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Registered number: 13110121
MG Property Leases Ltd
Unaudited Financial Statements
For The Year Ended 30 January 2024
MSB Basildon
36 Southernhay
Basildon Town Centre
Essex
SS14 1ET
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 13110121
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 278,770 259,688
278,770 259,688
CURRENT ASSETS
Cash at bank and in hand 1,985 209
1,985 209
Creditors: Amounts Falling Due Within One Year 5 (3,583 ) -
NET CURRENT ASSETS (LIABILITIES) (1,598 ) 209
TOTAL ASSETS LESS CURRENT LIABILITIES 277,172 259,897
Creditors: Amounts Falling Due After More Than One Year 6 (295,074 ) (261,328 )
NET LIABILITIES (17,902 ) (1,431 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Income Statement (17,903 ) (1,432 )
SHAREHOLDERS' FUNDS (17,902) (1,431)
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For the year ending 30 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Shane Mills
Director
16/10/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MG Property Leases Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13110121 . The registered office is 5th Floor, Appold Street, London, EC2A 2UT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Lease Premiums purchased on 1625a & 1625b London Road, Leigh-on-Sea. They are amortised to the income statement over its estimated economic life of 999 years.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
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4. Intangible Assets
Other
£
Cost
As at 31 January 2023 260,000
Additions 89,700
Disposals (70,338 )
As at 30 January 2024 279,362
Amortisation
As at 31 January 2023 312
Provided during the period 280
As at 30 January 2024 592
Net Book Value
As at 30 January 2024 278,770
As at 31 January 2023 259,688
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 594 -
Directors' loan accounts 2,989 -
3,583 -
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
1625b London Road - Quantum Mortgages 89,700 65,231
1625a London Road - LendInvest Mortgage 130,560 124,939
MG Property Rentals Ltd - Intercompany Loan Account 74,814 71,158
295,074 261,328
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
8. Related Party Transactions
Intercompany loans for the period were as follows:
Amount owed by MG Property Leases to MG Property Rentals £74,813.66
9. Ultimate Controlling Party
The company's ultimate controlling party is MG Property Rentals Ltd by virtue of ownership of 100% of the issued share capital in the company.
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