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Registration number: 03280426

Mayfair Estates Property Investment Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2020

 

Mayfair Estates Property Investment Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Mayfair Estates Property Investment Limited

Company Information

Director

Mr R D Levin

Registered office

The Atrium
149 Portsmouth Road
Horndean
Waterlooville
Hampshire
PO8 9LG

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mayfair Estates Property Investment Limited
for the Year Ended 30 September 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mayfair Estates Property Investment Limited for the year ended 30 September 2020 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Mayfair Estates Property Investment Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mayfair Estates Property Investment Limited and state those matters that we have agreed to state to the Board of Directors of Mayfair Estates Property Investment Limited, as a body, 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 Mayfair Estates Property Investment Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mayfair Estates Property Investment Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mayfair Estates Property Investment Limited. You consider that Mayfair Estates Property Investment Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mayfair Estates Property Investment 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 accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

17 April 2024

 

Mayfair Estates Property Investment Limited

(Registration number: 03280426)
Balance Sheet as at 30 September 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

1,284,830

1,290,398

Current assets

 

Stocks

5

2,319

2,319

Debtors

6

2,176,066

2,669,772

Cash at bank and in hand

 

279,743

21,206

 

2,458,128

2,693,297

Creditors: Amounts falling due within one year

10

(2,330,844)

(2,419,396)

Net current assets

 

127,284

273,901

Total assets less current liabilities

 

1,412,114

1,564,299

Creditors: Amounts falling due after more than one year

10

(113,542)

(7,749)

Net assets

 

1,298,572

1,556,550

Capital and reserves

 

Called up share capital

11

100

100

Revaluation reserve

(328,320)

(328,320)

Retained earnings

1,626,792

1,884,770

Shareholders' funds

 

1,298,572

1,556,550

For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 April 2024
 

 

Mayfair Estates Property Investment Limited

(Registration number: 03280426)
Balance Sheet as at 30 September 2020

.........................................
Mr R D Levin
Director

 

Mayfair Estates Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Atrium
149 Portsmouth Road
Horndean
Waterlooville
Hampshire
PO8 9LG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Mayfair Estates Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% straight line

Equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Mayfair Estates Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2019 - 2).

 

Mayfair Estates Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2019

1,279,049

266,536

1,545,585

At 30 September 2020

1,279,049

266,536

1,545,585

Depreciation

At 1 October 2019

-

255,187

255,187

Charge for the year

-

5,568

5,568

At 30 September 2020

-

260,755

260,755

Carrying amount

At 30 September 2020

1,279,049

5,781

1,284,830

At 30 September 2019

1,279,049

11,349

1,290,398

Included within the net book value of land and buildings above is £1,279,049 (2019 - £1,279,049) in respect of freehold land and buildings.
 

5

Stocks

2020
£

2019
£

Finished goods and goods for resale

2,319

2,319

6

Debtors

Note

2020
£

2019
£

Amounts owed by related parties

8

593,349

1,078,881

Other debtors

 

1,582,717

1,590,891

 

2,176,066

2,669,772

 

Mayfair Estates Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

7

Dividends

8

Related party transactions

Transactions with the director

2020

At 1 October 2019
£

Other payments made to company by director
£

At 30 September 2020
£

Mr R D Levin

The directors loan account balance is undated, unsecured, interest free and repayable on demand.

(2,285,213)

92,391

(2,192,823)

2019

At 1 October 2018
£

Advances to director
£

At 30 September 2019
£

Mr R D Levin

The directors loan account balance is undated, unsecured, interest free and repayable on demand.

(2,397,834)

112,621

(2,285,213)

9

Loans and borrowings

Non-current loans and borrowings

2020
£

2019
£

Bank borrowings

113,542

7,749

Current loans and borrowings

2020
£

2019
£

Bank borrowings

8,853

23,644

 

Mayfair Estates Property Investment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

10

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Loans and borrowings

9

8,853

23,644

Accruals and deferred income

 

83,131

79,631

Other creditors

 

2,238,860

2,316,121

 

2,330,844

2,419,396

Creditors: amounts falling due after more than one year

Note

2020
£

2019
£

Due after one year

 

Loans and borrowings

9

113,542

7,749

11

Share capital

Allotted, called up and fully paid shares

2020

2019

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100