Silverfin false 31/03/2023 01/04/2022 31/03/2023 M Javadi 03/03/2005 23 November 2023 The principal activity of the company is that of a wine bar. 05381408 2023-03-31 05381408 bus:Director1 2023-03-31 05381408 2022-03-31 05381408 core:CurrentFinancialInstruments 2023-03-31 05381408 core:CurrentFinancialInstruments 2022-03-31 05381408 core:ShareCapital 2023-03-31 05381408 core:ShareCapital 2022-03-31 05381408 core:RetainedEarningsAccumulatedLosses 2023-03-31 05381408 core:RetainedEarningsAccumulatedLosses 2022-03-31 05381408 core:Goodwill 2022-03-31 05381408 core:Goodwill 2023-03-31 05381408 core:LeaseholdImprovements 2022-03-31 05381408 core:FurnitureFittings 2022-03-31 05381408 core:LeaseholdImprovements 2023-03-31 05381408 core:FurnitureFittings 2023-03-31 05381408 bus:OrdinaryShareClass1 2023-03-31 05381408 2022-04-01 2023-03-31 05381408 bus:FullAccounts 2022-04-01 2023-03-31 05381408 bus:SmallEntities 2022-04-01 2023-03-31 05381408 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05381408 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05381408 bus:Director1 2022-04-01 2023-03-31 05381408 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 05381408 core:FurnitureFittings 2022-04-01 2023-03-31 05381408 2021-04-01 2022-03-31 05381408 core:LeaseholdImprovements 2022-04-01 2023-03-31 05381408 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05381408 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05381408 (England and Wales)

MGM TORBAY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MGM TORBAY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MGM TORBAY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
MGM TORBAY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR M Javadi
REGISTERED OFFICE Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 05381408 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
MGM TORBAY LIMITED

BALANCE SHEET

As at 31 March 2023
MGM TORBAY LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 19,816 14,638
19,816 14,638
Current assets
Stocks 2,000 2,000
Debtors 5 69,804 27,604
Cash at bank and in hand 98,642 208,122
170,446 237,726
Creditors: amounts falling due within one year 6 ( 19,810) ( 59,398)
Net current assets 150,636 178,328
Total assets less current liabilities 170,452 192,966
Provision for liabilities ( 3,000) ( 3,026)
Net assets 167,452 189,940
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 167,352 189,840
Total shareholder's funds 167,452 189,940

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of MGM Torbay Limited (registered number: 05381408) were approved and authorised for issue by the Director on 23 November 2023. They were signed on its behalf by:

M Javadi
Director
MGM TORBAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MGM TORBAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MGM Torbay Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom

The principal place of business is:
2 Vaughan Parade
Torquay
TQ2 5EF

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In the opinion of the director, the company has sufficient working capital to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Turnover

Turnover comprises the fair value of bar, food and sundry takings in the ordinary course of the company’s activities, and is shown net of value added tax.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset
over its expected useful life, as follows:

Leasehold improvements not depreciated
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 399,999 399,999
At 31 March 2023 399,999 399,999
Accumulated amortisation
At 01 April 2022 399,999 399,999
At 31 March 2023 399,999 399,999
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 1 38,473 38,474
Additions 0 11,788 11,788
At 31 March 2023 1 50,261 50,262
Accumulated depreciation
At 01 April 2022 0 23,836 23,836
Charge for the financial year 0 6,610 6,610
At 31 March 2023 0 30,446 30,446
Net book value
At 31 March 2023 1 19,815 19,816
At 31 March 2022 1 14,637 14,638

5. Debtors

2023 2022
£ £
Trade debtors 5,460 0
Amounts owed by director 58,254 25,773
Prepayments 6,090 1,831
69,804 27,604

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,074 11,284
Accruals 3,410 3,460
Taxation and social security 6,567 43,189
Other creditors 3,759 1,465
19,810 59,398

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Brought forward balance 25,774 38,152
Advances to directors 84,849 76,956
Repayments by director (52,369) (89,334)
Carried forward balance 58,254 25,774

Loan repayable on demand and interest charged at the official HMRC rate.