IRIS Accounts Production v24.2.0.383 11057568 Board of Directors 1.12.22 30.11.23 30.11.23 false true false false true false Fair value model Ordinary 1.00000 145583 146198 180 146385 132552 147000 13211 145583 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh110575682022-11-30110575682023-11-30110575682022-12-012023-11-30110575682021-11-30110575682021-12-012022-11-30110575682022-11-3011057568ns15:EnglandWales2022-12-012023-11-3011057568ns14:PoundSterling2022-12-012023-11-3011057568ns10:Director12022-12-012023-11-3011057568ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3011057568ns10:SmallEntities2022-12-012023-11-3011057568ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-3011057568ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3011057568ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-3011057568ns10:FullAccounts2022-12-012023-11-3011057568ns10:OrdinaryShareClass12022-12-012023-11-3011057568ns10:Director2422022-11-3011057568ns10:Director2422021-11-3011057568ns10:Director2422022-12-012023-11-3011057568ns10:Director2422021-12-012022-11-3011057568ns10:Director2422023-11-3011057568ns10:Director2422022-11-3011057568ns10:Director22022-12-012023-11-3011057568ns10:RegisteredOffice2022-12-012023-11-3011057568ns5:CurrentFinancialInstruments2023-11-3011057568ns5:CurrentFinancialInstruments2022-11-3011057568ns5:Non-currentFinancialInstruments2023-11-3011057568ns5:Non-currentFinancialInstruments2022-11-3011057568ns5:ShareCapital2023-11-3011057568ns5:ShareCapital2022-11-3011057568ns5:SharePremium2023-11-3011057568ns5:SharePremium2022-11-3011057568ns5:RetainedEarningsAccumulatedLosses2023-11-3011057568ns5:RetainedEarningsAccumulatedLosses2022-11-3011057568ns5:PlantMachinery2022-12-012023-11-3011057568ns5:PlantMachinery2022-11-3011057568ns5:PlantMachinery2023-11-3011057568ns5:PlantMachinery2022-11-3011057568ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3011057568ns5:WithinOneYearns5:CurrentFinancialInstruments2022-11-3011057568ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-11-3011057568ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-11-3011057568ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-3011057568ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-11-3011057568ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-11-3011057568ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-11-3011057568ns5:Secured2023-11-3011057568ns5:Secured2022-11-3011057568ns10:OrdinaryShareClass12023-11-3011057568ns5:RetainedEarningsAccumulatedLosses2022-11-3011057568ns5:SharePremium2022-11-3011057568ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30110575681ns10:Director12022-11-30110575681ns10:Director12021-11-30110575681ns10:Director12022-12-012023-11-30110575681ns10:Director12021-12-012022-11-30110575681ns10:Director12023-11-30110575681ns10:Director12022-11-30
REGISTERED NUMBER: 11057568 (England and Wales)







Unaudited Financial Statements

for the Year Ended 30 November 2023

for

MG Properties (Bristol) Limited

MG Properties (Bristol) Limited (Registered number: 11057568)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MG Properties (Bristol) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: M G Walters
Mrs I R E Walters





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY





REGISTERED NUMBER: 11057568 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY

MG Properties (Bristol) Limited (Registered number: 11057568)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,645 45,871
Investment property 5 17,665,855 17,890,855
17,693,500 17,936,726

CURRENT ASSETS
Debtors 6 93,193 243,082
Cash at bank 31,980 155,758
125,173 398,840
CREDITORS
Amounts falling due within one year 7 408,087 427,771
NET CURRENT LIABILITIES (282,914 ) (28,931 )
TOTAL ASSETS LESS CURRENT LIABILITIES 17,410,586 17,907,795

CREDITORS
Amounts falling due after more than one year 8 6,486,924 6,752,830
NET ASSETS 10,923,662 11,154,965

CAPITAL AND RESERVES
Called up share capital 10 1,000,000 1,000,000
Share premium 11 10,492,674 10,492,674
Retained earnings 11 (569,012 ) (337,709 )
SHAREHOLDERS' FUNDS 10,923,662 11,154,965

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Properties (Bristol) Limited (Registered number: 11057568)

Balance Sheet - continued
30 November 2023


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 Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





M G Walters - Director


MG Properties (Bristol) Limited (Registered number: 11057568)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

MG Properties (Bristol) 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 have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The company is currently incurring large repair costs on updating the property portfolio. Once this is finished, rental yields will increase to market levels and repairs should return to maintenance levels. On this basis, the policy is considered to be reasonable.

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

Turnover consists of rents receivable. Revenue is recognised evenly over the rental period.

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 - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

MG Properties (Bristol) Limited (Registered number: 11057568)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 December 2022 64,225
Disposals (20,400 )
At 30 November 2023 43,825
DEPRECIATION
At 1 December 2022 18,354
Charge for year 6,911
Eliminated on disposal (9,085 )
At 30 November 2023 16,180
NET BOOK VALUE
At 30 November 2023 27,645
At 30 November 2022 45,871

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 17,890,855
Disposals (225,000 )
At 30 November 2023 17,665,855
NET BOOK VALUE
At 30 November 2023 17,665,855
At 30 November 2022 17,890,855

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2022 500,913
Cost 17,164,942
17,665,855

If the investment properties had not been revalued they would have been included at the following historical cost:

30.11.23 30.11.22
£    £   
Cost 17,164,942 17,389,942

The investment properties were valued on an open market basis on 30 November 2023 by the directors .

MG Properties (Bristol) Limited (Registered number: 11057568)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 38,742 56,259
Directors' current accounts 13,211 145,583
Tax 41,240 41,240
93,193 243,082

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 66,177 66,177
Trade creditors 1,218 10,796
Tax - 31,210
Social security and other taxes 7,400 -
Other creditors 300,000 300,000
Accrued expenses 33,292 19,588
408,087 427,771

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans - 1-2 years 66,177 66,177
Bank loans - 2-5 years 5,668,399 6,686,653
Bank loans more 5 yr by instal 752,348 -
6,486,924 6,752,830

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 752,348 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 6,553,101 6,819,007

The bank loans are secured on the properties owned by the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
1,000,000 Ordinary £1 1,000,000 1,000,000

MG Properties (Bristol) Limited (Registered number: 11057568)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2022 (337,709 ) 10,492,674 10,154,965
Deficit for the year (231,303 ) (231,303 )
At 30 November 2023 (569,012 ) 10,492,674 9,923,662

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
M G Walters and Mrs I R E Walters
Balance outstanding at start of year 145,583 146,198
Amounts advanced 180 146,385
Amounts repaid (132,552 ) (147,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,211 145,583