IRIS Accounts Production v24.1.9.2 09362359 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh093623592022-12-31093623592023-12-31093623592023-01-012023-12-31093623592021-12-31093623592022-01-012022-12-31093623592022-12-3109362359ns15:EnglandWales2023-01-012023-12-3109362359ns14:PoundSterling2023-01-012023-12-3109362359ns10:Director12023-01-012023-12-3109362359ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109362359ns10:SmallEntities2023-01-012023-12-3109362359ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3109362359ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109362359ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109362359ns10:AbridgedAccounts2023-01-012023-12-3109362359ns10:Director22023-01-012023-12-3109362359ns10:CompanySecretary12023-01-012023-12-3109362359ns10:RegisteredOffice2023-01-012023-12-3109362359ns5:CurrentFinancialInstruments2023-12-3109362359ns5:CurrentFinancialInstruments2022-12-3109362359ns5:Non-currentFinancialInstruments2023-12-3109362359ns5:Non-currentFinancialInstruments2022-12-3109362359ns5:ShareCapital2023-12-3109362359ns5:ShareCapital2022-12-3109362359ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3109362359ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3109362359ns5:RetainedEarningsAccumulatedLosses2023-12-3109362359ns5:RetainedEarningsAccumulatedLosses2022-12-3109362359ns5:PlantMachinery2023-01-012023-12-3109362359ns5:MotorVehicles2023-01-012023-12-3109362359ns5:ComputerEquipment2023-01-012023-12-3109362359ns5:Secured2023-12-3109362359ns5:Secured2022-12-31
REGISTERED NUMBER: 09362359 (England and Wales)







Financial Statements for the Year Ended 31st December 2023

for

Mg Lakes Property Limited

Mg Lakes Property Limited (Registered number: 09362359)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Mg Lakes Property Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: G B Sinclair
M J McAuley





SECRETARY: Gateley Secretaries Limited





REGISTERED OFFICE: One Eleven
Edmund Street
Birmingham
B3 2HJ





REGISTERED NUMBER: 09362359 (England and Wales)





ACCOUNTANTS: The Richards Sandy Partnership
Thorneloe House
25 Barbourne Road
Worcester
Worcestershire
WR1 1RU

Mg Lakes Property Limited (Registered number: 09362359)

Abridged Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,058 458
Investments 5 475,674 444,158
Investment property 6 11,000,000 14,842,551
11,517,732 15,287,167

CURRENT ASSETS
Debtors 9,842,148 22,938
Cash at bank 463,381 588,040
10,305,529 610,978
CREDITORS
Amounts falling due within one year 6,496,584 954,193
NET CURRENT ASSETS/(LIABILITIES) 3,808,945 (343,215 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,326,677

14,943,952

CREDITORS
Amounts falling due after more than one
year

7

(1,459,595

)

(5,622,084

)

PROVISIONS FOR LIABILITIES (794,820 ) (187,016 )
NET ASSETS 13,072,262 9,134,852

CAPITAL AND RESERVES
Called up share capital 4,366,122 4,366,122
Non-distributable reserve 2,856,870 702,851
Retained earnings 5,849,270 4,065,879
SHAREHOLDERS' FUNDS 13,072,262 9,134,852

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

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

Mg Lakes Property Limited (Registered number: 09362359)

Abridged Balance Sheet - continued
31st December 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 31st December 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 Board of Directors and authorised for issue on 8th August 2024 and were signed on its behalf by:





G B Sinclair - Director


Mg Lakes Property Limited (Registered number: 09362359)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Mg Lakes Property 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.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in non-distributable reserves.

LISTED INVESTMENTS
Investments quoted on a recognised stock exchange are valued at market value at the year end. Both realised and unrealised gains are included as net gains/losses on investments on the income statement.

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.

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.

Mg Lakes Property Limited (Registered number: 09362359)

Notes to the Financial Statements - continued
for the Year Ended 31st December 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.

RENTAL INCOME
Income from operating leases is recognised on a straight line basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st January 2023 1,705
Additions 55,999
At 31st December 2023 57,704
DEPRECIATION
At 1st January 2023 1,247
Charge for year 14,399
At 31st December 2023 15,646
NET BOOK VALUE
At 31st December 2023 42,058
At 31st December 2022 458

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1st January 2023 444,158
Additions 537
Revaluations 30,979
At 31st December 2023 475,674
NET BOOK VALUE
At 31st December 2023 475,674
At 31st December 2022 444,158



Mg Lakes Property Limited (Registered number: 09362359)

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

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023 14,842,551
Disposals (7,552,126 )
Revaluations 3,709,575
At 31st December 2023 11,000,000
NET BOOK VALUE
At 31st December 2023 11,000,000
At 31st December 2022 14,842,551

Investment property has been valued at the year end by the directors.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans - due after 5 years 447,924 1,497,271

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,368,541 3,779,252

The bank loans are secured by way of mortgage charges over the investment property and fixed and floating charges over all assets and income of the company.

9. RELATED PARTY DISCLOSURES

At the year end the company owed the directors a total of £1,191,209 (2022 - £2,230,996). Interest payable on these loans at a rate of 10% pa totalled £192,890 (2022 - £239,932).