Mg Property Investments Ltd
Exception report
for the year ended 30 September 2024
The following differences exist between the previous year's closing balances per the accounts and the
current year's opening balances per the Trial Balance:
Reserves
Opening balance at
1 October 2023 per
TB
Balance at 30
September 2023 per
accounts
Difference
£ £ £
Revaluation reserve (Account 970) 275,702 175,000 100,702
Other reserves (Accounts 971, 972,
973, 974)
(52,383) (33,250) (19,133)
Profit and loss account (Account 968) 186,397 186,396 1
409,716 153,146 256,570
This page does not form part of the statutory financial statements.
Company registration number: 09785638
Unaudited financial statements
for the year ended 30 September 2024
for
Mg Property Investments Ltd
Pages for filing with the Registrar
Company registration number: 09785638
Mg Property Investments Ltd
Balance sheet
as at 30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 - -
Investment property 5 2,701,592 2,257,790
2,701,592 2,257,790
Current assets
Debtors 172,940 1,150
Cash at bank and in hand 16,538 378,130
189,478 379,280
Creditors: amounts falling due within one
year
(32,865) (13,037)
Net current assets 156,613 366,243
Total assets less current liabilities 2,858,205 2,624,033
Creditors: Amounts falling due after more
than one year
6 (2,455,517) (2,261,637)
Provisions for liabilities (52,383) (33,250)
NET ASSETS 350,305 329,146
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 275,702 175,000
Other reserves (52,383) (33,250)
Profit and loss account 125,986 186,396
TOTAL EQUITY 350,305 329,146
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 September 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 09785638
Mg Property Investments Ltd
Balance sheet - continued
as at 30 September 2024
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 12 June 2025 and signed on its behalf by:
Mr M Galysa, Director
12 June 2025
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Mg Property Investments Ltd
Notes to the financial statements
for the year ended 30 September 2024
1 Company information
Mg Property Investments Ltd is a private company registered in England and Wales. Its registered number is 09785638. The company is limited by shares. Its registered office is 111 Mousehole Lane, Southampton, SO18 4TA.
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 historic cost convention.
Presentation currency
The company's financial statements are presented in sterling.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Improvements to property -
Plant and machinery - 20% straight line
Investment property
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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Mg Property Investments Ltd
Notes to the financial statements - continued
for the year ended 30 September 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3 Average number of employees
During the year the average number of employees was Nil (2023 - Nil).
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 October 2023 304
At 30 September 2024 304
Depreciation
At 1 October 2023 304
At 30 September 2024 304
Net book value
At 30 September 2024 -
At 30 September 2023 -
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Mg Property Investments Ltd
Notes to the financial statements - continued
for the year ended 30 September 2024
5 Investment property
£
Valuation
At 1 October 2023 2,257,790
Additions 443,802
At 30 September 2024 2,701,592
6 Creditors: amounts falling due after more than five years
2024 2023
£ £
Repayable otherwise than by instalments
Other creditors 2,096,204 284,117
7 Secured debts
Included within creditors dues after more than one year are £1,806,230.78 (2023: £1,588,751) worth of loans for which security has been given.
8 Related party transactions
During the year the company received a loan of £211,262 (2022: £183,962) from a related party which was under common control. The loan is fully repayable and the interest rate charge is 0%. At the statement of financial position date the loan was still outstanding and is presented in 'Creditors: Amounts falling due in more than 1 year' .
9 Finance Costs
Finance costs relate to effective interest rates on the loans and have been charged directly to the income statement.
10 Turnover
Turnover comprises of rental income received from renting properties as well as sales proceeds received from development and resale of properties.
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