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REGISTERED NUMBER: 08316420 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

MGM PROPERTIES (LONDON) LIMITED

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MGM PROPERTIES (LONDON) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Mr M McGrath





REGISTERED OFFICE: 2 Mountside
Stanmore
Middlesex
HA7 2DT





REGISTERED NUMBER: 08316420 (England and Wales)





ACCOUNTANTS: Mountsides Limited
Chartered Accountants
2 Mountside
Stanmore
Middlesex
HA7 2DT

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

ABRIDGED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment properties 6 1,123,072 1,123,072
1,123,072 1,123,072

CURRENT ASSETS
Debtors 13,227 16,761
Cash at bank and in hand 20,746 19,638
33,973 36,399
CREDITORS
Amounts falling due within one year (43,286 ) (60,652 )
NET CURRENT LIABILITIES (9,313 ) (24,253 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,113,759

1,098,819

CREDITORS
Amounts falling due after more than one
year

7

(619,726

)

(613,140

)

PROVISIONS FOR LIABILITIES (93,328 ) (93,328 )
NET ASSETS 400,705 392,351

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable reserve 466,642 466,642
Retained earnings (66,037 ) (74,391 )
SHAREHOLDERS' FUNDS 400,705 392,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

ABRIDGED BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2025 and were signed by:





Mr M McGrath - Director


MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

MGM Properties (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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents rents receivable, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost

INVESTMENT PROPERTIES
Investment properties, which are properties held to earn rentals and/or capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. Changes in fair value are recognised in the income statement.

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.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023 2,158
Disposals (2,158 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 2,158
Eliminated on disposal (2,158 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

6. INVESTMENT PROPERTIES
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,123,072
NET BOOK VALUE
At 30 April 2024 1,123,072
At 30 April 2023 1,123,072

The fair value of the company's investment properties was revalued in February 2017 by Andersons Estate Agents who are external to the company. The basis of the valuation was open market value. The director is of the opinion that the valuation remains appropriate at the reporting end date.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 148,303 149,727

MGM PROPERTIES (LONDON) LIMITED (REGISTERED NUMBER: 08316420)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 223,303 239,727

The bank loan is secured by a debenture incorporating a fixed and floating charge over the undertaking and all property and assets of the company.The loan bears interest at 3.59% per annum to 3 September 2023 rising to 9.25% per annum from 4 September 2023 and repayable in September 2033.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100