Mayor Gallery Limited(The) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00274718 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2018

for

Mayor Gallery Limited(The)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

J A W Austin

P R Klimt

Mrs L E Klimt

F J Mayor

SECRETARY:

REGISTERED OFFICE:

21 Cork Street

First Floor

London

W1S 3LZ

REGISTERED NUMBER:

00274718 (England and Wales)

ACCOUNTANTS:

MABCO Ltd T/A Maurice Braganza & Co

1 Lancaster Place

London

WC2E 7ED

FIXED ASSETS

Intangible assets

4

3,108

3,626

Tangible assets

5

12,036

15,092

15,144

18,718

CURRENT ASSETS

Stocks

7,049,779

8,357,616

Debtors

6

1,498,700

1,547,623

Cash in hand

532,998

4,082,342

9,081,477

13,987,581

CREDITORS

Amounts falling due within one year

7

(2,333,902

)

(2,121,870

)

NET CURRENT ASSETS

6,747,575

11,865,711

TOTAL ASSETS LESS CURRENT LIABILITIES

6,762,719

11,884,429

CREDITORS

Amounts falling due after more than one year

8

(3,376,072

)

(6,141,731

)

NET ASSETS

3,386,647

5,742,698

CAPITAL AND RESERVES

Called up share capital

2,160

2,160

Share premium

24,998

24,998

Capital redemption reserve

1,478

1,478

Retained earnings

3,358,011

5,714,062

SHAREHOLDERS' FUNDS

3,386,647

5,742,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16 May 2019 and were signed on its behalf by:

F J Mayor - Director

1.	STATUTORY INFORMATION

Mayor Gallery Limited(The) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

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

moving items.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2017

and 30 September 2018

5,180

AMORTISATION

At 1 October 2017

1,554

Charge for year

518

At 30 September 2018

2,072

NET BOOK VALUE

At 30 September 2018

3,108

At 30 September 2017

3,626

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2017

and 30 September 2018

50,657

94,577

21,430

166,664

DEPRECIATION

At 1 October 2017

50,365

87,687

13,520

151,572

Charge for year

44

1,034

1,978

3,056

At 30 September 2018

50,409

88,721

15,498

154,628

NET BOOK VALUE

At 30 September 2018

248

5,856

5,932

12,036

At 30 September 2017

292

6,890

7,910

15,092

6.

DEBTORS

30.9.18

30.9.17

£

£

Amounts falling due within one year:

Trade debtors

1,225,314

1,447,184

Other debtors

3,950

3,950

Tax

131,995

-

VAT

38,578

15,092

Prepayments and accrued income

72,785

55,319

1,472,622

1,521,545

Amounts falling due after more than one year:

Called up share capital not paid

26,078

26,078

Aggregate amounts

1,498,700

1,547,623

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Hire purchase contracts

-

3,766

Trade creditors

82,695

705,690

Tax

-

405,514

Social security and other taxes

7,958

12,161

Other creditors

73,540

73,540

Loan

450,000

499,000

Ms Kulcyzk

1,250,000

-

Accruals and deferred income

300,174

300,174

Accrued expenses

169,535

122,025

2,333,902

2,121,870

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.18

30.9.17

£

£

Hire purchase contracts

-

6,277

Other creditors

2,355,523

3,463,375

Other creditors

11,059

2,420,284

Other creditors on a/c

867,226

59,531

Billy Apple Loan a/c

142,264

192,264

3,376,072

6,141,731

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors

are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 September 2018 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

MABCO Ltd T/A Maurice Braganza & Co

1 Lancaster Place

London

WC2E 7ED

Date: .............................................