Registration number:
Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)
for the Year Ended 31 January 2024
Mayflower KBB Limited
(formerly
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Mayflower KBB Limited
(formerly
(Registration number: 03697758)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
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 |
|||
Called up share capital |
150 |
150 |
|
Retained earnings |
2,105,177 |
1,208,098 |
|
Shareholders' funds |
2,105,327 |
1,208,248 |
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
|
Mayflower KBB Limited
(formerly
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 company was formerly known as Mayflower Kitchens Limited.
The address of its registered office is:
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 available to the company and are satisfied that it will be able to pay its debts as they fall due for the foreseeable future and accordingly have prepared the accounts on a going concern basis.
Mayflower KBB Limited
(formerly
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 |
Improvements to property |
5% straight line |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Motor vehicles |
25% reducing balance |
Business combinations
Business combinations are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
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.
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.
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
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
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Improvements to property |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost |
|||||
At 1 February 2023 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
- |
( |
- |
( |
At 31 January 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 February 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 January 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 31 January 2024 |
|
|
|
|
|
At 31 January 2023 |
|
|
|
|
|
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 February 2023 |
|
Carrying amount |
|
At 31 January 2024 |
|
At 31 January 2023 |
|
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Debtors |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Creditors |
Due within one year |
Note |
2024 |
2023 |
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to related parties |
248,142 |
702,857 |
|
Taxation and social security |
473,464 |
454,081 |
|
Other creditors |
|
|
|
Accruals and deferred income |
94,788 |
20,494 |
|
|
|
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.
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
HP and finance lease liabilities |
|
|
|
|
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
HP and finance lease liability 2 (1-2 yrs) |
|
- |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Bank borrowings are secured by a debenture over all the assets of the company.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £55,463 (2023 - £25,082).
The company has provided a guarantee for all bank borrowings of the group.
The company has given a guarantee of up to £560,000 in respect of the bank borrowings of
Mayflower Bathrooms Limited and a guarantee of up to £791,000 in respect of the bank borrowings of
Mayflowerstone Limited.
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Related party transactions |
Key management personnel
During the year the company maintained loans with its Directors. The loans are interest free and repayable on demand.
2024 |
At 1 February 2023 |
Advances to director |
Other payments made to company by director |
At 31 January 2024 |
Mr J S Wood |
||||
During the year |
- |
|
- |
|
Mr N Legg |
||||
During the year |
- |
|
- |
|
Mr N E Stonecliffe |
||||
During the year |
- |
|
- |
|
2023 |
At 1 February 2022 |
Advances to director |
Repayments by director |
At 31 January 2023 |
Mr J S Wood |
||||
During the year |
|
|
( |
- |
Summary of transactions with parent
Summary of transactions with other related parties
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Income and receivables from related parties
2024 |
Other related parties |
Sale of goods |
|
|
2023 |
Other related parties |
Sale of goods |
|
|
Expenditure with and payables to related parties
2024 |
Other related parties |
Purchase of goods |
|
Rent |
|
|
|
|
2023 |
Parent |
Other related parties |
Purchase of goods |
- |
|
Dividends paid |
|
- |
Rent |
- |
|
|
|
|
|
Loans to related parties
2024 |
Parent |
Other related parties |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
At end of period |
( |
|
|
2023 |
Parent |
Other related parties |
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
( |
Impairment |
( |
( |
At end of period |
|
|
|
Mayflower KBB Limited
(formerly
Notes to the Financial Statements for the Year Ended 31 January 2024
Loans from related parties
2024 |
Other related parties |
At start of period |
|
Repaid |
( |
At end of period |
|
|
2023 |
Other related parties |
At start of period |
|
Advanced |
|
Repaid |
( |
Impairment |
( |
At end of period |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 5 Chelston Business Park, Castle Road, Wellington, Somerset, TA21 9JQ.
The ultimate controlling party is
Non adjusting events after the financial period |
|
Exceptional items |
In the prior year the company wrote off an intercompany loan with a value of £1,279,649.