Registered number
04765187
M G P Enterprises Limited
Filleted Accounts
31 December 2023
M G P Enterprises Limited
Registered number: 04765187
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,282,000 4,047,000
Current assets
Debtors 4 21,551 14,784
Investments held as current assets 5 73,604 107,539
Cash at bank and in hand 437,236 8,090
532,391 130,413
Creditors: amounts falling due within one year 6 (68,305) (44,171)
Net current assets 464,086 86,242
Total assets less current liabilities 3,746,086 4,133,242
Creditors: amounts falling due after more than one year 7 (134,254) (539,563)
Provisions for liabilities (271,622) (238,346)
Net assets 3,340,210 3,355,333
Capital and reserves
Called up share capital 9 1,122,864 1,122,864
Fair value reserve 10 1,411,612 1,741,852
Profit and loss account 805,734 490,617
Shareholders' funds 3,340,210 3,355,333
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M G Peters
Director
Approved by the board on 20 September 2024
M G P Enterprises Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).

The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents earned from the rental of investment properties and is recognised in the period to which the right to receive the rent under the tenancy agreement relates.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment Fully depreciated
Computer equipment Fully depreciated
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value where they can be measured reliably without undue cost or effort on an on-going basis . Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.

Investment properties values of £3,282,000 were determined by the director based on informal discussions with property professionals together with research from specialist websites and market data.
Investments
Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment properties where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment properties Office and computer equipment Total
£ £ £
Cost or valuation
At 1 January 2023 4,047,000 5,668 4,052,668
Surplus on revaluation 35,000 - 35,000
Disposals (800,000) - (800,000)
At 31 December 2023 3,282,000 5,668 3,287,668
Depreciation
At 1 January 2023 - 5,668 5,668
At 31 December 2023 - 5,668 5,668
Net book value
At 31 December 2023 3,282,000 - 3,282,000
At 31 December 2022 4,047,000 - 4,047,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,726,075 2,171,610
1,726,075 2,171,610
4 Debtors 2023 2022
£ £
Trade debtors 20,757 13,990
Other debtors 794 794
21,551 14,784
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 73,303 107,406
Unlisted investments 301 133
73,604 107,539
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 2,096 (53,475)
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

Other investments are measured at cost less any impairment losses.
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 54,480 13,105
Other creditors 13,825 31,066
68,305 44,171
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 134,254 539,563
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 134,254 539,563
The bank loans are secured on the properties concerned by way of mortgages.
9 Share capital Nominal 2023 2023 2022
value Number £ £
Ordinary shares £1 each 1,122,864 1,122,864 1,122,864
10 Fair value reserve 2023 2022
£ £
At 1 January 2023 1,741,852 1,769,392
Transfer fair value gains on investment properties sold (284,069) -
Transfer profit and loss account (46,171) (27,540)
At 31 December 2023 1,411,612 1,741,852
11 Related party transactions
The director has lent the company various amounts during the year. The amount due is included in other creditors.
Interest at 5% per annum on the amounts owed has been accrued in these financial statements. The interest charged is £ NIL ( 2022- £948).
Amount due to the director at the financial year end was £ 6,825 ( 2022- £22,614).

An investment property was sold in the year to a director for £417,947,net of costs. The sale consideration is considered to represent the market value of the propertyat the time of sale.
12 Other information
M G P Enterprises Limited is a private company limited by shares and incorporated in England. Its registered office is:
Farlea
Billingshurst Road
Wisborough Green
West Sussex
RH14 0DZ
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