MAYFIELD MEDICAL PROPERTIES LTD

MAYFIELD MEDICAL PROPERTIES LTD - Company Information

2022-01-012022-12-312022-12-31false04413846MAYFIELD MEDICAL PROPERTIES 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Registered Number
04413846
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2022

MAYFIELD MEDICAL PROPERTIES LTD

Company Information
for the year from 1 January 2022 to 31 December 2022


Directors	Kewal Krishan
	Parkash Krishan
	Sandeep Krishan
	Sukhdeep Krishan


Registered Address	7 Bell Yard
	London
	WC2A 2JR


Registered Number	04413846 (England and Wales)

MAYFIELD MEDICAL PROPERTIES LTD

Balance Sheet as at
31 December 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Tangible assets	8		2,395,266		2,335,073
			2,395,266		2,335,073
Current assets
Debtors	12	17,209		26,772
Cash at bank and on hand		23,471		8,352
		40,680		35,124
Creditors amounts falling due within one year	13	(231,516)		(212,863)
Net current assets (liabilities)			(190,836)		(177,739)
Total assets less current liabilities			2,204,430		2,157,334
Creditors amounts falling due after one year	14		(586,693)		(605,846)
Provisions for liabilities	15		(4,918)		(4,918)
Net assets			1,612,819		1,546,570
Capital and reserves
Called up share capital			100		100
Other reserves			671,931		671,931
Profit and loss account			940,788		874,539
Shareholders' funds			1,612,819		1,546,570

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 28 June 2023, and are signed on its behalf by:

Sandeep Krishan
Director
Registered Company No. 04413846

MAYFIELD MEDICAL PROPERTIES LTD

Notes to the Financial Statements
for the year ended 31 December 2022

1.	Statutory information
	Mayfield Medical Properties 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. The presentation currency of the financial statements is the Pound Sterling (£).

2.	Compliance with applicable reporting framework
	The 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.

3.	Principal activities
	The principal activity of the company in the year under review was that of letting and operating of own or leased real estate.

4.	Basis of measurement used in financial statements
	The financial statements have been prepared under the historical cost convention.

5.	Accounting policies

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable from the sale of services, net of discounts, rebates, value added tax and other sales taxes.

	Property, plant and equipment policy
	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, then accumulated in an other reserve, unless a deficit below original cost, or its reversal, on an individual plot of land or building is expected to be permanent, in which case it is recognised in the profit and loss account for the year. Other tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs 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 - 5 years 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.

Property, plant and equipment policy

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, then accumulated in an other reserve, unless a deficit below original cost, or its reversal, on an individual plot of land or building is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Other tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs 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 - 5 years 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.

	Revenue recognition policy
	Turnover from the rendering of services is recognised in the period in which the services are provided, in accordance with the stage of completion of the contract, and 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.

Revenue recognition policy

Turnover from the rendering of services is recognised in the period in which the services are provided, in accordance with the stage of completion of the contract, and 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.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Current and deferred tax assets and liabilities are not discounted.

	Valuation of financial instruments policy
	Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised immediately in profit or loss.

	Going concern
	At the year end, the company had net current liabilities of £190,836 (2021: £177,739); however, the directors have confirmed that they will support the company for the foreseeable future. As such, the company continues to adopt the going concern basis in preparing its financial statements.

6.	Prior period and policy change adjustments
	The prior year accounts have been restated to adjust for the previously incorrect calculation of the net deferred tax liability and, consequently, the incorrect reserves transfer between the profit and loss account and other reserves. This has resulted in the revision of; - the net deferred tax liability (note 16) from £169,212 to £4,918; - the total deferred tax expense (note 8) from £40,611 to £1,180; and, - the balance of other reserves carried forward at 31 December 2021 from £507,637 to £671,931.

Prior period and policy change adjustments

The prior year accounts have been restated to adjust for the previously incorrect calculation of the net deferred tax liability and, consequently, the incorrect reserves transfer between the profit and loss account and other reserves. This has resulted in the revision of;

- the net deferred tax liability (note 16) from £169,212 to £4,918;
- the total deferred tax expense (note 8) from £40,611 to £1,180; and,
- the balance of other reserves carried forward at 31 December 2021 from £507,637 to £671,931.

7.	Employee information


		2022		2021
	Average number of employees during the year	0		0

8.	Property, plant and equipment

	Land & buildings	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 01 January 22	2,335,000	37,942	2,372,942
Additions	57,907	2,949	60,856
At 31 December 22	2,392,907	40,891	2,433,798
Depreciation and impairment
At 01 January 22	-	37,869	37,869
Charge for year	-	663	663
At 31 December 22	-	38,532	38,532
Net book value
At 31 December 22	2,392,907	2,359	2,395,266
At 31 December 21	2,335,000	73	2,335,073

9.	Revaluation of property, plant and equipment
	Valuation of land and buildings at 31 December 2022 is represented by: Valuation in 2007 - £612,329 Valuation in 2018 - £67,790 Valuation in 2020 - (£3,270) Cost - £1,716,058 Total - £2,392,907

10.	Description of nature of transactions and balances with related parties
	At the year end, a balance of £75,000 (2021: £20,000) was owed to a company of which Kewal Krishan, Parkash Krishan and Sukhdeep Krishan are directors. Sales totalling £33,744 (2021: £40,953) were made to this company during the year. At the year end, a balance of £27,249 (2021: £4,726) was owed to a partnership in which Kewal Krishan, Parkash Krishan and Sukhdeep Krishan are partners. Sales totalling £71,967 (2021: £134,055) were made to this partnership during the year.

10.

Description of nature of transactions and balances with related parties

At the year end, a balance of £75,000 (2021: £20,000) was owed to a company of which Kewal Krishan, Parkash Krishan and Sukhdeep Krishan are directors. Sales totalling £33,744 (2021: £40,953) were made to this company during the year.

At the year end, a balance of £27,249 (2021: £4,726) was owed to a partnership in which Kewal Krishan, Parkash Krishan and Sukhdeep Krishan are partners. Sales totalling £71,967 (2021: £134,055) were made to this partnership during the year.

11.	Further information regarding the company's financial position
	Bank borrowings and overdrafts are comprised by a £606,640 bank loan (2021: £636,574). This bank loan is covered by both a fixed and floating charge with Santander UK PLC. The floating charge covers all the property or undertaking of the company.

12.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	-	10,564
Other debtors	5,010	-
Prepayments and accrued income	12,199	16,208
Total	17,209	26,772


	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.

13.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	43,811	11,899
Bank borrowings and overdrafts	19,947	30,728
Taxation and social security	15,494	111,868
Other creditors	134,021	42,792
Accrued liabilities and deferred income	18,243	15,576
Total	231,516	212,863


	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.

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.

14.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	586,693	605,846
Total	586,693	605,846

15.	Provisions for liabilities

	2022	2021
	£	£
Net deferred tax liability (asset)	4,918	4,918
Total	4,918	4,918