Company No: 10181680 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	Ms E Maude
	Mrs J Maude
SECRETARY	Mrs J Maude
REGISTERED OFFICE	Century House
	Nicholson Road
	TQ2 7TD
	Torquay
	United Kingdom
COMPANY NUMBER	10181680(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Century House
	Nicholson Road
	Torquay
	TQ2 7TD

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maudelet Limited for the financial year ended 31 May 2020 which comprises the Statement of Financial Position and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that Maudelet Limited 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 loss of Maudelet Limited. You consider that Maudelet Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Maudelet Limited. 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.

This report is made solely to the Board of Directors of Maudelet Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Maudelet Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maudelet Limited and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

Century House
Nicholson Road
Torquay
TQ2 7TD

22 April 2021

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	64,880		51,859
Investment property	4	1,295,305		1,092,610
		1,360,185		1,144,469
Current assets
Debtors	5	10,128		7,248
Cash at bank and in hand	6	68,502		11,318
		78,630		18,566
Creditors
Amounts falling due within one year	7	( 1,942,817)		( 1,478,231)
Net current liabilities		(1,864,187)		(1,459,665)
Total assets less current liabilities		(504,002)		(315,196)
Net liabilities		( 504,002)		( 315,196)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 504,102 )		( 315,296 )
Total shareholder's deficit		( 504,002)		( 315,196)

For the financial year ending 31 May 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Maudelet Limited (registered number: 10181680) were approved and authorised for issue by the Board of Directors on 22 April 2021. They were signed on its behalf by:

Ms E Maude Director

Mrs J Maude Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Maudelet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, TQ2 7TD, Torquay, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Maudelet Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Freehold property - not depreciated
Fixtures and fittings - 25% reducing balance
Investment property - not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2020		2019
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost/Valuation
At 01 June 2019	73,320		73,320
Additions	32,056		32,056
At 31 May 2020	105,376		105,376
Accumulated depreciation
At 01 June 2019	21,461		21,461
Charge for the financial year	19,035		19,035
At 31 May 2020	40,496		40,496
Net book value
At 31 May 2020	64,880		64,880
At 31 May 2019	51,859		51,859

4. Investment property

	Investment property
	£
Valuation
As at 01 June 2019	1,092,610
Additions	202,695
As at 31 May 2020	1,295,305

5. Debtors

	2020		2019
	£		£
Trade debtors	3,848		346
Other debtors	6,280		6,902
	10,128		7,248

6. Cash and cash equivalents

	2020		2019
	£		£
Cash at bank and in hand	68,502		11,318

7. Creditors: amounts falling due within one year

	2020		2019
	£		£
Bank loans and overdrafts	147,550		0
Trade creditors	5,594		( 59,910)
Amounts owed to Group undertakings	1,692,359		1,543,294
Other creditors	97,314		( 5,153)
	1,942,817		1,478,231

8. Called-up share capital and reserves

	2020		2019
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2020		2019
	£		£
Scoliosis SOS Limited, a company in which Ms E Maude is a director and majority shareholder	(1,692,358)		(1,543,294)

The above balance is included in other creditors. Interest is charged on this balance at 2.5% and there is no fixed date for repayment.

Transactions with the entity's directors

	2020		2019
	£		£
Ms E Maude (2019: debtor)	(40,386)		10,951

Interest is charged at HMRC's official rate of interest on any overdrawn balances and there is fixed date for repayment.