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REGISTERED NUMBER: 03842942 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

M G Property Developments Limited

M G Property Developments Limited (Registered number: 03842942)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


M G Property Developments Limited (Registered number: 03842942)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £ £
Fixed assets
Tangible assets 5 34,765 42,986
Investments 6 100 100
34,865 43,086

Current assets
Stocks 337,337 884,267
Debtors 7 1,946,719 1,263,972
Cash at bank 17 18
2,284,073 2,148,257
Creditors
Amounts falling due within one year 8 (33,470 ) (210,374 )
Net current assets 2,250,603 1,937,883
Total assets less current liabilities 2,285,468 1,980,969

Provisions for liabilities (6,605 ) (8,165 )
Net assets 2,278,863 1,972,804

Capital and reserves
Called up share capital 100 100
Retained earnings 2,278,763 1,972,704
2,278,863 1,972,804

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

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

M G Property Developments Limited (Registered number: 03842942)

Balance Sheet - continued
31 October 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 Board of Directors and authorised for issue on 31 March 2024 and were signed on its behalf by:





Mr J M Grief - Director


M G Property Developments Limited (Registered number: 03842942)

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


1. Statutory information

M G Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03842942

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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. These individual financial statements are prepared in sterling, which is the functional currency of the entity.

3. Accounting policies

Basis of preparing the financial statements
The individual financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about M G Property Developments 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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

M G Property Developments Limited (Registered number: 03842942)

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


3. Accounting policies - continued

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 - 20% p.a. reducing balance
Computer equipment - 20% p.a. reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are measured at the lower of cost and estimated selling price less costs to complete and
sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing
the stock to its present location and condition.

M G Property Developments Limited (Registered number: 03842942)

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


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


M G Property Developments Limited (Registered number: 03842942)

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


3. 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.

4. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

5. Tangible fixed assets
Plant and Computer
machinery equipment Totals
£ £ £
Cost
At 1 November 2022 56,487 5,478 61,965
Additions - 400 400
At 31 October 2023 56,487 5,878 62,365
Depreciation
At 1 November 2022 15,358 3,621 18,979
Charge for year 8,223 398 8,621
At 31 October 2023 23,581 4,019 27,600
Net book value
At 31 October 2023 32,906 1,859 34,765
At 31 October 2022 41,129 1,857 42,986

M G Property Developments Limited (Registered number: 03842942)

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


6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 November 2022
and 31 October 2023 100
Net book value
At 31 October 2023 100
At 31 October 2022 100

7. Debtors: amounts falling due within one year
31.10.23 31.10.22
£ £
Other debtors 1,946,719 1,263,972

8. Creditors: amounts falling due within one year
31.10.23 31.10.22
£ £
Trade creditors 22,309 2,756
Taxation and social security 3,361 129
Other creditors 7,800 207,489
33,470 210,374