IRIS Accounts Production v24.1.4.33 04125558 Board of Directors 1.4.23 31.3.24 31.3.24 25.9.24 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041255582023-03-31041255582024-03-31041255582023-04-012024-03-31041255582022-03-31041255582022-04-012023-03-31041255582023-03-3104125558ns15:EnglandWales2023-04-012024-03-3104125558ns14:PoundSterling2023-04-012024-03-3104125558ns10:Director12023-04-012024-03-3104125558ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104125558ns10:SmallEntities2023-04-012024-03-3104125558ns10:Audited2023-04-012024-03-3104125558ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104125558ns10:FullAccounts2023-04-012024-03-3104125558ns10:Director22023-04-012024-03-3104125558ns10:CompanySecretary12023-04-012024-03-3104125558ns10:RegisteredOffice2023-04-012024-03-3104125558ns5:CurrentFinancialInstruments2024-03-3104125558ns5:CurrentFinancialInstruments2023-03-3104125558ns5:ShareCapital2024-03-3104125558ns5:ShareCapital2023-03-3104125558ns5:RevaluationReserve2024-03-3104125558ns5:RevaluationReserve2023-03-3104125558ns5:RetainedEarningsAccumulatedLosses2024-03-3104125558ns5:RetainedEarningsAccumulatedLosses2023-03-3104125558ns5:LandBuildings2023-03-3104125558ns5:PlantMachinery2023-03-3104125558ns5:LandBuildings2023-04-012024-03-3104125558ns5:PlantMachinery2023-04-012024-03-3104125558ns5:LandBuildings2024-03-3104125558ns5:PlantMachinery2024-03-3104125558ns5:LandBuildings2023-03-3104125558ns5:PlantMachinery2023-03-3104125558ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104125558ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104125558ns5:RevaluationReserve2023-03-31
REGISTERED NUMBER: 04125558 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAYFIELD ESTATES LIMITED

MAYFIELD ESTATES LIMITED (REGISTERED NUMBER: 04125558)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MAYFIELD ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Rahim Virani
Karim Virani



SECRETARY: Paul Davis



REGISTERED OFFICE: Crown House
North Circular Road
London
NW10 7PN



REGISTERED NUMBER: 04125558 (England and Wales)



AUDITORS: UHY Hacker Young (S.E.) Limited
Chartered Accountants & Statutory Auditor
168 Church Road
Hove
East Sussex
BN3 2DL



BANKERS: HSBC Bank Plc
P.O. Box 260
46 The Broadway
Ealing
London
W5 5JR

MAYFIELD ESTATES LIMITED (REGISTERED NUMBER: 04125558)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,000,026 1,000,034

CURRENT ASSETS
Debtors 5 255,117 145,403
Cash at bank and in hand 29,722 61,296
284,839 206,699
CREDITORS
Amounts falling due within one year 6 204,641 197,775
NET CURRENT ASSETS 80,198 8,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,080,224

1,008,958

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 7 353,152 353,152
Retained earnings 726,072 654,806
SHAREHOLDERS' FUNDS 1,080,224 1,008,958

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Rahim Virani - Director


MAYFIELD ESTATES LIMITED (REGISTERED NUMBER: 04125558)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mayfield Estates Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.

For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements.

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Significant Judgements
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Property Valuations
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.

Turnover
Turnover represents the total invoice value, excluding VAT, of gross rent receivable during the year. Rental income is recognised once space is provided to tenants.

MAYFIELD ESTATES LIMITED (REGISTERED NUMBER: 04125558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures,fittings & equipment25% reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

MAYFIELD ESTATES LIMITED (REGISTERED NUMBER: 04125558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
Freehold machinery
property etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,000,000 8,706 1,008,706
DEPRECIATION
At 1 April 2023 - 8,672 8,672
Charge for year - 8 8
At 31 March 2024 - 8,680 8,680
NET BOOK VALUE
At 31 March 2024 1,000,000 26 1,000,026
At 31 March 2023 1,000,000 34 1,000,034

The freehold property was valued on 31 March 2024 on a fair value basis as at that date by the directors.

In respect of fixed assets stated at valuation, the historical cost was £646,848.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,196 7,853
Amounts owed by group undertakings 250,042 136,280
Other debtors 879 1,270
255,117 145,403

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 49,151 40,061
Amounts owed to group undertakings 40,167 40,617
Taxation and social security 32,491 40,023
Other creditors 82,832 77,074
204,641 197,775

MAYFIELD ESTATES LIMITED (REGISTERED NUMBER: 04125558)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 353,152

The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity:

Called-up share capital
Called-up share capital represents the nominal value of shares that have been issued.

Revaluation reserve (non-distributable)
The revaluation reserve is used to record increases in the fair value of properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax.

Retained earnings
The retained earnings represent all current and prior period retained profits and losses.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Guest FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young (S.E.) Limited

9. RELATED PARTY DISCLOSURES

There are no related party transactions requiring disclosure under FRS102.

10. ULTIMATE CONTROLLING PARTY

The immediate holding company is Steelgate Limited, a company incorporated in England & Wales. The ultimate parent company is Cygnet Properties & Leisure PLC, a company incorporated in England and Wales.

The company is controlled by same members of the Virani family, some of whom are directors of the company through their shareholdings in Virani Net Limited and Virani Net Scheme.