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MGMA PROPERTIES LIMITED

Registered Number
09859460
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

MGMA PROPERTIES LIMITED
Company Information
for the year from 1 December 2023 to 30 November 2024

Directors

COLQUHOUN, Gavin Robert
MOULENE, Maigael Vaya, Dr

Registered Address

C/O 3dom.Uk Accountants Ltd
Second Floor, 61 Hamilton Square
Birkenhead
CH41 5AT

Registered Number

09859460 (England and Wales)
MGMA PROPERTIES LIMITED
Statement of Financial Position
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investment property31,350,0001,300,000
1,350,0001,300,000
Current assets
Cash at bank and on hand96,64465,611
96,64465,611
Creditors amounts falling due within one year4(1,266,924)(1,266,784)
Net current assets (liabilities)(1,170,280)(1,201,173)
Total assets less current liabilities179,72098,827
Net assets179,72098,827
Capital and reserves
Called up share capital100100
Profit and loss account179,62098,727
Shareholders' funds179,72098,827
The financial statements were approved and authorised for issue by the Board of Directors on 12 August 2025, and are signed on its behalf by:
MOULENE, Maigael Vaya, Dr
Director
Registered Company No. 09859460
MGMA PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 30 November 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company made a profit in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern. The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Valuation of investment property There are a number of estimates involved in assessing the fair value of the company's investment property. The directors have determined the fair value on similar properties at the same location. The carrying amount is £1,350,000 (2023 - £1,300,000).
Turnover policy
Turnover comprises the fair value of the consideration received or receivable from the rental of investment properties in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The Company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the Company's activities.
Current taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets and depreciation
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year00
3.Investment property

£
Fair value at 01 December 231,300,000
Fair value adjustments50,000
At 30 November 241,350,000
4.Creditors: amounts due within one year

2024

2023

££
Taxation and social security7,2467,226
Other creditors1,257,5781,256,978
Accrued liabilities and deferred income2,1002,580
Total1,266,9241,266,784
5.Related party transactions
GR Colquhoun & MV Moulene (Directors) During the year, GR Colquhoun & MV Moulene made no payments on behalf of the company (2023: £624) and the company repaid £nil (2023: £nil). At the balance sheet date the amount due to GR Colquhoun & MV Moulene was £1,257,578 (2023: £1,256,978).
6.Further information regarding the company's financial position
Reserves The reserves are split as distributable profit and loss gain £136,866 (2023 - £98,727) and non distributable property revaluation loss of £25,747 (2023 - £75,747).