Company registration number 05751537 (England and Wales)
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,500
6,345
Current assets
Debtors
4
845,969
832,712
Cash at bank and in hand
647,086
253,684
1,493,055
1,086,396
Creditors: amounts falling due within one year
5
(384,483)
(157,389)
Net current assets
1,108,572
929,007
Total assets less current liabilities
1,110,072
935,352
Creditors: amounts falling due after more than one year
6
(118,405)
Net assets
991,667
935,352
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
991,665
935,350
Total equity
991,667
935,352
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2023 and are signed on its behalf by:
Mrs L Mayhew
Director
Company Registration No. 05751537
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
page 2
1
Accounting policies
Company information
Mayhew Estates (East Grinstead) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
117 London Road, East Grinstead, West Sussex, RH19 1EQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Commission on the sale of properties is recognised on exchange of contracts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% on cost
Fixtures and fittings
20% on cost
Computers
25% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with
banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
page 3
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
10
8
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
page 4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
54,100
117,127
171,227
Depreciation and impairment
At 1 January 2021
54,100
110,782
164,882
Depreciation charged in the year
4,845
4,845
At 31 December 2021
54,100
115,627
169,727
Carrying amount
At 31 December 2021
1,500
1,500
At 31 December 2020
6,345
6,345
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
14,520
18,094
Amounts owed by group undertakings
308,133
296,291
Other debtors
523,316
518,327
845,969
832,712
Amounts owed by group undertakings
are interest free, unsecured and repayable on demand.
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
29,220
Trade creditors
13,896
9,889
Amounts owed to group undertakings
29,945
29,945
Taxation and social security
98,452
87,340
Other creditors
212,970
30,215
384,483
157,389
Included in other creditors is a loan from Mayhew Estates (Horley) Limited, a connected company
.
At the balance sheet date, the loan balance was £167,645 (2020: -£4,054).
A
mounts owed to group undertakings and loans from connected companies
are interest free, unsecured and repayable on demand.
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
page 5
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
118,405
The bank loan has been made under the Coronavirus Business Interruption Loan Scheme, which provides lenders with a government guarantee of 80% of the loan. Interest for the first 12 months is paid by the government via a Business Interruption Payment.
The company has given security by way of a fixed and floating charge.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
275,667
8
The impact of COVID-19
As a direct consequence of the Coronavirus (COVID-19) pandemic, the company followed UK government guidelines restricting activities during the Winter 2021 lockdown. Trading was able to continue with some staff working remotely.
The directors
took necessary
action to reduce costs and obtain government support through the Coronavirus Job Retention Scheme
to assist the business in continuing trading
.
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director 1
-
201,177
2,713
203,890
Director 2
-
203,690
937
204,627
404,867
3,650
408,517
11
Parent company
The
company is a wholly owned subsidiary of
Mayhew Holdings Limited
, whose registered office address is 117 London Road, East Grinstead, RH19 1EQ
.