REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 July 2019 |
|
for |
|
Maybrook Investments Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 July 2019 |
|
for |
|
Maybrook Investments Limited |
Maybrook Investments Limited (Registered number: 08175829) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31 July 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Maybrook Investments Limited |
|
Company Information |
for the year ended 31 July 2019 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Meryll House |
57 Worcester Road |
Bromsgrove |
Worcestershire |
B61 7DN |
Maybrook Investments Limited (Registered number: 08175829) |
|
Balance Sheet |
31 July 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Investment property revaluation reserve | 11 |
|
|
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
Maybrook Investments Limited (Registered number: 08175829) |
|
Balance Sheet - continued |
31 July 2019 |
|
|
|
|
|
|
The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director and authorised for issue on
signed by: |
|
|
|
|
|
|
|
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements |
for the year ended 31 July 2019 |
|
1. | STATUTORY INFORMATION |
|
Maybrook Investments Limited is a
|
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 (£). |
|
|
The financial statements are rounded to the nearest £1. |
|
The company's business address is Redclyffe, Mere Road, Newton Le Willows, WA12 0BH. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Maybrook Investments Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements. |
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose |
related party transactions with wholly owned subsidiaries within the group. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
|
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
|
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
|
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. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held |
under finance leases are depreciated over their estimated useful lives or the lease term, whichever is |
the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period |
of the lease. |
|
Going concern basis of accounting |
The accounts have been prepared on the assumption that the company is able to carry on business as a |
going concern, which the director considers appropriate having regard to the circumstances outlined |
in a note to the accounts. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2018 - NIL). |
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2018 |
|
Additions |
|
Disposals | ( |
) |
At 31 July 2019 |
|
DEPRECIATION |
At 1 August 2018 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 July 2019 |
|
NET BOOK VALUE |
At 31 July 2019 |
|
At 31 July 2018 |
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
|
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2018 |
|
Disposals | ( |
) |
Transfer to ownership | (160,027 | ) |
At 31 July 2019 |
|
DEPRECIATION |
At 1 August 2018 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
Transfer to ownership | (99,501 | ) |
At 31 July 2019 |
|
NET BOOK VALUE |
At 31 July 2019 |
|
At 31 July 2018 |
|
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
5. | FIXED ASSET INVESTMENTS |
|
2019 | 2018 |
£ | £ |
Shares in group undertakings |
|
|
Loans to group undertakings |
|
|
|
|
|
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2018 |
|
Additions |
|
At 31 July 2019 |
|
NET BOOK VALUE |
At 31 July 2019 |
|
At 31 July 2018 |
|
Loans to |
group |
undertakings |
£ |
New in year |
|
At 31 July 2019 |
|
|
During the year under review, the company has completed the outright purchase of, Maybrook |
Developments (Appley Bridge) Ltd which is now a wholly owned subsidiary of Maybrook |
Investments Ltd). This has added approximately 76 acres of mainly former quarry sites, with very |
strong, long term development opportunities, (currently valued at £2,660,000) to the consolidated |
portfolio. |
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2018 |
|
Additions |
|
Revaluations | 700,000 |
At 31 July 2019 |
|
NET BOOK VALUE |
At 31 July 2019 |
|
At 31 July 2018 |
|
|
Fair value at 31 July 2019 is represented by: |
|
£ |
Valuation in 2012 | 264,965 |
Valuation in 2014 | 1,751,423 |
Valuation in 2018 | 420,000 |
Valuation in 2019 | 700,000 |
Cost | 6,282,714 |
9,419,102 |
|
If investment properties had not been revalued they would have been included at the following |
historical cost: |
|
2019 | 2018 |
£ | £ |
Cost | 6,282,714 | 2,538,612 |
|
Investment properties were valued on an open market basis on 31 July 2019 by the director . |
|
The director considers his valuations to appropriate having considered four professional valuations |
performed on two properties by a qualified RICS registered valuer on 30th April 2018, 9th May 2019 |
and 11th December 2019 for the purposes of bank security. |
|
The investment property revalued on 30th April 2018 has been included at a value based upon its sale |
subject to the existing tenancies with short notice less than 180 days The tenant of the property has |
exercised an option to purchase clause in the tenancy, but at the balance sheet date the sale had not |
completed. The sales price of the property is therefore included in trade debtors and deferred income. |
|
The property valued on the 9th May 2019 has been included assuming full vacant possession. |
|
If the properties had been included at open market value with existing tenancies then the valuation |
would increase by a further £450,000. |
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Amounts owed by associates |
|
|
Other debtors |
|
|
Tax |
|
|
Prepayments |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
|
|
Other loans |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 166,109 | 90,513 |
Other creditors |
|
|
Directors' current accounts | 532,019 | 131,496 |
Accruals and deferred income |
|
|
|
|
|
The 'Other loans' amount outstanding above is bridging loan monies taken out to finance the purchase |
of the subsidiary company Maybrook Developments (Appley Bridge) Limited. This subsidiary |
company has investment property of £2,660,000 included in its balance sheet and no bank/loan |
borrowings. |
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans - 2-5 years |
|
|
Bank loans more 5 yr by instal |
|
|
Other loans - 1-2 years |
|
|
Hire purchase contracts |
|
|
|
|
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2019 | 2018 |
£ | £ |
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 4,389,915 | 4,140,607 |
|
The 'Other loans 1-2 years' of £3,150,000 outstanding above are monies taken out to finance the |
purchase of the subsidiary company Maybrook Developments (Appley Bridge) Limited and adjoining |
investment property addition of £3,744,102 shown in investment property additions. |
|
The 'Bank loans' amount financed the purchase of another subsidiary company Bryn Coch Ltd. This |
subsidiary company has investment property of £3,354,819 included in its balance sheet and no |
bank/loan borrowings. |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Other loans |
|
|
Hire purchase contracts | 188,296 | 271,081 |
|
|
|
The bank loans are secured by fixed charges over the investment properties and also floating charges |
over all the assets of the company dated 18 June 2018. |
|
The hire purchase liabilities are secured over the assets concerned. |
|
The other loans are secured by charges over the company and that of its subsidiary companies Bryn |
Coch Ltd, Maybrook Developments (Appley Bridge) Ltd and Lendline (NW) Ltd. |
Maybrook Investments Limited (Registered number: 08175829) |
|
Notes to the Financial Statements - continued |
for the year ended 31 July 2019 |
|
11. | RESERVES |
Investment |
property |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 August 2018 | ( |
) |
|
2,004,852 |
Profit for the year |
|
|
Reserve transfer deferred
taxation |
125,983 |
(125,983 |
) |
- |
|
Fair value change in year | (700,000 | ) | 700,000 | - |
At 31 July 2019 | ( |
) |
|
2,162,233 |
|
A transfer from the retained earnings reserve has been made to reflect the adjustments in the fair value |
recognised in the income statement during the year. |
|
A further reserve transfer has been made in respect of the deferred taxation charge on the investment |
properties as a result of changes in indexation and the corporation tax rate enacted at the date of the |
balance sheet. |
|
12. | OFF-BALANCE SHEET ARRANGEMENTS |
|
The company has entered into joint security arrangements with the subsidiaries Bryn Coch Limited, |
Maybrook Developments (Appley Bridge) Ltd and Lendline (NW) Ltd in respect of the bank loans |
and other loans included in this company. |
|
13. | POST BALANCE SHEET EVENTS |
|
Since the year end company has completed the purchase of 100% of the share capital Lendline (NW) |
Limited for £250,000. |
|
14. | GOING CONCERN |
|
The company will continue to receive full support from its director. As a result the going concern |
basis of accounting has been adopted. |