Company registration number 01849047 (England and Wales)
MAYWOOD GRANGE ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MAYWOOD GRANGE ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
MAYWOOD GRANGE ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
4,252,906
3,933,600
Investments
5
100
100
4,253,006
3,933,700
Current assets
Debtors
6
378,568
332,392
Cash at bank and in hand
40,793
274,126
419,361
606,518
Creditors: amounts falling due within one year
7
(431,098)
(270,246)
Net current (liabilities)/assets
(11,737)
336,272
Total assets less current liabilities
4,241,269
4,269,972
Creditors: amounts falling due after more than one year
8
(1,125,686)
(1,182,786)
Provisions for liabilities
(559,000)
(559,000)
Net assets
2,556,583
2,528,186
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
10
2,347,143
2,347,143
Profit and loss reserves
208,440
180,043
Total equity
2,556,583
2,528,186
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
MAYWOOD GRANGE ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mrs N Badrudin
Director
Company Registration No. 01849047
MAYWOOD GRANGE ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2021
1,000
2,570,143
170,737
2,741,880
Year ended 31 January 2022:
Profit for the year
-
-
9,306
9,306
Other comprehensive income:
Tax relating to other comprehensive income
-
(223,000)
(223,000)
Total comprehensive income for the year
(223,000)
9,306
(213,694)
Balance at 31 January 2022
1,000
2,347,143
180,043
2,528,186
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
28,397
28,397
Balance at 31 January 2023
1,000
2,347,143
208,440
2,556,583
MAYWOOD GRANGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information
Maywood Grange Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hampden House, 76 Durham Road, London, SW20 0TL. The principal place of business is Apt 15, The Watergardens, Warren Road, Kingston upon Thames, Surrey, KT2 7LF.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable on rental income.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
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.
MAYWOOD GRANGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MAYWOOD GRANGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MAYWOOD GRANGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 7 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
As described in note 4 to the financial statements, investment properties are stated at fair value based on the valuation performed by the company directors. The directors used observable market prices and values in accordance with the RICS Red Book. However, the Covid-19 pandemic has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in property valuations.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Investment property
2023
£
Fair value
At 1 February 2022
3,933,600
Additions
319,306
At 31 January 2023
4,252,906
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company director Mr K F Badrudin MRICS. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
The company owns 100% of the issued share capital of the company Crownacre Limited. The company remained dormant throughout the year.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
378,568
332,392
MAYWOOD GRANGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
49,768
48,200
Trade creditors
82,308
78,053
Corporation tax
6,907
5,266
Other taxation and social security
13,024
22,627
Other creditors
279,091
116,100
431,098
270,246
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,125,686
1,182,786
9
Loans and overdrafts
2023
2022
£
£
Bank loans
1,175,454
1,230,986
Payable within one year
49,768
48,200
Payable after one year
1,125,686
1,182,786
The bank loans are secured by a fixed charge over all the company's freehold and leasehold properties and a floating charge over any other properties, assets and rights of the company.
10
Other reserves
Fair value gains (net of deferred tax) on investment properties of £2,347.143 (2022 - £2,347,143) are not available for distribution as they are unrealised. At 25% tax rate the company has a potential tax liability of £559,000 on disposal of its investment properties at fair values.
11
Related party transactions
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Denethatch Limited
235,386
91,996
MAYWOOD GRANGE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
11
Related party transactions
(Continued)
- 9 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Regent Hotels Limited
376,317
330,458
These companies are related by either common control and/or by common directorships.
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