IRIS Accounts Production v23.2.0.158 05408797 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh054087972022-03-31054087972023-03-31054087972022-04-012023-03-31054087972021-03-31054087972021-04-012022-03-31054087972022-03-3105408797ns10:Originalns15:EnglandWales2022-04-012023-03-3105408797ns14:PoundSterlingns10:Original2022-04-012023-03-3105408797ns10:Originalns10:Director12022-04-012023-03-3105408797ns10:Original2022-04-012023-03-3105408797ns10:Original2023-03-3105408797ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3105408797ns10:Originalns10:SmallEntities2022-04-012023-03-3105408797ns10:Originalns10:AuditExemptWithAccountantsReport2022-04-012023-03-3105408797ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105408797ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3105408797ns10:Originalns10:FullAccounts2022-04-012023-03-3105408797ns10:Originalns10:Director22022-04-012023-03-3105408797ns10:CompanySecretary1ns10:Original2022-04-012023-03-3105408797ns10:Originalns10:RegisteredOffice2022-04-012023-03-3105408797ns10:Original2022-03-3105408797ns10:Originalns5:CurrentFinancialInstruments2023-03-3105408797ns10:Originalns5:CurrentFinancialInstruments2022-03-3105408797ns5:ShareCapitalns10:Original2023-03-3105408797ns5:ShareCapitalns10:Original2022-03-3105408797ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3105408797ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3105408797ns10:Originalns5:PlantMachinery2022-04-012023-03-3105408797ns10:Original2021-04-012022-03-3105408797ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-03-3105408797ns10:Originalns5:PlantMachinery2022-03-3105408797ns10:Original2022-03-3105408797ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-04-012023-03-3105408797ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2023-03-3105408797ns10:Originalns5:PlantMachinery2023-03-3105408797ns5:LongLeaseholdAssetsns10:Originalns5:LandBuildings2022-03-3105408797ns10:Originalns5:PlantMachinery2022-03-3105408797ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3105408797ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: 05408797 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

MGC Property Developments Limited

MGC Property Developments Limited (Registered number: 05408797)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

MGC Property Developments Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S M Pike
Mrs P D Pike





SECRETARY: S M Pike





REGISTERED OFFICE: 5 Barnfield Cresent
Exeter
Devon
EX1 1QT





REGISTERED NUMBER: 05408797 (England and Wales)





ACCOUNTANTS: Kirk Hills Chartered Accountants
5 Barnfield Crescent
Exeter
Devon
EX1 1QT

MGC Property Developments Limited (Registered number: 05408797)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 863,390 868,790

CURRENT ASSETS
Debtors 5 102,842 42,809
Cash at bank 115,892 109,343
218,734 152,152
CREDITORS
Amounts falling due within one year 6 60,014 54,865
NET CURRENT ASSETS 158,720 97,287
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,022,110

966,077

PROVISIONS FOR LIABILITIES 7,901 8,631
NET ASSETS 1,014,209 957,446

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 914,209 857,446
SHAREHOLDERS' FUNDS 1,014,209 957,446

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 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
(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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:





S M Pike - Director


MGC Property Developments Limited (Registered number: 05408797)

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


1. STATUTORY INFORMATION

MGC Property Developments 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 represents rents receivable in the period excluding VAT.

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.
Plant and machinery - 10% on cost

Long leaseholds are amortised once the term of the lease is less than 50 years. They are then depreciated at 2% per annum.

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortisation cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors 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 amortisation cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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 balance sheet date.


MGC Property Developments Limited (Registered number: 05408797)

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


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.

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 820,650 253,532 1,074,182
DEPRECIATION
At 1 April 2022 - 205,392 205,392
Charge for year - 5,400 5,400
At 31 March 2023 - 210,792 210,792
NET BOOK VALUE
At 31 March 2023 820,650 42,740 863,390
At 31 March 2022 820,650 48,140 868,790

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 84,000 42,000
Other debtors 18,842 809
102,842 42,809

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 2,406 -
Taxation and social security 22,258 19,514
Other creditors 35,350 35,351
60,014 54,865

7. RELATED PARTY DISCLOSURES

The Company rents its property to a Company that is controlled by the directors, The rent outstanding at the year end was £84,000 (2022 - £42,000).

Included in other debtors was a loan of £17,849 (2022 £0) to a Company controlled by a director. The loan carried interest of 2% above standard base rate and was repayable on demand.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
MGC Property Developments Limited


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 Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGC Property Developments Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MGC Property Developments Limited, 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 MGC Property Developments Limited and state those matters that we have agreed to state to the Board of Directors of MGC Property Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGC Property Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MGC Property Developments Limited 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 MGC Property Developments Limited. You consider that MGC Property Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MGC Property Developments Limited. 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.






Kirk Hills Chartered Accountants
5 Barnfield Crescent
Exeter
Devon
EX1 1QT


21 September 2023