Registered number
05486655
S Mayes Limited
Filleted Accounts
31 March 2024
S Mayes Limited
Registered number: 05486655
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 18,771 25,021
Current assets
Debtors 4 2,104 3,125
Creditors: amounts falling due within one year 5 (21,412) (34,586)
Net current liabilities (19,308) (31,461)
Total assets less current liabilities (537) (6,440)
Provisions for liabilities (3,566) (4,754)
Net liabilities (4,103) (11,194)
Capital and reserves
Called up share capital 100 100
Profit and loss account (4,203) (11,294)
Shareholders' funds (4,103) (11,194)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Mayes
Director
Approved by the board on 21 November 2024
S Mayes Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 760 28,490 29,250
At 31 March 2024 760 28,490 29,250
Depreciation
At 1 April 2023 668 3,561 4,229
Charge for the year 18 6,232 6,250
At 31 March 2024 686 9,793 10,479
Net book value
At 31 March 2024 74 18,697 18,771
At 31 March 2023 92 24,929 25,021
4 Debtors 2024 2023
£ £
Other debtors and prepayments 2,104 3,125
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,521 4,064
Taxation and social security costs 2,441 284
Other creditors and accruals 16,450 30,238
21,412 34,586
6 Other information
S Mayes Limited is a private company limited by shares and incorporated in England. Its registered office is:
83-89 Phoenix Street
Sutton in Ashfield
Nottinghamshire
NG17 4HL
S Mayes Limited 05486655 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 S Mayes No description of principal activity 05486655 2022-04-01 2023-03-31 05486655 core:WithinOneYear 2023-03-31 05486655 core:ShareCapital 2023-03-31 05486655 core:RetainedEarningsAccumulatedLosses 2023-03-31 05486655 2023-04-01 2024-03-31 05486655 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05486655 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05486655 bus:Director40 2023-04-01 2024-03-31 05486655 1 2023-04-01 2024-03-31 05486655 2 2023-04-01 2024-03-31 05486655 core:PlantMachinery 2023-04-01 2024-03-31 05486655 core:Vehicles 2023-04-01 2024-03-31 05486655 countries:England 2023-04-01 2024-03-31 05486655 bus:FRS102 2023-04-01 2024-03-31 05486655 bus:FilletedAccounts 2023-04-01 2024-03-31 05486655 2024-03-31 05486655 core:WithinOneYear 2024-03-31 05486655 core:ShareCapital 2024-03-31 05486655 core:RetainedEarningsAccumulatedLosses 2024-03-31 05486655 core:PlantMachinery 2024-03-31 05486655 core:Vehicles 2024-03-31 05486655 2023-03-31 05486655 core:PlantMachinery 2023-03-31 05486655 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure