Mayfair Electrical Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04300730 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

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

41,151

19,008

CURRENT ASSETS

Stocks

5

2,500

2,500

Debtors

6

27,129

25,817

Cash at bank

451,566

267,742

481,195

296,059

CREDITORS

Amounts falling due within one year

7

123,152

99,662

NET CURRENT ASSETS

358,043

196,397

TOTAL ASSETS LESS CURRENT LIABILITIES

399,194

215,405

PROVISIONS FOR LIABILITIES

7,819

3,612

NET ASSETS

391,375

211,793

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

391,373

211,791

SHAREHOLDERS' FUNDS

391,375

211,793

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 12 October 2023 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.

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

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 2 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2022

-

1,199

25,315

26,514

Additions

7,680

-

44,610

52,290

Disposals

-

-

(25,315

)

(25,315

)

At 31 January 2023

7,680

1,199

44,610

53,489

DEPRECIATION

At 1 February 2022

-

1,177

6,329

7,506

Charge for year

-

8

11,153

11,161

Eliminated on disposal

-

-

(6,329

)

(6,329

)

At 31 January 2023

-

1,185

11,153

12,338

NET BOOK VALUE

At 31 January 2023

7,680

14

33,457

41,151

At 31 January 2022

-

22

18,986

19,008

5.

STOCKS

31.1.23

31.1.22

£

£

Stocks

2,500

2,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

26,843

24,208

Directors' current accounts

-

1,609

VAT

286

-

27,129

25,817

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade creditors

9,385

22,774

Corporation tax

49,463

48,700

Social security and other taxes

2,232

4,833

Wages control

1,193

5,870

VAT

-

4,570

Other creditors

56,570

10,915

Directors' current accounts

2,009

-

Accrued expenses

2,300

2,000

123,152

99,662

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.23

31.1.22

value:

£

£

2

Ordinary

£1

2

2

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23

31.1.22

£

£

Cliff Robert Jones

Balance outstanding at start of year

1,609

(773

)

Amounts advanced

-

2,382

Amounts repaid

(3,619

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,010

)

1,609

10.	ULTIMATE CONTROLLING PARTY