Mylor Chandlery Limited 04584851 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the retail supply of marine chandlery and rigging services. Digita Accounts Production Advanced 6.30.9574.0 true 04584851 2023-02-01 2024-01-31 04584851 2024-01-31 04584851 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2024-01-31 04584851 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 04584851 core:CurrentFinancialInstruments 2024-01-31 04584851 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04584851 core:Non-currentFinancialInstruments 2024-01-31 04584851 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 04584851 core:Goodwill 2024-01-31 04584851 core:FurnitureFittingsToolsEquipment 2024-01-31 04584851 core:LandBuildings 2024-01-31 04584851 core:MotorVehicles 2024-01-31 04584851 core:OtherPropertyPlantEquipment 2024-01-31 04584851 bus:SmallEntities 2023-02-01 2024-01-31 04584851 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04584851 bus:FilletedAccounts 2023-02-01 2024-01-31 04584851 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04584851 bus:RegisteredOffice 2023-02-01 2024-01-31 04584851 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 04584851 bus:Director2 2023-02-01 2024-01-31 04584851 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-02-01 2024-01-31 04584851 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04584851 core:Goodwill 2023-02-01 2024-01-31 04584851 core:NetGoodwill 2023-02-01 2024-01-31 04584851 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 04584851 core:LandBuildings 2023-02-01 2024-01-31 04584851 core:MotorVehicles 2023-02-01 2024-01-31 04584851 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 04584851 core:PlantMachinery 2023-02-01 2024-01-31 04584851 countries:EnglandWales 2023-02-01 2024-01-31 04584851 2023-01-31 04584851 core:Goodwill 2023-01-31 04584851 core:FurnitureFittingsToolsEquipment 2023-01-31 04584851 core:LandBuildings 2023-01-31 04584851 core:MotorVehicles 2023-01-31 04584851 core:OtherPropertyPlantEquipment 2023-01-31 04584851 2022-02-01 2023-01-31 04584851 2023-01-31 04584851 bus:OrdinaryShareClass1 bus:CumulativeRedeemableShares 2023-01-31 04584851 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 04584851 core:CurrentFinancialInstruments 2023-01-31 04584851 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04584851 core:Non-currentFinancialInstruments 2023-01-31 04584851 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04584851 core:FurnitureFittingsToolsEquipment 2023-01-31 04584851 core:LandBuildings 2023-01-31 04584851 core:MotorVehicles 2023-01-31 04584851 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04584851

Mylor Chandlery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Mylor Chandlery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Mylor Chandlery Limited

Company Information

Directors

Paul Pullen

Fiona Pullen

Company secretary

Paul Pullen

Registered office

Mylor Yacht Harbour
Falmouth
Cornwall
TR11 5UF

Accountants

Julia Evans Accountants Ltd
79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

 

Mylor Chandlery Limited

(Registration number: 04584851)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

31,072

38,128

Current assets

 

Stocks

217,620

237,433

Debtors

6

104,439

88,328

Cash at bank and in hand

 

25,315

20,005

 

347,374

345,766

Creditors: Amounts falling due within one year

7

(215,796)

(223,416)

Net current assets

 

131,578

122,350

Total assets less current liabilities

 

162,650

160,478

Creditors: Amounts falling due after more than one year

7

(22,048)

(42,884)

Provisions for liabilities

(5,904)

(7,245)

Net assets

 

134,698

110,349

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

133,698

109,349

Shareholders' funds

 

134,698

110,349

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Mylor Chandlery Limited

(Registration number: 04584851)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Paul Pullen
Company secretary and director

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Mylor Yacht Harbour
Falmouth
Cornwall
TR11 5UF

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Governments grants have recognised under the accrual model.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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 company operates and generates taxable income.

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

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:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

There has been a change in accounting estimate to write off the remaining goodwill over the next five years on a straight line basis to bring the amortisation of the goodwill in line with FRS 102.

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:

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 14).

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

23,500

23,500

At 31 January 2024

23,500

23,500

Amortisation

At 1 February 2023

23,500

23,500

At 31 January 2024

23,500

23,500

Carrying amount

At 31 January 2024

-

-

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

9,117

20,002

29,809

9,932

68,860

Additions

-

470

-

-

470

Disposals

-

(278)

-

-

(278)

At 31 January 2024

9,117

20,194

29,809

9,932

69,052

Depreciation

At 1 February 2023

-

12,948

12,558

5,226

30,732

Charge for the year

-

1,829

4,313

1,176

7,318

Eliminated on disposal

-

(70)

-

-

(70)

At 31 January 2024

-

14,707

16,871

6,402

37,980

Carrying amount

At 31 January 2024

9,117

5,487

12,938

3,530

31,072

At 31 January 2023

9,117

7,054

17,251

4,706

38,128

Included within the net book value of land and buildings above is £9,117 (2023 - £9,117) in respect of freehold land and buildings.
 

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

93,136

78,650

Prepayments

9,543

9,646

Other debtors

1,760

32

 

104,439

88,328

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

20,837

20,837

Trade creditors

 

124,966

140,816

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9,126

14,270

Taxation and social security

 

40,325

22,232

Accruals and deferred income

 

2,117

2,055

Other creditors

 

18,425

23,206

 

215,796

223,416

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

22,048

42,884

 

Mylor Chandlery Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

6,037

6,037

Other borrowings

4,800

4,800

20,837

20,837

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

15,834

25,833

HP and finance lease liabilities

4,014

10,051

Other borrowings

2,200

7,000

22,048

42,884