REGISTERED NUMBER: 08259114 (England and Wales) |
REPORT OF THE DIRECTOR AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MAYFIELD PROPERTY GROUP LIMITED |
REGISTERED NUMBER: 08259114 (England and Wales) |
REPORT OF THE DIRECTOR AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MAYFIELD PROPERTY GROUP LIMITED |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Consolidated comprehensive income | 3 |
Consolidated Statement of Financial Position | 4 |
Company Statement of Financial Position | 6 |
Notes to the Consolidated Financial Statements | 8 |
MAYFIELD PROPERTY GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
5 Jardine House |
Harrovian Business Village |
Bessborough Road |
Harrow |
Middlesex |
HA1 3EX |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of property investment, management and development. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
CONSOLIDATED |
COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 1,417,369 | 7,120,733 |
Cost of sales | 2,786,342 | 5,999,518 |
GROSS (LOSS)/PROFIT | (1,368,973 | ) | 1,121,215 |
Administrative expenses | (1,605,558 | ) | (577,476 | ) |
236,585 | 1,698,691 |
Other operating income | 111,253 | 47,198 |
OPERATING PROFIT | 4 | 347,838 | 1,745,889 |
Profit on sale of investment | 5 | 1,665,612 | - |
2,013,450 | 1,745,889 |
Amounts written off investments | 1,479 | (1,400 | ) |
2,011,971 | 1,747,289 |
Interest payable and similar expenses | 1,199,767 | 956,096 |
PROFIT BEFORE TAXATION | 812,204 | 791,193 |
Tax on profit | 66,572 | 268,141 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 745,632 | 523,052 |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 | - | 1,950 |
Tangible assets | 8 | 1,039,242 | 1,035,886 |
Investments | 9 |
Interest in associate | 2 | 3 |
Other investments | 232,941 | 241,220 |
Investment property | 10 | 21,490,000 | 23,810,970 |
22,762,185 | 25,090,029 |
CURRENT ASSETS |
Stocks | 8,759,973 | 10,572,243 |
Debtors | 11 | 76,117 | 778,012 |
Cash at bank and in hand | 296,241 | 200,503 |
9,132,331 | 11,550,758 |
CREDITORS |
Amounts falling due within one year | 12 | 1,728,125 | 8,300,074 |
NET CURRENT ASSETS | 7,404,206 | 3,250,684 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
30,166,391 |
28,340,713 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(18,896,938 |
) |
(17,883,464 |
) |
PROVISIONS FOR LIABILITIES | (1,368,047 | ) | (1,301,475 | ) |
NET ASSETS | 9,901,406 | 9,155,774 |
CAPITAL AND RESERVES |
Called up share capital | 1,000,000 | 1,000,000 |
Non-distributable reserves | 15 | 6,418,809 | 6,574,240 |
Retained earnings | 2,482,597 | 1,581,534 |
SHAREHOLDERS' FUNDS | 9,901,406 | 9,155,774 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 19 November 2024 and were signed by: |
Mr J Mansour - Director |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,789,846 | 832,938 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
COMPANY STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Mayfield Property Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated comprehensive income, 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. |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Furlough payments receivable |
Furlough payments receivable are credited to profit and loss account on an accruals basis. |
Investments |
Investments held as fixed assets are stated at cost less provision for permanent diminution in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 2 (2022 - 2 ) . |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 6,414 | 5,301 |
Patents and licences amortisation | 1,704 | 1,704 |
Computer software amortisation | 246 | 248 |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Profit on sale of investment | 1,665,612 | - |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | INTANGIBLE FIXED ASSETS |
Group |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 9,758 |
AMORTISATION |
At 1 January 2023 | 7,808 |
Charge for year | 1,950 |
At 31 December 2023 | 9,758 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | 1,950 |
Company |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 1,020,000 | 147,576 | 1,167,576 |
Additions | - | 9,770 | 9,770 |
At 31 December 2023 | 1,020,000 | 157,346 | 1,177,346 |
DEPRECIATION |
At 1 January 2023 | - | 131,690 | 131,690 |
Charge for year | - | 6,414 | 6,414 |
At 31 December 2023 | - | 138,104 | 138,104 |
NET BOOK VALUE |
At 31 December 2023 | 1,020,000 | 19,242 | 1,039,242 |
At 31 December 2022 | 1,020,000 | 15,886 | 1,035,886 |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2023 | 1,020,000 | 157,346 | 1,177,346 |
Company |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | FIXED ASSET INVESTMENTS |
Group |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 1,497 | 3 | 239,723 | 241,223 |
Restructure | (1,477 | ) | - | - | (1,477 | ) |
Disposals | (2 | ) | - | (6,800 | ) | (6,802 | ) |
Impairments | - | (1 | ) | - | (1 | ) |
At 31 December 2023 | 18 | 2 | 232,923 | 232,943 |
NET BOOK VALUE |
At 31 December 2023 | 18 | 2 | 232,923 | 232,943 |
At 31 December 2022 | 1,497 | 3 | 239,723 | 241,223 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
Valuation in 2023 | 18 | 2 | 232,923 | 232,943 |
Company |
Shares in | Interest |
group | in | Other |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 1,611,408 |
Restructure | ( |
) | (621,763 | ) |
Disposals | ( |
) | ( |
) | (6,802 | ) |
At 31 December 2023 | 982,843 |
NET BOOK VALUE |
At 31 December 2023 | 982,843 |
At 31 December 2022 | 1,611,408 |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 | 23,810,970 |
Disposals | (935,000 | ) |
Reclassification/transfer | (1,385,970 | ) |
At 31 December 2023 | 21,490,000 |
NET BOOK VALUE |
At 31 December 2023 | 21,490,000 |
At 31 December 2022 | 23,810,970 |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | INVESTMENT PROPERTY - continued |
Group |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 21,490,000 |
11. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 8,641 | 16,694 |
Other debtors | 67,476 | 761,318 |
76,117 | 778,012 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 76,117 | 778,012 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Development loans | 195,836 | 154,623 |
Trade creditors | 239,830 | 1,554,827 |
Taxation and social security | 57,964 | 29,322 |
Investment loans and other creditors | 1,234,495 | 6,561,302 |
1,728,125 | 8,300,074 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Development loans | 13,679,180 | 12,464,936 |
Investment loans and other |
creditors | 5,217,758 | 5,418,528 |
18,896,938 | 17,883,464 |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Amounts falling due in more than five years: |
Group |
2023 | 2022 |
£ | £ |
Repayable otherwise than by instalments |
Development loans due more |
than 5 years non-instalments | 13,042,091 | 11,931,552 |
Other loans due more than 5 |
years by non-instalments | 5,217,758 | 5,100,072 |
18,259,849 | 17,031,624 |
Repayable by instalments |
Bank loans more 5 yr by instal | 87,040 | 23,920 |
Other loans due more than 5 |
years by instalments | - | 141,253 |
87,040 | 165,173 |
14. | SECURED DEBTS |
The loans are secured by way of a charge over the group's assets and contains a covenant of equal coverage. |
15. | RESERVES |
Group |
Non-distributable |
reserves |
£ |
At 1 January 2023 | 6,574,240 |
Presentation | (155,431 | ) |
At 31 December 2023 | 6,418,809 |
16. | ULTIMATE CONTROLLING PARTY |
MAYFIELD PROPERTY GROUP LIMITED (REGISTERED NUMBER: 08259114) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | SUBSIDIARIES AND ASSOCIATED COMPANIES |
Details of the company's subsidiaries at 31 December 2023 are as follows: |
Registered | Class of |
Name of undertaking | office key | Nature of business | shares held | % held |
Mayfield Property Holdings Limited |
1 |
Property investment |
Ordinary & preference shares |
100% |
Mayfield Land Limited |
1 |
Investment holding company |
Ordinary shares |
100% |
Pierpont Limited | 1 | Property investment | Ordinary shares | 100% |
Hart & Co Construction Limited | 1 | Property development | Ordinary shares | 100% |
Apex Court Limited | 1 | Property investment | Ordinary shares | 100% |
Venture Court Limited | 1 | Property investment | Ordinary shares | 100% |
Venture Court Freehold Limited | 1 | Property development | Ordinary shares | 100% |
46-48 Grange Walk Limited | 1 | Property development | Ordinary shares | 100% |
Vantage Court Limited | 1 | Property development | Ordinary shares | 100% |
Logan House Limited | 1 | Property investment | Ordinary shares | 100% |
Logan House II Limited | 1 | Property investment | Ordinary shares | 100% |
Logan House Freehold Limited | 1 | Property investment | Ordinary shares | 100% |
Zeno Court Limited | 1 | Property investment | Ordinary shares | 100% |
Details of the company's associated companies at 31 December 2023 is as follows: |
177 Shaftesbury Avenue Limited | 1 | Property Investment | Ordinary shares | 33.33% |
Pennyvale Ltd. | 1 | Property Investment | Ordinary shares | 25.62% |
Registered office address: |
1 Mayfield House, 177 Shaftesbury Avenue, London WC2H 8JR |