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REGISTERED NUMBER: 07900271 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

MMG Properties Limited

MMG Properties Limited (Registered number: 07900271)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MMG Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mrs Mala Manjit Singh Gill





REGISTERED OFFICE: 173 Cleveland Street
London
W1T 6QR





REGISTERED NUMBER: 07900271 (England and Wales)





ACCOUNTANTS: Shah Dodhia & Co
173 Cleveland Street
London
W1T 6QR

MMG Properties Limited (Registered number: 07900271)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 22,537,248 21,968,126

CURRENT ASSETS
Debtors 5 1,320,559 1,526,713
Cash at bank 99,721 346,467
1,420,280 1,873,180
CREDITORS
Amounts falling due within one year 6 463,765 153,503
NET CURRENT ASSETS 956,515 1,719,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,493,763

23,687,803

CREDITORS
Amounts falling due after more than one
year

7

(3,257,767

)

(3,485,627

)

PROVISIONS FOR LIABILITIES (1,642,100 ) (1,642,100 )
NET ASSETS 18,593,896 18,560,076

CAPITAL AND RESERVES
Called up share capital 12 12
Share premium 12,179,705 12,179,705
Retained earnings 6,414,179 6,380,359
18,593,896 18,560,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

MMG Properties Limited (Registered number: 07900271)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





Mrs Mala Manjit Singh Gill - Director


MMG Properties Limited (Registered number: 07900271)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

MMG Properties 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.

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 as modified by the revaluation of certain assets.

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

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

The turnover shown in the profit and loss account represents rental income receivable.

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings - 25% on cost
Motor Vehicles - 20% on cost

Financial instruments
Trade and other debtors/creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Debtors and creditors payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash expected to be paid or received, net of impairment.

Borrowings classified as basic financial instruments
Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MMG Properties Limited (Registered number: 07900271)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investment property
Investment properties are recognised initially at cost. Investment properties are annually revalued to fair value. Any gains or losses arising from changes in the fair value are recognised in profit and loss in the year that they arise and no depreciation is provided in respect of investment properties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 April 2023 21,963,471 33,626 21,997,097
Additions 493,192 148,353 641,545
Disposals - (67,769 ) (67,769 )
At 31 March 2024 22,456,663 114,210 22,570,873
DEPRECIATION
At 1 April 2023 - 28,971 28,971
Charge for year - 4,654 4,654
At 31 March 2024 - 33,625 33,625
NET BOOK VALUE
At 31 March 2024 22,456,663 80,585 22,537,248
At 31 March 2023 21,963,471 4,655 21,968,126

The historical cost of the properties is £14,077,084 (2023: £13,583,892).

Included in Land and Buildings are investment properties which were professionally valued at £20.6m in June 2022 by Knight Frank on the basis of Existing Use Value, inclusive of the fixtures and fittings in accordance with The Royal Institution of Chartered Surveyors Global Standards. Investment properties are carried forward at this valuation and addition thereafter at cost. The director has considered the fair value at the Balance Sheet date and do not consider this to be significantly different from the value stated in the financial statements.

MMG Properties Limited (Registered number: 07900271)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed by related parties 1,252,511 1,432,864
Other debtors 68,048 93,849
1,320,559 1,526,713

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 129,093 13,140
Amounts owed to related parties 133,279 1
Taxation and social security 4,917 9,718
Other creditors 196,476 130,644
463,765 153,503

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loan 3,000,000 3,000,000
Finance leases 38,400 -
Amount owed to group
undertaking 219,367 485,627
3,257,767 3,485,627

The bank loan was refinanced in September 2022 for a period of five years. The loan is secured by a first legal charge over the company's freehold properties together with a debenture and a charge over the shares of the company given by the parent undertaking. The loan is available at base rate plus a margin of 2.25% per annum until 2027, repayable in full on maturity.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mrs Mala Manjit Singh Gill
Balance outstanding at start of year 16,780 19,019
Amounts advanced 279,303 288,449
Amounts repaid (345,186 ) (290,688 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (49,103 ) 16,780

MMG Properties Limited (Registered number: 07900271)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. RELATED PARTY DISCLOSURES

As at 31 March 2024, the company had received an interest bearing loan of £219,367 (2023: £485,627 from the parent undertaking. The loan is unsecured and interest is payable at 7.6% p.a (2023: 5.9% p.a).

The company has given interest bearing loan of £1,223,188 (2023: £1,346,378) to a company under the common control. The loan is unsecured and interest is receivable at 7.6% p.a. (2023: 5.9% p.a.).

The company has also given an interest bearing loan of £29,323 (2023: £29,323) to a company owned by the family member of the managing director. The loan is unsecured and receivable on demand.

The directors confirm that there were no other material related party transactions during the year that require disclosure.

10. CONTROLLING PARTY

The controlling party is MMG Holdings Limited.

The company is a wholly owned subsidiary of MMG Holdings Limited, a company registered in Isle of Man.