Registration number:
MGM UK Hotels Holdings Limited
for the Year Ended 31 December 2023
MGM UK Hotels Holdings Limited
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
MGM UK Hotels Holdings Limited
Company Information
Directors |
Mr Gkevin Muthu Maran Mr Porkodiyan Nachiappan Ms Monicca Nivetha Maran Mr Ravi Venkatraman |
Registered office |
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Auditors |
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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:
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
......................................... |
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
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For and on behalf of
Suite 3, Second Floor
760 Eastern Avenue
London
IG2 7HU
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 |
( |
( |
|
Operating loss |
(1,600) |
(3,200) |
|
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
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 |
( |
( |
Total comprehensive income for the year |
( |
( |
MGM UK Hotels Holdings Limited
(Registration number: 12454705)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Investments |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
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 |
|
( |
( |
Loss for the year |
- |
( |
( |
At 31 December 2023 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
( |
( |
Loss for the year |
- |
( |
( |
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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
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 |
|
Provision |
|
Carrying amount |
|
At 31 December 2023 |
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At 31 December 2022 |
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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 |
||||
|
Belstead Brook Muthu Hotel
England and Wales |
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Belstead Brook Muthu Hotel
England and Wales |
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Belstead Brook Muthu Hotel
England and Wales |
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|
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
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 |
|
|
Belstead Brook Muthu Hotel
England and Wales |
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Belstead Brook Muthu Hotel
England and Wales |
|
|
|
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Belstead Brook Muthu Hotel
England and Wales |
|
|
|
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Belstead Brook Muthu Hotel
England and Wales |
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|
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Belstead Brook Muthu Hotel
England and Wales |
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Belstead Brook Muthu Hotel
England and Wales |
|
|
|
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Belstead Brook Muthu Hotel
England and Wales |
|
|
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
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 |
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
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|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
|
Belstead Brook Muthu Hotel
England and Wales |
|
|
|
Subsidiary undertakings |
Newton Asset Limited The principal activity of Newton Asset Limited is |
Verinica Ventures Limited The principal activity of Verinica Ventures Limited is |
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 |
Bright Ventures Limited The principal activity of Bright Ventures Limited is |
Lourdes Ventures Limited The principal activity of Lourdes Ventures Limited is |
Fatima Ventures Limited The principal activity of Fatima Ventures Limited is |
Westcliff Ventures Limited The principal activity of Westcliff Ventures Limited is |
Highland Coaches Limited The principal activity of Highland Coaches Limited is |
Alexandra Asset Limited The principal activity of Alexandra Asset Limited is |
Ben Doran Asset Limited The principal activity of Ben Doran Asset Limited is |
Dalmally Asset Investment Limited The principal activity of Dalmally Asset Investment Limited is |
Roya Asset Investment Limited The principal activity of Roya Asset Investment Limited is |
Luxury Highland Transports Limited The principal activity of Luxury Highland Transports Limited is |
Ben Doran Management Limited The principal activity of Ben Doran Management Limited is |
Damally Management Limited The principal activity of Damally Management Limited is |
Alexandra Hotel Management Limited The principal activity of Alexandra Hotel Management Limited is |
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 |
London Holiday Limited The principal activity of London Holiday Limited is |
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 |
|
|
|
Accruals and deferred income |
|
|
|
|
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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 |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
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
Parent and ultimate parent undertaking |
The ultimate controlling party is