REGISTERED NUMBER: 04193643 (England and Wales) |
MAYLEIGH HOUSE HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: 04193643 (England and Wales) |
MAYLEIGH HOUSE HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 7 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 | to | 26 |
MAYLEIGH HOUSE HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
22-24 Harborough Road |
Kingsthorpe |
Northampton |
NN2 7AZ |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The director presents his strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. |
We consider that our key performance indicators are those that communicate the financial performance of the group as a whole, these being turnover, profits and return on capital. |
The group saw an increase in turnover of 27.6% during the year. |
The group made a profit for the year after tax of £1,244,073 (2022 - £109,668). This includes exceptional profit before tax of £1,272,129 realised on the sale of property. |
The return on capital employed was 4.4% (2022 - 8.2%) Return on capital is calculated as group operating profit divided by capital employed. |
The directors are satisfied with the results for the year and are confident in the group's strategy going forward. The group continues to seek to develop into new niche markets. |
Detailed business reviews for each of the subsidiary companies can be found in the financial statements of the individual companies. |
CASH FLOW RISK |
The group closely monitors and manages its cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the group's policy to ensure that adequate cash funds are available at all times to meet all outgoings. |
CREDIT RISK |
Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the group if it is unable to recover sums due from customers. The group sets maximum levels of credit tolerance for its customers and regularly reviews them to mitigate this risk. |
CLAIMS RISK |
The group closely monitors its claims ratio for all types of policy sold on an ongoing basis and have a great deal of historical claims data available to assist with this monitoring process ensuring the risk of a deterioration in the claims ratio is kept to a minimum. |
ON BEHALF OF THE BOARD: |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of the provision of a nationwide and continental motor vehicle recovery service and insuring the same. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2023. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2023 |
AUDITORS |
The auditors, Phipps Henson McAllister, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYLEIGH HOUSE HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Mayleigh House Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYLEIGH HOUSE HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MAYLEIGH HOUSE HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate taxation laws and regulations of the Financial Conduct Authority and the Prudential Regulation Authority with regards to the certain Group Company's operating licence and regulatory solvency requirements. |
- | We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and other papers. |
- | We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | challenging assumptions and judgments made by management in its significant accounting estimates; |
- | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
- | assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
22-24 Harborough Road |
Kingsthorpe |
Northampton |
NN2 7AZ |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 1,924,291 | 1,508,597 |
Cost of sales | 942,866 | 628,738 |
GROSS PROFIT | 981,425 | 879,859 |
Administrative expenses | 859,231 | 787,930 |
122,194 | 91,929 |
Other operating income | 10,000 | 50,638 |
OPERATING PROFIT | 132,194 | 142,567 |
Profit on sale of property | 4 | 1,272,129 | - |
1,404,323 | 142,567 |
Interest receivable and similar income | 1,881 | 39 |
1,406,204 | 142,606 |
Interest payable and similar expenses | 5 | 3,000 | 3,000 |
PROFIT BEFORE TAXATION | 6 | 1,403,204 | 139,606 |
Tax on profit | 7 | 159,131 | 29,938 |
PROFIT FOR THE FINANCIAL YEAR |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | - | 573,097 |
Investments | 11 |
Shares in related undertakings | 3,327 | 3,327 |
Investment property | 12 | 33,000 | 414,252 |
36,327 | 990,676 |
CURRENT ASSETS |
Debtors | 13 | 702,969 | 558,348 |
Cash at bank and in hand | 3,333,262 | 841,928 |
4,036,231 | 1,400,276 |
CREDITORS |
Amounts falling due within one year | 14 | 1,080,703 | 643,693 |
NET CURRENT ASSETS | 2,955,528 | 756,583 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 2,991,855 | 1,747,259 |
PROVISIONS FOR LIABILITIES | 16 | 8,250 | 7,728 |
NET ASSETS | 2,983,605 | 1,739,531 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 650,960 | 650,960 |
Investment property revaluation reserve | 18 | 32,999 | 32,999 |
Retained earnings | 18 | 2,299,646 | 1,055,572 |
SHAREHOLDERS' FUNDS | 2,983,605 | 1,739,531 |
The financial statements were approved by the director and authorised for issue on 22 December 2023 and were signed by: |
A F Robinson - Director |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 455,351 | 1,763 |
The financial statements were approved by the director and authorised for issue on |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Investment |
Called up | property |
share | Retained | revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 650,960 | 945,904 | 32,999 | 1,629,863 |
Changes in equity |
Total comprehensive income | - | 109,668 | - | 109,668 |
Balance at 31 March 2022 | 650,960 | 1,055,572 | 32,999 | 1,739,531 |
Changes in equity |
Total comprehensive income | - | 1,244,073 | - | 1,244,073 |
Balance at 31 March 2023 | 650,960 | 2,299,645 | 32,999 | 2,983,604 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 472,816 | 239,289 |
Interest paid | (3,000 | ) | (3,000 | ) |
Tax paid | (58,377 | ) | (38,999 | ) |
Net cash from operating activities | 411,439 | 197,290 |
Cash flows from investing activities |
Sale of tangible fixed assets | - | 1 |
Disposal of premises | 2,215,427 | - |
Repayment of associate loan | 6,000 | - |
Interest received | 1,881 | 39 |
Net cash from investing activities | 2,223,308 | 40 |
Cash flows from financing activities |
Loan repayments in year | (84,250 | ) | (88,978 | ) |
Repayment of director loan | (59,163 | ) | - |
Net cash from financing activities | (143,413 | ) | (88,978 | ) |
Increase in cash and cash equivalents | 2,491,334 | 108,352 |
Cash and cash equivalents at beginning of year |
2 |
841,928 |
733,576 |
Cash and cash equivalents at end of year | 2 | 3,333,262 | 841,928 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,403,204 | 139,606 |
Depreciation charges | 11,052 | 56,741 |
Profit on disposal of premises | (1,272,129 | ) | - |
Finance costs | 3,000 | 3,000 |
Finance income | (1,881 | ) | (39 | ) |
143,246 | 199,308 |
Increase in trade and other debtors | (150,621 | ) | (7,655 | ) |
Increase in trade and other creditors | 480,191 | 47,636 |
Cash generated from operations | 472,816 | 239,289 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 3,333,262 | 841,928 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 841,928 | 733,576 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 841,928 | 2,491,334 | 3,333,262 |
841,928 | 2,491,334 | 3,333,262 |
Debt |
Debts falling due within 1 year | (184,250 | ) | 84,250 | (100,000 | ) |
(184,250 | ) | 84,250 | (100,000 | ) |
Total | 657,678 | 2,575,584 | 3,233,262 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Mayleigh House Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Mayleigh House Holdings Limited is a company set up to be the parent company of the group. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director has reviewed liquidity requirements across the Group and is confident that there is sufficient flexibility such that it continues to be appropriate to prepare the accounts on a going concern basis. |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and all group undertakings, together with the group's share of the net assets and results of associated undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
The turnover shown in the income statement represents premiums for providing a car recovery and breakdown service. These amounts are accounted for on a receivable basis, the premiums allocated to the period for which cover is provided. |
Creditors include a provision for unearned premiums which represents the proportion of premiums received up to the balance sheet date which relate to future accounting periods,calculated by reference to the number of days for which cover extends into future accounting periods. |
Insurance Contracts |
Turnover includes amounts derived from the provision of insurance contracts relating to vehicle recovery and breakdown services. |
Cost of sales includes the cost of settling claims and claims handling fees. Claims paid are calculated in accordance with the terms of each insurance agreement. |
Provision is made for the estimated cost of claims incurred but not settled at the balance sheet date including the cost of claims incurred but not yet reported. |
Goodwill |
Negative goodwill has arisen on the consolidation of the subsidiaries and represents the excess of the fair value of the group share of intangible assets acquired over the cost of investment. In accordance with FRS 102 negative goodwill is being written back in the profit and loss account. The period over which the goodwill is being amortised or written back is 20 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Investment property |
Investment property is shown at fair value. No depreciation is provided. Changes in fair value are recognised in the income statement. |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and estimation uncertainty |
To be able to prepare financial statements in accordance with FRS102, Mayleigh House Holdings Limited must make certain estimates and judgements that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgement are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made. Actual experience may vary from these estimates. |
The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below: |
Tangible Assets |
Mayleigh House Holdings Limited determines the estimated useful lives, residual values and related depreciation charges for its fixed assets with reference to the estimated periods that the group intends to derive future economic benefits from the use of these assets. Management will revise the depreciation charge where useful lives or residual values are materially different from those previously estimated. Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated useful values. Periodic review could result in a change in depreciable lives and residual values and therefore depreciation expenses in the future periods. |
Investment Properties |
The fair values of investment properties are reviewed annually, but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. |
Trade debtors |
In determining the recoverability of trade debtors, management provide for any trade debtors that they believe not to be recoverable. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 574,386 | 485,294 |
Social security costs | 45,712 | 33,582 |
Other pension costs | 32,955 | 31,042 |
653,053 | 549,918 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative staff |
In the opinion of the directors key management personnel are considered to be the directors only. |
2023 | 2022 |
£ | £ |
Director's remuneration | 43,155 | 41,100 |
Director's pension contributions to money purchase schemes | 1,295 | 1,233 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
4. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Profit on sale of property | 1,272,129 | - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest | 3,000 | 3,000 |
6. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases | 10,000 | - |
Depreciation - owned assets | 11,050 | 56,741 |
Auditors' remuneration | 26,670 | 26,619 |
Foreign exchange differences | 5,395 | 134 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 158,609 | 37,067 |
Deferred tax | 522 | (7,129 | ) |
Tax on profit | 159,131 | 29,938 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,403,204 | 139,606 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
266,609 |
26,525 |
Effects of: |
Capital allowances in excess of depreciation | (108,161 | ) | - |
Depreciation in excess of capital allowances | - | 10,542 |
Adjustments to tax charge in respect of previous periods | 161 | - |
Deferred tax movement | 522 | (7,129 | ) |
Total tax charge | 159,131 | 29,938 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | (50,200 | ) |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 | (50,200 | ) |
NET BOOK VALUE |
At 31 March 2023 | - |
At 31 March 2022 | - |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 859,825 | 128,790 | 242,898 | 27,002 | 1,258,515 |
Disposals | (859,825 | ) | (128,790 | ) | (242,898 | ) | (27,002 | ) | (1,258,515 | ) |
At 31 March 2023 | - | - | - | - | - |
DEPRECIATION |
At 1 April 2022 | 301,141 | 128,316 | 230,523 | 25,438 | 685,418 |
Charge for year | - | 474 | 9,012 | 1,564 | 11,050 |
Eliminated on disposal | (301,141 | ) | (128,790 | ) | (239,535 | ) | (27,002 | ) | (696,468 | ) |
At 31 March 2023 | - | - | - | - | - |
NET BOOK VALUE |
At 31 March 2023 | - | - | - | - | - |
At 31 March 2022 | 558,684 | 474 | 12,375 | 1,564 | 573,097 |
Company |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
related |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 3,327 |
NET BOOK VALUE |
At 31 March 2023 | 3,327 |
At 31 March 2022 | 3,327 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Autohome Limited |
Registered office: Mayleigh House, Orchard Hill, Little Billing Northampton, NN3 9AD |
Nature of business: Motor vehicle recovery & insurance intermediary |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Autohome Insurance Limited |
Registered office: Mayleigh House, Orchard Hill, Little Billing Northampton, NN3 9AD |
Nature of business: Insurer of motor vehicle recovery service |
% |
Class of shares: | holding |
Ordinary | 100.00 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Autohome International Limited |
Registered office: Mayleigh House, Orchard Hill, Little Billing Northampton, NN3 9AD |
Nature of business: Motor Vehicle recovery |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Mayleigh House Investments Ltd |
Registered office: Mayleigh House, Orchard Hill, Little Billing Northampton, NN3 9AD |
Nature of business: Property investments |
% |
Class of shares: | holding |
Ordinary | 100.00 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 414,252 |
Disposals | (381,252 | ) |
At 31 March 2023 | 33,000 |
NET BOOK VALUE |
At 31 March 2023 | 33,000 |
At 31 March 2022 | 414,252 |
If the Investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
1 | 381,523 |
Cost |
The Investment property was valued at £33,000 on an open market existing use basis in July 2010 by Richard Greener Estate Agents. The directors consider that the fair value of the property at 31 March 2023 is not materially different to this. |
No depreciation has been provided on investment property as required by Companies Act 2006. This is in order to comply with FRS102 and to show a true and fair view. |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 85,619 | 116,877 |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | - | 6,000 | - | - |
Other debtors | 4,863 | 125 |
VAT | - | - |
Prepayments and accrued income | 612,487 | 435,346 |
702,969 | 558,348 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 15) | 100,000 | 184,250 |
Trade creditors | 51,701 | 40,874 |
Provision for unearned premiums | 97,982 | 85,267 | - | - |
Amounts owed to group undertakings | - | - |
Corporation tax | 149,384 | 49,152 |
Social security and other taxes | 34,333 | 24,672 |
VAT | 10,681 | 5,556 | - | 1,803 |
Other creditors | 6,702 | - |
Directors' current accounts | - | 59,163 | - | 59,163 |
Accruals and deferred income | 629,920 | 194,759 |
1,080,703 | 643,693 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Other loans | 100,000 | 184,250 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 8,250 | 7,728 |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 7,728 |
Provided during year | 1,650 |
Accelerated capital allowances | (1,128 | ) |
Balance at 31 March 2023 | 8,250 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
Value: | £ | £ |
65,096 | (2022: 65,096) | A Ordinary | £10 | 650,960 | 650,960 |
18. | RESERVES |
Group |
Investment |
property |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 1,055,573 | 32,999 | 1,088,572 |
Profit for the year | 1,244,073 | 1,244,073 |
At 31 March 2023 | 2,299,646 | 32,999 | 2,332,645 |
Company |
Retained |
earnings |
£ |
At 1 April 2022 | ( |
) |
Profit for the year |
At 31 March 2023 |
Retained Earnings |
Retained earnings includes all current and prior year period retained profits and losses. |
Investment Property Revaluation Reserve |
Investment property revaluation reserve includes the cumulative increase in the fair value of properties at the date of reclassification in excess of any previous impaired losses. |
MAYLEIGH HOUSE HOLDINGS LIMITED (REGISTERED NUMBER: 04193643) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | CONTINGENT LIABILITIES |
There exists a cross guarantee and Debenture held by Barclays Bank Plc, between Mayleigh House Holdings Limited and Autohome Limited. |
Barclays Bank Plc holds a legal charge over land at Kettering Road North, Northampton dated 16th November 2005. |
20. | RELATED PARTY DISCLOSURES |
A F Robinson, a director, is also a director of Autohome Magyarorszag, a company incorporated in Hungary. Included within debtors are loans totalling £nil (2022 - £6,000) due from this company. |
Transactions with subsidiary companies have not been disclosed because these consolidated accounts which include those companies are publicly available. |
The company and the group had a loan from Couriergram Nationwide Telegram Service Limited of £100,000 (2022 - £100,000), A F Robinson is a director and shareholder of this company. Interest of £3,000 (2022 - £3,000) was paid on this loan during the year. There are no specific repayment terms and the loan is included in Creditors: amounts falling due within one year. |
During the year the Group made sales of £584,746 (2022 - £578,678) and purchases of £343,992 (2022 - £301,664) with companies of which A F Robinson is a director. Debtors includes £41,902 (2022 - £49,052) owing from these companies, Creditors includes £29,848 (2022 - £29,669) owed to these companies. |
The company and the group are under the control of A F Robinson. |