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REGISTERED NUMBER: 08175829 (England and Wales)















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: P B G O'Dowd





REGISTERED OFFICE: Meryll House
57 Worcester Road
Bromsgrove
Worcestershire
B61 7DN





REGISTERED NUMBER: 08175829 (England and Wales)





ACCOUNTANTS: Pinfields Limited
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 4 226,354 333,062
Investments 5 3,454,653 981,597
Investment property 6 9,419,102 4,975,000
13,100,109 6,289,659

CURRENT ASSETS
Debtors 7 1,600,912 811,735
Cash at bank 84,819 306,836
1,685,731 1,118,571
CREDITORS
Amounts falling due within one year 8 4,124,823 418,226
NET CURRENT (LIABILITIES)/ASSETS (2,439,092 ) 700,345
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,661,017

6,990,004

CREDITORS
Amounts falling due after more than one
year

9

(8,065,792

)

(4,598,296

)

PROVISIONS FOR LIABILITIES (432,892 ) (386,756 )
NET ASSETS 2,162,333 2,004,952

CAPITAL AND RESERVES
Called up share capital 100 100
Investment property revaluation reserve 11 2,590,290 2,016,273
Retained earnings 11 (428,057 ) (11,421 )
SHAREHOLDERS' FUNDS 2,162,333 2,004,952

Maybrook Investments Limited (Registered number: 08175829)

Balance Sheet - continued
31 July 2019


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 April 2020 and were
signed by:





P B G O'Dowd - Director


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 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 (£).


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
These 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

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 528,502
Additions 3,699
Disposals (66,308 )
At 31 July 2019 465,893
DEPRECIATION
At 1 August 2018 195,440
Charge for year 86,259
Eliminated on disposal (42,160 )
At 31 July 2019 239,539
NET BOOK VALUE
At 31 July 2019 226,354
At 31 July 2018 333,062

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 290,027
Disposals (40,000 )
Transfer to ownership (160,027 )
At 31 July 2019 90,000
DEPRECIATION
At 1 August 2018 134,345
Charge for year 20,625
Eliminated on disposal (27,344 )
Transfer to ownership (99,501 )
At 31 July 2019 28,125
NET BOOK VALUE
At 31 July 2019 61,875
At 31 July 2018 155,682

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 1,802,285 981,597
Loans to group undertakings 1,652,368 -
3,454,653 981,597

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 August 2018 981,597
Additions 820,688
At 31 July 2019 1,802,285
NET BOOK VALUE
At 31 July 2019 1,802,285
At 31 July 2018 981,597
Loans to
group
undertakings
£   
New in year 1,652,368
At 31 July 2019 1,652,368

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 4,975,000
Additions 3,744,102
Revaluations 700,000
At 31 July 2019 9,419,102
NET BOOK VALUE
At 31 July 2019 9,419,102
At 31 July 2018 4,975,000

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 424,865 322,323
Amounts owed by group undertakings 324,915 306,860
Amounts owed by associates 788,585 148,152
Other debtors 5 -
Tax 10,012 -
Prepayments 52,530 34,400
1,600,912 811,735

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Bank loans and overdrafts 7,292 -
Other loans 533,000 -
Hire purchase contracts 65,212 82,785
Trade creditors 330 3,630
Amounts owed to group undertakings 136,682 -
Tax - 17,711
Social security and other taxes 3,600 23,523
VAT 166,109 90,513
Other creditors 2,540,994 1,680
Directors' current accounts 532,019 131,496
Accruals and deferred income 139,585 66,888
4,124,823 418,226

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 402,793 269,393
Bank loans more 5 yr by instal 4,389,915 4,140,607
Other loans - 1-2 years 3,150,000 -
Hire purchase contracts 123,084 188,296
8,065,792 4,598,296

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 4,800,000 4,410,000
Other loans 3,683,000 -
Hire purchase contracts 188,296 271,081
8,671,296 4,681,081

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 (11,421 ) 2,016,273 2,004,852
Profit for the year 157,381 157,381
Reserve transfer deferred
taxation

125,983

(125,983

)

-

Fair value change in year (700,000 ) 700,000 -
At 31 July 2019 (428,057 ) 2,590,290 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.