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01/04/2023
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
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09148117
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Company registration number:
09148117
MGM (Guilden Morden) Limited
Filleted financial statements
31 March 2024
MGM (Guilden Morden) Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
MGM (Guilden Morden) Limited
Directors and other information
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Directors |
Mr M S Holliday |
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Mr G P Eaton |
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Company number |
09148117 |
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Registered office |
19 New Road |
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Drayton Parslow |
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Milton Keynes |
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MK17 0JH |
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Business address |
Studio 3, Spring Barn |
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Fairclough Hall Farm |
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Halls Green |
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Weston |
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SG4 7DP |
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Auditor |
Hicks and Company |
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Vaughan Chambers |
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Vaughan Road |
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Harpenden |
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AL5 4EE |
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Accountants |
Hardcastle Blake |
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19 New Road |
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Drayton Parslow |
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Milton Keynes |
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MK17 0JH |
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MGM (Guilden Morden) Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MGM (Guilden Morden) Limited
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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3,710,284 |
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1,076,593 |
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Debtors |
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4 |
154,184 |
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526,812 |
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Cash at bank and in hand |
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43,617 |
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198,246 |
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_______ |
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_______ |
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3,908,085 |
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1,801,651 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
3,890,404) |
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(
1,843,250) |
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_______ |
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_______ |
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Net current assets/(liabilities) |
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17,681 |
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(
41,599) |
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_______ |
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Total assets less current liabilities |
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17,681 |
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(
41,599) |
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_______ |
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Net assets/(liabilities) |
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17,681 |
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(
41,599) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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17,581 |
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(
41,699) |
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_______ |
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Shareholders funds/(deficit) |
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17,681 |
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(
41,599) |
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_______ |
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_______ |
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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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 January 2025
, and are signed on behalf of the board by:
Mr G P Eaton
Director
Company registration number:
09148117
MGM (Guilden Morden) Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 19 New Road, Drayton Parslow, Milton Keynes, MK17 0JH.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has net assets of £17,681 (2023 : Net liabilities £41,599) at the balance sheet date. The holding company directors and its funders will continue to fund the business for the next 12 months.
Turnover
Turnover is measured at the fair value of the consideration received or receivable on legal completion of new build residential property sales.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Debtors
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2024 |
2023 |
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£ |
£ |
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Amounts owed by group and associated undertakings |
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270,600 |
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Other debtors |
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154,184 |
256,212 |
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_______ |
_______ |
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154,184 |
526,812 |
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_______ |
_______ |
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5.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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39,878 |
196,148 |
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Amounts owed to group and associated undertakings |
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3,506,827 |
1,612,452 |
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Other creditors |
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343,699 |
34,650 |
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_______ |
_______ |
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3,890,404 |
1,843,250 |
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_______ |
_______ |
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6.
Summary audit opinion
The auditor's report dated
16 January 2025
was unqualified.
The senior statutory auditor was
Mr Philip Dean
for and on behalf of
Hicks and Company
7.
Controlling party
The immediate parent comapny is MGM (HGP) Limited. That company is structured as a joint venture between MGM Holdings Limited and Housing Growth Partnership LP, so that no one party has overall control.