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COMPANY REGISTRATION NUMBER: 01295119
Maison Maurice Limited
Financial Statements
For the year ended
31 January 2024
Maison Maurice Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
Maison Maurice Limited
Officers and Professional Advisers
The board of directors
Mr A J Sundin
Mr J M Sundin
Company secretary
J M Sundin
Registered office
K1-K5 Northfleet Industrial Estate
Lower Road
Northfleet
Kent
England
DA11 9BL
Auditor
R. E. Jones & Co.
Chartered accountants & statutory auditor
132 Burnt Ash Road
Lee
London
SE12 8PU
Bankers
Santander UK plc
21 Prescot Street
London
E1 8AD
Maison Maurice Limited
Strategic Report
Year ended 31 January 2024
The directors present the strategic report and financial statements for the year ended 31 January 2024. Principal activity The company's principle activity during the year continued to be wholesale of alcoholic and soft drinks. The head office is based at Unit K1-K5 Northfleet Industrial Estate, Lower Road, Northfleet, Gravesend. DA11 9BL.
Fair review of the business
The directors manage the business on the key indicators of turnover, gross margin and EBITDA. The function of the company is the sale of products to other external entities. The company reported a 16% increase in turnover from the prior year (6% in 2023). With continued industry competition, squeezed margins, a fall in the number of licenced outlets and many supermarkets bypassing wholesalers, the directors were pleased with the results. The company still continues to expand the product range, obtain new custom and work with brand owners to provide customers with a comprehensive service. Gross profit is £2,198,111 (2023:£1,851,558) and net trading profit before tax is £1,408,199 (2023 £1,078,980). Dividends of £522,000 were declared in the year (£670,000 in 2023), and undistributed profits at the balance sheet date amounted to £4,656,667 (2023:£4,130,236). The Directors expect the Company to continue to operate in its existing markets and to develop the product range to customers. Financial risk management The Company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, price risk and liquidity risk. The principal risks and uncertainties affecting the company relate to general beverage and ancillary product demand, UK Economy fluctuations, competition with other wholesalers and fall in licenced outlets. Credit risk Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The company is mainly exposed to credit risk from credit sales. At 31 January 2024 the company has trade and other receivables of £879,361 (2023:£772,068). The Company is therefore exposed to credit risk on these balances, such that if customers encounter financial difficulties this could materially affect the Company's financial position. To minimise risk the company seeks to deal with companies which demonstrate creditworthy credentials and maintains a monitoring process throughout the year.
Principal risks and uncertainties
Credit risk. cont„ For the details above, the directors consider the probability of impairment loss on receivables is low and hence no requirement to make a provision. Credit risk on cash and cash equivalents is considered to be small as the counterparties are all substantial banks with investment grade credit ratings. Price risk Price risk is the risk that the swing in the price of key expenses will affect the profitability of the business. The Company manages this risk by a mixture of long term price agreements with suppliers and monitoring of market movements. Liquidity risk Liquidity risk relates to the management of working capital and the potential difficulty in meeting financial obligations as they fall due. The company actively manages cash generation and maintains sufficient cash reserves to cover commitments. Political and Economic risk The company continues to monitor the impact and risks of the UK's exit from the European Union's Single Market and Customs Union in January 2021. The directors meet regular to assess the potential difficulties and the impact on the movement of the products under the potential Brexit risks. Covid-19 The company is mindful of the continued effects that Covid-19 is having on the workforce, suppliers, distribution and customers. The company is also mindful of the wider economic effects this could have on the global market in 2024 and beyond. The company maintains a regular risk review of the impact on the trade and the potential future demand from customers. The company considers itself to be well positioned to manage the situation in the forthcoming months. Going concern The company has considered the going concern in the light of the above risks and concluded that the company has sufficient financial resources in place at the Balance Sheet date to consider it reasonable to adopt the going concern basis in preparing the financial statements for the year.
This report was approved by the board of directors on 22 October 2024 and signed on behalf of the board by:
J M Sundin
Company Secretary
Maison Maurice Limited
Directors' Report
Year ended 31 January 2024
The directors present their report and the financial statements of the company for the year ended 31 January 2024 .
Directors
The directors who served the company during the year were as follows:
Mr A J Sundin
Mr J M Sundin
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Future developments
The company will continue to expand their product range, seek to obtain more custom and work with brand owners to provide customers with a comprehensive service.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- 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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 22 October 2024 and signed on behalf of the board by:
J M Sundin
Company Secretary
Maison Maurice Limited
Independent Auditor's Report to the Members of Maison Maurice Limited
Year ended 31 January 2024
Opinion
We have audited the financial statements of Maison Maurice Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 company's affairs as at 31 January 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
Opinions on other matters 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 the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the 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 the 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 or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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 directors' responsibilities statement, 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's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detecting irregularities, including fraud The objectives of the audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the potential risks of non-compliance with laws and regulations related to health and safety, anti-bribery, data protection and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inappropriate transactions to increase revenue or reduce expenditure, together with management bias, in accounting provisions. Audit procedures performed by the engagement team included: . Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and . Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and . Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and . identifying and testing journal entries, in particular and manual entries made at the year end for the financial statements. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misreprentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Darren Smart
(Senior Statutory Auditor)
For and on behalf of
R. E. Jones & Co.
Chartered accountants & statutory auditor
132 Burnt Ash Road
Lee
London
SE12 8PU
25 October 2024
Maison Maurice Limited
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
4
17,726,034
15,230,200
Cost of sales
15,527,923
13,378,642
--------------
--------------
Gross profit
2,198,111
1,851,558
Administrative expenses
859,493
799,780
Other operating income
37,912
17,561
-------------
-------------
Operating profit
5
1,376,530
1,069,339
Other interest receivable and similar income
9
31,669
9,641
-------------
-------------
Profit before taxation
1,408,199
1,078,980
Tax on profit
10
348,992
208,485
-------------
-------------
Profit for the financial year and total comprehensive income
1,059,207
870,495
-------------
-------------
Dividends paid and payable
11
( 522,000)
( 670,000)
Retained earnings at the start of the year
4,148,910
3,948,415
-------------
-------------
Retained earnings at the end of the year
4,686,117
4,148,910
-------------
-------------
All the activities of the company are from continuing operations.
Maison Maurice Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
13
1,205,056
1,215,248
Current assets
Stocks
14
1,646,976
1,618,308
Debtors
15
879,361
772,068
Cash at bank and in hand
2,481,837
2,102,914
-------------
-------------
5,008,174
4,493,290
Creditors: amounts falling due within one year
16
1,190,112
1,408,541
-------------
-------------
Net current assets
3,818,062
3,084,749
-------------
-------------
Total assets less current liabilities
5,023,118
4,299,997
Creditors: amounts falling due after more than one year
17
306,191
131,053
Provisions
Taxation including deferred tax
18
29,450
18,674
-------------
-------------
Net assets
4,687,477
4,150,270
-------------
-------------
Capital and reserves
Called up share capital
21
1,360
1,360
Profit and loss account
22
4,686,117
4,148,910
-------------
-------------
Shareholders funds
4,687,477
4,150,270
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr A J Sundin
Mr J M Sundin
Director
Director
Company registration number: 01295119
Maison Maurice Limited
Statement of Cash Flows
Year ended 31 January 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,059,207
870,495
Adjustments for:
Depreciation of tangible assets
67,962
62,136
Other interest receivable and similar income
( 31,669)
( 9,641)
Gains on disposal of tangible assets
( 21,976)
Tax on profit
348,992
208,485
Accrued expenses
2,808
2,182
Changes in:
Stocks
( 28,668)
( 296,878)
Trade and other debtors
( 107,293)
( 200,118)
Trade and other creditors
( 348,604)
327,438
-------------
----------
Cash generated from operations
940,759
964,099
Interest received
31,669
9,641
Tax paid
( 210,849)
( 124,164)
----------
----------
Net cash from operating activities
761,579
849,576
----------
----------
Cash flows from investing activities
Purchase of tangible assets
( 69,293)
( 17,966)
Proceeds from sale of tangible assets
33,499
----------
----------
Net cash used in investing activities
( 35,794)
( 17,966)
----------
----------
Cash flows from financing activities
Proceeds from borrowings
175,138
2,205
Dividends paid
( 522,000)
( 670,000)
----------
----------
Net cash used in financing activities
( 346,862)
( 667,795)
----------
----------
Net increase in cash and cash equivalents
378,923
163,815
Cash and cash equivalents at beginning of year
2,102,914
1,939,099
-------------
-------------
Cash and cash equivalents at end of year
2,481,837
2,102,914
-------------
-------------
Maison Maurice Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is K1-K5 Northfleet Industrial Estate, Lower Road, Northfleet, Kent, DA11 9BL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of goods sold during the year, net of VAT and trade discounts. Turnover is recognised when goods are delivered to the customer.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trademarks
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
Over the life of the property
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stock of goods
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
17,726,034
15,230,200
--------------
--------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
67,962
62,136
Gains on disposal of tangible assets
( 21,976)
Impairment of trade debtors
17,612
11,297
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
6,250
6,250
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Distribution staff
19
18
Administrative staff
13
13
Management staff
4
4
----
----
36
35
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,170,814
1,109,448
Social security costs
81,299
68,279
Other pension costs
18,358
14,223
-------------
-------------
1,270,471
1,191,950
-------------
-------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
16,734
16,490
Company contributions to defined contribution pension plans
103
---------
---------
16,734
16,593
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
31,669
9,641
---------
-------
10. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
338,216
210,849
Deferred tax:
Origination and reversal of timing differences
10,776
( 2,364)
----------
----------
Tax on profit
348,992
208,485
----------
----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 24 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,408,199
1,078,980
-------------
-------------
Profit on ordinary activities by rate of tax
338,042
205,006
Effect of capital allowances and depreciation
174
5,843
Deferred tax
10,776
( 2,364)
-------------
-------------
Tax on profit
348,992
208,485
-------------
-------------
11. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
522,000
670,000
----------
----------
12. Intangible assets - trademarks
Trademarks
£
Cost
At 1 February 2023 and 31 January 2024
12,650
---------
Amortisation
At 1 February 2023 and 31 January 2024
12,650
---------
Carrying amount
At 31 January 2024
---------
At 31 January 2023
---------
13. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
1,255,325
129,613
179,597
372,054
1,936,589
Additions
6,590
62,703
69,293
Disposals
( 4,790)
( 85,692)
( 90,482)
-------------
----------
----------
----------
-------------
At 31 January 2024
1,255,325
131,413
179,597
349,065
1,915,400
-------------
----------
----------
----------
-------------
Depreciation
At 1 February 2023
195,216
113,079
119,854
293,192
721,341
Charge for the year
23,695
5,760
5,975
32,532
67,962
Disposals
( 4,705)
( 74,254)
( 78,959)
-------------
----------
----------
----------
-------------
At 31 January 2024
218,911
114,134
125,829
251,470
710,344
-------------
----------
----------
----------
-------------
Carrying amount
At 31 January 2024
1,036,414
17,279
53,768
97,595
1,205,056
-------------
----------
----------
----------
-------------
At 31 January 2023
1,060,109
16,534
59,743
78,862
1,215,248
-------------
----------
----------
----------
-------------
14. Stocks
2024
2023
£
£
Raw materials and consumables
1,646,976
1,618,308
-------------
-------------
Stock comprises finished goods for resale.
15. Debtors
2024
2023
£
£
Trade debtors
840,100
724,708
Other debtors
39,261
47,360
----------
----------
879,361
772,068
----------
----------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
485,983
912,510
Accruals and deferred income
7,686
4,878
Corporation tax
338,216
210,849
Social security and other taxes
240,578
149,457
Other creditors
117,649
130,847
-------------
-------------
1,190,112
1,408,541
-------------
-------------
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Director loan accounts
306,191
131,053
----------
----------
18. Provisions
Deferred tax (note 19)
£
At 1 February 2023
18,674
Additions
10,776
---------
At 31 January 2024
29,450
---------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 18)
29,450
18,674
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
29,450
18,674
---------
---------
. The deferred tax account consists of the tax effect of timing differences in respect of accelerated capital allowances.
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 18,358 (2023: £ 14,120 ).
21. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
1,360
1,360
1,360
1,360
-------
-------
-------
-------
22. Reserves
Profit and loss account - This reserve records retained earnings .
23. Analysis of changes in net debt
At 1 Feb 2023
Cash flows
At 31 Jan 2024
£
£
£
Cash at bank and in hand
2,102,914
378,923
2,481,837
Debt due after one year
(131,053)
(175,138)
(306,191)
-------------
----------
-------------
1,971,861
203,785
2,175,646
-------------
----------
-------------
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
16,586
19,594
Later than 1 year and not later than 5 years
33,172
39,188
---------
---------
49,758
58,782
---------
---------
Maison Maurice Limited
Notes to the Financial Statements (continued)
Year ended 31 January 2024
25. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A J Sundin
( 10,087)
( 81,436)
( 91,523)
Mr J M Sundin
( 120,966)
( 93,702)
( 214,668)
----------
----------
----------
( 131,053)
( 175,138)
( 306,191)
----------
----------
----------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A J Sundin
( 6,080)
( 4,007)
( 10,087)
Mr J M Sundin
( 122,768)
1,802
( 120,966)
----------
-------
----------
( 128,848)
( 2,205)
( 131,053)
----------
-------
----------
26. Related party transactions
Included in creditors are amounts due to the directors amounting to £ 306,191 (2023:£131,053) for which no repayment terms have been agreed. These loans are interest free. During the year dividends of £522,000 (2023:£670,000) were paid in respect of shares held by the company directors.