Company registration number 10430296 (England and Wales)
MGS PROPERTIES (LIVERPOOL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MGS PROPERTIES (LIVERPOOL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
MGS PROPERTIES (LIVERPOOL) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,670,500
1,670,500
Current assets
Debtors
5
9,587
3,930
Cash at bank and in hand
16,690
15,612
26,277
19,542
Creditors: amounts falling due within one year
6
(399,337)
(385,524)
Net current liabilities
(373,060)
(365,982)
Total assets less current liabilities
1,297,440
1,304,518
Creditors: amounts falling due after more than one year
7
(571,073)
(600,874)
Provisions for liabilities
8
(86,375)
(86,375)
Net assets
639,992
617,269
Capital and reserves
Called up share capital
9
100
100
Share premium account
50,421
50,421
Non-distributable profits reserve
259,125
259,125
Distributable profit and loss reserves
330,346
307,623
Total equity
639,992
617,269

The directors of the company have elected not to include a copy of the profit and loss account and directors' report within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 for small entities.

MGS PROPERTIES (LIVERPOOL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Mr P J  Mahoney
Mr S Wright
Director
Director
Company Registration No. 10430296
MGS PROPERTIES (LIVERPOOL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
100
50,421
-
0
270,002
320,523
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
259,125
37,621
296,746
Balance at 31 March 2023
100
50,421
259,125
307,623
617,269
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
22,723
22,723
Balance at 31 March 2024
100
50,421
259,125
330,346
639,992
MGS PROPERTIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

MGS Properties (Liverpool) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Priory Road, Anfield, Liverpool, L4 2RZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rents receivable during the period and is recognised on an accruals basis in accordance with the relevant tenancy agreement.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Changes to the fair value of the investment properties will also affect the provision for deferred tax on the revaluation gains. Increases or decreases in provision form part of the taxation charge in the profit and loss account.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

MGS PROPERTIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

MGS PROPERTIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
6,917
8,825
Deferred tax
Origination and reversal of timing differences
-
0
86,375
Total tax charge
6,917
95,200
MGS PROPERTIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,670,500

Freehold and leasehold investment properties have been professionally valued by Kroll Advisory Limited on a current market value basis at £1,670,500 as at 20 December 2023. The investment properties are reviewed on an annual basis by the directors for any revaluations required at the 31 March 2024.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
897
2,422
Other debtors
8,690
1,508
9,587
3,930
Included within other debtors is £7,000 (2023: £292) owed from connected businesses.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
34,737
39,673
Trade creditors
4,812
101
Corporation tax
4,908
8,825
Other creditors
354,880
336,925
399,337
385,524
Included within other creditors is £339,260 (2023: £332,260) payable to the company directors.
Also included within other creditors is £10,000 (2023: £35) owed to connected businesses.
MGS PROPERTIES (LIVERPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
571,073
600,874
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
453,374
455,930
The bank loans are secured by fixed and floating charges and a negative pledge over the company's investment properties.
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fair value adjustments to investment properties
86,375
86,375
There were no deferred tax movements in the year.

 

9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary "A" shares of £1 each
50
50
1 Ordinary "B" shares of £1 each
50
50
100
100
10
Directors' transactions

Included within other creditors is a balance of £339,260 (2023: £332,260) owed to the directors. No interest is charged on these loans.

 

 

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