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Company No: 00937613 (England and Wales)

MAID-RITE NOVELTIES (GB) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

MAID-RITE NOVELTIES (GB) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

MAID-RITE NOVELTIES (GB) LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
MAID-RITE NOVELTIES (GB) LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 600,000 600,000
600,000 600,000
Current assets
Cash at bank and in hand 6 10,227 9,836
10,227 9,836
Creditors: amounts falling due within one year 7 ( 9,598) ( 10,133)
Net current assets/(liabilities) 629 (297)
Total assets less current liabilities 600,629 599,703
Creditors: amounts falling due after more than one year 8 ( 249,000) ( 249,000)
Net assets 351,629 350,703
Capital and reserves
Called-up share capital 100,000 100,000
Revaluation reserve 166,052 166,052
Profit and loss account 85,577 84,651
Total shareholders' funds 351,629 350,703

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Maid-Rite Novelties (GB) Limited (registered number: 00937613) were approved and authorised for issue by the Board of Directors on 12 November 2024. They were signed on its behalf by:

Fraser Douglas Morrison
Director
Alistair Bryce Morrison
Director
Kenneth Andrew Morrison
Director
MAID-RITE NOVELTIES (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
MAID-RITE NOVELTIES (GB) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Maid-Rite Novelties (GB) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Office 7, Floor 4 Maybrook House, 27 Grainger Street, Newcastle Upon Tyne, NE1 5JE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.

The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 40,000 40,000
At 31 March 2024 40,000 40,000
Accumulated amortisation
At 01 April 2023 40,000 40,000
At 31 March 2024 40,000 40,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

5. Tangible assets

Land and
buildings
Total
£ £
Cost
At 01 April 2023 600,000 600,000
At 31 March 2024 600,000 600,000
Accumulated depreciation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 600,000 600,000
At 31 March 2023 600,000 600,000

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 10,227 9,836

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 150
Taxation and social security 7,506 8,276
Other creditors 2,092 1,707
9,598 10,133

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 249,000 249,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
(249,000) (249,000)

During the year the directors provided a loan the company.
The loan is unsecured, interest free and repayable on demand.