0 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2021 295,563 295,563 295,563 xbrli:pure xbrli:shares iso4217:GBP 07673214 2023-04-01 2024-03-31 07673214 2024-03-31 07673214 2023-03-31 07673214 2022-04-01 2023-03-31 07673214 2023-03-31 07673214 2022-03-31 07673214 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 07673214 bus:Director1 2023-04-01 2024-03-31 07673214 bus:Director2 2023-04-01 2024-03-31 07673214 core:WithinOneYear 2024-03-31 07673214 core:WithinOneYear 2023-03-31 07673214 core:AfterOneYear 2024-03-31 07673214 core:AfterOneYear 2023-03-31 07673214 core:ShareCapital 2024-03-31 07673214 core:ShareCapital 2023-03-31 07673214 core:RetainedEarningsAccumulatedLosses 2024-03-31 07673214 core:RetainedEarningsAccumulatedLosses 2023-03-31 07673214 core:LandBuildings 2024-03-31 07673214 core:LandBuildings 2023-03-31 07673214 bus:SmallEntities 2023-04-01 2024-03-31 07673214 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07673214 bus:FullAccounts 2023-04-01 2024-03-31 07673214 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07673214 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07673214 core:AfterOneYear 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 07673214
Mays Property Limited
Filleted Unaudited Financial Statements
31 March 2024
Mays Property Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Mays Property Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mays Property Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mays Property Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Mays Property Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Mays Property Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mays Property Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mays Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mays Property Limited. You consider that Mays Property 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 financial statements of Mays Property 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 financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
16 August 2024
Mays Property Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
295,563
295,563
Current assets
Debtors
5
115
Cash at bank and in hand
6,937
2,828
-------
-------
6,937
2,943
Creditors: amounts falling due within one year
6
30,957
38,188
--------
--------
Net current liabilities
24,020
35,245
---------
---------
Total assets less current liabilities
271,543
260,318
Creditors: amounts falling due after more than one year
7
3,522
5,674
---------
---------
Net assets
268,021
254,644
---------
---------
Mays Property Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
267,921
254,544
---------
---------
Shareholders funds
268,021
254,644
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 August 2024 , and are signed on behalf of the board by:
Mrs H J May
Mr N P May
Director
Director
Company registration number: 07673214
Mays Property Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 Julian Road, Roman Ridge Industrial Estate, Sheffield, S9 1FZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year for property rent.
Taxation
The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision. The tax currently payable is based on taxable profit for the year. Taxable profit can differ from profit as reported in the statement of comprehensive income because of adjustment for items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates in force at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
£
Cost
At 1 April 2023 and 31 March 2024
295,563
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
295,563
---------
At 31 March 2023
295,563
---------
The company's tangible fixed assets consist solely of investment property. No depreciation has been charged in these financial statements in respect of this investment property. The total of £295,563 comprises the historic cost of £295,563. The directors consider the April 2013 purchase price of £295,563 to reflect the open market value at the year end. If the property were to be sold for this carrying value, there would be no corporation tax liability arising.
5. Debtors
2024
2023
£
£
Other debtors
115
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,154
2,101
Corporation tax
9,483
8,528
Other creditors
19,320
27,559
--------
--------
30,957
38,188
--------
--------
The company obtained a Bounce back loan facility on 1 October 2020 for a principal sum of £10,665. A capital and interest repayment holiday was scheduled for the period of 13 months from this date. The above bank loans falling due within one year amounted to £2,154 (2023: £2,101).
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,522
5,674
-------
-------
A fixed rate of 2.5% is applicable to the Bounce back loan facility.
The company obtained a Bounce back loan facility on 1 October 2020 for a principal sum of £10,665. A capital and interest repayment holiday was scheduled for the period of 13 months from this date. The above bank loans falling due after more than one year amounted to £3,522 (2023: £5,674).
8. Related party transactions
At the year end date, the company was indebted to PEM Stainless Limited in the sum of £12,340 (2023: £22,145) by way of loan. The balance is free of interest and is included within 'other creditors' in the notes above. PEM Stainless Ltd and Mays Property Ltd are related by virtue of common directorships and control. At the year end date, the company was indebted to Mr N P May and Mrs H J May in the sum of £5,480 (2023: £4,113), by way of loan. The balance is free of interest. The balance is included within 'other creditors' in the notes above.