REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
MAY STREET GARDENS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
MAY STREET GARDENS LTD |
MAY STREET GARDENS LTD (REGISTERED NUMBER: 09091970) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
MAY STREET GARDENS LTD (REGISTERED NUMBER: 09091970) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MAY STREET GARDENS LTD (REGISTERED NUMBER: 09091970) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MAY STREET GARDENS LTD (REGISTERED NUMBER: 09091970) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
May Street Gardens Ltd is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Statement of compliance |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime). |
Basis of preparation |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
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. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary |
course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade |
debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
MAY STREET GARDENS LTD (REGISTERED NUMBER: 09091970) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve |
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months |
after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost |
using the effective interest method. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing |
borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of |
transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
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. |
Financial Instruments |
Classification |
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. |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual |
provisions of the instrument. |
Debt instruments are subsequently measured at amortised cost. |
Impairment |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
MAY STREET GARDENS LTD (REGISTERED NUMBER: 09091970) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 7) |
7. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |