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MAYO DEVELOPMENTS LIMITED

Registered Number
10349136
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

MAYO DEVELOPMENTS LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Ayo Ohiokhoya Ogbeta
Olatokunboh Oluwayemisi Ogbeta

Registered Address

Ritzy Offices 2-3 Dorcan Business Village
Murdock Road
Swindon
SN3 5HY

Registered Number

10349136 (England and Wales)
MAYO DEVELOPMENTS LIMITED
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,7364,850
Investment property42,100,0002,180,000
2,105,7362,184,850
Current assets
Debtors4,3243,815
Cash at bank and on hand18,52850,556
22,85254,371
Creditors amounts falling due within one year5(274,688)(236,559)
Net current assets (liabilities)(251,836)(182,188)
Total assets less current liabilities1,853,9002,002,662
Creditors amounts falling due after one year6(2,283,372)(2,206,445)
Provisions for liabilities8(81,529)(66,120)
Net assets(511,001)(269,903)
Capital and reserves
Called up share capital100100
Revaluation reserve326,121(249,888)
Profit and loss account(837,222)(20,115)
Shareholders' funds(511,001)(269,903)
The financial statements were approved and authorised for issue by the Board of Directors on 28 May 2025, and are signed on its behalf by:
Ayo Ohiokhoya Ogbeta
Director
Registered Company No. 10349136
MAYO DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings20
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 September 2314,44014,440
Additions2,3202,320
At 31 August 2416,76016,760
Depreciation and impairment
At 01 September 239,5909,590
Charge for year1,4341,434
At 31 August 2411,02411,024
Net book value
At 31 August 245,7365,736
At 31 August 234,8504,850
4.Investment property
Investment property comprises of freehold properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

£
Fair value at 01 September 232,180,000
Additions45,458
Fair value adjustments(125,458)
At 31 August 242,100,000
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables23,250-
Bank borrowings and overdrafts2,596-
Other creditors57,56370,710
Accrued liabilities and deferred income191,279165,849
Total274,688236,559
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,607,6811,556,755
Other creditors675,691649,690
Total2,283,3722,206,445
7.Secured creditors
Bank borrowings are secured by way of fixed and floating charges over the assets of the company.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)81,52966,120
Total81,52966,120