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REGISTERED NUMBER: 00874331 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

M G PROPERTY UK LTD.

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M G PROPERTY UK LTD.

COMPANY INFORMATION
for the Year Ended 31 JANUARY 2024







DIRECTORS: Mrs S K Coleman
Mr M P Coleman
Mr B P Coleman
Miss G R Coleman





SECRETARY: Mrs S K Coleman





REGISTERED OFFICE: 61 Queen Square
Bristol
BS1 4JZ





REGISTERED NUMBER: 00874331 (England and Wales)





ACCOUNTANTS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 2,800,000 2,035,000
2,800,000 2,035,000

CURRENT ASSETS
Debtors 6 74,739 103,199
Cash at bank 404,785 378,269
479,524 481,468
CREDITORS
Amounts falling due within one year 7 172,430 179,449
NET CURRENT ASSETS 307,094 302,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,107,094

2,337,019

CREDITORS
Amounts falling due after more than
one year

8

(491,169

)

(521,217

)

PROVISIONS FOR LIABILITIES (445,408 ) (234,048 )
NET ASSETS 2,170,517 1,581,754

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 14,259 14,259
Share premium 4,423 4,423
Revaluation reserve 9 1,341,186 1,341,186
Retained earnings 810,649 221,886
2,170,517 1,581,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Mrs S K Coleman - Director


M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 JANUARY 2024

1. STATUTORY INFORMATION

M G Property UK Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & equipment - 33% straight line
Motor vehicles - 25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

The company's bank loan is a basic financial instrument and is measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 27,688 21,240 48,928
DEPRECIATION
At 1 February 2023
and 31 January 2024 27,688 21,240 48,928
NET BOOK VALUE
At 31 January 2024 - - -
At 31 January 2023 - - -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 2,035,000
Revaluations 765,000
At 31 January 2024 2,800,000
NET BOOK VALUE
At 31 January 2024 2,800,000
At 31 January 2023 2,035,000

Investment property

The company's freehold property was valued by the directors at 31 January 2024 at open market value of £2,800,000.

In respect of the investment property stated at market value, the historical cost of the property at 31 January 2024 was £470,702 (2023 - £470,702).

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 676 -
Amounts owed by group undertakings 4,240 2,835
Other debtors 46,549 91,848
Directors' loan accounts 18,000 6,500
Tax 4,050 -
Prepayments and accrued income 1,224 2,016
74,739 103,199

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,029 53,353
Trade creditors (283 ) 604
Tax 27,502 12,835
VAT 20,461 9,635
Other creditors 52,713 52,713
Accruals and deferred income 53,008 50,309
172,430 179,449

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 107,046 76,635
Bank loans more 5 yr by instal 57,265 121,664
Other creditors 326,858 322,918
491,169 521,217

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 57,265 121,664

As at 31 January 2024, £183,340 is outstanding for repayment of which £57,265 (2023 - £121,664) is due for repayment after 5 years based on an effective rate of interest of 7.68%. The loan is due to expire in August 2030.

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2024

9. RESERVES
Revaluatio
reserve
£   
At 1 February 2023
and 31 January 2024 1,341,186

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mrs S K Coleman
Balance outstanding at start of year 500 200
Amounts advanced - 300
Amounts repaid (500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 500

Mr M P Coleman
Balance outstanding at start of year 6,000 6,000
Amounts advanced 6,000 6,000
Amounts repaid (6,000 ) (6,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,000 6,000

Miss G R Coleman
Balance outstanding at start of year - -
Amounts advanced 12,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,000 -

M G PROPERTY UK LTD. (REGISTERED NUMBER: 00874331)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 JANUARY 2024

11. RELATED PARTY DISCLOSURES

The company was under the control of Mrs S Coleman throughout the current and previous year by virtue of a shareholding in the company's parent undertaking, Ice House Trading Company Limited.

At 31 January 2024, the company was owed £4,240 (2023 - £2,835) from its parent company Icehouse Trading Company Limited.

The company owed at 31 January 2024, £171,174 (2023 - £175,912) to Magdalen and Cross Limited, a company in which Mrs S Coleman has a 50% shareholding. Interest is payable on the loan at 5% per annum. At 31 January 2024 interest of £155,684 (2023 - £147,007) is accrued on the loan. Management charges of £2,000 (2023 - £2,000) were charged to Magdalen & Cross Limited in the year for management services supplied.

At the year end the company was owed £43,951 (2023 - £84,451) from MG Property US LLC, a company under control of Mr B and Mrs S Coleman. Management charges of £52,500 (2023 - £52,500) were charged from MG Property US LLC in the year for management services supplied.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Icehouse Trading Company Limited.