Mayfair Electrical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04300730 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2020

for

Mayfair Electrical Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Cliff Robert Jones

SECRETARY:

Mandy Louise Jones

REGISTERED OFFICE:

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

REGISTERED NUMBER:

04300730 (England and Wales)

ACCOUNTANTS:

KT Accountants Limited

Castle Farm Barn North

Denmead Road

Southwick

Hampshire

PO17 6EX

FIXED ASSETS

Tangible assets

4

15,930

7,126

CURRENT ASSETS

Stocks

5

2,200

2,400

Debtors

6

31,083

27,874

Cash at bank

73,344

12,259

106,627

42,533

CREDITORS

Amounts falling due within one year

7

46,513

23,196

NET CURRENT ASSETS

60,114

19,337

TOTAL ASSETS LESS CURRENT LIABILITIES

76,044

26,463

CREDITORS

Amounts falling due after more than one year

8

(11,220

)

-

PROVISIONS FOR LIABILITIES

(3,027

)

(1,344

)

NET ASSETS

61,797

25,119

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

61,795

25,117

SHAREHOLDERS' FUNDS

61,797

25,119

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 October 2020 and were signed by:

Cliff Robert Jones - Director

1.	STATUTORY INFORMATION

Mayfair Electrical 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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 Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 February 2019

1,199

16,619

17,818

Additions

-

21,177

21,177

Disposals

-

(16,619

)

(16,619

)

At 31 January 2020

1,199

21,177

22,376

DEPRECIATION

At 1 February 2019

1,136

9,556

10,692

Charge for year

16

5,294

5,310

Eliminated on disposal

-

(9,556

)

(9,556

)

At 31 January 2020

1,152

5,294

6,446

NET BOOK VALUE

At 31 January 2020

47

15,883

15,930

At 31 January 2019

63

7,063

7,126

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

21,177

At 31 January 2020

21,177

DEPRECIATION

Charge for year

5,294

At 31 January 2020

5,294

NET BOOK VALUE

At 31 January 2020

15,883

5.

STOCKS

31.1.20

31.1.19

£

£

Stocks

2,200

2,400

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Trade debtors

31,083

24,402

Amounts recoverable on contract

-

3,472

31,083

27,874

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.20

31.1.19

£

£

Hire purchase contracts

4,207

-

Trade creditors

6,229

7,494

Corporation tax

14,482

836

Social security and other taxes

1,271

360

VAT

5,192

1,535

Other creditors

10,915

10,915

Directors' current accounts

2,217

256

Accrued expenses

2,000

1,800

46,513

23,196

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.20

31.1.19

£

£

Hire purchase contracts

11,220

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.20

31.1.19

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2020 and 31 January 2019:

31.1.20

31.1.19

£

£

Cliff Robert Jones

Balance outstanding at start of year

(256

)

(329

)

Amounts advanced

-

73

Amounts repaid

(1,961

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,217

)

(256

)

11.	ULTIMATE CONTROLLING PARTY