Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr M J Prudence 11/11/2020 10 September 2024 The principal activity of the Company during the financial year was property investment. 13009820 2023-12-31 13009820 bus:Director1 2023-12-31 13009820 2022-12-31 13009820 core:CurrentFinancialInstruments 2023-12-31 13009820 core:CurrentFinancialInstruments 2022-12-31 13009820 core:ShareCapital 2023-12-31 13009820 core:ShareCapital 2022-12-31 13009820 core:RetainedEarningsAccumulatedLosses 2023-12-31 13009820 core:RetainedEarningsAccumulatedLosses 2022-12-31 13009820 core:CostValuation 2022-12-31 13009820 core:CostValuation 2023-12-31 13009820 core:ProvisionsForImpairmentInvestments 2022-12-31 13009820 core:ImpairmentLossProvisionsForImpairmentInvestments 2023-12-31 13009820 core:ProvisionsForImpairmentInvestments 2023-12-31 13009820 bus:OrdinaryShareClass1 2023-12-31 13009820 2023-01-01 2023-12-31 13009820 bus:FilletedAccounts 2023-01-01 2023-12-31 13009820 bus:SmallEntities 2023-01-01 2023-12-31 13009820 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13009820 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13009820 bus:Director1 2023-01-01 2023-12-31 13009820 2022-01-01 2022-12-31 13009820 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13009820 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13009820 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13009820 (England and Wales)

MGFP HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MGFP HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MGFP HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MGFP HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 5,136,365 5,136,365
Investments 4 1,899,351 2,499,146
7,035,716 7,635,511
Current assets
Debtors 5 1,936 1,131
Cash at bank and in hand 2,648,116 4,201,407
2,650,052 4,202,538
Creditors: amounts falling due within one year 6 ( 1,904,920) ( 3,784,539)
Net current assets 745,132 417,999
Total assets less current liabilities 7,780,848 8,053,510
Net assets 7,780,848 8,053,510
Capital and reserves
Called-up share capital 7 0 0
Profit and loss account 7,780,848 8,053,510
Total shareholder's funds 7,780,848 8,053,510

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of MGFP Holdings Limited (registered number: 13009820) were approved and authorised for issue by the Director on 10 September 2024. They were signed on its behalf by:

Mr M J Prudence
Director
MGFP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MGFP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

MGFP Holdings 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 10 The Glen Redland, Bristol, BS6 7JJ, 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 Statement of Financial Position date.

Impairment of assets

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

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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, which include debtors 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. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 5,136,365
As at 31 December 2023 5,136,365

Valuation

The 2023 valuation was made by the director, on an open market value for existing use basis.

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 2,499,146 2,499,146
At 31 December 2023 2,499,146 2,499,146
Provisions for impairment
At 01 January 2023 0 0
Impairment 599,795 599,795
At 31 December 2023 599,795 599,795
Carrying value at 31 December 2023 1,899,351 1,899,351
Carrying value at 31 December 2022 2,499,146 2,499,146

Other investments comprise listed investments at fair value and other investments at cost less impairment.

5. Debtors

2023 2022
£ £
Amounts owed by associates 577 0
Prepayments 1,359 1,131
1,936 1,131

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 850 0
Amounts owed to director 20,000 23,000
Accruals and deferred income 6,351 5,000
Corporation tax 106,757 1,856,639
Other taxation and social security 6,062 0
Other creditors 1,764,900 1,899,900
1,904,920 3,784,539

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 0.01 0.01 0.01

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amount owed to the director 20,000 23,000

The loan owed to the director is interest free and repayable on demand.

Other related party transactions

2023 2022
£ £
Amount owed to a close family member 1,764,900 1,899,900

The company maintains an interest free loan account with a close family member of the director which is unsecured and repayable on demand.

At the period end, associated companies owed £577 (2022: £Nil) to the company.

During the year the director received dividends of £20,000 (2022: £23,000).