Mays Property Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07673214

Mays Property Limited

Filleted Unaudited Financial Statements

31 March 2025

Mays Property Limited

Financial Statements

Year ended 31 March 2025

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Mays Property Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mays Property Limited

Year ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mays Property Limited for the year ended 31 March 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Mays Property Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Mays Property Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mays Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Mays Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mays Property Limited. You consider that Mays Property Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Mays Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

1 October 2025

Mays Property Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	4	400,000	295,563

Current assets

Debtors	5	7,775	–
Cash at bank and in hand		3,137	6,937
		--------	-------
		10,912	6,937

Creditors: amounts falling due within one year	6	20,095	30,957
		--------	--------
Net current liabilities		9,183	24,020
		---------	---------
Total assets less current liabilities		390,817	271,543

Creditors: amounts falling due after more than one year	7	1,314	3,522

Provisions

Taxation including deferred tax	17,390	–
	---------	---------
Net assets	372,113	268,021
	---------	---------

Mays Property Limited

Statement of Financial Position (continued)

31 March 2025

	2025	2024
Note	£	£

Capital and reserves

Called up share capital	100	100
Revaluation reserve	87,047	–
Profit and loss account	284,966	267,921
	---------	---------
Shareholders funds	372,113	268,021
	---------	---------

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.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- 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 1 October 2025 , and are signed on behalf of the board by:

Mrs H J May	Mr N P May
Director	Director

Company registration number: 07673214

Mays Property Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 Julian Road, Roman Ridge Industrial Estate, Sheffield, S9 1FZ.

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.

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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year for property rent.

Taxation

The taxation expense represents the aggregate amount of tax currently payable and any deferred tax provision. The tax currently payable is based on taxable profit for the year. Taxable profit can differ from profit as reported in the statement of comprehensive income because of adjustment for items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates in force at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

	Land and buildings
	£
Cost or valuation
At 1 April 2024	295,563
Revaluations	104,437
	---------
At 31 March 2025	400,000
	---------
Depreciation
At 1 April 2024 and 31 March 2025	–
	---------
Carrying amount
At 31 March 2025	400,000
	---------
At 31 March 2024	295,563
	---------

The company's tangible fixed assets consist solely of investment property. No depreciation has been charged in these financial statements in respect of this investment property. The total of £295,563 comprises the historic cost of the subject property. The directors have reviewed the carrying value of the property at the year end date with a resultant revaluation to a total of £400,000. If the property were disposed of at this value, a projected Corporation Tax liability of £17,390 would arise which total is now reflected as deferred tax in the accounts to give rise to a net revaluation reserve at the year end date of £83,047.

5. Debtors

	2025	2024
	£	£
Other debtors	7,775	–
	-------	----

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	2,208	2,154
Corporation tax	10,807	9,483
Other creditors	7,080	19,320
	--------	--------
	20,095	30,957
	--------	--------

The company entered into a Bounce back loan arrangement in October 2020 for a principal sum of £10,665. A capital and interest repayment holiday was then agreed for the period of 13 months from this date with repayments commencing thereafter. The above current liability of bank loan falling due within one year amounts to £2,208 (2024: £2,154).

7. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	1,314	3,522
	-------	-------

A fixed rate of 2.5% is applicable to the Bounce back loan facility.

The company entered into a Bounce back loan arrangement in October 2020 for a principal sum of £10,665. A capital and interest repayment holiday was then agreed for the period of 13 months from this date with repayments commencing thereafter. The above non-current liability of bank loan falling due after more than one year amounts to £1,314 (2024: £3,522).

8. Related party transactions

At the year end date, PEM Stainless Limited was indebted to the company in the sum of £7,660 (2024: £12,340 indebted to PEM Stainless Limited) by way of loan. The balance is free of interest and is included within 'other debtors' at note 6 above. PEM Stainless Ltd and Mays Property Ltd are related by virtue of common directorships and control. At the year end date, the company was indebted to the directors, jointly, in the sum of £5,480 (2024: £5,480), by way of loan. The balance is free of interest. The balance is included within 'other creditors' at note 7 above.