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Registration number: 12454705

MGM UK Hotels Holdings Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

MGM UK Hotels Holdings Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 19

 

MGM UK Hotels Holdings Limited

Company Information

Directors

Mr Gkevin Muthu Maran

Mr Porkodiyan Nachiappan

Ms Monicca Nivetha Maran

Mr Ravi Venkatraman

Registered office

Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB

Auditors

Tahas & Co Ltd
Chartered Certified Accountants and Statutory Auditors
Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

 

MGM UK Hotels Holdings Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Gkevin Muthu Maran

Mr Porkodiyan Nachiappan

Ms Monicca Nivetha Maran

Mr Ravi Venkatraman

Principal activity

The principal activity of the company is holding company

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr Porkodiyan Nachiappan
Director

 

MGM UK Hotels Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

MGM UK Hotels Holdings Limited

Independent Auditor's Report to the Members of MGM UK Hotels Holdings Limited

Opinion

We have audited the financial statements of MGM UK Hotels Holdings Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

MGM UK Hotels Holdings Limited

Independent Auditor's Report to the Members of MGM UK Hotels Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

MGM UK Hotels Holdings Limited

Independent Auditor's Report to the Members of MGM UK Hotels Holdings Limited

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, we considered the following

- the nature of the industry and sector, control environment and business performance and performance targets
- results of our enquiries of management and the company's financial manager's own identification and assessment of the risks of irregularities.
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non- compliance
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
- Using analytical procedures to identify any unsual or unexpected relationships.

We remained alert to any indications of fraud throughout the audit. As required by auditing standards and taking into account possible pressures to achieve targets, we performed procedures to address the risk of management override of controls and the risk of making inappropriate accounting entries. We also performed procedures including identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documents. These included those posted to unusual accounts.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

MGM UK Hotels Holdings Limited

Independent Auditor's Report to the Members of MGM UK Hotels Holdings Limited

......................................
Mr M Poonawala (Senior Statutory Auditor)
For and on behalf of Tahas & Co Ltd, Statutory Auditor

Suite 3, Second Floor
760 Eastern Avenue
Newbury Park
London
IG2 7HU

6 September 2024

 

MGM UK Hotels Holdings Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(1,600)

(3,200)

Operating loss

 

(1,600)

(3,200)

Loss before tax

(1,600)

(3,200)

Loss for the financial year

 

(1,600)

(3,200)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

MGM UK Hotels Holdings Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Loss for the year

(1,600)

(3,200)

Total comprehensive income for the year

(1,600)

(3,200)

 

MGM UK Hotels Holdings Limited

(Registration number: 12454705)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

5

2,474,188

2,474,188

Creditors: Amounts falling due within one year

6

(8,800)

(7,200)

Total assets less current liabilities

 

2,465,388

2,466,988

Creditors: Amounts falling due after more than one year

6

(2,474,187)

(2,474,187)

Net liabilities

 

(8,799)

(7,199)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(8,800)

(7,200)

Shareholders' deficit

 

(8,799)

(7,199)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr Porkodiyan Nachiappan
Director

 

MGM UK Hotels Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

(7,200)

(7,199)

Loss for the year

-

(1,600)

(1,600)

At 31 December 2023

1

(8,800)

(8,799)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

(4,000)

(3,999)

Loss for the year

-

(3,200)

(3,200)

At 31 December 2022

1

(7,200)

(7,199)

 

MGM UK Hotels Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Belstead Brook Muthu Hotel
Belstead Road
Ipswich
Suffolk
IP2 9HB
United Kingdom

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

MGM UK Hotels Holdings Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

1,600

3,200


 

5

Investments

2023
£

2022
£

Investments in subsidiaries

2,474,188

2,474,188

 

MGM UK Hotels Holdings Limited

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

Subsidiaries

£

Cost or valuation

At 1 January 2023

2,474,188

Provision

Carrying amount

At 31 December 2023

2,474,188

At 31 December 2022

2,474,188

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Newton Asset Limited

Belstead Brook Muthu Hotel
Belstead Road
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Verinica Ventures Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Euphrasia Ventures Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Bright Ventures Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

 

MGM UK Hotels Holdings Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Lourdes Ventures Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Fatima Ventures Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Westcliff Ventures Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Highland Coaches Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Alexandra Asset Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Ben Doran Asset Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Dalmally Asset Investment Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Roya Asset Investment Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

 

MGM UK Hotels Holdings Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Luxury Highland Transports Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Ben Doran Management Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Damally Management Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Alexandra Hotel Management Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Newton Hotel Management Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

London Holiday Limited

Belstead Brook Muthu Hotel
Belstead
Ipswich
IP2 9HB

England and Wales

Ordinary

100%

100%

Subsidiary undertakings

Newton Asset Limited

The principal activity of Newton Asset Limited is hotel investment.

Verinica Ventures Limited

The principal activity of Verinica Ventures Limited is hotel management.

 

MGM UK Hotels Holdings Limited

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

Euphrasia Ventures Limited

The principal activity of Euphrasia Ventures Limited is hotel investment.

Bright Ventures Limited

The principal activity of Bright Ventures Limited is hotel management.

Lourdes Ventures Limited

The principal activity of Lourdes Ventures Limited is hotel investment.

Fatima Ventures Limited

The principal activity of Fatima Ventures Limited is hotel investment.

Westcliff Ventures Limited

The principal activity of Westcliff Ventures Limited is hotel management.

Highland Coaches Limited

The principal activity of Highland Coaches Limited is hotel management.

Alexandra Asset Limited

The principal activity of Alexandra Asset Limited is hotel investment.

Ben Doran Asset Limited

The principal activity of Ben Doran Asset Limited is hotel investment.

Dalmally Asset Investment Limited

The principal activity of Dalmally Asset Investment Limited is hotel investment.

Roya Asset Investment Limited

The principal activity of Roya Asset Investment Limited is hotel investment.

Luxury Highland Transports Limited

The principal activity of Luxury Highland Transports Limited is non trading.

Ben Doran Management Limited

The principal activity of Ben Doran Management Limited is hotel investment.

Damally Management Limited

The principal activity of Damally Management Limited is hotel management.

Alexandra Hotel Management Limited

The principal activity of Alexandra Hotel Management Limited is dormant.

 

MGM UK Hotels Holdings Limited

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

Newton Hotel Management Limited

The principal activity of Newton Hotel Management Limited is hotel management.

London Holiday Limited

The principal activity of London Holiday Limited is dormant.

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

6,800

2,400

Accruals and deferred income

 

2,000

4,800

 

8,800

7,200

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,474,187

2,474,187

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Related party transactions

 

MGM UK Hotels Holdings Limited

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

Directors' remuneration

The directors were remunerated through associate companies. Their remuneration in respect of this company is not separately identifiable.

Summary of transactions with other related parties

At 31st December 2023 the company owed £2,474,187 (2022: £2,474,187) to Magnum Uk Hotels PTE Ltd, a company under common control
 

9

Parent and ultimate parent undertaking

The ultimate controlling party is Maran family by virtue of a controlling interest of 100% of the issued share capital.