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COMPANY REGISTRATION NUMBER: 10932257
Mayfair Investment and Management Limited
Filleted Unaudited Abridged Financial Statements
31 January 2024
Mayfair Investment and Management Limited
Abridged Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
16,297,092
16,208,072
Current assets
Debtors
201,887
196,408
Cash at bank and in hand
63,224
8,194
---------
---------
265,111
204,602
Creditors: amounts falling due within one year
59,143
35,664
---------
---------
Net current assets
205,968
168,938
-------------
-------------
Total assets less current liabilities
16,503,060
16,377,010
Creditors: amounts falling due after more than one year
17,272,843
17,153,418
-------------
-------------
Net liabilities
( 769,783)
( 776,408)
-------------
-------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 769,883)
( 776,508)
---------
---------
Shareholders deficit
( 769,783)
( 776,408)
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Mayfair Investment and Management Limited
Abridged Statement of Financial Position (continued)
31 January 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr Saeed Al-Khafaji
Director
Company registration number: 10932257
Mayfair Investment and Management Limited
Notes to the Abridged Financial Statements
Year ended 31 January 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 Flat 1028, Point West, 116 Cromwell Road, London, SW7 4XN.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the rental received or receivable, stated net of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% straight line
Equipment
-
15% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: Nil).
5. Tangible assets
£
Cost
At 1 February 2023
16,208,072
Additions
108,023
-------------
At 31 January 2024
16,316,095
-------------
Depreciation
At 1 February 2023
Charge for the year
19,003
-------------
At 31 January 2024
19,003
-------------
Carrying amount
At 31 January 2024
16,297,092
-------------
At 31 January 2023
16,208,072
-------------
6. Related party transactions
At the year end, the Company owed Mr Saeed Al-Khafaji £5,137,175 (2023: £4,992,750) and Mr Khedheyr Burhan £6,463,790 (2023: £6,488,790) in interest free loans.