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REGISTERED NUMBER: 09673333 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

MG LONDON LIMITED

MG LONDON LIMITED (REGISTERED NUMBER: 09673333)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MG LONDON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







Directors: Mr J Saade
MG Consulting SAL





Secretary: Vistra Company Secretaries Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H 0BL





Registered number: 09673333 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL

MG LONDON LIMITED (REGISTERED NUMBER: 09673333)

BALANCE SHEET
31 JULY 2024

31/7/24 31/7/23
Notes £    £   
FIXED ASSETS
Investment property 4 3,553,317 3,553,317

CURRENT ASSETS
Debtors 5 752 13,220
Cash at bank 10,476 9,964
11,228 23,184
CREDITORS
Amounts falling due within one year 6 (3,465,344 ) (3,517,851 )
NET CURRENT LIABILITIES (3,454,116 ) (3,494,667 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,201

58,650

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 99,200 58,649
SHAREHOLDERS' FUNDS 99,201 58,650

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mr J Saade - Director


MG LONDON LIMITED (REGISTERED NUMBER: 09673333)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

MG London Limited 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.

The company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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.

Turnover
Turnover represents rental income from leasing the company's investment property to third parties. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and other taxes.

Investment property
Investment properties are held either to earn rental income or for capital appreciation or for both and are recognised initially at cost. Investment properties are remeasured to fair value at the reporting date. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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 initially recognised at transaction price.

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

Going concern
Although the balance sheet is showing a net current liability position, the financial statements have been prepared on the going concern basis. The directors have confirmed that the company will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal course of business.

MG LONDON LIMITED (REGISTERED NUMBER: 09673333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 August 2023
and 31 July 2024 3,553,317
Net book value
At 31 July 2024 3,553,317
At 31 July 2023 3,553,317

The investment property is valued informally by the director annually. The fair value of the property can be easily assessed on the internet according to the location and type of the property.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/24 31/7/23
£    £   
Other debtors 752 13,220

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/24 31/7/23
£    £   
Trade creditors 1,103 462
Taxation and social security 12,069 10,815
Other creditors 3,452,172 3,506,574
3,465,344 3,517,851

7. ULTIMATE CONTROLLING PARTY

The immediate parent and ultimate controlling party is MG Consulting SAL, a company incorporated in Lebanon. Their registered office is at: Rabieh, 2nd Avenue, Saade Building, 70736 Antelias, Lebanon.