2023-09-012024-08-312024-08-31false10918673MAZ DESIGNS 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MAZ DESIGNS LIMITED

Registered Number
10918673
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

MAZ DESIGNS LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

Mary Adetayo

Registered Address

403 Prioress House 5-7 Loxford Road
Barking
IG11 8SD

Registered Number

10918673 (England and Wales)
MAZ DESIGNS LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks318,225-
Debtors417,0002,366
Cash at bank and on hand296107
35,5212,473
Creditors amounts falling due within one year5(26,208)(2,418)
Net current assets (liabilities)9,31355
Total assets less current liabilities9,31355
Net assets9,31355
Capital and reserves
Called up share capital11
Profit and loss account9,31254
Shareholders' funds9,31355
The financial statements were approved and authorised for issue by the Director on 22 January 2025, and are signed on its behalf by:
Mary Adetayo
Director
Registered Company No. 10918673
MAZ DESIGNS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
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.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year12
3.Stocks

2024

2023

££
Work in progress18,225-
Total18,225-
4.Debtors: amounts due within one year

2024

2023

££
Amounts owed by associates and joint ventures / participating interests-2,366
Prepayments and accrued income17,000-
Total17,0002,366
5.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties17,020-
Taxation and social security8,2602,418
Other creditors928-
Total26,2082,418