0 01/04/2023 31/03/2024 2024-03-31 true false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10311792 2023-04-01 2024-03-31 10311792 2024-03-31 10311792 2023-03-31 10311792 2022-04-01 2023-03-31 10311792 2023-03-31 10311792 2022-03-31 10311792 bus:RegisteredOffice 2023-04-01 2024-03-31 10311792 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 10311792 bus:Director1 2023-04-01 2024-03-31 10311792 bus:Director2 2023-04-01 2024-03-31 10311792 bus:Director3 2023-04-01 2024-03-31 10311792 core:WithinOneYear 2024-03-31 10311792 core:WithinOneYear 2023-03-31 10311792 core:ShareCapital 2024-03-31 10311792 core:ShareCapital 2023-03-31 10311792 core:RetainedEarningsAccumulatedLosses 2024-03-31 10311792 core:RetainedEarningsAccumulatedLosses 2023-03-31 10311792 bus:SmallEntities 2023-04-01 2024-03-31 10311792 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10311792 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10311792 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10311792 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 10311792
MGM (Hitchin) Limited
Unaudited filleted financial statements
31 March 2024
MGM (Hitchin) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
MGM (Hitchin) Limited
Directors and other information
Directors Mr G P Eaton
Mr M S Holliday
Ms M Parmar
Company number 10311792
Registered office 19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
Business address Studio 3, Spring Barn
Fairclough Hall Farms
Halls Green, Weston
Herts
SG4 7DP
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
MGM (Hitchin) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of MGM (Hitchin) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGM (Hitchin) Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of MGM (Hitchin) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MGM (Hitchin) Limited and state those matters that we have agreed to state to the board of directors of MGM (Hitchin) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGM (Hitchin) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that MGM (Hitchin) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MGM (Hitchin) Limited. You consider that MGM (Hitchin) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of MGM (Hitchin) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hardcastle Blake
ICAEW
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
1 October 2024
MGM (Hitchin) Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 5 28,838 54,996
Cash at bank and in hand 22,342 373,206
_______ _______
51,180 428,202
Creditors: amounts falling due
within one year 6 ( 59,227) ( 427,172)
_______ _______
Net current (liabilities)/assets ( 8,047) 1,030
_______ _______
Total assets less current liabilities ( 8,047) 1,030
_______ _______
Net (liabilities)/assets ( 8,047) 1,030
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 8,147) 930
_______ _______
Shareholders (deficit)/funds ( 8,047) 1,030
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 October 2024 , and are signed on behalf of the board by:
Mr M S Holliday
Director
Company registration number: 10311792
MGM (Hitchin) Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 19 New Road, Drayton Parslow, Milton Keynes, MK17 0JH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Debtors
2024 2023
£ £
Amounts owed by group undertakings - 50,000
Other debtors 28,838 4,996
_______ _______
28,838 54,996
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 28,327 179
Amounts owed to group undertakings - 262
Corporation tax - 137,077
Other creditors 30,900 289,654
_______ _______
59,227 427,172
_______ _______
7. Controlling party
The company is a 100% subsidiary of MGM Holdings Limited, a company that shares the same registered office address .