MCG (REGENTS GATE) LIMITED 09819455 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Property Investment Digita Accounts Production Advanced 6.30.9574.0 true true 09819455 2023-04-01 2024-03-31 09819455 2024-03-31 09819455 bus:OrdinaryShareClass1 2024-03-31 09819455 core:CurrentFinancialInstruments 2024-03-31 09819455 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09819455 core:Non-currentFinancialInstruments 2024-03-31 09819455 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09819455 core:LandBuildings 2024-03-31 09819455 bus:SmallEntities 2023-04-01 2024-03-31 09819455 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09819455 bus:FullAccounts 2023-04-01 2024-03-31 09819455 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09819455 bus:RegisteredOffice 2023-04-01 2024-03-31 09819455 bus:CompanySecretary1 2023-04-01 2024-03-31 09819455 bus:Director2 2023-04-01 2024-03-31 09819455 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09819455 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09819455 countries:England 2023-04-01 2024-03-31 09819455 2023-03-31 09819455 core:LandBuildings 2023-03-31 09819455 2022-04-01 2023-03-31 09819455 2023-03-31 09819455 bus:OrdinaryShareClass1 2023-03-31 09819455 core:CurrentFinancialInstruments 2023-03-31 09819455 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09819455 core:Non-currentFinancialInstruments 2023-03-31 09819455 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09819455 core:LandBuildings 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09819455

MCG (REGENTS GATE) LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

MCG (REGENTS GATE) LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

MCG (REGENTS GATE) LIMITED

Company Information

Director

Mr MARCUS SIMON COOPER

Company secretary

Mr BENJAMIN IAIN WEST

Registered office

16 FINCHLEY ROAD
LONDON
NW8 6EB

 

MCG (REGENTS GATE) LIMITED

(Registration number: 09819455)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,750,000

6,750,000

Current assets

 

Debtors

5

8,000

21,860

Cash at bank and in hand

 

34,179

5,503

 

42,179

27,363

Creditors: Amounts falling due within one year

6

(2,985,232)

(2,791,200)

Net current liabilities

 

(2,943,053)

(2,763,837)

Total assets less current liabilities

 

3,806,947

3,986,163

Creditors: Amounts falling due after more than one year

6

(4,066,124)

(4,066,124)

Net liabilities

 

(259,177)

(79,961)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(259,178)

(79,962)

Shareholders' deficit

 

(259,177)

(79,961)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2025
 

Mr MARCUS SIMON COOPER
Director

   
     
 

MCG (REGENTS GATE) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 FINCHLEY ROAD
LONDON
NW8 6EB
England

These financial statements were authorised for issue by the director on 11 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that at 31 March
2024 total liabilities exceeded the total assets by £259,177. This basis is dependant upon the ongoing support of
the creditors of the company, in particular the company's bank.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

MCG (REGENTS GATE) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investment property

In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying amount does not materially differ from the fair value at the end of the period.

Any aggregate surplus or temporary deficit from the original cost is cumulated within equity in the revaluation reserve and also reflected in other comprehensive income. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year.

On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve.

No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however the residual value of such investment properties is considered not to be materially different from that of the carrying value and therefore depreciation is not required.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MCG (REGENTS GATE) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

6,750,000

6,750,000

At 31 March 2024

6,750,000

6,750,000

Depreciation

Carrying amount

At 31 March 2024

6,750,000

6,750,000

At 31 March 2023

6,750,000

6,750,000

Included within the net book value of land and buildings above is £6,750,000 (2023 - £6,750,000) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

8,000

21,860

 

8,000

21,860

 

MCG (REGENTS GATE) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

73,611

5,142

Trade creditors

 

16,414

(335)

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,681,783

2,681,783

Taxation and social security

 

16,129

16,129

Accruals and deferred income

 

8,380

28,640

Other creditors

 

188,915

59,841

 

2,985,232

2,791,200

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

4,033,125

4,033,125

Other non-current financial liabilities

 

32,999

32,999

 

4,066,124

4,066,124

Creditors include bank loans and overdrafts which are secured of £4,033,125 (2023 - £4,033,125).

 

MCG (REGENTS GATE) LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

4,033,125

4,033,125

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

73,611

5,142