Company registration number 10329771 (England and Wales)
T S MAYFIELD LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
T S MAYFIELD LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
T S MAYFIELD LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company was that of estate agent services.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
T S Mayfield
Small companies exemption
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
14 February 2024
T S MAYFIELD LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,333
9,333
Tangible assets
4
625
7,333
9,958
Current assets
Debtors
5
147,014
77,226
Cash at bank and in hand
17
147,014
77,243
Creditors: amounts falling due within one year
6
(449,630)
(412,031)
Net current liabilities
(302,616)
(334,788)
Total assets less current liabilities
(295,283)
(324,830)
Creditors: amounts falling due after more than one year
7
(17,500)
(27,500)
Net liabilities
(312,783)
(352,330)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(312,784)
(352,331)
Total equity
(312,783)
(352,330)
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 year ended 31 August 2023 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.
The members have not required the company to obtain an audit of its financial statements for the year 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.
T S MAYFIELD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 14 February 2024
T S Mayfield
Director
Company registration number 10329771 (England and Wales)
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
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, NG1 1PB. The company registration number is 10329771.
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 amounts 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 shareholder and shareholder's family. The shareholder and shareholder's family 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 and shareholder therefore consider 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; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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 YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
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 and cash equivalents
Cash and cash equivalents 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.
1.7
Financial instruments
Basic financial assets
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.
Basic financial liabilities
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.
1.8
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 leases 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 year was:
2023
2022
Number
Number
Total
3
3
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Intangible fixed assets
Franchise
£
Cost
At 1 September 2022 and 31 August 2023
20,000
Amortisation and impairment
At 1 September 2022
10,667
Amortisation charged for the year
2,000
At 31 August 2023
12,667
Carrying amount
At 31 August 2023
7,333
At 31 August 2022
9,333
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
21,136
12,890
34,026
Depreciation and impairment
At 1 September 2022
21,136
12,265
33,401
Depreciation charged in the year
625
625
At 31 August 2023
21,136
12,890
34,026
Carrying amount
At 31 August 2023
At 31 August 2022
625
625
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
147,014
77,226
T S MAYFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
11,700
11,026
Corporation tax
38,679
18,372
Other taxation and social security
62,705
45,998
Other creditors
323,921
324,010
Accruals and deferred income
2,625
2,625
449,630
412,031
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,500
27,500
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:
2023
2022
£
£
257,500
287,500
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
41,375
53,375
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.