Company registration number 01694101 (England and Wales)
MARY JANE VAUGHAN DESIGNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MARY JANE VAUGHAN DESIGNS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MARY JANE VAUGHAN DESIGNS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,469
26,969
Current assets
Stocks
13,000
13,000
Debtors
4
557,323
576,169
Cash at bank and in hand
464,207
381,286
1,034,530
970,455
Creditors: amounts falling due within one year
5
(491,229)
(429,315)
Net current assets
543,301
541,140
Total assets less current liabilities
569,770
568,109
Provisions for liabilities
(5,873)
(6,445)
Net assets
563,897
561,664
Capital and reserves
Called up share capital
6
70,002
70,002
Profit and loss reserves
493,895
491,662
Total equity
563,897
561,664

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 February 2025 and are signed on its behalf by:
Mr P B O'Regan
Director
Company registration number 01694101 (England and Wales)
MARY JANE VAUGHAN DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Mary Jane Vaughan Designs Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is 6G Hewlett House, Havelock Terrace, London, SW8 4AS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of VAT and trade discounts. Turnover from the sale of goods is recognised at the point of sale and, in respect of services, is recognised at the point of carrying out the service.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% on written down value and 33.33% on cost
Motor vehicles
25% on written down value
1.4
Stocks

Stock is valued at the lower of cost and net realisable value.

1.5
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, which includes creditors, are recognised at transaction price.

MARY JANE VAUGHAN DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leasing and hire purchase commitments

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
19
MARY JANE VAUGHAN DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
117,095
Additions
11,548
Disposals
(17,454)
At 30 June 2024
111,189
Depreciation and impairment
At 1 July 2023
90,126
Depreciation charged in the year
11,786
Eliminated in respect of disposals
(17,192)
At 30 June 2024
84,720
Carrying amount
At 30 June 2024
26,469
At 30 June 2023
26,969
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
299,445
225,092
Other debtors
257,878
351,077
557,323
576,169

Other debtors includes an amount due from a company controlled by the directors, amounting to £127,447 (2023 - £155,003). The loan is interest free. Other debtors also includes an amount of £55,721 (2023 - £155,120) due to the company from directors.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
203,563
183,135
Amounts owed to group undertakings
125
125
Taxation and social security
225,378
186,259
Other creditors
62,163
59,796
491,229
429,315
MARY JANE VAUGHAN DESIGNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
Preference share capital
Issued and fully paid
70,000 Redeemable preference shares of £1
70,000
70,000
Total equity share capital
70,002
70,002

The preference shares carry no voting rights and rank in priority to other classes of share capital in the event of winding up. The preference shares may be redeemed at par at any time by the company on giving three months notice.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
59,549
108,539
8
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
33,697
-
9
Directors' transactions

During the year, the company made advances totalling £179,557 (2023 - £332,348) to directors. The advances were repayable on demand and attracted interest at HMRC approved rates. Repayments totalling £278,956 (2023 - £177,228) were made in respect of these advances and brought forward balances.

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