Mayfield Health Limited - Accounts to registrar (filleted) - small 18.2
Mayfield Health Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| FOR |
| MAYFIELD HEALTH LIMITED |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MAYFIELD HEALTH LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 December 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Magma House |
| 16 Davy Court |
| Castle Mound Way |
| Rugby |
| CV23 0UZ |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| BALANCE SHEET |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| BALANCE SHEET - continued |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| 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. |
| 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 and authorised for issue on |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| Mayfield Health Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 year was |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| AMORTISATION |
| At 1 January 2019 |
| and 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 221,505 | 280,220 |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to participating interests | - | 1,000 |
| Taxation and social security |
| Other creditors |
| MAYFIELD HEALTH LIMITED (REGISTERED NUMBER: 06662817) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 December 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| The bank loan is covered by both a fixed and floating charge with Handelsbanken PLC. The floating charge covers all the undertakings of the company. |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the period end, a balance of £104,743 was owed by the directors to the company (2018: £101,712). Interest has been charged HM Revenue and Customs official rate. |
| 12. | RELATED PARTY DISCLOSURES |
| At the year end, a balance of £69,322 (2018: £103,370) was owed by a company with common directorships. Rents of £31,832 (2018: £21,555) were paid to this company during the period. |
| At the year end, a balance of £nil (2018: £1,000) was owed to a partnership in which the directors are partners. |
| At the year end, a balance of £152,183 (2018: £176,850) was owed by a partnership in which the directors are partners. Sales of £16,794 (2018: £25,000) were made to the partnership during the year. |
| At the year end, a balance of £15,000 (2018: £nil) was owed to a family member of the directors. The loan is interest free and repayable on demand. |
| 13. | POST BALANCE SHEET EVENTS |
| Since the balance sheet date, the world hs suffered a COVID-19 pandemic and as a result there has been volatility in the markets as a result. |
| The directors have considered the effect that this may have on the company, and it is unclear what impact COVID-19 will have in the longer term. The company is currently on the front-line against COVID-19 as a pharmacy for the general public. The directors expect the performance of the company to remain similar to prior year and therefore have prepared the accounts on the going concern basis. |