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Registration number: 04005808

Mayden House Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Mayden House Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 10

Profit and Loss Account

11

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 34

 

Mayden House Limited

Company Information

Directors

C May

C D Eldridge

Mrs A Sturgess-Durden

Mrs F E Dawson

R Prestland

J Gibson

R Donovan

Registered office

1 Widcombe Crescent
Bath
BA2 6AH

Auditors

Bishop Fleming LLP
Chartered Accountants & Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

 

Mayden House Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of the provision of SaaS patient management functionality and support, primarily to psychological therapy services in England

Fair review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

The company has continued to grow in both in revenue and profit, and during the year announced an investment by G Square, a leading Healthcare investor, to support the ambitious plans for growth. G Square is a leading healthcare investor in Europe, founded 15 years ago. The firm specialises in partnering with care and healthcare providers and those that supply products, services and technology to the healthcare sector.

During the year, top line revenue grew 18% on the previous year and gross profits increased by 15%. Profits before tax were impacted by one-off transactions related to the investment by G Square, including tax, financial and commercial due diligence. On the back of this, the company has also consolidated moves into Children and Young People’s mental health market and continues to develop the Neuro Diversity product offering.

Consequently, the directors can confirm that the company is expected to continue to grow in revenue and profit over the subsequent years.

The company's financial KPls are turnover growth and net profit margin as reflected in the financial statements, with ARR (annual recurring revenue) being a key controlling measure, and these will continue to be the focus in the coming year.

 

Mayden House Limited

Strategic Report for the Year Ended 31 March 2024 (continued)

Principal risks and uncertainties

The NHS is going through continued levels of heightened political and well documented funding concerns. The independent investigation of the NHS in England issued in September 2024 by Lord Darzi has documented the current performance of the NHS and the challenges facing the healthcare system. The impacts of this report continue to evolve, and the UK government has aimed to publish a 10-year major reform plan in Spring 2025.

The plan will focus on driving significant structural change in the health and social care sector, ranging from moving care from hospitals into the community and increasing funding for these services, transitioning to a digital NHS, and focusing heavily on prevention as opposed to simply “treating” illness.

The company is continuing to invest in new digital technologies, particularly in Children and Young People and Neurodiversity areas, to support improved levels of efficiency and effectiveness within our client's clinical services, with the primary goal of achieving better outcomes for an ever-increasing number of patients. In addition, the company is exploring the potential of its services across a range of clinical areas and pursuing increased levels of overseas trading as it expands into new geographical territories, both through organic and inorganic growth.

As the company evolves with its new investors, several executive appointments post year end have been made, including a Chairman (April 2024), CEO (August 2024) and CFO (June 2024) to help strategically direct and grow the business with its new investors.

The business also continues to align to new government guidelines regarding Data Security and Protection Toolkit (DSPT). The NHS DSPT requires organisations handling sensitive patient information to ensure their operational systems are still supported; this includes enabling automatic updates where possible and continuously taking stock of all the devices, systems and platforms used across the company. The deadline is 30th June 2025 and Mayden continues to make good progress in meeting the requirements.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
C May
Director

 

Mayden House Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

C May

C D Eldridge

Mrs A Sturgess-Durden

Mrs F E Dawson

The following directors were appointed after the year end:

R Prestland (appointed 1 November 2024)

J Gibson (appointed 1 November 2024)

R Donovan (appointed 1 November 2024)

Objectives and policies

The company strives to ensure that it meets the needs and requirements of an ever changing industry through a range of methods including continual investment in new technologies together with the development and welfare of staff as key contributors to the business.

Price risk, credit risk, liquidity risk and cash flow risk

The company's financial instruments comprise of cash at bank and a bank mortgage on the company's two offices.

Working capital, liquidity and cashflow risk are managed and have been enhanced with the introduction of the new investors. With the nature of the type of customer Mayden does have lower cashflow risk working with clients in the public sector.

The main risks arising from the company's ability to increase prices in line or above the cost inflation being incurred. It is the company's policy to continually review its pricing and projected working capital and cashflow requirements of the company and manage these with an acceptable level of risk exposure.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
C May
Director

 

Mayden House Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Mayden House Limited

Independent Auditor's Report to the Members of Mayden House Limited

Opinion

We have audited the financial statements of Mayden House Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

 

Mayden House Limited

Independent Auditor's Report to the Members of Mayden House Limited (continued)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.



Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
 

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

 

Mayden House Limited

Independent Auditor's Report to the Members of Mayden House Limited (continued)

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
 

the nature of the industry and sector, control environment and business performance;

the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of its policies and procedures relating to:
o identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non compliance;
o detecting and responding to the risk of fraud and whether management had knowledge of actual, suspected, or alleged fraud; and
o the internal controls established to mitigate the risks of fraud or non compliance with laws and regulations.

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

Mayden House Limited

Independent Auditor's Report to the Members of Mayden House Limited (continued)

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, UK tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, environmental legislations and employment legislation.

 

Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

enquiring of management and the directors concerning actual and potential litigation claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;

reading minutes of meetings of management and directors and reviewing correspondence with external parties;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Mayden House Limited

Independent Auditor's Report to the Members of Mayden House Limited (continued)

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Ria Burridge FCCA (Senior Statutory Auditor)
For and on behalf of
Bishop Fleming LLP,
Chartered Accountants
Statutory Auditor
10 Temple Back
Bristol
BS1 6FL

28 March 2025

 

Mayden House Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

11,531,205

9,786,944

Cost of sales

 

(6,326,166)

(5,260,824)

Gross profit

 

5,205,039

4,526,120

Administrative expenses

 

(4,065,828)

(2,404,223)

Other operating income

4

127,550

18,552

Operating profit

6

1,266,761

2,140,449

Other interest receivable and similar income

8

29,880

6,295

Amounts written off investments

 

(60,000)

-

Interest payable and similar expenses

9

(178,640)

(115,804)

   

(208,760)

(109,509)

Profit before tax

 

1,058,001

2,030,940

Tax on profit

13

100,304

(191,697)

Profit for the financial year

 

1,158,305

1,839,243

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Mayden House Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

1,158,305

1,839,243

Total comprehensive income for the year

1,158,305

1,839,243

 

Mayden House Limited

(Registration number: 04005808)
Balance Sheet as at 31 March 2024

Note

2024
£

(Restated)

2023
£

Fixed assets

 

Intangible assets

14

1,241,236

812,486

Tangible assets

15

4,573,818

4,707,952

Investments

16

60

60

Other financial assets

17

-

79,356

 

5,815,114

5,599,854

Current assets

 

Debtors

18

3,909,443

8,945,498

Cash at bank and in hand

19

1,903,140

2,466,639

 

5,812,583

11,412,137

Creditors: Amounts falling due within one year

20

(2,588,147)

(4,849,603)

Net current assets

 

3,224,436

6,562,534

Total assets less current liabilities

 

9,039,550

12,162,388

Creditors: Amounts falling due after more than one year

20

(2,454,802)

(2,404,967)

Provisions for liabilities

21

(134,103)

(234,407)

Net assets

 

6,450,645

9,523,014

Capital and reserves

 

Called up share capital

23

2,000

2,000

Retained earnings

6,448,645

9,521,014

Shareholders' funds

 

6,450,645

9,523,014

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
C May
Director

 

Mayden House Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

2,000

9,521,014

9,523,014

Profit for the year

-

1,158,305

1,158,305

Dividends

-

(4,800,000)

(4,800,000)

Other movements on reserves

-

569,326

569,326

At 31 March 2024

2,000

6,448,645

6,450,645

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2,000

7,851,771

7,853,771

Profit for the year

-

1,839,243

1,839,243

Dividends

-

(170,000)

(170,000)

At 31 March 2023

2,000

9,521,014

9,523,014

 

Mayden House Limited

Statement of Cash Flows for the Year Ended 31 March 2024

2024
£

2023
£

Cash flows from operating activities

Profit for the year

1,158,305

1,839,243

Adjustments to cash flows from non-cash items

Depreciation and amortisation

752,796

529,024

Profit on disposal of tangible assets

(6,901)

(531)

Finance income

(29,880)

(6,295)

Finance costs

238,640

115,804

Share based payment transactions

569,326

-

Income tax expense

(100,304)

191,697

2,581,982

2,668,942

Working capital adjustments

Decrease/(increase) in trade debtors

5,036,055

(5,959,294)

(Decrease)/increase in trade creditors

(2,157,085)

1,644,017

Cash generated from operations

5,460,952

(1,646,335)

Income taxes paid

-

(260,232)

Net cash flow from operating activities

5,460,952

(1,906,567)

Cash flows from investing activities

Interest received

29,880

6,295

Acquisitions of tangible assets

(76,459)

(89,007)

Proceeds from sale of tangible assets

15,869

600

Acquisition of intangible assets

(979,921)

(736,102)

Proceeds from disposal of financial investments other than trading investments

19,356

-

Net cash flows from investing activities

(991,275)

(818,214)

Cash flows from financing activities

Interest paid

(178,640)

(115,804)

Proceeds from bank borrowing draw downs

(54,536)

(118,715)

Dividends paid

(4,800,000)

(170,000)

Net cash flows from financing activities

(5,033,176)

(404,519)

Net decrease in cash and cash equivalents

(563,499)

(3,129,300)

Cash and cash equivalents at 1 April

2,466,639

5,595,939

Cash and cash equivalents at 31 March

1,903,140

2,466,639

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1 Widcombe Crescent
Bath
BA2 6AH
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Having completed their assessment, the Directors have concluded that there are no material uncertainties to cast doubt on the ability of the Company to continue as a going concern.

The Company's detailed cash flow forecasts show it will operate with an appropriate level of
headroom for the period of 12 months from approval of these financial statements. The Directors are satisfied that they could manage a reasonable level of unforeseen change of the business' performance.

As a result, the financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The financial statements contain information about Mayden House Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Mayden Ventures Limited.

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not Depreciated

Freehold buildings

2% straight line

Fixtures and fittings

25% straight line

Motor vehicles

25% straight line

Office equipment

33% straight line

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Research expenditure is written off in the period in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

- It is technically feasible to complete the intangible asset so that it will be available for use or sale;

- There is the intention to complete the intangible asset and use or sell it;

- There is the ability to use or sell the intangible asset;

- The use or sale of the intangible asset will generate probable future economic benefits;

- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

- The expenditure attributable to the intangible asset during its development can be measured reliably.

Development activities involve the design, construction and testing of new or substantially improved software infrastructures. The expenditure capitalised includes the cost of direct labour and other associated costs.

Expenditure that does not meet the above criteria is expensed as incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software development

33% straight line

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 

Judgements in applying accounting policies and key sources of estimation uncertainty


Trade debtor provision
The Company recognises a provision against potential bad debts. The Directors consider the ageing profile and known concerns over recoverability when establishing a provision.

Capitalisation of software development costs
There is judgement involved with regards to development costs being capitalised and whether they satisfy the criteria per FRS 102. The Directors consider the probability of future expected economic benefits and the reliability of cost estimates attributable to such assets.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services, UK

11,499,016

9,786,944

Rendering of services, rest of world

32,189

-

11,531,205

9,786,944

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4

Other operating income (continued)

2024
£

2023
£

Government grants

127,500

268

Miscellaneous other operating income

50

18,284

127,550

18,552

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

6,901

531

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

201,625

214,740

Amortisation expense

551,171

314,284

Profit on disposal of property, plant and equipment

(6,901)

(531)

7

Government grants

Government grans are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure toward which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss over that period.

Grant towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

Grant Provider - West of England Combined Authority (Registration Number ZA277034)
Project Reference - IO Academy - Software Development

The amount of grants recognised in the financial statements was £127,500 (2023 - £268).

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

29,880

6,295

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

178,640

115,804

10

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,396,101

3,701,822

Social security costs

580,693

470,841

Pension costs, defined contribution scheme

599,627

435,845

Share-based payment expenses

569,326

-

Other employee expense

75,266

65,209

6,221,013

4,673,717

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

131

111

Administration and support

3

4

Other departments

4

4

138

119

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

346,291

325,361

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

11

Directors' remuneration (continued)

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

119,660

113,901

12

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

15,000

9,500


 

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

13

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

77,851

UK corporation tax adjustment to prior periods

-

(79,845)

-

(1,994)

Deferred taxation

Arising from origination and reversal of timing differences

(100,304)

193,691

Tax (receipt)/expense in the income statement

(100,304)

191,697

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the lower than the standard rate of corporation tax in the UK) of 25 (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,058,001

2,030,940

Corporation tax at standard rate

264,500

385,879

Tax increase/(decrease) from effect of capital allowances and depreciation

25,860

(115,772)

Tax (decrease)/increase from other short-term timing differences

(100,304)

193,691

Effect of expense not deductible in determining taxable profit (tax loss)

389,418

9,163

Tax decrease arising from group relief

(679,778)

(14,300)

Effect of foreign tax rates

-

(79,845)

Tax decrease from effect of adjustment in research and development tax credit

-

(187,119)

Total tax (credit)/charge

(100,304)

191,697

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

13

Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Timing difference on depreciation and capital allowances

234,407

234,407

2023

Liability
£

Timing difference on depreciation and capital allowances

234,407

234,407

14

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

1,905,802

1,905,802

Additions internally developed

979,921

979,921

At 31 March 2024

2,885,723

2,885,723

Amortisation

At 1 April 2023

1,093,316

1,093,316

Amortisation charge

551,171

551,171

At 31 March 2024

1,644,487

1,644,487

Carrying amount

At 31 March 2024

1,241,236

1,241,236

At 31 March 2023

812,486

812,486

During the year the company capitalised expenditure in respect of the development of new software systems utilised by the company in its trading operations. The costs were capitalised in accordance with the company's accounting policies in respect of development costs.

 

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

15

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

5,172,034

424,373

881,812

27,186

Additions

-

12,033

64,426

-

Disposals

-

(684)

(11,759)

(27,186)

At 31 March 2024

5,172,034

435,722

934,479

-

Depreciation

At 1 April 2023

628,564

393,873

762,558

12,458

Charge for the year

103,440

15,867

76,088

6,230

Eliminated on disposal

-

(214)

(11,759)

(18,688)

At 31 March 2024

732,004

409,526

826,887

-

Carrying amount

At 31 March 2024

4,440,030

26,196

107,592

-

At 31 March 2023

4,543,470

30,500

119,254

14,728

Total
£

Cost or valuation

At 1 April 2023

6,505,405

Additions

76,459

Disposals

(39,629)

At 31 March 2024

6,542,235

Depreciation

At 1 April 2023

1,797,453

Charge for the year

201,625

Eliminated on disposal

(30,661)

At 31 March 2024

1,968,417

Carrying amount

At 31 March 2024

4,573,818

At 31 March 2023

4,707,952

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

15

Tangible assets (continued)

Included within the net book value of land and buildings above is £4,440,030 (2023 - £4,543,470) in respect of freehold land and buildings.
 

16

Investments

2024
£

2023
£

Investments in subsidiaries

60

60

Subsidiaries

£

Cost or valuation

At 1 April 2023

60

Provision

Carrying amount

At 31 March 2024

60

At 31 March 2023

60

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Mayden House PTY Limited

c/o Sheltons (AU) Pty Ltd
Three International Towers
Level 24
Sydney
New South Wales
2000
Australia

Australia

Ordinary

100%

100%

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

16

Investments (continued)

Subsidiary undertakings

Mayden House PTY Limited

The principal activity of Mayden House PTY Limited is Software development and distribution services.

Mayden House Pty Ltd actively traded during the year ended 31 March 2024, reporting turnover equating to £94,740 and a trading profit of £69,724. At the balance sheet date, Mayden House Pty Ltd had a capital and reserves of £136,485 based on prevailing exchange rates at that date.

The directors have taken the decision to not prepare consolidated group accounts including the accounting figures for Mayden House Pty Ltd in accordance with Companies Act 2006 s405(2). The exclusion of the subsidiary accounts is based on the fact that the accounts are not considered material for the purpose of giving a true and fair view of the accounts of Mayden House Limited.

17

Other financial assets (non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

-

79,356

At the balance sheet date the company no longer held any other investments. Other investments in 2023 consisted of a holiday property bond with a fair value of £19,356 which was disposed of in 2024, and a minority shareholding in Flourish Zone Limited at a cost of £60,000 which was written off as unrecoverable during 2024. Flourish Zone Limited is a trading company registered in England & Wales.

18

Debtors

Current

2024
£

2023
£

Trade debtors

2,074,973

3,796,472

Amounts owed by related parties

595,615

4,568,723

Other debtors

233,883

82,273

Prepayments

358,266

303,508

Accrued income

646,706

194,522

 

3,909,443

8,945,498

19

Cash and cash equivalents

2024
£

2023
£

Cash at bank

1,903,140

2,466,639

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

20

Creditors

2024
£

(Restated)

2023
£

Due within one year

Loans and borrowings

102,000

206,371

Trade creditors

252,344

168,432

Amounts due to related parties

130

410

Social security and other taxes

385,696

965,390

Accruals

1,847,977

3,509,000

2,588,147

4,849,603

Due after one year

Loans and borrowings

2,454,802

2,404,967

21

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

234,407

234,407

Increase (decrease) in existing provisions

(100,304)

(100,304)

At 31 March 2024

134,103

134,103

22

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £599,627 (2023 - £435,845).

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £0.0010 each

1,000,000

1,000

1,000,000

1,000

Ordinary B shares of £0.0005 each

1,000,000

500

1,000,000

500

Ordinary C shares of £0.0005 each

1,000,000

500

1,000,000

500

3,000,000

2,000

3,000,000

2,000

Rights, preferences and restrictions

Ordinary A have the following rights, preferences and restrictions:
Right to receive notice of, attend and vote at general meetings; one vote per share; right to participate in a distribution of profits by way of dividend and to fully participate in any distribution of capital on a sale or winding-up of the company (including to share in any surplus therefrom); are not a redeemable class of shares.

Ordinary B have the following rights, preferences and restrictions:
Right to receive notice of, attend and vote at general meetings; one vote per share; right to participate in a distribution of profits by way of dividend and to fully participate in any distribution of capital on a sale or winding-up of the company (including to share in any surplus therefrom); are not a redeemable class of shares.

Ordinary C have the following rights, preferences and restrictions:
No right to receive notice of, attend or vote at general meetings; no right to participate in a distribution of profits by way of dividend; each C ordinary share shall rank behind each B ordinary share in participating in a distribution of capital arising on a sale or winding up of the company.

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

24

Share-based payments

The company operates an Enterprise Management Incentives (EMI) share option scheme for certain employees of the company. Options vest over time and are exercisable on the occurrence of certain future events.

image-name

The fair value of the share options at the grant date was calculated using the Black-Scholes option pricing model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

2024
(£)

Share-based payment charge

569,326

569,326

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

25

Loans and borrowings

Non-current loans and borrowings

2024
£

(Restated)

2023
£

Bank borrowings

2,454,802

2,404,967

Current loans and borrowings

2024
£

2023
£

Bank borrowings

102,000

206,371

Bank borrowings

Bank loan is denominated in £ sterling with a nominal interest rate of base rate plus 2.03%, and the final instalment is due on 13 June 2038. The carrying amount at year end is £2,556,802 (2023 - £2,611,338).

The bank loan is secured against the freehold properties of the company.

26

Analysis of changes in net debt

At 1 April 2023
£

Financing cash flows
£

At 31 March 2024
£

Cash and cash equivalents

Cash

2,466,639

(563,499)

1,903,140

Borrowings

Long term borrowings

(2,611,338)

54,536

(2,556,802)

Short term borrowings

(410)

280

(130)

(2,611,748)

54,816

(2,556,932)

 

(145,109)

(508,683)

(653,792)

Prior year adjustment

The Directors have made a prior year adjustment of £2,404,967 to split the loan liability as being due within 1 year and after more than one year.

 

Mayden House Limited

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

27

Related party transactions

Other transactions with directors

The Company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with wholly owned Group companies.

One related party transaction occurred during the financial year. The asset was sold by Mayden House Limited to Chris May. The car was sold at £15,250, with a net book value of £8,496, providing a profit on disposal of £6,754.

During the year, Mayden House Limited made purchases totalling £8,000 were made from The Bath Bridge CIC, which is a related party via common directorship.

28

Parent and ultimate parent undertaking

As at year-end, C May was considered to be the ultimate controlling party based upon his majority shareholding in Mayden Ventures Limited, the ultimate parent entity, incorporated in England & Wales.

Post year-end, as a result of an ownership change, MHL Topco Limited is considered to be the most senior parent to produce consolidated financial statements, with G Square Healthcare Private Equity being considered the ultimate controlling party post year-end.


 The company's immediate parent is Mayden Ventures Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Mayden Ventures Limited. These financial statements are available upon request from Companies House website https://find-and-update.company-information.service.gov.uk/company/13963107.