COMPANY REGISTRATION NUMBER:
06405700
Mayo Property Development Limited |
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Filleted Unaudited Financial Statements |
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Mayo Property Development Limited |
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Year ended 31 December 2023
Officers and professional advisers |
1 |
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Statement of financial position |
2 |
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Notes to the financial statements |
3 |
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Mayo Property Development Limited |
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Statement of Financial Position |
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31 December 2023
Current assets
Debtors |
5 |
1,715,373 |
2,910,551 |
Cash at bank and in hand |
295,460 |
382,959 |
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2,010,833 |
3,293,510 |
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Creditors: amounts falling due within one year |
6 |
1,251,960 |
2,789,917 |
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Net current assets |
758,873 |
503,593 |
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--------- |
Total assets less current liabilities |
758,873 |
503,593 |
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Net assets |
758,873 |
503,593 |
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--------- |
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Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
7 |
758,871 |
503,591 |
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Shareholders funds |
758,873 |
503,593 |
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--------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 April 2025
, and are signed on behalf of the board by:
Company registration number:
06405700
Mayo Property Development Limited |
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Notes to the Financial Statements |
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Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bryn Meadows Golf Hotel Spa, Maesycwmmer, Hengoed, Mid Glamorgan, CF82 7SN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the director has taken in to account all available information about the future, and conclude that the company has no material uncertainties regarding going concern.
Revenue recognition
Turnover represents amounts received in connection with a profit share and cost reimbursement in connection with a residential property development.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2022:
2
).
5.
Debtors
|
2023 |
2022 |
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£ |
£ |
Other debtors |
1,715,373 |
2,910,551 |
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6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
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£ |
£ |
Trade creditors |
3,746 |
– |
Accruals and deferred income |
3,195 |
106,555 |
Social security and other taxes |
199,183 |
118,386 |
Director loan accounts |
– |
64,696 |
Other creditors |
1,045,836 |
2,500,280 |
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1,251,960 |
2,789,917 |
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On 25 May 2018 , the company became party to a third party legal mortgage established by United Trust Bank Limited by way of a fixed and floating charge over the land and property held by the company at The Rest Bay Convalescent Hotel, Porthcawl, CF6 3UP. On 25 May 2018 , the company became party to a third party legal mortgage established by Worcester Park Developments Limited by way of a fixed and floating charge over the land and property held by the company at The Rest Bay Convalescent Hotel, Porthcawl, CF6 3UP. Included within creditors is an amount of £70,773 (2022: £1,590,964) due to an unconnected party with fixed legal charges dated 22 November 2013 and 24 March 2017 over the property known as The Rest Convalescent Hotel, Porthcawl.
7.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
8.
Directors' advances, credits and guarantees
Included in other debtors is the following amount owed by the Director:
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2023 |
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£ |
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Balance owed to the Director 1 January 2023 |
(64,696) |
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Net drawings |
1,188,079 |
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Balance owed to the Company 31 December 2023 |
1,123,383 |
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There are no fixed terms of repayment or interest charged.
9.
Related party transactions
As at the balance sheet date, the company owed Bryn Meadows Golf & Country Club Limited £975,063 (2022: £909,316). This balance is disclosed within other creditors. Bryn Meadows Golf & Country Club Limited, a company under common control. As at the balance sheet date, the company was owed £238,123 (2022: £238,123) from Saddlebrook (Holdings) Limited, a company under common control.