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Company Registration No. 01110706 (England and Wales)
Maiford Limited Unaudited accounts for the year ended 30 April 2024
Maiford Limited Unaudited accounts Contents
Page
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Maiford Limited Company Information for the year ended 30 April 2024
Directors
K Yorke T P Nash R L Reader A J Wallis
Secretary
A J Wallis
Company Number
01110706 (England and Wales)
Registered Office
The Old Stables, East Lenham Farm Ashford Road, Lenham Maidstone Kent ME17 2DP
Accountants
Wiggins & Co, Chartered Accountants The Old Stables, East Lenham Farm Ashford Road, Lenham Maidstone Kent ME17 2DP
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Maiford Limited Accountants' report
Accountants' report to the board of directors of Maiford Limited on the preparation of the unaudited statutory accounts for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Maiford Limited for the year ended 30 April 2024 as set out on pages 5 - 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Maiford Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Maiford Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maiford Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Maiford Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Maiford Limited. You consider that Maiford Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Maiford Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Wiggins & Co, Chartered Accountants The Old Stables, East Lenham Farm Ashford Road, Lenham Maidstone Kent ME17 2DP 14 November 2024
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Maiford Limited Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
587,828 
577,682 
Current assets
Inventories
210,000 
210,000 
Debtors
1,162,243 
1,194,766 
Cash at bank and in hand
174,996 
77,178 
1,547,239 
1,481,944 
Creditors: amounts falling due within one year
(1,245,431)
(1,299,822)
Net current assets
301,808 
182,122 
Total assets less current liabilities
889,636 
759,804 
Creditors: amounts falling due after more than one year
(344,248)
(282,045)
Net assets
545,388 
477,759 
Capital and reserves
Called up share capital
104 
104 
Profit and loss account
545,284 
477,655 
Shareholders' funds
545,388 
477,759 
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by
A J Wallis Director Company Registration No. 01110706
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Maiford Limited Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Maiford Limited is a private company, limited by shares, registered in England and Wales, registration number 01110706. The registered office is The Old Stables, East Lenham Farm, Ashford Road, Lenham, Maidstone, Kent, ME17 2DP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the invoiced net sales, excluding Value Added Tax.
Consolidation
The Company is a wholly owned subsidiary of Maiford Trading Ltd, which is a wholly owned subsidiary of Maiford MBO Ltd, forming a small group. The group has taken advantage of the exemption provided by section 383(4) of the Companies Act 2006 not to prepare group accounts.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciation is charged.
Plant & machinery
15% on reducing balance.
Motor vehicles
25% on reducing balance.
Stocks
Stock and Work in Progress is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
Deferred taxation arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's accounts. Deferred tax is provided in full, on timing of differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
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Maiford Limited Notes to the Accounts for the year ended 30 April 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 May 2023
21,602 
285,476 
876,598 
1,183,676 
Additions
- 
1,070 
201,855 
202,925 
Disposals
- 
- 
(57,972)
(57,972)
At 30 April 2024
21,602 
286,546 
1,020,481 
1,328,629 
Depreciation
At 1 May 2023
- 
179,242 
426,752 
605,994 
Charge for the year
- 
16,097 
158,340 
174,437 
On disposals
- 
- 
(39,630)
(39,630)
At 30 April 2024
- 
195,339 
545,462 
740,801 
Net book value
At 30 April 2024
21,602 
91,207 
475,019 
587,828 
At 30 April 2023
21,602 
106,234 
449,846 
577,682 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,098,679 
1,100,613 
Accrued income and prepayments
215 
174 
Other debtors
63,349 
93,979 
1,162,243 
1,194,766 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
21,827 
143,939 
Obligations under finance leases and hire purchase contracts
155,259 
142,399 
Trade creditors
515,020 
619,896 
Taxes and social security
193,796 
76,298 
Other creditors
359,529 
317,290 
1,245,431 
1,299,822 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
344,248 
282,045 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
104 Ordinary shares of £1 each
104 
104 
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Maiford Limited Notes to the Accounts for the year ended 30 April 2024
9
Transactions with related parties
Rent is paid at open market value to Nigel Palmer Properties Ltd, which is controlled by Maiford MBO Ltd, by virtue of it owning 100% of the 'A' ordinary voting shares. There is an outstanding loan of £12,692 (2023 - £12,692) included in 'Sundry Debtors'. £195,000 is still outstanding to Nigel Palmer Properties and is included in 'Sundry Creditors' (2023 - £195,000). Intercompany Dividends Dividends totalling £324,544 were paid to Maiford Trading Ltd during the year (2023 - £250,648). Control The Directors control the company, by virtue of controlling Maiford Trading Ltd, which is controlled by Maiford MBO Ltd.
10
Average number of employees
During the year the average number of employees was 48 (2023: 48).
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