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Company No: 05278523 (England and Wales)

MPG ENTERPRISES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

MPG ENTERPRISES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

MPG ENTERPRISES LIMITED

BALANCE SHEET

As at 30 November 2023
MPG ENTERPRISES LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 20,000
Tangible assets 4 1,345,650 1,090,927
1,355,650 1,110,927
Current assets
Stocks 562,486 447,826
Debtors 5 8,679 99,925
Cash at bank and in hand 147,111 447,095
718,276 994,846
Creditors: amounts falling due within one year 6 ( 604,073) ( 494,586)
Net current assets 114,203 500,260
Total assets less current liabilities 1,469,853 1,611,187
Creditors: amounts falling due after more than one year 7 ( 492,581) ( 568,457)
Provision for liabilities ( 30,996) ( 10,195)
Net assets 946,276 1,032,535
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 946,176 1,032,435
Total shareholders' funds 946,276 1,032,535

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of MPG Enterprises Limited (registered number: 05278523) were approved and authorised for issue by the Board of Directors on 21 August 2024. They were signed on its behalf by:

Mr P Blell
Director
MPG ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
MPG ENTERPRISES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

MPG Enterprises 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, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover represents amounts due on goods delivered during the period exclusive 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 20 years straight line
Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 15 years straight line
Fixtures and fittings 20 % reducing balance
Office equipment 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated 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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 14

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 200,000 200,000
At 30 November 2023 200,000 200,000
Accumulated amortisation
At 01 December 2022 180,000 180,000
Charge for the financial year 10,000 10,000
At 30 November 2023 190,000 190,000
Net book value
At 30 November 2023 10,000 10,000
At 30 November 2022 20,000 20,000

4. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 1,076,587 38,347 65,655 11,088 1,191,677
Additions 186,290 12,583 116,526 0 315,399
At 30 November 2023 1,262,877 50,930 182,181 11,088 1,507,076
Accumulated depreciation
At 01 December 2022 49,146 17,898 24,834 8,872 100,750
Charge for the financial year 25,256 3,396 31,469 555 60,676
At 30 November 2023 74,402 21,294 56,303 9,427 161,426
Net book value
At 30 November 2023 1,188,475 29,636 125,878 1,661 1,345,650
At 30 November 2022 1,027,441 20,449 40,821 2,216 1,090,927

The net book value of freehold land and buildings included above is £1,188,475 (2022 - £1,027,441).

5. Debtors

2023 2022
£ £
Trade debtors 4,679 5,716
Other debtors 4,000 94,209
8,679 99,925

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 74,661 45,038
Trade creditors 157,769 87,357
Amounts owed to directors 49,700 0
Accruals 190,539 205,890
Taxation and social security 129,247 154,395
Other creditors 2,157 1,906
604,073 494,586

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 492,581 568,457

The bank loans are secured on freehold land and buildings of the company.

8. Called-up share capital

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

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 80,000 80,000
between one and five years 320,000 320,000
after five years 206,667 286,667
606,667 686,667

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Advances to directors 0 0
At 1 December 2022 93,708 47,389
Advances to directors 144,000 206,319
Repayments by directors (237,708) (160,000)
At 30 November 2023 0 93,708