BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is that of other letting and operating of own or leased real estate. 13 November 2024 1 1 NI643978 2024-02-29 NI643978 2023-02-28 NI643978 2022-02-28 NI643978 2023-03-01 2024-02-29 NI643978 2022-03-01 2023-02-28 NI643978 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI643978 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI643978 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI643978 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI643978 uk-bus:Director1 2023-03-01 2024-02-29 NI643978 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 NI643978 uk-bus:Agent1 2023-03-01 2024-02-29 NI643978 uk-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 NI643978 uk-core:ShareCapital 2024-02-29 NI643978 uk-core:ShareCapital 2023-02-28 NI643978 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI643978 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI643978 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI643978 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI643978 uk-bus:FRS102 2023-03-01 2024-02-29 NI643978 uk-core:CurrentFinancialInstruments 2024-02-29 NI643978 uk-core:CurrentFinancialInstruments 2023-02-28 NI643978 uk-core:WithinOneYear 2024-02-29 NI643978 uk-core:WithinOneYear 2023-02-28 NI643978 uk-core:WithinOneYear 2024-02-29 NI643978 uk-core:WithinOneYear 2023-02-28 NI643978 uk-core:AfterOneYear 2024-02-29 NI643978 uk-core:AfterOneYear 2023-02-28 NI643978 uk-core:BetweenOneTwoYears 2024-02-29 NI643978 uk-core:BetweenOneTwoYears 2023-02-28 NI643978 uk-core:BetweenTwoFiveYears 2024-02-29 NI643978 uk-core:BetweenTwoFiveYears 2023-02-28 NI643978 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI643978
 
 
MCG Property Limited
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024
MCG Property Limited
DIRECTOR AND OTHER INFORMATION

 
Director Brendan McGivern
 
 
Company Registration Number NI643978
 
 
Registered Office and Business Address 2 Hightown Rise
Newtonabbey
Co Antrim
BT36 7XA
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG



MCG Property Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of MCG Property Limited
for the financial year ended 29 February 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 29 February 2024 as set out on pages  to 10 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of MCG Property Limited, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 29 February 2024 your duty to ensure that MCG Property 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 profit of MCG Property Limited. You consider that MCG Property Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of MCG Property Limited. For this reason, we have not verified the adequacy, 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.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
13 November 2024



MCG Property Limited
Company Registration Number: NI643978
STATEMENT OF FINANCIAL POSITION
as at 29 February 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 1,389,283 1,378,698
───────── ─────────
 
Current Assets
Receivables 5 80,000 91,801
Cash and cash equivalents 36,922 34,600
───────── ─────────
116,922 126,401
───────── ─────────
Payables: amounts falling due within one year 6 (772,535) (669,558)
───────── ─────────
Net Current Liabilities (655,613) (543,157)
───────── ─────────
Total Assets less Current Liabilities 733,670 835,541
 
Payables:
amounts falling due after more than one year 7 (653,711) (767,018)
───────── ─────────
Net Assets 79,959 68,523
═════════ ═════════
 
Equity
Called up share capital 100 100
Retained earnings 79,859 68,423
───────── ─────────
Equity attributable to owners of the company 79,959 68,523
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 25 November 2024
           
           
________________________________          
Brendan McGivern          
Director          
           



MCG Property Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
MCG Property Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 2 Hightown Rise, Newtonabbey, Co Antrim, BT36 7XA which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2023 - 1).
 
  2024 2023
  Number Number
 
Directors 1 1
  ═════════ ═════════
       
4. Property, plant and equipment
  Investment Total
  properties  
     
  £ £
Cost
At 1 March 2023 1,378,698 1,378,698
Additions 10,585 10,585
  ───────── ─────────
At 29 February 2024 1,389,283 1,389,283
  ───────── ─────────
Depreciation
At 1 March 2023 - -
  ───────── ─────────
At 29 February 2024 - -
  ───────── ─────────
Carrying amount
At 29 February 2024 1,389,283 1,389,283
  ═════════ ═════════
At 28 February 2023 1,378,698 1,378,698
  ═════════ ═════════
       
5. Receivables 2024 2023
  £ £
 
Other debtors 80,000 80,000
Taxation  (Note 8) - 11,801
  ───────── ─────────
  80,000 91,801
  ═════════ ═════════
       
6. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 91,517 66,058
Amounts owed to group undertakings 78,962 79,200
Taxation  (Note 8) 3,450 5,537
Director's current account 522,436 515,763
Accruals and deferred income 76,170 3,000
  ───────── ─────────
  772,535 669,558
  ═════════ ═════════
       
7. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 653,711 767,018
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 91,517 66,058
Repayable between one and two years 91,517 66,058
Repayable between two and five years 562,194 700,960
  ───────── ─────────
  745,228 833,076
  ═════════ ═════════
 
       
8. Taxation 2024 2023
  £ £
 
Receivables:
VAT - 11,801
  ═════════ ═════════
Payables:
VAT 768 -
Corporation tax 2,682 5,537
  ───────── ─────────
  3,450 5,537
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 29 February 2024.
   
10. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.