The Maytree Shop Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC630398 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

The Maytree Shop Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Miss H C May

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

23,449

37,586

CURRENT ASSETS

Stocks

2,500

3,500

Debtors

5

8,051

7,433

Cash at bank and in hand

250

47,957

10,801

58,890

CREDITORS

Amounts falling due within one year

6

65,183

84,659

NET CURRENT LIABILITIES

(54,382

)

(25,769

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(30,933

)

11,817

PROVISIONS FOR LIABILITIES

2,350

3,284

NET (LIABILITIES)/ASSETS

(33,283

)

8,533

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(33,383

)

8,433

(33,283

)

8,533

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 28 February 2024 and were signed 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

The director acknowledges the net liability position of the company at the balance sheet date and has reviewed the financial position of the company for a period of 12 months from the signing of these financial statements.

The director has confirmed that the company is continuing to trade and also confirmed their willingness to support the company to meet creditors as they fall due, if required. The director is therefore of the opinion that it is appropriate to prepare the financial statements 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.

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

-

20% on cost

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 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.

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 6 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2022

and 31 May 2023

43,429

27,258

70,687

DEPRECIATION

At 1 June 2022

25,039

8,062

33,101

Charge for year

8,686

5,451

14,137

At 31 May 2023

33,725

13,513

47,238

NET BOOK VALUE

At 31 May 2023

9,704

13,745

23,449

At 31 May 2022

18,390

19,196

37,586

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

-

5,500

Other debtors

7,290

1,818

Prepayments and accrued income

761

115

8,051

7,433

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

3,570

-

Trade creditors

13,444

11,308

Tax

395

389

Social security and other taxes

4,823

1,339

VAT

4,302

1,199

Pension control

117

180

Directors' current accounts

37,831

68,401

Accrued expenses

701

1,843

65,183

84,659

7.	LEASING AGREEMENTS

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

31.5.23

31.5.22

£

£

Within one year

22,000

22,000

Between one and five years

22,000

44,000

44,000

66,000

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

period of the lease.

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the directors £37,831 (2022: £68,401). The loan is unsecured, interest free and there are no fixed repayment terms.