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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: Mr J Mansour





REGISTERED OFFICE: Mayfield House
177 Shaftesbury Avenue
London
WC2H 8JR





REGISTERED NUMBER: 08259114 (England and Wales)





ACCOUNTANTS: David Simon Limited
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
Mr J Mansour held office during the whole of the period from 1 January 2023 to the date of this report.

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:





Mr J Mansour - Director


19 November 2024

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 745,632 523,052

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 - 1,950
Tangible assets 8 19,242 15,886
Investments 9 982,843 1,611,408
Investment property 10 - -
1,002,085 1,629,244

CURRENT ASSETS
Stocks 1,409,360 1,434,520
Debtors 11 5,633,810 3,302,059
Cash at bank and in hand 276,114 135,529
7,319,284 4,872,108
CREDITORS
Amounts falling due within one year 12 1,285,603 1,130,432
NET CURRENT ASSETS 6,033,681 3,741,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,035,766

5,370,920

CREDITORS
Amounts falling due after more than one
year

13

362,500

487,500
NET ASSETS 6,673,266 4,883,420

CAPITAL AND RESERVES
Called up share capital 1,000,000 1,000,000
Retained earnings 5,673,266 3,883,420
SHAREHOLDERS' FUNDS 6,673,266 4,883,420

Company's profit for the financial year 1,789,846 832,938

The company is 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 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 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 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)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mayfield Property Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided and Straight line over life of lease
Plant and machinery etc - 25% on reducing balance, 25% on cost and 25% on cost

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 2 (2022 - 2 ) .

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 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

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 135,354
Additions 9,770
At 31 December 2023 145,124
DEPRECIATION
At 1 January 2023 119,468
Charge for year 6,414
At 31 December 2023 125,882
NET BOOK VALUE
At 31 December 2023 19,242
At 31 December 2022 15,886

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 1,371,683 2 239,723 1,611,408
Restructure (621,763 ) - - (621,763 )
Disposals (2 ) - (6,800 ) (6,802 )
At 31 December 2023 749,918 2 232,923 982,843
NET BOOK VALUE
At 31 December 2023 749,918 2 232,923 982,843
At 31 December 2022 1,371,683 2 239,723 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 - 500,000
Other debtors 67,476 761,318 26,434 1,641,688
76,117 778,012 26,434 2,141,688

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 5,607,376 1,160,371

Aggregate amounts 76,117 778,012 5,633,810 3,302,059

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Development loans 195,836 154,623 150,000 150,000
Trade creditors 239,830 1,554,827 228,077 129,859
Taxation and social security 57,964 29,322 57,964 29,322
Investment loans and other creditors 1,234,495 6,561,302 849,562 821,251
1,728,125 8,300,074 1,285,603 1,130,432

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Development loans 13,679,180 12,464,936 362,500 487,500
Investment loans and other
creditors 5,217,758 5,418,528 - -
18,896,938 17,883,464 362,500 487,500

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

The controlling party is J Mansour, by virtue of his 100% shareholding in the company.

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