Maylands Green Estate Co. Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00331789 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Maylands Green Estate Co. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

N H Chaplin MRICS

R M Chaplin MRICS

Secretary:

A L Kyle

Registered office:

84 Market Place

Romford

Essex

RM1 3JE

Registered number:

00331789 (England and Wales)

Accountants:

Pinkham Blair

Chartered Accountants

87a High Street

The Old Town

Hemel Hempstead

Hertfordshire

HP1 3AH

Fixed assets

Investments

4

35,001

Investment property

5

2,160,700

2,164,060

2,195,701

2,199,061

Current assets

Stocks

75,003

Debtors

6

759,365

734,211

Cash at bank

24,352

31,332

858,720

840,546

Creditors

Amounts falling due within one year

7

1,878,313

1,912,127

Net current liabilities

(1,019,593

)

(1,071,581

)

Total assets less current liabilities

1,176,108

1,127,480

Provisions for liabilities

162,968

Net assets

1,013,140

964,512

Capital and reserves

Called up share capital

8

75,000

Share premium

124,900

Other reserves

50,000

Retained earnings

763,240

714,612

Shareholders' funds

1,013,140

964,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

N H Chaplin MRICS - Director

1.	Statutory information

Maylands Green Estate Co. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents sales of development land and property and rents receivable on investment property. Property sales are recognised when there is an exchange of unconditional contracts. Rental income is recognised in the period to which the rent relates.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks include work in progress and are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost of stock comprises land acquisition, construction, infrastructure and other development expenditure. No interest charges or other overheads are included in stocks.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4.	Fixed asset investments

Shares in

group

Other

undertakings

investments

Totals

£

Cost

At 1 January 2024

and 31 December 2024

15,001

20,000

35,001

Net book value

At 31 December 2024

15,001

20,000

35,001

At 31 December 2023

15,001

20,000

35,001

5.	Investment property

Total

£

Fair value

At 1 January 2024

2,164,060

Impairments

(3,360

)

At 31 December 2024

2,160,700

Net book value

At 31 December 2024

2,160,700

At 31 December 2023

2,164,060

6.

Debtors: amounts falling due within one year

2024

2023

£

Trade debtors

5,245

11,651

Amounts owed by group undertakings

727,145

697,429

Other debtors

26,975

25,131

759,365

734,211

7.

Creditors: amounts falling due within one year

2024

2023

£

Amounts owed to group undertakings

1,852,959

1,887,599

Taxation and social security

850

925

Other creditors

24,504

23,603

1,878,313

1,912,127

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

75,000

Ordinary

£1.00

75,000

9.	Contingent liabilities

The company's assets are subject to a legal charge and debenture in respect of bank loans totalling £2,405,000 held by the group.

10.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

N H Chaplin MRICS

Balance outstanding at start of year

15,000

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

15,000

The loan is interest bearing at HM Revenue & Customs rates and repayable on demand.

11.	Related party disclosures

The company owed £18,348 (2023: £18,348) to Togo Homes Limited. N H Chaplin and R M Chaplin are directors of Togo Homes Limited.

12.	Ultimate controlling party

The ultimate parent company is Maylands Green Limited, registered in England and Wales. Group accounts are available from Companies House, Cardiff.

Registered Office:

84 Market Place,

Romford,

Essex,

RM1 3JE

13.	Non-distributable reserves

Retained earnings comprises a deficit of £220,439 on distributable reserves and a surplus of £983,679 on non-distributable reserves.