MGM Carpets Limited 03822639 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is Other letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true 03822639 2023-10-01 2024-09-30 03822639 2024-09-30 03822639 bus:OrdinaryShareClass1 2024-09-30 03822639 core:OtherMiscellaneousReserve 2024-09-30 03822639 core:OtherReservesSubtotal 2024-09-30 03822639 core:RetainedEarningsAccumulatedLosses 2024-09-30 03822639 core:ShareCapital 2024-09-30 03822639 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 03822639 bus:SmallEntities 2023-10-01 2024-09-30 03822639 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03822639 bus:FullAccounts 2023-10-01 2024-09-30 03822639 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 03822639 bus:RegisteredOffice 2023-10-01 2024-09-30 03822639 bus:CompanySecretary1 2023-10-01 2024-09-30 03822639 bus:Director1 2023-10-01 2024-09-30 03822639 bus:Director3 2023-10-01 2024-09-30 03822639 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 03822639 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03822639 core:OtherMiscellaneousReserve 2023-10-01 2024-09-30 03822639 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 03822639 core:ShareCapital 2023-10-01 2024-09-30 03822639 core:FurnitureFittings 2023-10-01 2024-09-30 03822639 core:LandBuildings 2023-10-01 2024-09-30 03822639 countries:England 2023-10-01 2024-09-30 03822639 2023-09-30 03822639 core:OtherMiscellaneousReserve 2023-09-30 03822639 core:RetainedEarningsAccumulatedLosses 2023-09-30 03822639 core:ShareCapital 2023-09-30 03822639 2022-10-01 2023-09-30 03822639 2023-09-30 03822639 bus:OrdinaryShareClass1 2023-09-30 03822639 core:OtherReservesSubtotal 2023-09-30 03822639 core:RetainedEarningsAccumulatedLosses 2023-09-30 03822639 core:ShareCapital 2023-09-30 03822639 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 03822639 core:OtherMiscellaneousReserve 2022-10-01 2023-09-30 03822639 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 03822639 core:ShareCapital 2022-10-01 2023-09-30 03822639 2022-09-30 03822639 core:OtherMiscellaneousReserve 2022-09-30 03822639 core:RetainedEarningsAccumulatedLosses 2022-09-30 03822639 core:ShareCapital 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03822639

MGM Carpets Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

(filleted for filing purposes)

 

MGM Carpets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 7

 

MGM Carpets Limited

Company Information

Directors

M J H Green

S M Green

Company secretary

SM Green

Registered office

The New Barn Mill Lane
Eastry
Sandwich
Kent
CT13 0JW

 

MGM Carpets Limited

(Registration number: 03822639)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

375,000

375,000

Current assets

 

Cash at bank and in hand

 

2,237

3,643

Creditors: Amounts falling due within one year

5

(104,114)

(103,915)

Net current liabilities

 

(101,877)

(100,272)

Total assets less current liabilities

 

273,123

274,728

Provisions for liabilities

(22,609)

(22,609)

Net assets

 

250,514

252,119

Capital and reserves

 

Called up share capital

6

100

100

Other reserves

188,632

188,632

Retained earnings

61,782

63,387

Shareholders' funds

 

250,514

252,119

 

MGM Carpets Limited

(Registration number: 03822639)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:
 

.........................................
M J H Green
Director

.........................................
S M Green
Director

 

MGM Carpets Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 October 2023

100

188,632

63,387

252,119

Profit for the year

-

-

2,395

2,395

Dividends

-

-

(4,000)

(4,000)

At 30 September 2024

100

188,632

61,782

250,514

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 October 2022

100

188,632

68,165

256,897

Loss for the year

-

-

(778)

(778)

Dividends

-

-

(4,000)

(4,000)

At 30 September 2023

100

188,632

63,387

252,119

 

MGM Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The New Barn Mill Lane
Eastry
Sandwich
Kent
CT13 0JW
England

These financial statements were authorised for issue by the Board on 23 October 2024.

2

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

MGM Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Depreciation

Asset class

Depreciation method and rate

Land and buildings

over 50 years

Fixtures and fittings

20% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 October

375,000

At 30 September

375,000

The investment property was valued on 30 September 2022 by the directors to give a fair value. The basis of this valuation was the open market. The investment property have a current value of £375,000 (2023 £375,000) and a carrying amount at historical cost of £166,139 (2023 £166,139).

 

MGM Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other related parties

97,406

97,577

Other creditors

 

6,708

6,338

 

104,114

103,915

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100