Registered number
10990264
MGM New Homes Limited
Filleted Accounts
31 October 2024
MGM New Homes Limited
Registered number: 10990264
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 23,610 29,513
Investments 4 13,000 13,000
36,610 42,513
Current assets
Debtors 5 1,890 12,849
Cash at bank and in hand 16,939 100,825
18,829 113,674
Creditors: amounts falling due within one year 6 (125,245) (175,178)
Net current liabilities (106,416) (61,504)
Total assets less current liabilities (69,806) (18,991)
Creditors: amounts falling due after more than one year 7 (25,988) (53,644)
Provisions for liabilities (5,607) (5,607)
Net liabilities (101,401) (78,242)
Capital and reserves
Called up share capital 1 1
Profit and loss account (101,402) (78,243)
Shareholders' funds (101,401) (78,242)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The accounts have been prepared on the going concern basis on the understanding that the directors, shareholders and trade creditors will continue to financially support the company for the forseeable future.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Mcfadden
Director
Approved by the board on 21 July 2025
MGM New Homes Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Motor Vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 November 2023 60,148
At 31 October 2024 60,148
Depreciation
At 1 November 2023 30,635
Charge for the year 5,903
At 31 October 2024 36,538
Net book value
At 31 October 2024 23,610
At 31 October 2023 29,513
4 Investments
Other
investments
£
Cost
At 1 November 2023 13,000
At 31 October 2024 13,000
5 Debtors 2024 2023
£ £
Prepayments - 10,959
Other debtors 1,890 1,890
1,890 12,849
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 330
Amounts owed to group undertakings and undertakings in which the company has a participating interest 44,378 36,073
Directors Loan 79,367 103,417
Accruals 1,500 1,000
Taxation and social security costs - 942
Other creditors - 33,416
125,245 175,178
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 25,988 29,673
Obligations under finance lease and hire purchase contracts - 23,971
25,988 53,644
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Martin Mcfadden
Directors Loan 103,417 (24,050) 79,367
103,417 - (24,050) 79,367
9 Other information
MGM New Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 Knowles Road
Horley
Surrey
RH6 8PQ
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