Mayfield Medical Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04413846 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

MAYFIELD MEDICAL PROPERTIES LTD

PREVIOUSLY KNOWN AS

PREMIER MEDICAL PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P K Krishan

K S Krishan

S S Krishan

S S Krishan

REGISTERED OFFICE:

7 Bell Yard

London

WC2A 2JR

REGISTERED NUMBER:

04413846 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Magma House

16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

4

2,336,535

2,342,821

CURRENT ASSETS

Debtors

5

123,663

130,329

Cash at bank

3,174

17,582

126,837

147,911

CREDITORS

Amounts falling due within one year

6

(346,381

)

(338,050

)

NET CURRENT LIABILITIES

(219,544

)

(190,139

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,116,991

2,152,682

CREDITORS

Amounts falling due after more than one year

7

(735,000

)

(840,000

)

PROVISIONS FOR LIABILITIES

9

(133,611

)

(133,611

)

NET ASSETS

1,248,380

1,179,071

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

550,896

550,896

Retained earnings

697,384

628,075

1,248,380

1,179,071

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2020 and were signed on its behalf by:

S S Krishan - Director

1.	STATUTORY INFORMATION

Mayfield Medical Properties 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.

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 as modified by the revaluation of certain assets.

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.

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

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.

Freehold land & buildings

Land and buildings are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Land and buildings whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in an other reserve unless a deficit below original cost, or its reversal, on an individual land or building is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land &

and

buildings

fittings

Totals

£

£

£

COST OR VALUATION

At 1 January 2019

and 31 December 2019

2,335,000

37,942

2,372,942

DEPRECIATION

At 1 January 2019

-

30,121

30,121

Charge for year

-

6,286

6,286

At 31 December 2019

-

36,407

36,407

NET BOOK VALUE

At 31 December 2019

2,335,000

1,535

2,336,535

At 31 December 2018

2,335,000

7,821

2,342,821

Cost or valuation at 31 December 2019 is represented by:

Freehold

Fixtures

land &

and

buildings

fittings

Totals

£

£

£

Valuation in 2007

612,329

-

612,329

Valuation in 2018

67,790

-

67,790

Cost

1,654,881

37,942

1,692,823

2,335,000

37,942

2,372,942

The directors have assessed the market value of the company's property and do not consider it to be materially different to the carrying value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

15,252

Amounts owed by participating interests

122,097

112,494

Other debtors

1,566

2,583

123,663

130,329

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

105,000

105,000

Trade creditors

15,677

2,940

Amounts owed to participating interests

69,322

103,370

Taxation and social security

65,803

71,675

Other creditors

90,579

55,065

346,381

338,050

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

735,000

840,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

840,000

945,000

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.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

133,611

133,611

Deferred

tax

£

Balance at 1 January 2019

133,611

Balance at 31 December 2019

133,611

10.	RELATED PARTY DISCLOSURES

At the period end, a balance of £69,322 (2018: £103,370) was owed to a company with common directorships. Sales of £31,832 (2018: £21,555) were made to this company during the period.

At the period end, a balance of £122,097 (2018: £112,494) was owed by a partnership in which the directors are partners. Sales of £94,300 (2018: £62,867) were made to partnership during the period.