MAYFLY PROPERTY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss P R Keogh

REGISTERED OFFICE:

Unit 1

Gate Farm

High Street

Sutton Benger

Wiltshire

SN15 4RE

REGISTERED NUMBER:

10761375 (England and Wales)

ACCOUNTANTS:

Bowen Accountants Ltd

Chartered Accountants

Unit 1 Gate Farm

High Street

Sutton Benger

Chippenham

Wiltshire

SN15 4RE

FIXED ASSETS

Tangible assets

4

12,077

14,053

Investment property

5

1,710,000

1,710,000

1,722,077

1,724,053

CURRENT ASSETS

Debtors

6

121,711

-

Prepayments and accrued income

15,125

6,331

Cash at bank

140,796

11,346

277,632

17,677

CREDITORS

Amounts falling due within one year

7

613,489

613,965

NET CURRENT LIABILITIES

(335,857

)

(596,288

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,386,220

1,127,765

CREDITORS

Amounts falling due after more than one year

8

(1,051,406

)

(815,495

)

PROVISIONS FOR LIABILITIES

10

(59,399

)

(59,893

)

ACCRUALS AND DEFERRED INCOME

(2,490

)

(2,262

)

NET ASSETS

272,925

250,115

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

174,318

169,138

Retained earnings

98,507

80,877

272,925

250,115

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 8 December 2025 and were signed by:

Miss P R Keogh - Director

1.	STATUTORY INFORMATION

Mayfly Property Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

22,790

Additions

167

At 31 March 2025

22,957

DEPRECIATION

At 1 April 2024

8,737

Charge for year

2,143

At 31 March 2025

10,880

NET BOOK VALUE

At 31 March 2025

12,077

At 31 March 2024

14,053

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,710,000

NET BOOK VALUE

At 31 March 2025

1,710,000

At 31 March 2024

1,710,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2020

743,530

Valuation in 2021

(530

)

Valuation in 2023

341,563

Valuation in 2024

620,257

Valuation in 2025

5,180

1,710,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

1,418,935

1,483,883

Investment property was valued on a fair value basis on 31 March 2025 by the company director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

121,711

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

6,059

6,059

Trade creditors

2,080

539

Taxation and social security

12,519

10,126

Other creditors

592,831

597,241

613,489

613,965

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

1,051,406

815,495

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,047,558

805,588

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Mortgages

1,047,619

805,588

The mortgage liabilities are secured against the three investment properties held by the Company.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

59,399

59,893

Deferred

tax

£

Balance at 1 April 2024

59,893

Provided during year

(494

)

Balance at 31 March 2025

59,399

11.

RESERVES

Revaluation

reserve

£

At 1 April 2024

169,138

Revaluation

5,180

At 31 March 2025

174,318

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Miss P R Keogh

Balance outstanding at start of year

-

-

Amounts advanced

227,794

-

Amounts repaid

(114,085

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

113,709

-

Interest has been charged on the above loan at the official rate.