Silverfin false false 30/04/2024 19/04/2023 30/04/2024 M J Clarke 19/04/2023 14 January 2025 The company was incorporated on the 19th April 2023 and began trading on this date.

The principal activity of the company was that of an investment business.
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Company No: 14813571 (England and Wales)

MAE 1 LIMITED

Unaudited Financial Statements
For the financial period from 19 April 2023 to 30 April 2024
Pages for filing with the registrar

MAE 1 LIMITED

Unaudited Financial Statements

For the financial period from 19 April 2023 to 30 April 2024

Contents

MAE 1 LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
MAE 1 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 30.04.2024
£
Fixed assets
Investments 3 63,000
63,000
Current assets
Debtors 4 6,633
Cash at bank and in hand 5 42,395
49,028
Creditors: amounts falling due within one year 6 ( 26,861)
Net current assets 22,167
Total assets less current liabilities 85,167
Net assets 85,167
Capital and reserves
Called-up share capital 7 100
Profit and loss account 85,067
Total shareholder's funds 85,167

For the financial period ending 30 April 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 financial statements of MAE 1 Limited (registered number: 14813571) were approved and authorised for issue by the Director. They were signed on its behalf by:

M J Clarke
Director

14 January 2025

MAE 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 19 April 2023 to 30 April 2024
MAE 1 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 19 April 2023 to 30 April 2024
1. Accounting policies

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

General information and basis of accounting

MAE 1 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 35 Ballards Lane, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
19.04.2023 to
30.04.2024
Number
Monthly average number of persons employed by the company during the period, including the director 1

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 19 April 2023 0 0
Additions 63,000 63,000
At 30 April 2024 63,000 63,000
Carrying value at 30 April 2024 63,000 63,000

4. Debtors

30.04.2024
£
Trade debtors 6,534
Other debtors 99
6,633

5. Cash and cash equivalents

30.04.2024
£
Cash at bank and in hand 42,395

6. Creditors: amounts falling due within one year

30.04.2024
£
Taxation and social security 25,321
Other creditors 1,540
26,861

7. Called-up share capital

30.04.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

On incorporation, 100 ordinary shares were issued at par.