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COMPANY REGISTRATION NUMBER: 10003727
MAYFAIR RARE BOOKS & MANUSCRIPTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
MAYFAIR RARE BOOKS & MANUSCRIPTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
CONTENTS
PAGE
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
MAYFAIR RARE BOOKS & MANUSCRIPTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAYFAIR RARE BOOKS & MANUSCRIPTS LIMITED
YEAR ENDED 29th FEBRUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mayfair Rare Books & Manuscripts Limited for the year ended 29th February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Mayfair Rare Books & Manuscripts Limited in accordance with the terms of our engagement letter dated 22nd February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Mayfair Rare Books & Manuscripts Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mayfair Rare Books & Manuscripts Limited and its director for our work or for this report.
It is your duty to ensure that Mayfair Rare Books & Manuscripts Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mayfair Rare Books & Manuscripts Limited. You consider that Mayfair Rare Books & Manuscripts 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 financial statements of Mayfair Rare Books & Manuscripts 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 financial statements.
COLNE VALLEY BUSINESS SERVICES LLP T/A CLOKE & CO Chartered Certified Accountants
106-107 Dowgate Hill House 14-16 Dowgate Hill London EC4R 2SU
29 November 2024
MAYFAIR RARE BOOKS & MANUSCRIPTS LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
CURRENT ASSETS
Stocks
2,658,083
2,446,528
Debtors
5
191,831
109,075
Cash at bank and in hand
816,130
672,700
------------
------------
3,666,044
3,228,303
CREDITORS: amounts falling due within one year
6
3,026,024
2,619,085
------------
------------
NET CURRENT ASSETS
640,020
609,218
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
640,020
609,218
---------
---------
NET ASSETS
640,020
609,218
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
639,920
609,118
---------
---------
SHAREHOLDER FUNDS
640,020
609,218
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
P Rambaldi
Director
Company registration number: 10003727
MAYFAIR RARE BOOKS & MANUSCRIPTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 106-107 Dowgate Hill House, 14-16 London Wall, London, EC4R 2SU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
INCOME TAX
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
FOREIGN CURRENCIES
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. DEBTORS
2024
2023
£
£
Trade debtors
173,224
98,236
Other debtors
18,607
10,839
---------
---------
191,831
109,075
---------
---------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
34,474
41,001
Corporation tax
18,361
22,795
Other creditors
2,973,189
2,555,289
------------
------------
3,026,024
2,619,085
------------
------------
7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is a director's loan to the company amounting to £2,938,149 (2023 - £2,543,701). The loan is non-interest bearing and is repayable on demand.
8. RELATED PARTY TRANSACTIONS
During the year the company was under the control of the director of Mayfair Rare Books & Manuscripts Limited, who, due to their shareholding, received in the year dividends of £27,000 (2023 - £-). In the normal course of business, books were sold to the director of the company for £30,441 (2023 - £42,251), as well as to Mayfair Rare Books Ireland Limited, a company in which the director is a controlling party, for £26,885 (2023 - £41,167), and books were purchased from Mayfair Rare Books Ireland Limited for £- (2023 - £7,890).