Registered number
01312774
Mayfair Property Holdings Limited
Filleted Accounts
30 June 2023
Mayfair Property Holdings Limited
Registered number: 01312774
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 12,486,861 12,475,000
Current assets
Debtors 5 171,375 194,209
Cash at bank and in hand 3,218,231 2,785,344
3,389,606 2,979,553
Creditors: amounts falling due within one year 6 (275,234) (120,609)
Net current assets 3,114,372 2,858,944
Total assets less current liabilities 15,601,233 15,333,944
Provisions for liabilities: Deferred Tax on revaluation of freehold properties (996,603) (757,418)
Net assets 14,604,630 14,576,526
Capital and reserves
Called up share capital 23,200 23,200
Share premium 45,000 45,000
Revaluation reserve 7 4,633,907 4,873,092
Profit and loss account 9,902,523 9,635,234
Shareholders' funds 14,604,630 14,576,526
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Reed
Director
Approved by the board on 31 March 2024
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
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