Registration number:
Mayflowerstone Limited
for the Year Ended 31 January 2024
Mayflowerstone Limited
(Registration number: 06026084)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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|
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Current assets |
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Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
1,608,035 |
1,749,939 |
|
Shareholders' funds |
1,608,135 |
1,750,039 |
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.
Approved and authorised by the
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Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
15 Darklake View
Plymouth
Devon
PL6 7TL
England and Wales
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The directors have reviewed the capital resources of the company and concluded that it will be able to pays its debts as they fall due for the foreseeable future and accordingly have prepared the accounts on a going concern basis.
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Audit report
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 value added tax, returns, rebates and discounts.
The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.
Tax
The tax expense for the period comprises current and deferred 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 company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Freehold property |
2% straight line |
Improvements to property |
5% straight line |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Computer equipment |
25% 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 stocks 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.
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 company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
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
A 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Freehold property |
Improvements to property |
Plant and machinery |
Furniture and fittings |
Computer equipment |
Total |
|
Cost or valuation |
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At 1 February 2023 |
|
|
|
|
|
|
Disposals |
( |
( |
- |
- |
- |
( |
At 31 January 2024 |
- |
- |
|
|
|
|
Depreciation |
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At 1 February 2023 |
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|
|
|
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Charge for the year |
- |
- |
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|
- |
|
Eliminated on disposal |
( |
( |
- |
- |
- |
( |
At 31 January 2024 |
- |
- |
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|
|
|
Carrying amount |
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At 31 January 2024 |
- |
- |
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|
- |
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At 31 January 2023 |
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|
|
|
- |
|
Included within the net book value of freehold property above is £Nil (2023 - £636,499) in respect of freehold land and buildings.
Stocks |
2024 |
2023 |
|
Other inventories |
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Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
|
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Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Creditors |
Due within one year |
Note |
2024 |
2023 |
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
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Amounts owed to related parties |
- |
7,423 |
|
Social security and other taxes |
15,043 |
36,987 |
|
Other creditors |
|
|
|
Accruals and deferred income |
55,650 |
48,500 |
|
Corporation tax liability |
291,070 |
164,289 |
|
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|
Bank loans are secured by way of fixed and floating charges over all of the company's assets and the bank holds a charge over the freehold property included within fixed assets.
Hire purchase and finance leases are secured against the assets to which they relate.
Note |
2024 |
2023 |
|
Due after one year |
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Loans and borrowings |
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Bank loans are secured by way of fixed and floating charges over all of the company's assets.
Hire purchase and finance leases are secured against the assets to which they relate.
Creditors include bank loans repayable by instalments of £ NIL(2023 - £143,569) due after more than five years.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
HP and finance lease liabilities |
248,634 |
444,422 |
|
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Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
HP and finance lease liabilities |
190,995 |
203,921 |
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The company has given a guarantee of up to £560,000 in respect of the bank borrowings of Mayflower KBB Limited, a company under common control.
Related party transactions |
Transactions with directors |
2024 |
At 1 February 2023 |
Advances to director |
Repayments by director |
At 31 January 2024 |
Mr J Dowdall |
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During the year |
|
|
( |
- |
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
2023 |
At 1 February 2022 |
Advances to director |
Repayments by director |
At 31 January 2023 |
Mr J Dowdall |
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During the year |
- |
|
- |
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Other transactions with directors |
During the year the company continued to provide a loan to a director. The loan has interest charged at the HMRC approved rate and is repayable on demand.
Summary of transactions with other related parties
Included within the advancements is the sale of the property Darklake View, which was sold to Darklake View Limited at market value of £942,000.
Income and receivables from related parties
2024 |
Other related parties |
Sale of goods |
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|
2023 |
Other related parties |
Sale of goods |
|
Amounts receivable from related party |
|
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Expenditure with and payables to related parties
2024 |
Other related parties |
Purchase of goods |
|
Amounts payable to related party |
|
|
2023 |
Other related parties |
Purchase of goods |
|
Amounts payable to related party |
|
|
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Loans to related parties
2024 |
Key management |
Other related parties |
Total |
At start of period |
|
|
|
Advanced |
|
|
|
Waived/repaid |
( |
( |
( |
At end of period |
- |
|
|
|
2023 |
Parent |
Key management |
Other related parties |
Total |
At start of period |
|
- |
|
|
Advanced |
|
|
|
|
Waived/repaid |
( |
- |
( |
( |
At end of period |
- |
|
|
|
|
Loans from related parties
2024 |
Other related parties |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
- |
|
2023 |
Other related parties |
Total |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent was Stone Alliance Ltd,
Stone Alliance Ltd,
Mayflowerstone Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Exceptional items |
In the current year, the company wrote off an intercompany loan with a value of £785,000 (2023 - £267,964).