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REGISTERED NUMBER: 09922835 (England and Wales)











Financial Statements

for the Year Ended 31 March 2023

for

MGM Logistics Limited

MGM Logistics Limited (Registered number: 09922835)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


MGM Logistics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: M G Marjoram





REGISTERED OFFICE: Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ





BUSINESS ADDRESS: Clearfast House
Haven Exchange
Felixstowe
Suffolk
IP11 2QX





REGISTERED NUMBER: 09922835 (England and Wales)





ACCOUNTANTS: Ballams Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

MGM Logistics Limited (Registered number: 09922835)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,003 3,061
Investment property 5 1,165,350 -
1,166,353 3,061

CURRENT ASSETS
Debtors 6 73,455 192,676
Cash at bank 1,485 460,000
74,940 652,676
CREDITORS
Amounts falling due within one year 7 881,876 365,853
NET CURRENT (LIABILITIES)/ASSETS (806,936 ) 286,823
TOTAL ASSETS LESS CURRENT LIABILITIES 359,417 289,884

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 359,317 289,784
SHAREHOLDERS' FUNDS 359,417 289,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

MGM Logistics Limited (Registered number: 09922835)

Statement of Financial Position - continued
31 March 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 October 2023 and were signed by:





M G Marjoram - Director


MGM Logistics Limited (Registered number: 09922835)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

MGM Logistics 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 (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from arranging container transport out of UK ports is recognised by reference to the stage of completion at the statement of financial position date. Stage of completion is measured by reference to the date the containers are collected from the port and delivery commences.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on 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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.


MGM Logistics Limited (Registered number: 09922835)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022
and 31 March 2023 7,576
DEPRECIATION
At 1 April 2022 4,515
Charge for year 2,058
At 31 March 2023 6,573
NET BOOK VALUE
At 31 March 2023 1,003
At 31 March 2022 3,061

MGM Logistics Limited (Registered number: 09922835)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 1,165,350
At 31 March 2023 1,165,350
NET BOOK VALUE
At 31 March 2023 1,165,350

In the opinion of the director, the open market value of the investment property at 31 March 2023 is the same as its acquisition cost during the year.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 52,039 157,425
Other debtors 21,416 35,251
73,455 192,676

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 110,445 320,224
Amounts owed to related company 752,250 -
Taxation and social security 17,381 38,730
Other creditors 1,800 6,899
881,876 365,853

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

9. RELATED PARTY DISCLOSURES

Creditors due within one year include £752,250 owed to a company of which M G Marjoram is a director and shareholder. This amount is unsecured, repayable on demand and interest free.

During the year the company was charged £55,000 (2022 - £200,000) for staff costs and management services provided by a related company of which M G Marjoram is a director and shareholder.