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Registration number: 06026084

Mayflowerstone Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Mayflowerstone Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

Mayflowerstone Limited

(Registration number: 06026084)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

867,694

1,684,023

Current assets

 

Stocks

5

219,287

232,016

Debtors

6

1,600,809

1,219,421

Cash at bank and in hand

 

351,585

709,853

 

2,171,681

2,161,290

Creditors: Amounts falling due within one year

7

(872,948)

(930,792)

Net current assets

 

1,298,733

1,230,498

Total assets less current liabilities

 

2,166,427

2,914,521

Creditors: Amounts falling due after more than one year

7

(341,969)

(903,265)

Provisions for liabilities

(216,323)

(261,217)

Net assets

 

1,608,135

1,750,039

Capital and reserves

 

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 Board on 30 October 2024 and signed on its behalf by:
 

Mr J Dowdall
Director

   
     
 

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

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 Board on 30 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 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

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 26 (2023 - 30).

 

Mayflowerstone Limited

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

4

Tangible assets

Freehold property
£

Improvements to property
 £

Plant and machinery
£

Furniture and fittings
£

Computer equipment
£

Total
£

Cost or valuation

At 1 February 2023

740,114

36,988

1,844,736

12,619

6,658

2,641,115

Disposals

(740,114)

(36,988)

-

-

-

(777,102)

At 31 January 2024

-

-

1,844,736

12,619

6,658

1,864,013

Depreciation

At 1 February 2023

103,615

10,605

826,636

9,578

6,658

957,092

Charge for the year

-

-

152,995

452

-

153,447

Eliminated on disposal

(103,615)

(10,605)

-

-

-

(114,220)

At 31 January 2024

-

-

979,631

10,030

6,658

996,319

Carrying amount

At 31 January 2024

-

-

865,105

2,589

-

867,694

At 31 January 2023

636,499

26,383

1,018,100

3,041

-

1,684,023

Included within the net book value of freehold property above is £Nil (2023 - £636,499) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

219,287

232,016

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

221,241

356,721

Amounts owed by related parties

11

1,368,414

704,822

Other debtors

 

3,776

157,235

Prepayments

 

7,378

643

 

1,600,809

1,219,421

 

Mayflowerstone Limited

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

7

Creditors

Due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

260,993

311,907

Trade creditors

 

210,148

331,189

Amounts owed to related parties

 

-

7,423

Social security and other taxes

 

15,043

36,987

Other creditors

 

40,044

30,497

Accruals and deferred income

 

55,650

48,500

Corporation tax liability

 

291,070

164,289

 

872,948

930,792

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

 

Loans and borrowings

8

341,969

903,265


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.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

93,335

458,843

HP and finance lease liabilities

248,634

444,422

341,969

903,265

 

Mayflowerstone Limited

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

69,998

107,986

HP and finance lease liabilities

190,995

203,921

260,993

311,907

9

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

350,993

311,907

Later than one year and not later than five years

626,969

903,265

977,962

1,215,172

The amount of non-cancellable operating lease payments recognised as an expense during the year was £687,210 (2023 - £171,296).

10

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.

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr J Dowdall

During the year

155,959

200,326

(356,285)

-

 

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

During the year

-

155,959

-

155,959

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

A company under the common control of one of the directors and other subsidiaries of the parent company.
 During the year the company made sales and purchased goods from other related parties under normal market conditions. In addition the company provided loans to other related parties which are interest free and repayable on demand. The company has provided guarantee of companies under the common control of a director as detailed in the contingent liabilities note.

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

128,121

2023

Other related parties
£

Sale of goods

88,355

Amounts receivable from related party

23,324

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

367,802

Amounts payable to related party

3,834

2023

Other related parties
£

Purchase of goods

457,271

Amounts payable to related party

15,423

 

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

155,959

704,822

860,781

Advanced

200,326

2,115,721

2,316,047

Waived/repaid

(356,285)

(1,452,487)

(1,808,772)

At end of period

-

1,368,056

1,368,056

2023

Parent
£

Key management
£

Other related parties
£

Total
£

At start of period

4,025

-

698,719

702,744

Advanced

263,939

155,959

100,904

520,802

Waived/repaid

(267,964)

-

(94,801)

(362,765)

At end of period

-

155,959

704,822

860,781

Loans from related parties

2024

Other related parties
£

At start of period

7,423

Advanced

10,204

Repaid

(17,627)

At end of period

-

2023

Other related parties
£

Total
£

At start of period

38,727

38,727

Advanced

22,680

22,680

Repaid

(53,984)

(53,984)

At end of period

7,423

7,423

12

Parent and ultimate parent undertaking

The ultimate parent company up to 23 May 2023 was Mayflower Group Limited. Following the sale of the immediate parent company, Stone Alliance Limited, on 23 May 2023, the ultimate controlling party was Stone Alliance Trustee Limited. The ultimate controlling party was Mr J S Wood until 23 May 2023.

 The company's immediate parent was Stone Alliance Ltd,
 
Stone Alliance Ltd, Stone Alliance Trustee Limited and Mayflower Group Limited were all incorporated in England and Wales. These financial statements are available upon request from 5 Chelston Business Park, Castle Road, Wellington, Somerset, TA21 9JQ.

 

Mayflowerstone Limited

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

13

Exceptional items

In the current year, the company wrote off an intercompany loan with a value of £785,000 (2023 - £267,964).