Mayflower Kitchens Limited - Period Ending 2020-01-31
Mayflower Kitchens Limited - Period Ending 2020-01-31
Registration number:
Mayflower Kitchens Limited
for the Year Ended 31 January 2020
Mayflower Kitchens Limited
(Registration number: 03697758)
Balance Sheet as at 31 January 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The worldwide Covid-19 pandemic and the Government shut-down has impacted upon the company's trading activity post year end. However, the directors are confident that the business through Government support packages, the bank reserves of the group and the current level of trading has adequate resources to survive the crisis and accordingly the company has continued to prepare its financial statements on a going concern basis.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to property |
5% straight line |
Plant and machinery |
15% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
25% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Improvements to property |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost |
|||||
At 1 February 2019 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 31 January 2020 |
|
|
|
|
|
Depreciation |
|||||
At 1 February 2019 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 January 2020 |
|
|
|
|
|
Carrying amount |
|||||
At 31 January 2020 |
|
|
|
|
|
At 31 January 2019 |
|
|
|
|
|
Stocks |
2020 |
2019 |
|
Stocks |
|
|
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Debtors |
Note |
2020 |
2019 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
- |
5,670 |
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
9,095 |
11,299 |
|
|
|
Loans and borrowings are secured over the assets to which they relate.
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings are secured over the assets to which they relate.
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|
2020 |
2019 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The company has provided a guarantee for all bank borrowings of the group.
Related party transactions |
Key management personnel
During the year the company continued to provide a loan to key management personnel which was interest free and repayable on demand.
Transactions with directors |
2020 |
At 1 February 2019 |
Advances to directors |
Repayments by director |
At 31 January 2020 |
Mr S Harris |
||||
During the year |
|
- |
( |
- |
Mr JS Wood |
||||
During the year |
- |
|
- |
|
2019 |
At 1 February 2018 |
Advances to directors |
Repayments by director |
At 31 January 2019 |
Mr NE Stonecliffe |
||||
During the year |
|
- |
( |
- |
Mr S Harris |
||||
During the year |
- |
|
- |
|
Summary of transactions with parent
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Summary of transactions with other related parties
Income and receivables from related parties
2020 |
Other related parties |
Sale of goods |
|
2019 |
Other related parties |
Sale of goods |
|
Expenditure with and payables to related parties
2020 |
Parent |
Other related parties |
Purchase of goods |
- |
|
Dividends paid |
|
- |
Rent |
- |
|
|
|
|
2019 |
Parent |
Other related parties |
Purchase of goods |
- |
|
Dividends paid |
|
- |
Leases |
- |
|
|
|
|
Loans to related parties
2020 |
Parent |
Other related parties |
At start of period |
|
|
Repaid |
- |
( |
At end of period |
|
|
Mayflower Kitchens Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
2019 |
Parent |
Key management |
Other related parties |
At start of period |
|
|
|
Advanced |
|
- |
|
Repaid |
- |
( |
- |
At end of period |
|
- |
|
Loans from related parties
2020 |
Other related parties |
At start of period |
|
Repaid |
( |
At end of period |
|
2019 |
Other related parties |
At start of period |
|
Advanced |
|
At end of period |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from 5 Chelston Business Park, Castle Road, Wellington, Somerset, TA21 9JQ.
The ultimate controlling party is
Non adjusting events after the financial period |
|