| REGISTERED NUMBER: |
| M.G.B. HOLDINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| M.G.B. HOLDINGS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| M.G.B. HOLDINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 4 Cornfield Terrace |
| Eastbourne |
| East Sussex |
| BN21 4NN |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| M.G.B. HOLDINGS LIMITED |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.G.B. Holdings Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of M.G.B. Holdings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M.G.B. Holdings Limited and state those matters that we have agreed to state to the director of M.G.B. Holdings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.G.B. Holdings Limited and its director for our work or for this report. |
| It is your duty to ensure that M.G.B. Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M.G.B. Holdings Limited. You consider that M.G.B. Holdings Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of M.G.B. Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 4 Cornfield Terrace |
| Eastbourne |
| East Sussex |
| BN21 4NN |
| Date: ............................................. |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Revaluation reserve | 9 |
| Fair value reserve | 9 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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. |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the director and authorised for issue on |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| M.G.B. Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced rents receivable, excluding value added tax. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. These investments are revalued to fair value through profit and loss. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Freehold |
| property |
| £ |
| Valuation in 2021 | 100,000 |
| Cost | 260,931 |
| 360,931 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Revaluations |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 31 December 2024 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2018 | 40,604 |
| Valuation in 2019 | 127,459 |
| Valuation in 2020 | 35,661 |
| Valuation in 2021 | 174,992 |
| Valuation in 2022 | 168,510 |
| Valuation in 2023 | 134,871 |
| Valuation in 2024 | 178,473 |
| 860,570 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 27,120 | 27,120 |
| Ordinary B | £1 | 4,240 | 4,240 |
| Ordinary C | £1 | 4,785 | 4,785 |
| Ordinary D | £1 | 100 | 100 |
| Ordinary E | £1 | 17,130 | 17,130 |
| 53,375 | 53,375 |
| M.G.B. HOLDINGS LIMITED (REGISTERED NUMBER: 01877882) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | RESERVES |
| Fair |
| Retained | Revaluation | value |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2024 | 932,197 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Reserve Transfer | (178,473 | ) | - | 178,473 | - |
| At 31 December 2024 | 1,075,112 |
| 10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| Included in debtors is a loan of £18,359 (2023: £nil) to Mr M G Barnes, a director and shareholder of the company. Interest has been charged on this loan in accordance with HMRC official rates. This loan is repayable on demand. |
| 11. | RELATED PARTY DISCLOSURES |
| Rent receivable includes £40,382 (2023: £61,870) from South Coast Catering Equipment Limited and £51,791 (2023: £60,099) from South Coast Catering Equipment (Service) Limited, the subsidiary companies. |
| At the balance sheet date £35,692 (2023: £15,214) was due to South Coast Catering Equipment Limited, a subsidiary company. |
| At the balance sheet date £72,739 (2023: £55,396) was due to South Coast Catering Equipment (Service) Limited, a subsidiary company. |
| At the balance sheet date £300 (2023: £300) was due from Hansens Kitchen Equipment Limited, a subsidiary company. |
| Included in other debtors is a loan of £5,000 (2023: £nil) to Mr P J Barnes, a shareholder of the company. This loan is repayable on demand. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mr M G Barnes, a director and majority shareholder. |