Company registration number 08554336 (England and Wales)
MAISON 21 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MAISON 21 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
MAISON 21 LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,842
5,281
Investment properties
5
1,911,672
650,000
Investments
6
608,645
328,645
2,528,159
983,926
Current assets
Stocks
17,577
40,530
Debtors
7
148,425
155,442
Cash at bank and in hand
12,101
5,760
178,103
201,732
Creditors: amounts falling due within one year
8
(2,033,829)
(616,058)
Net current liabilities
(1,855,726)
(414,326)
Total assets less current liabilities
672,433
569,600
Creditors: amounts falling due after more than one year
9
(126,340)
(21,165)
Provisions for liabilities
(118,776)
(117,614)
Net assets
427,317
430,821
Capital and reserves
Called up share capital
1,000
80
Capital redemption reserve
20
20
Profit and loss reserves
426,297
430,721
Total equity
427,317
430,821
The director of the company has 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
MAISON 21 LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 June 2025
D J Ridler
Director
Company Registration No. 08554336
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Maison 21 Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.
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, modified to include the revaluation of freehold properties and to include investment properties and other investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
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 dispatch 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.
Other operating income represents rent and service charges receivable in the year.
1.3
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.
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:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Fixed asset investments
Other fixed asset investments, which are assets held for capital appreciation, are measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
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.
1.9
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
1.10
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.
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
The director has assessed the value of the Investment property as at 30th June 2024 to be £1,911,672 (2023: £650,000).
Other investments held at fair value
The director has assessed the value of the investment in the Ferrari 458 and the value of the investment in shares in CWSH, CWS & College of Esports Limited as at 30th June 2024 to be £328.645 (2023: £328,645) and £280,000 respectively.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
6,500
Additions
3,551
At 30 June 2024
10,051
Depreciation and impairment
At 1 July 2023
1,219
Depreciation charged in the year
990
At 30 June 2024
2,209
Carrying amount
At 30 June 2024
7,842
At 30 June 2023
5,281
5
Investment property
2024
£
Fair value
At 1 July 2023
650,000
Additions
1,261,672
At 30 June 2024
1,911,672
The properties were valued by the Director at 30th June 2024 at £1,911,672 based on comparison with the open market value of similar properties in the locality.
Thames Industrial Estate, Unit 32 - £650,000
Aveley House, South Ockendon, Essex - £1,261,672
The additions in the year are represented at cost which the director considers to be at fair value.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
608,645
328,645
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Fixed asset investments
(Continued)
- 7 -
The investments are made up as follows:
Ferrari 458 sports car - £328,645
Shares in CWSH, CWS & College of Esports Limited - £280,000
The sports car was valued by the Director at 30th June 2024 at £328,645 based on comparison with the open market of similar cars in the global market place.
The shares in CWSH, CWS & College of Esports Limited are represented at cost which the director considers to be at fair value.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
328,645
Additions
280,000
At 30 June 2024
608,645
Carrying amount
At 30 June 2024
608,645
At 30 June 2023
328,645
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,252
35,442
Other debtors
104,173
120,000
148,425
155,442
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
54,720
9,317
Trade creditors
106,107
416,601
Corporation tax
1
2,818
Other taxation and social security
4,139
Other creditors
1,873,001
183,183
2,033,829
616,058
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Creditors: amounts falling due within one year
(Continued)
- 8 -
Secured creditors - Metro Bank loan of £21,165 (2023: £30,482) is secured by a legal charge over the company's investment property known as Unit 32, Thames Industrial Estate and a floating charge over all unattached assets at the property incurred at the date of the deed and after.
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
102,441
21,165
Obligations under finance leases
23,899
126,340
21,165
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
30,524
-
Tax losses
(29,362)
-
Revaluations
117,614
117,614
118,776
117,614
2024
Movements in the year:
£
Liability at 1 July 2023
117,614
Charge to profit or loss
1,162
Liability at 30 June 2024
118,776
11
Operating lease commitments
As lessor - operating leases
The operating leases represent the provision of serviced office accommodation and commercial and domestic storage facilities to third parties. The leases are generally negotiated over terms of between 30 days and 5 years and rentals are fixed for these periods. There are options in place for either party to extend the lease terms at the end of the primary period.
MAISON 21 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Operating lease commitments
(Continued)
- 9 -
2024
2023
Future amounts receivable under operating leases:
£
£
Total commitments
150,785
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Manage charge payable
Sundry income receivable
2024
2023
2024
2023
£
£
£
£
Other connected companies under common control
15,000
15,000
-
10,125
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other connected companies not under common control
80,733
86,597
Other connected companies under common control
1,781,841
160,251
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other connected companies not under common control
2,868
2,868
Other connected companies under common control
-
12,150
13
Directors' transactions
Dividends totalling £0 (2023 - £2,000) were paid in the year in respect of shares held by the company's directors.
14
Parent company
The company is controlled by its Director Mr DJ Ridler.
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