Registration number:
Mayden House Limited
for the Year Ended 31 March 2024
Mayden House Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
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 |
|
Auditors |
|
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
......................................... |
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:
The following directors were appointed after the year end:
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
......................................... |
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:
|
• |
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.
......................................
For and on behalf of
Chartered Accountants
Statutory Auditor
10 Temple Back
BS1 6FL
Mayden House Limited
Profit and Loss Account for the Year Ended 31 March 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
1,266,761 |
2,140,449 |
|
Other interest receivable and similar income |
|
|
|
Amounts written off investments |
( |
- |
|
Interest payable and similar expenses |
( |
( |
|
(208,760) |
(109,509) |
||
Profit before tax |
|
|
|
Tax on profit |
|
( |
|
Profit for the financial year |
|
|
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 |
|
|
Total comprehensive income for the year |
|
|
Mayden House Limited
(Registration number: 04005808)
Balance Sheet as at 31 March 2024
Note |
2024 |
(Restated) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
- |
79,356 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Mayden House Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
Share capital |
Retained earnings |
Total |
|
At 1 April 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
Other movements on reserves |
- |
569,326 |
569,326 |
At 31 March 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
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 |
|
|
Adjustments to cash flows from non-cash items |
||
Depreciation and amortisation |
|
|
Profit on disposal of tangible assets |
( |
( |
Finance income |
( |
( |
Finance costs |
|
|
Share based payment transactions |
|
- |
Income tax expense |
( |
|
|
|
|
Working capital adjustments |
||
Decrease/(increase) in trade debtors |
|
( |
(Decrease)/increase in trade creditors |
( |
|
Cash generated from operations |
|
( |
Income taxes paid |
- |
( |
Net cash flow from operating activities |
|
( |
Cash flows from investing activities |
||
Interest received |
|
|
Acquisitions of tangible assets |
( |
( |
Proceeds from sale of tangible assets |
|
|
Acquisition of intangible assets |
( |
( |
Proceeds from disposal of financial investments other than trading investments |
|
- |
Net cash flows from investing activities |
( |
( |
Cash flows from financing activities |
||
Interest paid |
( |
( |
Proceeds from bank borrowing draw downs |
( |
( |
Dividends paid |
( |
( |
Net cash flows from financing activities |
( |
( |
Net decrease in cash and cash equivalents |
( |
( |
Cash and cash equivalents at 1 April |
|
|
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
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
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
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
|
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 |
- |
|
|
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 |
|
|
Miscellaneous other operating income |
|
|
|
|
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 |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Government grants |
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 £
Mayden House Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Share-based payment expenses |
|
- |
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
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 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Mayden House Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
- |
|
UK corporation tax adjustment to prior periods |
- |
( |
- |
(1,994) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax (receipt)/expense in the income statement |
( |
|
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax (decrease)/increase from other short-term timing differences |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease arising from group relief |
( |
( |
Effect of foreign tax rates |
- |
( |
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
Total tax (credit)/charge |
( |
|
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 |
|
|
2023 |
Liability |
Timing difference on depreciation and capital allowances |
|
|
Intangible assets |
Internally generated software development costs |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Additions internally developed |
|
|
At 31 March 2024 |
|
|
Amortisation |
||
At 1 April 2023 |
|
|
Amortisation charge |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
At 31 March 2023 |
|
|
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)
Tangible assets |
Land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
||
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
- |
|
|
- |
|
Disposals |
- |
( |
( |
( |
|
At 31 March 2024 |
|
|
|
- |
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 31 March 2024 |
|
|
|
- |
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
- |
|
At 31 March 2023 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 April 2023 |
|
||||
Additions |
|
||||
Disposals |
( |
||||
At 31 March 2024 |
|
||||
Depreciation |
|||||
At 1 April 2023 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 31 March 2024 |
|
||||
Carrying amount |
|||||
At 31 March 2024 |
|
||||
At 31 March 2023 |
|
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.
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
|
Provision |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
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 |
||||
|
c/o Sheltons (AU) Pty Ltd
Australia |
|
|
|
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 |
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.
Other financial assets (non-current) |
2024 |
2023 |
|
Non-current financial assets |
||
Financial assets at cost less impairment |
- |
|
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.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Amounts owed by related parties |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Mayden House Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Creditors |
2024 |
(Restated) |
|
Due within one year |
||
Loans and borrowings |
|
|
Trade creditors |
|
|
Amounts due to related parties |
|
|
Social security and other taxes |
|
|
Accruals |
|
|
|
|
|
Due after one year |
||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 March 2024 |
|
|
|
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 £
Mayden House Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
|
|
500 |
|
500 |
|
|
500 |
|
500 |
|
|
|
|
Rights, preferences and restrictions
Ordinary A have the following rights, preferences and restrictions: |
Ordinary B have the following rights, preferences and restrictions: |
Ordinary C have the following rights, preferences and restrictions: |
Mayden House Limited
Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)
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.
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)
Loans and borrowings |
Non-current loans and borrowings
2024 |
(Restated) |
|
Bank borrowings |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Bank borrowings
The bank loan is secured against the freehold properties of the company. |
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) |
|
( |
( |
( |
|
|
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)
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.
Parent and ultimate parent undertaking |
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
The most senior parent entity producing publicly available financial statements is