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COMPANY REGISTRATION NUMBER: 4167003
Mayflower Developments and Estates Limited
Filleted Financial Statements
30 June 2024
Mayflower Developments and Estates Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
620,000
620,000
Current assets
Debtors
5
65,467
54,634
Cash at bank and in hand
4,954
18,928
--------
--------
70,421
73,562
Creditors: amounts falling due within one year
6
( 1,423,207)
( 1,410,952)
------------
------------
Net current liabilities
( 1,352,786)
( 1,337,390)
------------
------------
Total assets less current liabilities
( 732,786)
( 717,390)
Creditors: amounts falling due after more than one year
7
( 421,239)
( 421,245)
Provisions
Taxation including deferred tax
( 61,734)
( 61,734)
------------
------------
Net liabilities
( 1,215,759)
( 1,200,369)
------------
------------
Capital and reserves
Called up share capital
9
2
2
Revaluation reserve
10
185,204
185,204
Profit and loss account
10
( 1,400,965)
( 1,385,575)
------------
------------
Shareholder deficit
( 1,215,759)
( 1,200,369)
------------
------------
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 comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 11 August 2025 , and are signed on behalf of the board by:
Mr E M Cresswell
Director
Company registration number: 4167003
Mayflower Developments and Estates Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director the company is a going concern as it has the financial resources to be able to meet its day to day trading obligations for the foreseeable future, being not less than one year from the date of approval of these financial statements. Where needed, the company has access to cashflow support from the parent company and continues to rely on the parent to refrain from demanding settlement of the existing group debt. In view of the existing level of resources available to the company the financial statements are prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Investment property revenues will derive from rental income invoiced periodically to tenants in accordance with a commercial letting agreement.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment property
Total
£
£
Cost
At 1 July 2023 and 30 June 2024
620,000
620,000
---------
---------
Depreciation
At 1 July 2023 and 30 June 2024
---------
---------
Carrying amount
At 30 June 2024
620,000
620,000
---------
---------
At 30 June 2023
620,000
620,000
---------
---------
The freehold investment property is reported at its fair market value as at the balance sheet date. Originally held at a cost of £373,062, in 2021 the property was professionally valued at £725,000 and the book value adjusted to reflect this. However, in the prior year the director considered the decline in the residential housing market and decided that the fair value of the property should be reduced to £620,000. The directors consider this fair value to remain applicable for the current reporting period. A tax liability of £61,734, using a tax rate of 25%, would arise should the freehold investment property be disposed of at the fair value shown in these financial statements. A deferred tax provision is held in relation to this potential liability.
5. Debtors
2024
2023
£
£
Other debtors
65,467
54,634
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,771
4,515
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,397,538
1,397,538
Social security and other taxes
412
Other creditors
10,898
8,487
------------
------------
1,423,207
1,410,952
------------
------------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
421,239
421,245
---------
---------
The company remains indebted to Lendinvest by way of a buy to let mortgage commencing October 2021 and for a term of 18 years. The loan is repayable on an interest only basis with an interest rate of 2.85% applied for the first two years and thereafter a variable rate applied at 4.59% above the Bank of England base rate. The loan is secured by way of a legal charge, dated 20 October 2021, on the underlying property.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in debtors (note 5)
61,734
54,634
Included in provisions
( 61,734)
( 61,734)
--------
--------
( 7,100)
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
61,734
61,734
Unused tax losses
( 61,734)
( 54,634)
--------
--------
7,100
--------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Summary audit opinion
The auditor's report dated 21 August 2025 was unqualified , however, the auditor drew attention to the following by way of emphasis.
We draw attention to Note 3 to the financial statements which explains the directors assessment of going concern and the reliance placed on the continuing availability of financial and operational support from the parent company, to enable the company to meet its future cash flow needs. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Mark Richardson , for and on behalf of Moore Kingston Smith LLP .
12. Related party transactions
Throughout the period, the company was indebted to its parent company, Maclean Cresswell Associates Ltd, in respect of an interest free advance. The balance repayable to Maclean Cresswell Associates Ltd at the period end date was £1,397,538 (2023: £1,397,538). All group debt, in the absence of any formal loan repayment terms, is considered repayable on demand and free from interest charges. No other related party transactions or balances were noted for disclosure under the requirements of FRS102 Section 1A.
13. Controlling party
Throughout the year, the company's parent undertaking was Maclean Cresswell Associates Limited , a company registered in England, whose accounts can be obtained from, Registrar of Companies, Companies House, Crown Way, Cardiff CF14 3UZ. Maclean Cresswell Associates Limited is controlled by Mr E M Cresswell , by virtue of his controlling interest in the share capital of this company, and therefore, he is the ultimate controlling party of Mayflower Developments and Estates Limited . In the post balance sheet period No Horizon Ltd, a company registered in England, was introduced as the ultimate parent undertaking. This company is controlled by Mr E M Cresswell who remains the ultimate controlling party.