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Registered number: 05465289
Mayfair Investment Properties Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05465289
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 5,349,460 5,231,132
5,349,460 5,231,132
CURRENT ASSETS
Debtors 6 195,121 328,411
Investments 7 270,000 -
Cash at bank and in hand 69,328 8,281
534,449 336,692
Creditors: Amounts Falling Due Within One Year 8 (1,477,228 ) (3,495,401 )
NET CURRENT ASSETS (LIABILITIES) (942,779 ) (3,158,709 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,406,681 2,072,423
Creditors: Amounts Falling Due After More Than One Year 9 (2,439,898 ) (201,143 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (28,301 ) (837 )
NET ASSETS 1,938,482 1,870,443
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,938,382 1,870,343
SHAREHOLDERS' FUNDS 1,938,482 1,870,443
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Rizwan Seth
Director
27/09/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mayfair Investment Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05465289 . The registered office is The Watermark, Ribbleton Lane, Preston, PR1 5EZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Brand development It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation charge
Plant & Machinery 20% Reducing balance method
Motor Vehicles 25% Reducing balance method
Fixtures & Fittings 15% Reducing balance method
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 15)
13 15
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4. Intangible Assets
Other
£
Cost
As at 1 June 2023 19,848
As at 31 May 2024 19,848
Amortisation
As at 1 June 2023 19,848
As at 31 May 2024 19,848
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 June 2023 5,072,714 197,369 117,908 84,647 5,472,638
Additions 163,543 5,507 - - 169,050
Disposals - - (53,745 ) - (53,745 )
As at 31 May 2024 5,236,257 202,876 64,163 84,647 5,587,943
Depreciation
As at 1 June 2023 - 119,784 68,165 53,557 241,506
Provided during the period - 16,618 6,768 4,663 28,049
Disposals - - (31,072 ) - (31,072 )
As at 31 May 2024 - 136,402 43,861 58,220 238,483
Net Book Value
As at 31 May 2024 5,236,257 66,474 20,302 26,427 5,349,460
As at 1 June 2023 5,072,714 77,585 49,743 31,090 5,231,132
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 40,315 14,120
Prepayments and accrued income 153,606 314,291
Other debtors 1,200 -
195,121 328,411
7. Current Asset Investments
2024 2023
£ £
Other investments, held for sale 270,000 -
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 27,681 27,302
Trade creditors 186,609 242,997
Bank loans and overdrafts 385,517 1,764,184
Corporation tax 56,866 188,924
Other taxes and social security 2,276 2,678
VAT 59,025 33,469
Other creditors 172,189 -
Accruals and deferred income 13,148 4,234
Directors' loan accounts 573,917 943,613
Amounts owed to related parties - 288,000
1,477,228 3,495,401
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 31,326 48,251
Bank loans long term 2,240,000 20,000
Deposits held 168,572 132,892
2,439,898 201,143
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 27,681 27,302
Later than one year and not later than five years 31,326 48,251
59,007 75,553
59,007 75,553
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Altaf Ali 36,000 -
Mr Rizwan Seth 36,000 -
13. Related Party Transactions
At the year end RS Assist Limited was owed £Nil (2023 £288,000).
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