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Registration number: 03697758

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 12

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

(Registration number: 03697758)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

573,881

550,317

Investments

5

100

100

 

573,981

550,417

Current assets

 

Stocks

6

838,864

1,164,878

Debtors

7

1,920,479

1,272,223

Cash at bank and in hand

 

2,634,066

2,436,030

 

5,393,409

4,873,131

Creditors: Amounts falling due within one year

8

(3,174,418)

(3,256,648)

Net current assets

 

2,218,991

1,616,483

Total assets less current liabilities

 

2,792,972

2,166,900

Creditors: Amounts falling due after more than one year

8

(553,868)

(828,933)

Provisions for liabilities

(133,777)

(129,719)

Net assets

 

2,105,327

1,208,248

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 Board on 29 October 2024 and signed on its behalf by:
 

Mr J S Wood
Director

   
     
 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

Notes to the 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 company was formerly known as Mayflower Kitchens Limited.

The address of its registered office is:
5 Chelston Business Park
Castle Road
Wellington
Somerset
TA21 9JQ

These financial statements were authorised for issue by the Board on 29 October 2024.

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.

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 Mayflower Kitchens Limited)

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

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 October 2024 was Mr Robert Cadwallader, who signed for and on behalf of Milsted Langdon LLP.

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 Mayflower Kitchens Limited)

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 Mayflower Kitchens Limited)

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 Mayflower Kitchens Limited)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 42 (2023 - 27).

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

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

4

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 February 2023

288,497

102,831

38,754

760,383

1,190,465

Additions

-

66,231

-

59,750

125,981

Disposals

-

-

(19,774)

-

(19,774)

At 31 January 2024

288,497

169,062

18,980

820,133

1,296,672

Depreciation

At 1 February 2023

278,465

5,396

14,761

341,526

640,148

Charge for the year

4,147

19,460

4,335

64,279

92,221

Eliminated on disposal

-

-

(9,578)

-

(9,578)

At 31 January 2024

282,612

24,856

9,518

405,805

722,791

Carrying amount

At 31 January 2024

5,885

144,206

9,462

414,328

573,881

At 31 January 2023

10,032

97,435

23,993

418,857

550,317

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 February 2023

100

Carrying amount

At 31 January 2024

100

At 31 January 2023

100

6

Stocks

2024
£

2023
£

Other inventories

838,864

1,164,878

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

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

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

756,066

583,861

Amounts owed by related parties

11

1,571

308,873

Other debtors

 

1,131,692

366,964

Prepayments

 

31,150

12,525

 

1,920,479

1,272,223

8

Creditors

Due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

9

384,962

345,830

Trade creditors

 

826,879

652,854

Amounts owed to related parties

 

248,142

702,857

Taxation and social security

 

473,464

454,081

Other creditors

 

1,146,183

1,080,532

Accruals and deferred income

 

94,788

20,494

 

3,174,418

3,256,648


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

399,756

606,673

HP and finance lease liabilities

154,112

222,260

553,868

828,933

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

399,756

606,673

Hire purchase contracts

151,141

222,260

HP and finance lease liability 2 (1-2 yrs)

2,971

-

553,868

828,933

Current loans and borrowings

2024
£

2023
£

Bank borrowings

289,631

259,999

Hire purchase contracts

95,331

85,831

384,962

345,830

Bank borrowings are secured by a debenture over all the assets of the company.

10

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 Mayflower Kitchens Limited)

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

11

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

-

709,821

-

709,821

Mr N Legg

During the year

-

203,200

-

203,200

Mr N E Stonecliffe

During the year

-

213,981

-

213,981

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr J S Wood

During the year

299,949

64

(300,013)

-

Summary of transactions with parent

During the year the company continued to provide a loan to the parent company which is interest free and repayable on demand.
 

Summary of transactions with other related parties

Companies under the common control of one of the directors and other subsidiaries of the parent company.
 During the year the company made sales, purchased goods and paid rent to other related parties under normal market conditions. In addition the company provided and recieved loans from other related parties which are interest free and repayable on demand. The company has provided guarantees in respect of other group companies as detailed in the contingent liabilities note.
 

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

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

6,001

2023

Other related parties
£

Sale of goods

99,833

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

107,792

Rent

168,916

276,708

2023

Parent
£

Other related parties
£

Purchase of goods

-

5,503

Dividends paid

212,500

-

Rent

-

145,288

212,500

150,791

Loans to related parties

2024

Parent
£

Other related parties
£

At start of period

307,073

365,574

Advanced

628,100

1,571

Repaid

(960,819)

(365,574)

At end of period

(25,646)

1,571

2023

Parent
£

Other related parties
£

At start of period

878,342

2,404,036

Advanced

307,073

289,793

Repaid

(2,900)

(51,087)

Impairment

(875,442)

(2,277,168)

At end of period

307,073

365,574

 

Mayflower KBB Limited
(formerly Mayflower Kitchens Limited)

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

Loans from related parties

2024

Other related parties
£

At start of period

702,757

Repaid

(480,261)

At end of period

222,496

2023

Other related parties
£

At start of period

1,538,366

Advanced

1,141,352

Repaid

(104,000)

Impairment

(1,872,961)

At end of period

702,757

12

Parent and ultimate parent undertaking

The company's immediate parent is Mayflower Group Limited, incorporated in England and Wales.

  These financial statements are available upon request from 5 Chelston Business Park, Castle Road, Wellington, Somerset, TA21 9JQ.

 The ultimate controlling party is Mr JS Wood.

13

Non adjusting events after the financial period

In October 2024, the company was sold to an employee ownership trust. The company continues to maintain significant trading relationships with members of the Mayflower Group.

14

Exceptional items

In the prior year the company wrote off an intercompany loan with a value of £1,279,649.