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Company registration number: 03174518
Mayhall Properties Limited
Unaudited filleted financial statements
31 March 2024
Mayhall Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Mayhall Properties Limited
Directors and other information
Directors Mr P K Shadbolt
Mrs J N Shadbolt
Mr T W Shadbolt
Mr M A Shadbolt
Mrs C L Simmons
Secretary Mr T W Shadbolt
Company number 03174518
Registered office 6 Tilehouse Street
Hitchin
Hertfordshire
SG5 2DW
Accountants Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers Lloyds Bank
3 - 5 Town Square
Stevenage
Hertfordshire
SG1 1BG
Mayhall Properties Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Mayhall Properties Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mayhall Properties Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Mayhall Properties Limited, as a body, in accordance with the terms of our engagement letter dated 6 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Mayhall Properties Limited and state those matters that we have agreed to state to the board of directors of Mayhall Properties 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 Mayhall Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Mayhall Properties 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 Mayhall Properties Limited. You consider that Mayhall Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mayhall Properties 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.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
27 November 2024
Mayhall Properties Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 2,848,559 3,036,059
_______ _______
2,848,559 3,036,059
Current assets
Debtors 7 2,609,606 2,311,113
Cash at bank and in hand 495,947 389,635
_______ _______
3,105,553 2,700,748
Creditors: amounts falling due
within one year 8 ( 216,084) ( 207,907)
_______ _______
Net current assets 2,889,469 2,492,841
_______ _______
Total assets less current liabilities 5,738,028 5,528,900
Creditors: amounts falling due
after more than one year 9 ( 434,430) ( 450,875)
Provisions for liabilities ( 132,400) ( 131,100)
_______ _______
Net assets 5,171,198 4,946,925
_______ _______
Capital and reserves
Called up share capital 100 100
Fair value reserve 1,190,013 1,206,264
Profit and loss account 3,981,085 3,740,561
_______ _______
Shareholders funds 5,171,198 4,946,925
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr T W Shadbolt
Director
Company registration number: 03174518
Mayhall Properties Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 100 1,236,664 3,574,488 4,811,252
Profit for the year 135,673 135,673
Other comprehensive income for the year:
Tax relating to components of other comprehensive income ( 30,400) 30,400 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 30,400) 166,073 135,673
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 100 1,206,264 3,740,561 4,946,925
Profit for the year 224,272 224,272
Other comprehensive income for the year:
Fair value adjustments to investment property - ( 14,951) 14,951 -
Tax relating to components of other comprehensive income ( 1,300) 1,300 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 16,251) 240,523 224,272
_______ _______ _______ _______
At 31 March 2024 100 1,190,013 3,981,085 5,171,198
_______ _______ _______ _______
Mayhall Properties Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 6 Tilehouse Street, Hitchin, Hertfordshire, SG5 2DW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents the rents of properties, recharged expenses and management fees which are included on an accruals basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 72,817 40,888
_______ _______
Deferred tax:
On investment property measured at fair value 1,300 30,400
_______ _______
Tax on profit 74,117 71,288
_______ _______
6. Tangible assets
Freehold investment properties Total
£ £
Cost or valuation
At 1 April 2023 3,036,059 3,036,059
Disposals ( 172,549) ( 172,549)
Revaluation ( 14,951) ( 14,951)
_______ _______
At 31 March 2024 2,848,559 2,848,559
_______ _______
Depreciation
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 2,848,559 2,848,559
_______ _______
At 31 March 2023 3,036,059 3,036,059
_______ _______
Investment property
The fair value of the freehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company . The valuations were made on an open market value basis for existing use on 31 March 2024.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold investment properties Total
£ £
At 31 March 2024
Aggregate cost 1,526,146 1,526,146
Aggregate depreciation - -
_______ _______
Carrying amount 1,526,146 1,526,146
_______ _______
At 31 March 2023
Aggregate cost 1,698,695 1,698,695
Aggregate depreciation - -
_______ _______
Carrying amount 1,698,695 1,698,695
_______ _______
7. Debtors
2024 2023
£ £
Rent, insurance and service charge arrears 14,031 9,696
Other debtors 2,595,575 2,301,417
_______ _______
2,609,606 2,311,113
_______ _______
The debtors above include the following amounts falling due after more than one year:
2024 2023
£ £
Other debtors 1,215,000 1,215,000
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Other loan (secured) 16,446 15,442
Rent, insurance and service charge in advance 54,392 49,214
Corporation tax 72,817 40,888
Social security and other taxes 21,025 22,790
Other creditors 51,404 79,573
_______ _______
216,084 207,907
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other loan (secured) 434,430 450,875
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 357,234 (2023 £ 378,393 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The other loan is secured by a first legal charge over a freehold investment property.
10. Contingencies
The freehold investment property, known as Regal Chambers, is held with Ecoterms Limited in equal shares as tenants in common.The loan for assisting with the refurbishment of Regal Chambers is subject to a legal mortgage given by Mayhall Properties Limited and Ecoterms Limited.Mayhall Properties Limited and Ecoterms Limited and are jointly and severally liable for the loan which has been established for this transaction alone, and not any other facility that the individual companies may enter into.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Joint Venture Gainsford Properties Ltd and Walnut Tree Holdings Limited -
Loan interest receivable 16,875 15,000
Chiltern Developments (Hitchin) Ltd - Loan interest receivable 19,701 1,397
_______ _______
Included in other debtors are the following loans to businesses in which certain directors have an interest: Joint Venture Gainsford Properties Ltd and Walnut Tree Holdings Limited £ 750,000 (2023 £ 750,000 ).The above loan is unsecured and repayable on demand after the 10 year initial term. Subject to interest in line with the HMRC prescribed rate of interest, which was 2.25% per annum during the year . Chiltern Developments (Hitchin) Limited £ 1,000,000 (2023 £ 850,000 ).The above loan is unsecured and repayable on demand. Subject to interest in line with the HMRC prescribed rate of interest, which was 2.25% per annum during the year .
12. Ultimate parent company
In the opinion of the directors the parent undertaking is Tilehouse Properties Limited , a company incorporated in England and Wales.In the opinion of the directors the ultimate parent undertaking is Opensale Limited , a company incorporated in England and Wales. The ultimate parent undertaking is controlled by Mr P K Shadbolt.The directors of Mayhall Properties Limited are the shareholders of Opensale Limited. Mr P K Shadbolt and Mrs J N Shadbolt are the directors of Opensale Limited .