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COMPANY REGISTRATION NUMBER: 03156358
Maybo Limited
Filleted Unaudited Abridged Financial Statements
31 August 2023
Maybo Limited
Abridged Financial Statements
Year ended 31 August 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Maybo Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Maybo Limited
Year ended 31 August 2023
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 August 2023, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
COOLEY & CO Chartered accountants
Sampuran House 3a Chislehurst Road Orpington Kent BR6 0DF
28 October 2024
Maybo Limited
Abridged Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
33,213
29,290
Investments
7
7,617
7,617
--------
--------
40,830
36,907
Current assets
Debtors
466,941
367,745
Cash at bank and in hand
817,635
602,108
------------
---------
1,284,576
969,853
Creditors: amounts falling due within one year
699,919
545,927
------------
---------
Net current assets
584,657
423,926
---------
---------
Total assets less current liabilities
625,487
460,833
Provisions
8
8,303
5,297
---------
---------
Net assets
617,184
455,536
---------
---------
Capital and reserves
Called up share capital
88
88
Other reserves
12
12
Profit and loss account
617,084
455,436
---------
---------
Shareholders funds
617,184
455,536
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Maybo Limited
Abridged Statement of Financial Position (continued)
31 August 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
W. Fox
Director
Company registration number: 03156358
Maybo Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Redlands Barn, Redlands Lane, Robertsbridge, East Sussex, TN32 5NA, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of 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 . The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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
The turnover shown in the profit and loss account represents amounts invoiced for goods and services provided during the year, exclusive of value added tax. Revenue is recognised by reference to the date of delivery to the client.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit and loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Office Furniture and Equipment
-
20% straight line
Computer Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
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.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 14 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
92,126
53,463
Deferred tax:
Origination and reversal of timing differences
3,006
3,057
--------
--------
Tax on profit
95,132
56,520
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 21.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
432,780
303,607
---------
---------
Profit on ordinary activities by rate of tax
93,134
57,686
Effect of expenses not deductible for tax purposes
445
136
Effect of super-deduction allowance
(588)
( 1,302)
Effect of increase in tax rates
2,141
---------
---------
Tax on profit
95,132
56,520
---------
---------
6. Tangible assets
£
Cost
At 1 September 2022
89,922
Additions
17,919
---------
At 31 August 2023
107,841
---------
Depreciation
At 1 September 2022
60,632
Charge for the year
13,996
---------
At 31 August 2023
74,628
---------
Carrying amount
At 31 August 2023
33,213
---------
At 31 August 2022
29,290
---------
7. Investments
£
Cost
At 1 September 2022 and 31 August 2023
7,617
-------
Impairment
At 1 September 2022 and 31 August 2023
-------
Carrying amount
At 31 August 2023
7,617
-------
At 31 August 2022
7,617
-------
8. Provisions
Deferred tax (note 9)
£
At 1 September 2022
5,297
Additions
3,006
-------
At 31 August 2023
8,303
-------
9. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 8)
8,303
5,297
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
8,303
5,297
-------
-------
10. Ultimate controlling party
The company was under the control of W.G.Fox, a director, throughout the year. W.G.Fox is personally interested in 75.38% of the company's issued 'A' share capital and 100% of the company's issued 'B' share capital.