Mayfield Health Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06662817 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2018 TO 31 DECEMBER 2018

FOR

MAYFIELD HEALTH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P K Krishan

K S Krishan

REGISTERED OFFICE:

95 Wrottesley Road

Wolverhampton

United Kingdom

WV6 8SQ

REGISTERED NUMBER:

06662817 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

17,396

12,868

17,396

12,868

CURRENT ASSETS

Stocks

31,749

55,304

Debtors

6

458,701

469,318

Cash at bank and in hand

52,354

100

542,804

524,722

CREDITORS

Amounts falling due within one year

7

(268,661

)

(213,260

)

NET CURRENT ASSETS

274,143

311,462

TOTAL ASSETS LESS CURRENT LIABILITIES

291,539

324,330

CREDITORS

Amounts falling due after more than one year

8

(97,500

)

(121,875

)

PROVISIONS FOR LIABILITIES

(162

)

(162

)

NET ASSETS

193,877

202,293

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

193,777

202,193

193,877

202,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2018 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 23 December 2019 and were signed on its behalf by:

K S Krishan - Director

1.	STATUTORY INFORMATION

Mayfield Health 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-the amount of revenue can be measured reliably;

-it is probable that the Company will receive the consideration due under the contract;

-the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Goodwill has been written off in equal annual installments over its estimated useful economic life of 5 years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures and fittings

- 20%

straight line

Motor vehicles

- 33%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based

on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and

attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

profit or loss.

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 other third parties, loans to

related parties and investments in non-puttable ordinary shares.

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.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution plan for the benefit of its employees. Contributions are

recognised in profit or loss as they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 31 December 2018

185,000

AMORTISATION

At 1 May 2018

and 31 December 2018

185,000

NET BOOK VALUE

At 31 December 2018

-

At 30 April 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 May 2018

27,318

10,608

37,926

Additions

1,733

17,320

19,053

Disposals

-

(10,607

)

(10,607

)

At 31 December 2018

29,051

17,321

46,372

DEPRECIATION

At 1 May 2018

24,422

636

25,058

Charge for period

1,220

3,334

4,554

Eliminated on disposal

-

(636

)

(636

)

At 31 December 2018

25,642

3,334

28,976

NET BOOK VALUE

At 31 December 2018

3,409

13,987

17,396

At 30 April 2018

2,896

9,972

12,868

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2018

£

£

Trade debtors

64,124

248,139

Amounts owed by participating interests

280,220

109,336

Other debtors

114,357

111,843

458,701

469,318

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2018

£

£

Bank loans and overdrafts

48,750

63,584

Trade creditors

149,736

133,218

Amounts owed to participating interests

1,000

-

Taxation and social security

25,178

14,599

Other creditors

43,997

1,859

268,661

213,260

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2018

£

£

Bank loans

97,500

121,875

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2018

£

£

Within one year

29,000

29,000

Between one and five years

116,000

116,000

In more than five years

94,250

113,583

239,250

258,583

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2018

£

£

Bank overdraft

-

14,834

Bank loans

146,250

170,625

146,250

185,459

The bank loan is covered by both a fixed and floating charge with Handelsbanken PLC. The floating charge

covers all the property or undertaking of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the period end, a balance of £61,905 was owed by the directors to the company (previous period: £101,712).

Loans are interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

At the period end, a balance of £103,370 (previous period: £109,336) was owed by a company with common

directorships. Rents of £21,555 (previous period: £41,284) were paid to this company during the period.

At the period end, a balance of £1,000 (previous period: £Nil) was owed to a partnership in which the directors

are partners.

At the period end, a balance of £176,850 (previous period: £Nil) was owed by a partnership in which the

directors are partners.