Mayfair Property Holdings Limited |
Notes to the Accounts |
for the year ended 30 June 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises rent and service charges receivable. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost or valuation less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
15% reducing balance |
|
Fixtures, fittings, tools and equipment |
15% reducing balance |
|
|
No amortisation is provided in respect of freehold and leasehold investment properties. This treatment is considered necessary to ensure the financial statements give a true and fair view. Deprecation is only one of the facts reflected in the Balance sheet date valuation and the amount that might otherwise have been shown can not be separated, identified or quantified. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation the the directors have taken a view that no depreciation is charged. |
|
|
|
|
|
|
Revaluation of properties |
|
Individual freehold and leasehold properties are periodically revalued with the surplus/(deficit) on book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over cost relating to the same property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account. A deficit which represents a clear consumption of economic benefits is charged to the profit and loss accounts regardless of any such previous surplus. |
|
|
|
|
|
The properties were last revalued by Friend & Falke Chartered Surveyors on 21 May 2020. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Audit information |
|
|
The audit report is unqualified. |
|
|
Senior statutory auditor: |
J A Brookfield |
|
Firm: |
Brookfield & Co |
|
Date of audit report: |
31 March 2024 |
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
1 |
|
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost or valuation |
|
At 1 July 2022 |
12,475,000 |
|
45,428 |
|
12,520,428 |
|
Additions |
11,861 |
|
- |
|
11,861 |
|
At 30 June 2023 |
12,486,861 |
|
45,428 |
|
12,532,289 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2022 |
- |
|
45,428 |
|
45,428 |
|
At 30 June 2023 |
- |
|
45,428 |
|
45,428 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2023 |
12,486,861 |
|
- |
|
12,486,861 |
|
At 30 June 2022 |
12,475,000 |
|
- |
|
12,475,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
6,780,823 |
|
6,768,962 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
6,780,823 |
|
6,768,962 |
|
The freehold land and buildings were revalued on by Friend & Falcke Chartered Surveyors on 21st May 2020. |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
165,640 |
|
182,695 |
|
Other debtors |
5,735 |
|
11,514 |
|
|
|
|
|
|
171,375 |
|
194,209 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Directors loan |
- |
|
3,450 |
|
Corporation tax |
64,210 |
|
- |
|
Other taxes and social security costs |
20,521 |
|
- |
|
Other creditors |
190,503 |
|
117,159 |
|
|
|
|
|
|
275,234 |
|
120,609 |
|
The Directors loan is interest free and repayable on demand. The movement in the year comprises repayments of the loan during the year. |
|
|
7 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 July 2022 |
4,873,092 |
|
5,551,635 |
|
Loss on revaluation of land and buildings |
(678,543) |
|
Deferred taxation adjustment on the revaluation of land and buildings |
(239,185) |
|
- |
|
|
At 30 June 2023 |
4,633,907 |
|
4,873,092 |
|
|
|
|
|
|
|
|
|
|
8 |
Other information |
|
|
Mayfair Property Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
38 Portland Road |
|
London |
|
W11 4LG |