Company registration number 10874721 (England and Wales)
Mayoral UK Ltd
financial statements
For the year ended 31 December 2024
Mayoral UK Ltd
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Mayoral UK Ltd
Balance sheet
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,796
2,480
Current assets
Debtors
4
477,322
591,131
Cash at bank and in hand
647,395
616,721
1,124,717
1,207,852
Creditors: amounts falling due within one year
5
(245,665)
(495,717)
Net current assets
879,052
712,135
Total assets less current liabilities
880,848
714,615
Provisions for liabilities
(449)
(620)
Net assets
880,399
713,995
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
780,399
613,995
Total equity
880,399
713,995

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

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

The financial statements were approved by the board of directors and authorised for issue on 7 April 2025 and are signed on its behalf by:
Mr M D De La Maza
Director
Company registration number 10874721 (England and Wales)
Mayoral UK Ltd
Statement of changes in equity
For the year ended 31 December 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100,000
1,183,863
1,283,863
Year ended 31 December 2023:
Profit and total comprehensive income
-
260,132
260,132
Dividends
-
(830,000)
(830,000)
Balance at 31 December 2023
100,000
613,995
713,995
Year ended 31 December 2024:
Profit and total comprehensive income
-
166,404
166,404
Balance at 31 December 2024
100,000
780,399
880,399
Mayoral UK Ltd
Notes to the financial statements
For the year ended 31 December 2024
- 3 -
1
Accounting policies
Company information

Mayoral UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 26 Cross Street, Manchester, England, M2 7AQ.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

Despite the decrease in sales in the year, Mayoral thinks that this will change in the near future. We think that the UK market is going through a challenging time. Some well-established customers are in the middle of a generation change, where shop owners are retiring, and/or are in the midst of selling or passing down their businesses to their children/grandchildren. Mayoral is a well-known company and brand among our customers and consumers. We will continue to promote the company and brand, which includes exhibiting at the INDX KIDWEAR exhibition in Birmingham in July 2025. The directors are confident of a market recovery.true

 

Up to the date of presentation of these annual accounts, there have been no significant effects on the activity of the Company and the Group and there is no material uncertainty that casts significant doubt upon the entity’s ability to continue as going concern. According to the current estimates of the directors, no relevant effects are estimated in the year 2025.

 

 

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Mayoral UK Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -

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

Leasehold improvements
over life of lease
Fixtures and fittings
15% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the 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.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Mayoral UK Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Mayoral UK Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
20,760
36,707
57,467
Additions
-
0
442
442
At 31 December 2024
20,760
37,149
57,909
Depreciation and impairment
At 1 January 2024
20,760
34,227
54,987
Depreciation charged in the year
-
0
1,126
1,126
At 31 December 2024
20,760
35,353
56,113
Carrying amount
At 31 December 2024
-
0
1,796
1,796
At 31 December 2023
-
0
2,480
2,480
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
270,548
511,092
Other debtors
206,774
80,039
477,322
591,131
Mayoral UK Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
209,872
389,586
Corporation tax
12,856
28,357
Other taxation and social security
2,006
1,965
Other creditors
20,931
75,809
245,665
495,717
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Abbott FCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
7 April 2025
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
£
£
104,775
134,938
8
Parent company

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Mayoral UK Limited is a subsidiary company of ultimate parent company Indumenta Pueri S.L., Calle la Orotava, 118, Malaga 29006, Malaga, Spain, a company registered in Spain who produce consolidated financial statements for the group.

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