Mayhall Properties Limited 31/03/2022 iXBRL

MAYHALL PROPERTIES LIMITED - Company Information

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Company registration number: 03174518

Mayhall Properties Limited

Unaudited filleted financial statements

31 March 2022

Mayhall Properties Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Mayhall Properties Limited

Directors and other information


	Directors	Mr P K Shadbolt
		Mrs J N Shadbolt
		Mr T W Shadbolt
		Mr M A Shadbolt
		Mrs C L Simmons


	Secretary	Mr T W Shadbolt


	Company number	03174518


	Registered office	6 Tilehouse Street
		Hitchin
		Hertfordshire
		SG5 2DW


	Accountants	Hicks and Company
		Chartered accountants
		First Floor
		99 Bancroft
		Hitchin
		Hertfordshire
		SG5 1NQ




	Bankers	Lloyds Bank
		3 - 5 Town Square
		Stevenage
		Hertfordshire
		SG1 1BG

Mayhall Properties Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Mayhall Properties Limited

Year ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mayhall Properties Limited for the year ended 31 March 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Mayhall Properties Limited, as a body, in accordance with the terms of our engagement letter dated 6 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Mayhall Properties Limited and state those matters that we have agreed to state to the board of directors of Mayhall Properties Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mayhall Properties Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Mayhall Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mayhall Properties Limited. You consider that Mayhall Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mayhall Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hicks and Company

Chartered accountants

First Floor

99 Bancroft

Hitchin

Hertfordshire

SG5 1NQ

5 September 2022

Mayhall Properties Limited

Statement of financial position

31 March 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	3,036,059		3,096,059
		_________		_________
			3,036,059		3,096,059

Current assets
Debtors	7	1,413,998		1,423,446
Cash at bank and in hand		1,123,057		912,801
		_________		_________
		2,537,055		2,336,247
Creditors: amounts falling due
within one year	8	( 194,845)		( 181,357)
		_______		_______
Net current assets			2,342,210		2,154,890
			_________		_________
Total assets less current liabilities			5,378,269		5,250,949

Creditors: amounts falling due
after more than one year	9		( 466,317)		( 480,816)

Provisions for liabilities			( 100,700)		( 106,236)

			_________		_________
Net assets			4,811,252		4,663,897
			_________		_________

Capital and reserves
Called up share capital			100		100
Fair value reserve			1,236,664		1,291,128
Profit and loss account			3,574,488		3,372,669
			_________		_________
Shareholders funds			4,811,252		4,663,897
			_________		_________

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 05 September 2022 , and are signed on behalf of the board by:

Mr T W Shadbolt

Director

Company registration number: 03174518

Mayhall Properties Limited

Statement of changes in equity

Year ended 31 March 2022

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 April 2020	100	1,291,128	3,192,249	4,483,477

Profit for the year			180,420	180,420
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	180,420	180,420

	_______	_______	_______	_______
At 31 March 2021 and 1 April 2021	100	1,291,128	3,372,669	4,663,897

Profit for the year			147,355	147,355
Other comprehensive income for the year:
Fair value adjustments to investment property	-	( 60,000)	60,000	-
Tax relating to components of other comprehensive income		5,536	( 5,536)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 54,464)	201,819	147,355

	_______	_______	_______	_______
At 31 March 2022	100	1,236,664	3,574,488	4,811,252
	_______	_______	_______	_______

Mayhall Properties Limited

Notes to the financial statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 6 Tilehouse Street, Hitchin, Hertfordshire, SG5 2DW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents the rents of properties, recharged expenses and management fees which are included on an accruals basis.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.Unlisted investments are valued by the directors on an appropriate valuation basis, with due consideration for the size of the holding.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).

5. Tangible assets

	Freehold investment properties	Total
	£	£
Cost or valuation
At 1 April 2021	3,096,059	3,096,059
Revaluation	( 60,000)	( 60,000)
	_________	_________
At 31 March 2022	3,036,059	3,036,059
	_________	_________
Depreciation
At 1 April 2021 and 31 March 2022	-	-
	_________	_________
Carrying amount
At 31 March 2022	3,036,059	3,036,059
	_________	_________
At 31 March 2021	3,096,059	3,096,059
	_________	_________

Investment property

The fair value of the freehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company . The valuations were made on an open market value basis for existing us e on 31 March 2022.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Freehold investment properties	Total
	£	£
At 31 March 2022
Aggregate cost	1,698,695	1,698,695
Aggregate depreciation	-	-
	_________	_________
Carrying amount	1,698,695	1,698,695
	_________	_________

At 31 March 2021
Aggregate cost	1,698,695	1,698,695
Aggregate depreciation	-	-
	_________	_________
Carrying amount	1,698,695	1,698,695
	_________	_________

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 April 2021	43,285	43,285
Disposals	( 43,285)	( 43,285)
	_______	_______
At 31 March 2022	-	-
	_______	_______
Impairment
At 1 April 2021	43,285	43,285
Reversal of impairment loss	( 43,285)	( 43,285)
	_______	_______
At 31 March 2022	-	-
	_______	_______
Carrying amount
At 31 March 2022	-	-
	_______	_______
At 31 March 2021	-	-
	_______	_______

7. Debtors

	2022	2021
	£	£
Rent, insurance and service charge arrears	11,766	35,458
Other debtors	1,402,232	1,387,988
	_______	_______
	1,413,998	1,423,446
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	2022	2021
	£	£
Other debtors	1,215,000	1,215,000
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Other loan (secured)	14,499	13,613
Rent, insurance and service charge in advance	52,314	47,265
Corporation tax	47,739	52,347
Social security and other taxes	22,871	24,345
Other creditors	57,422	43,787
	_______	_______
	194,845	181,357
	_______	_______

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other loan (secured)	466,317	480,816
	_______	_______

Included within creditors: amounts falling due after more than one year is an amount of £ 398,261 (2021 £ 416,915 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The other loan is secured by a first legal charge over a freehold investment property.

10. Contingencies

The freehold investment property, known as Regal Chambers, is held with Ecoterms Limited in equal shares as tenants in common.The loan for assisting with the refurbishment of Regal Chambers is subject to a legal mortgage given by Mayhall Properties Limited and Ecoterms Limited.Mayhall Properties Limited and Ecoterms Limited and are jointly and severally liable for the loan which has been established for this transaction alone, and not any other facility that the individual companies may enter into.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2022	2021	2022	2021
	£	£	£	£
Joint Venture Gainsford Properties Ltd and Walnut Tree Holdings Limited - Loan interest receivable	15,000	17,722	-	17,722
	_______	_______	_______	_______

Included in other debtors is the following loan to a company in which certain directors have an interest:Joint Venture Gainsford Properties Ltd and Walnut Tree Holdings Limited £750,000 (2021 £750,000).The above loan is unsecured and repayable on demand after the 10 year initial term. Subject to interest in line with the HMRC prescribed rate of interest, currently 2% per annum.

12. Ultimate parent company

In the opinion of the directors the parent undertaking is Tilehouse Properties Limited , a company incorporated in England and Wales.In the opinion of the directors the ultimate parent undertaking is Opensale Limited , a company incorporated in England and Wales. The ultimate parent undertaking is controlled by Mr P K Shadbolt .The directors of Mayhall Properties Limited are the shareholders of Opensale Limited. Mr P K Shadbolt and Mrs J N Shadbolt are the directors of Opensale Limited.