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REGISTERED NUMBER: 08316420 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

MGM PROPERTIES (LONDON) LIMITED

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MGM PROPERTIES (LONDON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: Mr M McGrath





REGISTERED OFFICE: 2 Mountside
Stanmore
Middlesex
HA7 2DT





REGISTERED NUMBER: 08316420 (England and Wales)





ACCOUNTANTS: Mountsides Limited
Chartered Accountants
2 Mountside
Stanmore
Middlesex
HA7 2DT

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

ABRIDGED BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment properties 6 1,123,072 1,123,072
1,123,072 1,123,072

CURRENT ASSETS
Debtors 16,761 20,834
Cash at bank and in hand 19,638 31,561
36,399 52,395
CREDITORS
Amounts falling due within one year (64,652 ) (81,753 )
NET CURRENT LIABILITIES (28,253 ) (29,358 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,094,819

1,093,714

CREDITORS
Amounts falling due after more than one
year

7

(609,140

)

(627,790

)

PROVISIONS FOR LIABILITIES (93,328 ) (93,328 )
NET ASSETS 392,351 372,596

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable reserve 466,642 466,642
Retained earnings (74,391 ) (94,146 )
SHAREHOLDERS' FUNDS 392,351 372,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

ABRIDGED BALANCE SHEET - continued
30 APRIL 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 11 March 2024 and were signed by:





Mr M McGrath - Director


MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

MGM Properties (London) 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. 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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents rents receivable, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost

GOVERNMENT GRANTS
Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Grants related to purchase of assets are treated as deferred income and allocated to income statement over the useful lives of the related assets while grants related to expenses are treated as other income in the income statement.

INVESTMENT PROPERTIES
Investment properties, which are properties held to earn rentals and/or capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in the income statement.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022
and 30 April 2023 2,158
DEPRECIATION
At 1 May 2022
and 30 April 2023 2,158
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 1,123,072
NET BOOK VALUE
At 30 April 2023 1,123,072
At 30 April 2022 1,123,072

The fair value of the company's investment properties was revalued in February 2017 by Andersons Estate Agents who are external to the company. The basis of the valuation was open market value. The director is of the opinion that the valuation remains appropriate at the reporting end date.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 149,727 168,377

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 239,727 258,377

The bank loan is secured by a debenture incorporating a fixed and floating charge over the undertaking and all property and assets of the company.The loan bears interest at 3.59% per annum and is repayable over 15 years.

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100