Company registration number 05751537 (England and Wales)
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,446
1,500
Current assets
Debtors
4
822,514
845,969
Cash at bank and in hand
589,165
647,086
1,411,679
1,493,055
Creditors: amounts falling due within one year
5
(295,955)
(384,483)
Net current assets
1,115,724
1,108,572
Total assets less current liabilities
1,157,170
1,110,072
Creditors: amounts falling due after more than one year
6
(89,352)
(118,405)
Provisions for liabilities
(12,279)
Net assets
1,055,539
991,667
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,055,537
991,665
Total equity
1,055,539
991,667
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 2022 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.
The 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.
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
page 2
The financial statements were approved by the board of directors and authorised for issue on 29 September 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 2022
page 3
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 amounts 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 2022
1
Accounting policies
(Continued)
page 4
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. Amounts 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 leases asset are consumed.
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
9
10
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
54,100
117,127
171,227
Additions
42,290
42,290
At 31 December 2022
54,100
159,417
213,517
Depreciation and impairment
At 1 January 2022
54,100
115,627
169,727
Depreciation charged in the year
2,344
2,344
At 31 December 2022
54,100
117,971
172,071
Carrying amount
At 31 December 2022
41,446
41,446
At 31 December 2021
1,500
1,500
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,550
14,520
Amounts owed by group undertakings
300,609
308,133
Other debtors
519,355
523,316
822,514
845,969
Amounts owed by group undertakings 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 2022
page 6
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
28,534
29,220
Trade creditors
17,346
13,896
Amounts owed to group undertakings
11,325
29,945
Taxation and social security
86,862
98,452
Other creditors
151,888
212,970
295,955
384,483
Included in other creditors is a loan from Mayhew Estates (Horley) Limited, a connected company. At the balance sheet date, the loan balance was £135,213 (2022: £167,645).
Amounts owed to group undertakings and loans from connected companies are interest free, unsecured and repayable on demand.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
89,352
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:
2022
2021
£
£
255,500
275,667
MAYHEW ESTATES (EAST GRINSTEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
page 7
8
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director 1
-
203,890
(6,204)
197,686
Director 2
-
204,627
(2,719)
201,908
408,517
(8,923)
399,594
10
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.