The Maytree Shop Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC630398 (Scotland)

Unaudited Financial Statements

for the Period 14 May 2019 to 31 May 2020

for

The Maytree Shop Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss H C May

S Nowlan

REGISTERED OFFICE:

123 Bruntsfield Place

Edinburgh

Lothian

EH10 4EQ

REGISTERED NUMBER:

SC630398 (Scotland)

ACCOUNTANTS:

One Accounting Ltd

Chartered Management Accountants

Drumsheugh Toll

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

FIXED ASSETS

Tangible assets

4

39,897

CURRENT ASSETS

Stocks

3,000

Debtors

5

12,005

Cash at bank and in hand

43,486

58,491

CREDITORS

Amounts falling due within one year

6

122,761

NET CURRENT LIABILITIES

(64,270

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(24,373

)

PROVISIONS FOR LIABILITIES

788

NET LIABILITIES

(25,161

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(25,261

)

(25,161

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2020 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 and authorised for issue on 12 November 2020 and were signed on its behalf by:

Miss H C May - Director

1.	STATUTORY INFORMATION

The Maytree Shop Ltd is a private company, limited by shares , registered in Scotland. 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.

Going Concern

At the balance sheet date the Company's liabilities exceed its assets by £25,161. The Company meets

its day to day working capital requirements from daily takings and loans from the Director. The financial

statements were prepared on a going concern basis, which assumes that the Company will continue in

operational existence for the foreseeable future. The director expects the company to be profitable in the

future.

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.

Short leasehold

-

Straight line over 5 years

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipments

-

20% on cost

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 period 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 period 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.

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 period was 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

Additions

43,429

4,983

48,412

At 31 May 2020

43,429

4,983

48,412

DEPRECIATION

Charge for period

7,681

834

8,515

At 31 May 2020

7,681

834

8,515

NET BOOK VALUE

At 31 May 2020

35,748

4,149

39,897

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

11,000

Other debtors

1,005

12,005

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

8,123

Taxation and social security

5,514

Other creditors

109,124

122,761

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

£

Within one year

22,000

Between one and five years

88,000

110,000

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

period of the lease.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the director £105,662. There are no fixed repayment terms and no

interest has been applied.