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REGISTERED NUMBER:
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MAYFAIR DEVELOPMENT FINANCE |
LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2018 |
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REGISTERED NUMBER:
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MAYFAIR DEVELOPMENT FINANCE |
LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2018 |
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MAYFAIR DEVELOPMENT FINANCE |
LTD (REGISTERED NUMBER: 09890611) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Certified Accountants' Report | 6 |
MAYFAIR DEVELOPMENT FINANCE |
LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
MAYFAIR DEVELOPMENT FINANCE |
LTD (REGISTERED NUMBER: 09890611) |
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ABRIDGED BALANCE SHEET |
31ST MARCH 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Debtors |
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Investments |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MAYFAIR DEVELOPMENT FINANCE |
LTD (REGISTERED NUMBER: 09890611) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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1. | STATUTORY INFORMATION |
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Mayfair Development Finance Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Mayfair Development Finance Ltd 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. |
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Turnover |
Turnover represents fees invoiced to the customers, excluding Value Added Tax. |
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All of the turnover relates to two classes of business- procurement of commercial property finance and insurance |
intermediary. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic |
financial instruments are initially recognised at transaction value. |
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Basic Financial assets |
Basic financial assets, which include investments, debtors and cash and bank balances, are 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. |
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Basic Financial liabilities |
Basic financial liabilities, including creditors, bank loans 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. Financial liabilities classified as payable within one year are |
not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered |
into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of |
its liabilities. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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MAYFAIR DEVELOPMENT FINANCE |
LTD (REGISTERED NUMBER: 09890611) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Current asset investments |
The current asset investments are stated at lower of cost and net realisable value and any gains or losses on disposals are |
recognised in the profit and loss account. |
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Fixed asset investments |
Investments in subsidiaries are shown at cost less provision for impairment. |
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3. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1st April 2017 | 7 |
Additions | 4 |
At 31st March 2018 | 11 |
NET BOOK VALUE |
At 31st March 2018 | 11 |
At 31st March 2017 | 7 |
MAYFAIR DEVELOPMENT FINANCE |
LTD (REGISTERED NUMBER: 09890611) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
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4. | RELATED PARTY DISCLOSURES |
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Mayfair Development Finance (Southampton) Limited |
A wholly owned subsidiary |
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During the year the company has provided a loan of £60,000 to the related party which is an unsecured loan with no fixed |
terms for repayment. |
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Staniers |
L Pinkney is the proprietor of Staniers |
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Included within other creditors was £6,420 (2017 - £6,013) accrued for the expenses invoiced late by Staniers. |
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CVS Finance Limited |
L Pinkney is a director in the related party |
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During the year, following transactions took place with the related party: |
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- the related party provided an unsecured loan of £91,186 to the reporting entity. The loan was paid back |
fully in the post balance sheet period. |
- the related party transferred 1 ordinary share of £1 in CVS Devon Ltd, to the company. At the balance |
sheet date the company owed £91,187 to the related company. |
- the related party transferred its business to the reporting entity at cost. |
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Mayfair Development Finance (Chichester) Limited |
A wholly owned subsidiary |
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During the year the company charged arrangement fee of £41,714 (2017 - £nil) to the related party. |
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Bucklersbury Ltd |
L Pinkney is a director in the related party |
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During the year the company charged default fee of £12,000 (2017 - £nil) to the related party. |
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Mayfair Development Finance (Mansfield) Limited |
A wholly owned subsidiary |
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During the year the company charged arrangement fee of £41,608 (2017 - £nil) to the related party. |
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5. | POST BALANCE SHEET EVENTS |
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On 3rd September 2018, CVS Finance Limited transferred all its shares in Bucklersbury Ltd, at cost, to the reporting entity. |
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6. | ULTIMATE CONTROLLING PARTY |
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The controlling party is L S Pinkney. |
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The ultimate controlling party is
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CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MAYFAIR DEVELOPMENT FINANCE |
LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. |
Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the |
Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Mayfair Development Finance Ltd for the year ended 31st March 2018 which comprise the Abridged Income |
Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the Board of Directors of Mayfair Development Finance Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mayfair Development Finance Ltd and state those matters that we have agreed to state to the Board of Directors of Mayfair Development Finance Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Mayfair Development Finance Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mayfair Development Finance Ltd. You consider that Mayfair Development Finance Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Mayfair Development Finance Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Tax Advisers and |
Chartered Certified Accountants |
Broad House |
1 The Broadway |
Old Hatfield |
Herts |
AL9 5BG |
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