Company No: 10181680 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	63,123		72,883
Investment property	4	2,303,254		2,014,434
		2,366,377		2,087,317
Current assets
Debtors	5	11,144		8,968
Cash at bank and in hand		53,958		223,522
		65,102		232,490
Creditors: amounts falling due within one year	6	( 2,556,663)		( 2,537,946)
Net current liabilities		(2,491,561)		(2,305,456)
Total assets less current liabilities		(125,184)		(218,139)
Net liabilities		( 125,184)		( 218,139)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 125,284 )		( 218,239 )
Total shareholder's deficit		( 125,184)		( 218,139)

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Maudelet Limited (registered number: 10181680) were approved and authorised for issue by the Director on 28 February 2024. They were signed on its behalf by:

E 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, unless otherwise stated.

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 63 Mansell Street, London, E1 8AN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £125,184. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Fixtures and fittings

25 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is 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.

The fair value is determined annually by the director, on an open market value for existing use basis.

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 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 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 June 2022	147,403		147,403
At 31 May 2023	147,403		147,403
Accumulated depreciation
At 01 June 2022	74,520		74,520
Charge for the financial year	9,760		9,760
At 31 May 2023	84,280		84,280
Net book value
At 31 May 2023	63,123		63,123
At 31 May 2022	72,883		72,883

4. Investment property

	Investment property
	£
Valuation
As at 01 June 2022	2,014,434
Additions	288,820
As at 31 May 2023	2,303,254

Valuation

The 2023 valuations were made by the director, on an open market value for existing use basis.

5. Debtors

	2023		2022
	£		£
Trade debtors	4,430		2,924
Prepayments	6,714		6,044
	11,144		8,968

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	147,550		147,550
Trade creditors	9,353		7,595
Amounts owed to connected companies	2,359,185		2,359,185
Amounts owed to director	34,557		17,024
Accruals and deferred income	4,561		5,442
Other creditors	1,457		1,150
	2,556,663		2,537,946

Bank loans are secured over the assets to which they relate.

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2023		2022
	£		£
Scoliosis SOS Limited, a company under common control	2,359,185		2,359,185

The above balance is included in creditors. Interest has not been charged on the loan (2022: Interest at 2.5%) and there is no fixed date for repayment.

Transactions with the entity's director

	2023		2022
	£		£
Amounts owed to a director	34,557		17,024

No interest has been charged on this balance and there is no fixed date for repayment.

9. Distributable reserves

Included in the profit and loss account are non-distributable reserves of £413,662 (2022: £413,662) representing the cumulative fair value movements of the Investment property, net of deferred tax. The remaining amount is distributable.