Maytech Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11603680 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 3 OCTOBER 2018 TO 31 DECEMBER 2019

FOR

MAYTECH HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C M Freeman

A Freeman

J M Lynch

REGISTERED OFFICE:

4 Mount Ephraim Road

Tunbridge Wells

Kent

TN1 1EE

REGISTERED NUMBER:

11603680 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

4 Mount Ephraim Road

Tunbridge Wells

Kent

TN1 1EE

FIXED ASSETS

Investments

4

3,300,000

CURRENT ASSETS

Debtors

5

14,004

Cash in hand

200

14,204

CREDITORS

Amounts falling due within one year

6

910,553

NET CURRENT LIABILITIES

(896,349

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,403,651

CREDITORS

Amounts falling due after more than one year

7

2,403,451

NET ASSETS

200

CAPITAL AND RESERVES

Called up share capital

9

200

SHAREHOLDERS' FUNDS

200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2019 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 23 June 2020 and were signed on its behalf by:

J M Lynch - Director

1.	STATUTORY INFORMATION

Maytech Holdings 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.

Going concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when

preparing the financial statements. The directors confirm that they consider that the going concern basis remains

appropriate. The directors believe that the company has sufficient resources to continue in operational existence

for the foreseeable future. The directors believe this to be the case as the company has positive cash balances,

positive reserves and no significant long term liabilities. Thus they continue to adopt the going concern basis of

accounting in preparing the annual financial statements.

In their assessment of going concern, the directors have considered the current and developing impact on the

business as a result of the COVID-19 pandemic. This has not had a significant, immediate impact on the

company's operations but the directors are aware that if the current situation becomes prolonged then this may

change.

Having regard to the above, the directors believe it is appropriate to adopt the going concern basis of accounting

in preparing the financial statements.

Turnover

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

value added tax and other sales taxes.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

Additions

3,300,000

At 31 December 2019

3,300,000

NET BOOK VALUE

At 31 December 2019

3,300,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

14,004

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other loans (see note 8)

330,000

Amounts owed to group undertakings

578,803

Accrued expenses

1,750

910,553

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other loans (see note 8)

2,403,451

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

1,083,451

During the period, the company obtained a shareholder loan of £3,300,000 repayable in 10 years. Interest is

charged on the loan at 0.5% and the loan is secured via a legal charge over the assets of the company.

8.

LOANS

An analysis of the maturity of loans is given below:

£

Amounts falling due within one year or on demand:

Other loans

330,000

Amounts falling due between two and five years:

Other loans - 2-5 years

1,320,000

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

1,083,451

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

195

Ordinary

1

195

5

Ordinary A

1

5

200

10.	RELATED PARTY DISCLOSURES

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.

During the period, total dividends of £35,535 were paid to the directors .

At the year end date, the company owed the directors and shareholders, A Freeman and C M Freeman

£2,733,451.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is J M Lynch.