M Maheson Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07417923

M MAHESON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2020

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr M V S Maheson

Ms G L Maheson

REGISTERED OFFICE:

1st Floor Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

REGISTERED NUMBER:

07417923

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M Maheson Ltd for the year ended 31st October 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of M Maheson Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M Maheson Ltd and state those matters that we have agreed to state to the Board of Directors of M Maheson Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M Maheson Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that M Maheson Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M Maheson Ltd. You consider that M Maheson Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of M Maheson Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

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

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,774

4,009

4,774

4,009

CURRENT ASSETS

Debtors

6

312,704

275,365

Cash at bank

200,218

300,541

512,922

575,906

CREDITORS

Amounts falling due within one year

7

39,207

41,084

NET CURRENT ASSETS

473,715

534,822

TOTAL ASSETS LESS CURRENT LIABILITIES

478,489

538,831

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

478,389

538,731

478,489

538,831

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 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 31st July 2021 and were signed on its behalf by:

Mr M V S Maheson - Director

1.	STATUTORY INFORMATION

M Maheson Ltd is a private company, limited by shares , registered in Not specified/Other. 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.

The COVID-19 pandemic has had a significant negative impact on the UK economy.

Given the rapidly evolving nature of the situation and lockdowns, it is difficult to quantify the impact of Covid-19, and the directors recognise that in the longer term its effect may be more significant.

At this time, any long-term effect on the company is unknown, but the company has benefitted from changes in working practices, and the directors remain confident of the financial position of the company.

The directors believe that the company has sufficient reserves and is continuing to generate additional cash reserves to withstand any further economic downturns caused by the pandemic.

Given the above, the directors are confident that it is correct to prepare the accounts on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Purchased goodwill has been fully amortised.

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.

Tangible fixed assets

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

Government grants

Government grants are recognised over the period for which the grant is intended to compensate.

Grants that are receivable as compensation for expenses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which the grant is receivable.

Grants in respect of capital expenditure are released to the profit and loss account in line with the estimated useful life of the asset to which it relates.

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 5 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st November 2019

and 31st October 2020

93,300

AMORTISATION

At 1st November 2019

and 31st October 2020

93,300

NET BOOK VALUE

At 31st October 2020

-

At 31st October 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1st November 2019

27,747

11,827

39,574

Additions

3,777

-

3,777

At 31st October 2020

31,524

11,827

43,351

DEPRECIATION

At 1st November 2019

23,739

11,826

35,565

Charge for year

3,012

-

3,012

At 31st October 2020

26,751

11,826

38,577

NET BOOK VALUE

At 31st October 2020

4,773

1

4,774

At 31st October 2019

4,008

1

4,009

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

84,363

99,759

Other debtors

228,341

175,606

312,704

275,365

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

39,220

39,225

Other creditors

(13

)

1,859

39,207

41,084

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st October 2020 and 31st October 2019:

2020

2019

£

£

Mr M V S Maheson

Balance outstanding at start of year

65,560

76,582

Amounts advanced

67,509

29,778

Amounts repaid

(47,175

)

(40,800

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

85,894

65,560

Ms G L Maheson

Balance outstanding at start of year

62,900

73,579

Amounts advanced

64,859

28,521

Amounts repaid

(45,325

)

(39,200

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

82,434

62,900

As at the year end the company directors owed the company £168,329

The loan is repayable on demand and interest (2.5% p.a.) of £5,087 was charged by the company during the year.