Company Registration No. 10329771 (England and Wales)
T S MAYFIELD LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
T S MAYFIELD LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
T S MAYFIELD LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 AUGUST 2018
- 1 -
The director presents his annual report and financial statements for the Period ended 31 August 2018.
Principal activities
The principal activity of the company was that of estate agent services.
Director
The director who held office during the Period and up to the date of signature of the financial statements was as follows:
T S Mayfield
D Mayfield
(Resigned 15 July 2019)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
T S Mayfield
Director
3 September 2019
T S MAYFIELD LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
17,333
19,333
Tangible assets
4
21,102
25,959
38,435
45,292
Current assets
Debtors
5
13,374
31,458
Cash at bank and in hand
70
1,276
13,444
32,734
Creditors: amounts falling due within one year
6
(272,812)
(155,511)
Net current liabilities
(259,368)
(122,777)
Total assets less current liabilities
(220,933)
(77,485)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(220,934)
(77,486)
Total equity
(220,933)
(77,485)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 September 2019 and are signed on its behalf by:
T S Mayfield
Director
Company Registration No. 10329771
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2018
- 3 -
1
Accounting policies
Company information
T S Mayfield Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Lace Market Square, Nottingham, Nottinghamshire, NG1 1PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In the absence of other funding, the company is in the short term dependent upon the continued support of the director and shareholder. The director and shareholder has agreed to support the company for a period of at least one year from the date of approval of these financial statements.
The director therefore considers it appropriate that the financial statements are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Franchise
10 years
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost.
Computers
25% on cost.
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Classification of financial liabilities
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 3 (2017 - 3).
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
- 5 -
3
Intangible fixed assets
Franchise
£
Cost
At 1 September 2017 and 31 August 2018
20,000
Amortisation and impairment
At 1 September 2017
667
Amortisation charged for the Period
2,000
At 31 August 2018
2,667
Carrying amount
At 31 August 2018
17,333
At 31 August 2017
19,333
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 September 2017
18,206
10,310
28,516
Additions
2,930
80
3,010
At 31 August 2018
21,136
10,390
31,526
Depreciation and impairment
At 1 September 2017
1,900
657
2,557
Depreciation charged in the Period
5,270
2,597
7,867
At 31 August 2018
7,170
3,254
10,424
Carrying amount
At 31 August 2018
13,966
7,136
21,102
At 31 August 2017
16,306
9,653
25,959
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
13,374
27,570
Prepayments and accrued income
-
3,888
13,374
31,458
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2018
- 6 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
20,595
27,759
Taxation and social security
2,765
872
Other creditors
247,702
125,380
Accruals and deferred income
1,750
1,500
272,812
155,511
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
61,057
90,266
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.