Maygrove Apartments Limited - Period Ending 2021-03-31

Maygrove Apartments Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Maygrove Apartments Limited

Company Information

Directors

C Ogunmakin D Edgar Z Haim

Registered office

Interland Group 73 Maygrove Road London NW6 2EG

Auditors

Harris & Trotter LLP 64 New Cavendish Street London W1G 8TB

Maygrove Apartments Limited

(Registration number: 11027915)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Current assets
Debtors	5	25,358	6,217
Cash at bank and in hand		69,301	88,370
		94,659	94,587
Creditors: Amounts falling due within one year	6	(796,909)	(602,308)
Net liabilities		(702,250)	(507,721)
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(702,251)	(507,722)
Shareholders' deficit		(702,250)	(507,721)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 February 2022 and signed on its behalf by:
 

.........................................

C Ogunmakin
Director

Maygrove Apartments Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom

The principal place of business is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom

The company number is 11027915

These financial statements were authorised for issue by the Board on 11 February 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, the functional currency of the company has been determined to be Sterling.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 31 March 2021 total liabilities exceeded total assets by £702,250.

This basis is dependent upon the on-going support of the creditors of the company, none of whom have indicated their intention to withdraw their support.

The coronavirus pandemic (Covid-19) disrupted all sectors of the economy. The directors do not believe that it has had any effect on the financial results of the company for the year ended 31 March 2021. Directors are taking steps to preserve the company's ability to trade.

Maygrove Apartments Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

Maygrove Apartments Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

4	Audit Information

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 11 February 2022 was Nicholas Newman, who signed for and on behalf of Harris & Trotter LLP.

5

Debtors

	2021 £	2020 £
Trade debtors	13,421	-
Prepayments	11,937	6,217
	25,358	6,217

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	704,362	550,525
Accruals and deferred income	33,106	7,856
Other creditors	59,441	43,927
	796,909	602,308

7	Charges held on properties

Interland Capital Limited, a fellow subsidiary company, has borrowed funds from Secure Trust Bank PLC in order to provide finance across the group. Their borrowing is secured on the company's assets and undertakings.

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

Maygrove Apartments Limited

Notes to the Financial Statements for the Year Ended 31 March 2021

9	Parent and ultimate parent undertaking

The company's immediate parent is Interland Group, incorporated in England.