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REGISTERED NUMBER: 03731674 (England and Wales)















MGM Cars (Northern) Limited

Unaudited Financial Statements For The Year Ended 31 October 2024






MGM Cars (Northern) Limited (Registered number: 03731674)






Contents of the Financial Statements
For The Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MGM Cars (Northern) Limited

Company Information
For The Year Ended 31 October 2024







DIRECTOR: Mr T Dillon





REGISTERED OFFICE: Building 15, Gateway 1000
Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP





REGISTERED NUMBER: 03731674 (England and Wales)

MGM Cars (Northern) Limited (Registered number: 03731674)

Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 26,100 29,000
Tangible assets 5 79,273 102,156
105,373 131,156

CURRENT ASSETS
Stocks 10,200 10,200
Debtors 6 152,097 393,676
Cash at bank 219,328 125,614
381,625 529,490
CREDITORS
Amounts falling due within one year 7 (115,768 ) (148,263 )
NET CURRENT ASSETS 265,857 381,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

371,230

512,383

CREDITORS
Amounts falling due after more than one
year

8

(7,500

)

(17,500

)

PROVISIONS FOR LIABILITIES (18,077 ) (23,770 )
NET ASSETS 345,653 471,113

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 345,553 471,013
SHAREHOLDERS' FUNDS 345,653 471,113

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Cars (Northern) Limited (Registered number: 03731674)

Balance Sheet - continued
31 October 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2025 and were signed by:





Mr T Dillon - Director


MGM Cars (Northern) Limited (Registered number: 03731674)

Notes to the Financial Statements
For The Year Ended 31 October 2024

1. STATUTORY INFORMATION

MGM Cars (Northern) 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.

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 historical cost convention.

Turnover
The turnover shown in the profit and loss account represents goods sold during the year, exclusive of Value Added Tax. Income is recognised on despatch.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 5 ) .

MGM Cars (Northern) Limited (Registered number: 03731674)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 29,000
AMORTISATION
Amortisation for year 2,900
At 31 October 2024 2,900
NET BOOK VALUE
At 31 October 2024 26,100
At 31 October 2023 29,000

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 1,955 94,500 177,095 5,934 279,484
Additions - - - 2,089 2,089
At 31 October 2024 1,955 94,500 177,095 8,023 281,573
DEPRECIATION
At 1 November 2023 - 77,700 96,514 3,114 177,328
Charge for year - 3,600 20,145 1,227 24,972
At 31 October 2024 - 81,300 116,659 4,341 202,300
NET BOOK VALUE
At 31 October 2024 1,955 13,200 60,436 3,682 79,273
At 31 October 2023 1,955 16,800 80,581 2,820 102,156

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 59,348 57,446
Other debtors 55,613 291,543
Tax 37,136 44,687
152,097 393,676

MGM Cars (Northern) Limited (Registered number: 03731674)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 28,424 26,193
Tax - 37,126
Social security and other taxes 10,692 5,093
VAT 63,152 66,351
Accrued expenses 3,500 3,500
115,768 148,263

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 7,500 10,000
Bank loans - 2-5 years - 7,500
7,500 17,500

9. RELATED PARTY DISCLOSURES

At the year end, the Directors of the company owe £35,000 (2023: £269,372) to the company.

10. ULTIMATE CONTROLLING PARTY

The company was under the joint control of Mr T Dillon and Mr B Dillon who are equal shareholders.