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REGISTERED NUMBER: 02704860 (England and Wales)








Unaudited Financial Statements

for the Year Ended 30 September 2024

for

May & Scofield Limited

May & Scofield Limited (Registered number: 02704860)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


May & Scofield Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: G E James
Mrs M S Scofield





SECRETARY: G E James





REGISTERED OFFICE: Stroudley Road
Basingstoke
Hampshire
RG24 8UG





REGISTERED NUMBER: 02704860 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

May & Scofield Limited (Registered number: 02704860)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,659,622 1,756,897

CURRENT ASSETS
Stocks 1,312,636 1,589,840
Debtors 5 1,223,278 1,164,239
Cash at bank and in hand 38,879 59,416
2,574,793 2,813,495
CREDITORS
Amounts falling due within one year 6 2,068,082 1,839,501
NET CURRENT ASSETS 506,711 973,994
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,166,333

2,730,891

CREDITORS
Amounts falling due after more than one
year

7

(575,381

)

(722,546

)

PROVISIONS FOR LIABILITIES 10 (70,672 ) (113,552 )
NET ASSETS 1,520,280 1,894,793

CAPITAL AND RESERVES
Called up share capital 11 71 71
Revaluation reserve 12 483,671 489,928
Capital redemption reserve 4 4
Retained earnings 1,036,534 1,404,790
SHAREHOLDERS' FUNDS 1,520,280 1,894,793

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 & Scofield Limited (Registered number: 02704860)

Balance Sheet - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





G E James - Director


May & Scofield Limited (Registered number: 02704860)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

May & Scofield Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over the remaining life of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Any revaluation increase is credited to the properties revaluation reserve. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price, including transaction costs. Subsequently they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.


May & Scofield Limited (Registered number: 02704860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 40 ) .

May & Scofield Limited (Registered number: 02704860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023
and 30 September 2024 1,446,411 1,879,250 108,229 61,492 3,495,382
DEPRECIATION
At 1 October 2023 15,722 1,558,353 107,241 57,169 1,738,485
Charge for year 15,722 80,225 247 1,081 97,275
At 30 September 2024 31,444 1,638,578 107,488 58,250 1,835,760
NET BOOK VALUE
At 30 September 2024 1,414,967 240,672 741 3,242 1,659,622
At 30 September 2023 1,430,689 320,897 988 4,323 1,756,897

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2018 326,974 - - - 326,974
Cost 1,119,437 1,879,250 108,229 61,492 3,168,408
1,446,411 1,879,250 108,229 61,492 3,495,382

If Long leasehold had not been revalued it would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 1,119,437 1,119,437
Aggregate depreciation 267,621 258,156

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 1,130,835 1,098,009
Other debtors 92,443 66,230
1,223,278 1,164,239

May & Scofield Limited (Registered number: 02704860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 1,078,871 1,049,764
Hire purchase contracts (see note 8) 46,197 46,198
Trade creditors 653,163 689,093
Taxation and social security 97,603 46,485
Other creditors 192,248 7,961
2,068,082 1,839,501

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 473,058 574,026
Hire purchase contracts (see note 8) 102,323 148,520
575,381 722,546

Included within creditors due more than one year are bank loans totalling £167,830 (2023 - £268,798) which are repayable by instalments in more than five years.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 46,197 46,198
Between one and five years 102,323 148,520
148,520 194,718

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 44,100 41,160
Between one and five years 176,400 164,640
In more than five years 3,704,400 3,498,600
3,924,900 3,704,400

May & Scofield Limited (Registered number: 02704860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 577,491 678,458
Hire purchase contracts 148,520 194,718
726,011 873,176

The bank loans are secured by a legal charge over the leasehold property together with a fixed and floating charge over all assets owned by the company.

The hire purchase contracts are secured on the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 95,545 113,552
Tax losses carried forward (24,873 ) -
70,672 113,552

Deferred
tax
£   
Balance at 1 October 2023 113,552
Provided during year (42,880 )
Balance at 30 September 2024 70,672

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
6,898 Ordinary 1p 69 69
94 A Ordinary 1p 1 1
10 C Ordinary 1p 1 1
71 71

The A Ordinary shares rank pari passu in all respects with the Ordinary shares of the company.

The C Ordinary shares have no voting rights or rights to a return of capital and dividend rights only at the discretion of the Board.

May & Scofield Limited (Registered number: 02704860)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


12. RESERVES
Revaluation
reserve
£   
At 1 October 2023 489,928
Revaluation transfer (6,257 )

At 30 September 2024 483,671

13. EMI SCHEME

The company has an Enterprise Management Incentive Scheme in place. Mr G James has a option to purchase 1,879 B Ordinary Shares with an exercise price of £0.01 per share. These options expire in October 2024.