May & Scofield Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02704860 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2019

for

May & Scofield Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G E James

W R Scofield

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

FIXED ASSETS

Tangible assets

4

1,645,940

1,623,306

CURRENT ASSETS

Stocks

929,129

766,907

Debtors

5

911,337

1,067,366

Cash at bank and in hand

86,565

684,050

1,927,031

2,518,323

CREDITORS

Amounts falling due within one year

6

329,115

352,664

NET CURRENT ASSETS

1,597,916

2,165,659

TOTAL ASSETS LESS CURRENT LIABILITIES

3,243,856

3,788,965

CREDITORS

Amounts falling due after more than one year

7

(706,049

)

(769,707

)

PROVISIONS FOR LIABILITIES

10

(31,632

)

(31,632

)

NET ASSETS

2,506,175

2,987,626

CAPITAL AND RESERVES

Called up share capital

11

71

70

Revaluation reserve

12

496,185

496,185

Capital redemption reserve

4

4

Retained earnings

2,009,915

2,491,367

SHAREHOLDERS' FUNDS

2,506,175

2,987,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 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 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 on 11 February 2020 and were signed on its behalf by:

G E James - Director

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

-

Straight line over 50 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% 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.

During the year long leasehold premises and improvements were revalued. 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.

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 31 (2018 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2018

1,360,000

1,479,606

108,229

61,492

3,009,327

Additions

72,199

18,412

-

-

90,611

At 30 September 2019

1,432,199

1,498,018

108,229

61,492

3,099,938

DEPRECIATION

At 1 October 2018

-

1,237,539

104,068

44,414

1,386,021

Charge for year

-

63,521

1,040

3,416

67,977

At 30 September 2019

-

1,301,060

105,108

47,830

1,453,998

NET BOOK VALUE

At 30 September 2019

1,432,199

196,958

3,121

13,662

1,645,940

At 30 September 2018

1,360,000

242,067

4,161

17,078

1,623,306

Cost or valuation at 30 September 2019 is represented by:

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2018

326,974

-

-

-

326,974

Cost

1,105,225

1,498,018

108,229

61,492

2,772,964

1,432,199

1,498,018

108,229

61,492

3,099,938

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

30.9.19

30.9.18

£

£

Cost

1,105,225

1,033,026

Aggregate depreciation

181,771

169,211

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

565,172

719,784

Other debtors

346,165

347,582

911,337

1,067,366

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts

50,088

48,421

Hire purchase contracts (see note 8)

12,163

41,640

Trade creditors

227,265

205,315

Taxation and social security

34,443

35,897

Other creditors

5,156

21,391

329,115

352,664

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans

706,049

757,544

Hire purchase contracts (see note 8)

-

12,163

706,049

769,707

Included within creditors due more than one year are bank loans totalling £505,695 (2018 - £563,862)

which are repayable by instalments in more than five years.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.9.19

30.9.18

£

£

Net obligations repayable:

Within one year

12,163

41,640

Between one and five years

-

12,163

12,163

53,803

Non-cancellable

operating leases

30.9.19

30.9.18

£

£

Within one year

40,000

40,000

Between one and five years

160,000

160,000

In more than five years

3,560,000

3,600,000

3,760,000

3,800,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Bank loans

756,137

805,965

Hire purchase contracts

12,163

53,803

768,300

859,768

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

30.9.19

30.9.18

£

£

Deferred tax

Accelerated capital allowances

31,632

31,632

Deferred

tax

£

Balance at 1 October 2018

31,632

Balance at 30 September 2019

31,632

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

6,898

Ordinary

1p

69

69

94

A Ordinary

1p

1

1

10

C Ordinary

1p

1

-

71

70

Allotted and issued:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

10

C Ordinary

1p

1

-

The following shares were issued during the year for cash at par :

10 C Ordinary shares of 1p

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.

12.

RESERVES

Revaluation

reserve

£

At 1 October 2018

and 30 September 2019

496,185

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.