value of land and buildings above is £1,078,122 (2022 - £1,106,980) in respect of freehold land and buildings and £423,050 (2022 - £429,213) in respect of leasehold land and buildings.
 

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

1,135,839

55,443

38,000

1,229,282

Additions

-

13,481

-

13,481

At 31 October 2023

1,135,839

68,924

38,000

1,242,763

Depreciation

At 1 November 2022

28,859

45,750

38,000

112,609

Charge for the year

28,858

5,119

-

33,977

At 31 October 2023

57,717

50,869

38,000

146,586

Carrying amount

At 31 October 2023

1,078,122

18,055

-

1,096,177

At 31 October 2022

1,106,980

9,694

-

1,116,674

Included within the net book value of land and buildings above is £1,078,122 (2022 - £1,106,980) in respect of freehold land and buildings.
 

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

14

Investment properties

Group

2023
£

At 1 November

800,000

Disposals

(800,000)

At 31 October

-

There has been no valuation of investment property by an independent valuer.

Company

2023
£

At 1 November

800,000

Disposals

(800,000)

At 31 October

-

There has been no valuation of investment property by an independent valuer.

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Ready Case Limited*

Birch Grove Chapel Lane, Pirbright, Woking, Surrey, GU24 0JY

Ordinary

76%

76%

England & Wales

Associates

Kelso Commercial Limited*

Woodlands Chapel Lane, Pirbright, Woking, England, GU24 0LU

Ordinary

0.05%

33.33%

England & Wales

* indicates direct investment of the company

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Subsidiary undertakings

Ready Case Limited

The principal activity of Ready Case Limited is Manufacture of packaging materials

Associate undertakings

Kelso Commercial Limited

The principal activity of Kelso Commercial Limited is Property Investment .
 

 

16

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

199,984

199,984

Disposals

(177,526)

(177,526)

At 31 October 2023

22,458

22,458

Impairment

Carrying amount

At 31 October 2023

22,458

22,458

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Company

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

199,984

199,984

Disposals

(177,426)

(177,426)

At 31 October 2023

22,558

22,558

Impairment

Carrying amount

At 31 October 2023

22,558

22,558

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

231,874

244,512

-

-

Work in progress

86,619

18,323

-

-

Finished goods and goods for resale

216,796

142,882

-

-

535,289

405,717

-

-

Group

18

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

2,069,305

2,056,003

8,756

(9,617)

Amounts owed by related parties

107,318

-

107,318

-

Other debtors

 

35,448

398,463

1,052,913

387,578

Prepayments

 

75,776

67,623

1,458

527

Accrued income

 

3,563

4,646

-

4,646

   

2,291,410

2,526,735

1,170,445

383,134

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

803,687

326,822

695,181

326,806

Bank overdrafts

(1,083,047)

(123,112)

-

-

Cash and cash equivalents in statement of cash flows

(279,360)

203,710

695,181

326,806

20

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

25

1,305,588

583,927

61,151

32,779

Trade creditors

 

1,053,666

1,156,209

8,102

5,037

Amounts due to related parties

346,951

204,449

239,633

-

Social security and other taxes

 

201,049

4,907

1,849

4,907

Outstanding defined contribution pension costs

 

12,946

-

-

-

Other payables

 

20,244

801,756

82

-

Accruals

 

265,770

252,298

20,655

25,981

Income tax liability

11

128,984

279,578

90,069

50,043

Deferred income

 

-

583

-

583

 

3,335,198

3,283,707

421,541

119,330

Due after one year

 

Loans and borrowings

25

923,441

1,114,853

230,763

280,427

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 November 2022

329,978

329,978

At 31 October 2023

329,978

329,978

Company

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Deferred tax
£

Total
£

At 1 November 2022

43,906

43,906

At 31 October 2023

43,906

43,906

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £78,439 (2022 - £84,361).

Contributions totalling £12,946 (2022 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

23

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary of £1 each

501

501

501

501

B Ordinary of £1 each

348

348

348

348

C Ordinary of £1 each

50

50

50

50

D Ordinary of £1 each

50

50

50

50

E Ordinary of £1 each

1

1

1

1

F Ordinary of £1 each

50

50

50

50

1,000

1,000

1,000

1,000

24

Minority interests

The minority interests relate to:

Ready Case Limited of which 24% (2022 - 24%) of the voting rights are held outside of the group.

 

May K Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

25

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

230,763

280,427

230,763

280,427

Finance lease liabilities

-

834,426

-

-

Other borrowings

692,678

-

-

-

923,441

1,114,853

230,763

280,427

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

202,898

32,779

61,151

32,779

Bank overdrafts

1,083,047

123,112

-

-

Finance lease liabilities

-

428,036

-

-

Other borrowings

19,643

-

-

-

1,305,588

583,927

61,151

32,779

26

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend - Controlling interests

142,699

148,204

Interim dividend - Non controlling interests

26,400

31,200

169,099

179,404