Company registration number 14526834 (England and Wales)
STATON YOUNG (MAYFAIR) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
STATON YOUNG (MAYFAIR) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
STATON YOUNG (MAYFAIR) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STATON YOUNG (MAYFAIR) LIMITED FOR THE PERIOD ENDED 31 MAY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Staton Young (Mayfair) Limited for the period ended 31 May 2024 which comprise, the balance sheet 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Staton Young (Mayfair) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Staton Young (Mayfair) Limited and state those matters that we have agreed to state to the board of directors of Staton Young (Mayfair) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Staton Young (Mayfair) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Staton Young (Mayfair) 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 Staton Young (Mayfair) Limited. You consider that Staton Young (Mayfair) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Staton Young (Mayfair) 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.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
7 November 2024
STATON YOUNG (MAYFAIR) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 2 -
2024
Notes
£
£
Fixed assets
Investment property
3
2,780,115
Current assets
Debtors
4
129,314
Cash at bank and in hand
101
129,415
Creditors: amounts falling due within one year
5
(2,261,080)
Net current liabilities
(2,131,665)
Total assets less current liabilities
648,450
Creditors: amounts falling due after more than one year
6
(627,200)
Net assets
21,250
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
21,150
Total equity
21,250

For the financial period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
M L Brough
Director
Company registration number 14526834 (England and Wales)
STATON YOUNG (MAYFAIR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Staton Young (Mayfair) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Derwent Business Centre, Clarke Street, Derby, DE1 2BU.

1.1
Reporting period

The financial statements cover the 18-month period from 7 December 2022 to 31 May 2024. The accounting reference date was changed to bring in line with the group reporting period.

 

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.    

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Rental and service income is recognised based on the period the charge relates to.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

STATON YOUNG (MAYFAIR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

STATON YOUNG (MAYFAIR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
2
3
Investment property
2024
£
Fair value
At 7 December 2022
-
0
Additions
2,780,115
At 31 May 2024
2,780,115

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2024 by the directors. The fair values have been determined by carrying out a review of the property and investment yields in the area. These properties were valued at £2,780,115.

4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
129,314
5
Creditors: amounts falling due within one year
2024
£
Trade creditors
42,350
Amounts owed to group undertakings
2,204,072
Taxation and social security
6,579
Other creditors
8,079
2,261,080
6
Creditors: amounts falling due after more than one year
2024
Note
£
Loans and borrowings
7
627,200
627,200
STATON YOUNG (MAYFAIR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2024
- 6 -
7
Loans and borrowings
2024
£
Bank loans
627,200
627,200
Payable after one year
627,200

Liabilities in respect of the bank borrowings and other borrowings are secured by a first legal charge over the company's properties. The carrying amounts at the period end were £627,000.

8
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
9
Related party transactions

The company has taken advantage of the exemption under FRS102 Section 1A in respect of disclosing transactions with other members of the group.

2024-05-312022-12-07false07 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityM L BroughR L Broughfalsefalse145268342022-12-072024-05-31145268342024-05-3114526834core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3114526834core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3114526834core:CurrentFinancialInstruments2024-05-3114526834core:Non-currentFinancialInstruments2024-05-3114526834core:ShareCapital2024-05-3114526834core:RetainedEarningsAccumulatedLosses2024-05-3114526834bus:Director12022-12-072024-05-31145268342022-12-0614526834core:WithinOneYear2024-05-3114526834bus:PrivateLimitedCompanyLtd2022-12-072024-05-3114526834bus:SmallCompaniesRegimeForAccounts2022-12-072024-05-3114526834bus:FRS1022022-12-072024-05-3114526834bus:AuditExemptWithAccountantsReport2022-12-072024-05-3114526834bus:Director22022-12-072024-05-3114526834bus:FullAccounts2022-12-072024-05-31xbrli:purexbrli:sharesiso4217:GBP