London Mayfair Management Limited 09923910 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is All expenditure in the 2021 financial statements is pre-trading. Subsequent to the period end the company commenced trading. The principal activity of the company is that of the running of a licensed nightclub and restaurant. Digita Accounts Production Advanced 6.30.9574.0 true true 09923910 2023-10-01 2024-09-30 09923910 2024-09-30 09923910 core:CurrentFinancialInstruments 2024-09-30 09923910 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 09923910 core:FurnitureFittingsToolsEquipment 2024-09-30 09923910 core:LandBuildings 2024-09-30 09923910 bus:SmallEntities 2023-10-01 2024-09-30 09923910 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09923910 bus:FilletedAccounts 2023-10-01 2024-09-30 09923910 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09923910 bus:RegisteredOffice 2023-10-01 2024-09-30 09923910 bus:Director2 2023-10-01 2024-09-30 09923910 bus:Director3 2023-10-01 2024-09-30 09923910 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09923910 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 09923910 core:LandBuildings 2023-10-01 2024-09-30 09923910 core:LeaseholdImprovements 2023-10-01 2024-09-30 09923910 countries:EnglandWales 2023-10-01 2024-09-30 09923910 2023-09-30 09923910 core:FurnitureFittingsToolsEquipment 2023-09-30 09923910 core:LandBuildings 2023-09-30 09923910 2022-10-01 2023-09-30 09923910 2023-09-30 09923910 core:CurrentFinancialInstruments 2023-09-30 09923910 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09923910 core:FurnitureFittingsToolsEquipment 2023-09-30 09923910 core:LandBuildings 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 09923910

London Mayfair Management Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

London Mayfair Management Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

London Mayfair Management Limited

Company Information

Directors

N J J S Dadoun

T A Barnes

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

London Mayfair Management Limited

Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

534,008

811,211

Current assets

 

Stocks

6

79,151

91,429

Debtors

7

384,548

415,356

Cash at bank and in hand

 

160,315

394,686

 

624,014

901,471

Creditors: Amounts falling due within one year

8

(1,580,907)

(2,152,587)

Net current liabilities

 

(956,893)

(1,251,116)

Net liabilities

 

(422,885)

(439,905)

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

349,956

349,956

Retained earnings

(772,941)

(789,961)

Shareholders' deficit

 

(422,885)

(439,905)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

London Mayfair Management Limited

Statement of Financial Position as at 30 September 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 

.........................................

N J J S Dadoun

Director

Company registration number: 09923910

 

London Mayfair Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the running of a licensed restaurant and bar.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit in the year of £17,020 but had a deficiency of net assets of £422,885 as at 30 September 2024, with cash at bank and in hand totalling £160,315 at this date.

The directors remain optimistic about future trading and expect continued profitability in the next financial year.

In addition to supplier credit, the company funds its working capital requirements by amounts provided by group undertakings, unsecured loans, and further unsecured loans from other investors and shareholders which amounted to £30,000, £115,144 and £375,950 respectively and is dependent on the continuation of this funding. No matters have been drawn to the attention of the directors to suggest that this funding will not continue on acceptable terms in the future. As a consequence, with these financial resources the directors believe that the company is well placed to manage its business risks successfully despite the current economic uncertainties.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

London Mayfair Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods or provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, normally on delivery, 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.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from
the rendering of services is measured by reference to the stage of completion of the service transaction at the
end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge
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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold Improvements

20% straight Line

Fixtures, Fittings & Equipment

25% straight Line

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.

 

London Mayfair Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 inventories 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.

Operating 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.

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.

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 during the year, was 60 (2023 - 58).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

293,476

288,124

 

London Mayfair Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

831,861

498,758

1,330,619

Additions

13,676

2,597

16,273

At 30 September 2024

845,537

501,355

1,346,892

Depreciation

At 1 October 2023

296,568

222,840

519,408

Charge for the year

168,189

125,287

293,476

At 30 September 2024

464,757

348,127

812,884

Carrying amount

At 30 September 2024

380,780

153,228

534,008

At 30 September 2023

535,293

275,918

811,211

6

Stocks

2024
£

2023
£

Stock

79,151

91,429

7

Debtors

2024
£

2023
£

Trade debtors

46,180

129,979

Other debtors

338,368

285,377

384,548

415,356

 

London Mayfair Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

522,725

514,162

Amounts owed to group undertakings

30,000

154,727

Taxation and social security

298,398

283,415

Other creditors

729,784

1,200,283

1,580,907

2,152,587

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £4,592,810 (2023 - £5,039,470).

As at 30 September 2024, £4,574,330 of the above financial commitment relates to property utilised by the company that is in the name of the company's parent undertaking, Betterbet Limited. London Mayfair Management Limited has agreed to meet any liability arising in respect of this lease whilst it is being utilised.