Registered number
SC480785
MAFN LIMITED
Filleted Accounts
31 October 2024
MAFN LIMITED
Registered number: SC480785
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 28,457 22,569
Current assets
Stocks 54,363 49,483
Debtors 4 988 1,064
Cash at bank and in hand 45,240 90,996
100,591 141,543
Creditors: amounts falling due within one year 5 (11,818) (18,008)
Net current assets 88,773 123,535
Total assets less current liabilities 117,230 146,104
Creditors: amounts falling due after more than one year 6 (33,254) (63,137)
Net assets 83,976 82,967
Capital and reserves
Called up share capital 100 100
Profit and loss account 83,876 82,867
Shareholders' funds 83,976 82,967
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Almas Sarwar
Director
Approved by the board on 22 April 2025
MAFN LIMITED
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixture & fittings Motor vehicle Total
£ £ £
Cost
At 1 November 2023 31,117 15,247 46,364
Additions 9,050 - 9,050
At 31 October 2024 40,167 15,247 55,414
Depreciation
At 1 November 2023 16,651 7,144 23,795
Charge for the year 2,352 810 3,162
At 31 October 2024 19,003 7,954 26,957
Net book value
At 31 October 2024 21,164 7,293 28,457
At 31 October 2023 14,466 8,103 22,569
4 Debtors 2024 2023
£ £
Other debtors 988 1,064
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,406 5,848
Taxation and social security costs 7,033 8,593
Other creditors 3,379 3,567
11,818 18,008
6 Creditors: amounts falling due after one year 2024 2023
£ £
Director's loan account 33,254 63,137
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