The Maio Group Limited |
Registered number: |
06824406 |
Balance Sheet |
as at 29 February 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
722 |
|
|
1,082 |
Investments |
4 |
|
|
2,430,000 |
|
|
2,430,000 |
|
|
|
|
2,430,722 |
|
|
2,431,082 |
Current assets |
Debtors |
5 |
|
51,838 |
|
|
41,742 |
Cash at bank and in hand |
|
|
167 |
|
|
7,274 |
|
|
|
52,005 |
|
|
49,016 |
Creditors: amounts falling due within one year |
6 |
|
(500,595) |
|
|
(488,322) |
|
Net current liabilities |
|
|
|
(448,590) |
|
|
(439,306) |
|
Total assets less current liabilities |
|
|
|
1,982,132 |
|
|
1,991,776 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,053,059) |
|
|
(1,067,793) |
|
Provisions for liabilities |
|
|
|
(210,351) |
|
|
(159,867) |
|
Net assets |
|
|
|
718,722 |
|
|
764,116 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Non-distributable reserve |
9 |
|
|
631,052 |
|
|
681,536 |
Profit and loss account |
|
|
|
87,570 |
|
|
82,480 |
|
Shareholder's funds |
|
|
|
718,722 |
|
|
764,116 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
T Maio |
Director |
Approved by the board on 25 November 2024 |
|
The Maio Group Limited |
Notes to the Accounts |
for the year ended 29 February 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents revenue earned during the period in respect of rents receivable. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
25% per annum on straight line basis |
|
|
Investment properties |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, including property under construction for such purposes, is measured initially at its cost, including transaction costs. Due to the costs of professional valuation, fair value is only sought if it is considered that such value substantially differs from cost. Gains or losses arising from changes in the fair value of investment property are included in profit or loss for the period in which they arise. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Office equipment |
£ |
|
Cost |
|
At 1 March 2023 |
8,132 |
|
At 29 February 2024 |
8,132 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2023 |
7,050 |
|
Charge for the year |
360 |
|
At 29 February 2024 |
7,410 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2024 |
722 |
|
At 28 February 2023 |
1,082 |
|
|
4 |
Investment properties |
£ |
|
Cost or valuation |
|
At 1 March 2023 |
2,430,000 |
|
At 29 February 2024 |
2,430,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 March 2023 |
1,588,597 |
|
At 29 February 2024 |
1,588,597 |
|
|
|
|
|
|
|
|
|
|
The company's properties were revalued in May 2018. |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
48,234 |
|
39,077 |
|
Prepayments |
3,604 |
|
2,665 |
|
|
|
|
|
|
51,838 |
|
41,742 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
13,304 |
|
22,549 |
|
Taxation and social security costs |
1,279 |
|
2,339 |
|
Director's current account |
371,285 |
|
357,971 |
|
Income received in advance |
3,607 |
|
3,142 |
|
Other creditors |
109,380 |
|
94,660 |
|
Accruals |
1,740 |
|
7,661 |
|
|
|
|
|
|
500,595 |
|
488,322 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
1,053,059 |
|
1,067,793 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
1,052,863 |
|
1,070,842 |
|
|
|
|
|
|
|
|
|
|
The bank loans are secured by an unlimited debenture and a charge over the company's freehold properties. |
|
|
9 |
Non-distributable reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 March 2023 |
681,536 |
|
681,536 |
|
Deferred taxation - increase in tax rate |
(50,484) |
|
- |
|
At 29 February 2024 |
631,052 |
|
681,536 |
|
|
|
|
|
|
|
|
|
|
10 |
Related party transactions |
|
|
At the balance sheet date, as included under creditors, the company owed monies to Mr T Maio amounting to £371,285 (2023 - £357,971) on an unsecured interest free basis. |
|
|
11 |
Controlling party |
|
|
The ultimate controlling party is Mr T Maio by virtue of him owning 100% of the company's issued share capital. |
|
|
12 |
Other information |
|
|
The Maio Group Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Maple Leaf House |
|
37a Canterbury Road |
|
Worthing |
|
West Sussex |
|
BN13 1AW |