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Registered number: 11145924
M.G.A.L. Properties Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Daniel Wolfson & Co Ltd
Dns House
382 Kenton Road
Harrow, Greater London
HA3 8DP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11145924
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,117 1,490
Investment Properties 6 830,000 920,000
831,117 921,490
CURRENT ASSETS
Debtors 7 30,622 13,522
Cash at bank and in hand 2,560 5,245
33,182 18,767
Creditors: Amounts Falling Due Within One Year 8 (17,951 ) (28,904 )
NET CURRENT ASSETS (LIABILITIES) 15,231 (10,137 )
TOTAL ASSETS LESS CURRENT LIABILITIES 846,348 911,353
Creditors: Amounts Falling Due After More Than One Year 9 (998,985 ) (990,985 )
NET LIABILITIES (152,637 ) (79,632 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Revaluation reserve 11 (126,367 ) (53,467 )
Profit and Loss Account (26,271 ) (26,166 )
SHAREHOLDERS' FUNDS (152,637) (79,632)
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr M G A Lazarus
Director
23/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
M.G.A.L. Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11145924 . The registered office is Dns House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP.
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. Going Concern Disclosure
These accounts are prepared on a going concern basis given the continued support of the director and loan creditors.
2.3. Turnover
Turnover represents rents receivable.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on reducing balance
2.5. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
5. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 February 2023 4,708
As at 31 January 2024 4,708
Depreciation
As at 1 February 2023 3,218
Provided during the period 373
As at 31 January 2024 3,591
Net Book Value
As at 31 January 2024 1,117
As at 1 February 2023 1,490
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6. Investment Property
2024
£
Fair Value
As at 1 February 2023 920,000
Revaluations (90,000)
As at 31 January 2024 830,000
If freehold land buildings had not been revalued they would have been included at the following historical cost:
2024
2023
£
£
Cost
920,000
986,009
Revaluation
(90,000)
(66,009)
image830,000
image920,000
image
image
The properties have been valued at the balance sheet date by the director, who believes their carrying value to be their fair value. There have been no valuations by independent valuers.
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 980 980
Due after more than one year
Deferred tax assets 29,642 12,542
30,622 13,522
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 2,044 13,509
Director's loan account 15,907 15,395
17,951 28,904
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Mortage loans more than 5 years 219,585 219,585
Long term loan 371,400 771,400
Directors loan account 408,000 -
998,985 990,985
The mortgage was funded by Precise Mortgages, who hold a charge dated 4th November 2019 secured against the property situated at 904 Local Blackfriars, 56 Bury Road, Manchester, M3 7DH. The mortgage is interest only, for a 25 year term, with interest fixed at 3.59% for the first 5 years.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
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2024 2023
£ £
Other Creditors 219,585 219,585
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.00 each 1 1
11. Reserves
Revaluation Reserve
£
As at 1 February 2023 (53,467 )
Property revaluation reserve (72,900 )
As at 31 January 2024 (126,367 )
12. Ultimate Controlling Party
Mr M G A Lazarus is the ultimate controlling party by virtue of his 100% ownership of the voting share capital.
Page 5