| M G P Enterprises Limited |
| Registered number: |
04765187 |
| Balance Sheet |
| as at 31 December 2024 |
|
| Notes |
|
|
2024 |
|
|
2023 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
3,302,000 |
|
|
3,282,000 |
|
| Current assets |
| Debtors |
4 |
|
10,730 |
|
|
21,551 |
| Investments held as current assets |
5 |
|
302,697 |
|
|
73,604 |
| Cash at bank and in hand |
|
|
85,847 |
|
|
437,236 |
|
|
|
399,274 |
|
|
532,391 |
|
| Creditors: amounts falling due within one year |
6 |
|
(18,495) |
|
|
(68,305) |
|
| Net current assets |
|
|
|
380,779 |
|
|
464,086 |
|
| Total assets less current liabilities |
|
|
|
3,682,779 |
|
|
3,746,086 |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
- |
|
|
(134,254) |
|
| Provisions for liabilities |
|
|
|
(279,146) |
|
|
(271,622) |
|
|
| Net assets |
|
|
|
3,403,633 |
|
|
3,340,210 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,122,864 |
|
|
1,122,864 |
| Revaluation reserve |
9 |
|
|
1,426,612 |
|
|
1,411,612 |
| Profit and loss account |
|
|
|
854,157 |
|
|
805,734 |
|
| Shareholders' funds |
|
|
|
3,403,633 |
|
|
3,340,210 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his 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 G Peters |
| Director |
| Approved by the board on 15 September 2025 |
|
| M G P Enterprises Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).
The significant accounting policies applied in the preparation of these statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents earned from the rental of investment properties and is recognised in the period to which the right to receive the rent under the tenancy agreement relates. |
|
|
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 investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
Fully depreciated |
|
Computer equipment |
Fully depreciated |
|
|
|
|
Investment properties |
|
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value where they can be measured reliably without undue cost or effort on an on-going basis . Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Investment properties whose fair value cannot be measured reliably without undue cost or effort on an on-going basis are included in plant, property and equipment at cost less accumulated depreciation and accumulated impairment losses.
Investment properties values of £3,302,000 were determined by the director based on informal discussions with property professionals together with research from specialist websites and market data. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), 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. 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 properties where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Investment properties |
|
Office and computer equipment |
|
Total |
| £ |
£ |
£ |
|
Cost or valuation |
|
At 1 January 2024 |
3,282,000 |
|
5,668 |
|
3,287,668 |
|
Surplus on revaluation |
20,000 |
|
- |
|
20,000 |
|
At 31 December 2024 |
3,302,000 |
|
5,668 |
|
3,307,668 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
- |
|
5,668 |
|
5,668 |
|
At 31 December 2024 |
- |
|
5,668 |
|
5,668 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2024 |
3,302,000 |
|
- |
|
3,302,000 |
|
At 31 December 2023 |
3,282,000 |
|
- |
|
3,282,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2024 |
|
2023 |
| £ |
£ |
|
Historical cost |
1,692,920 |
|
1,692,920 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
1,692,920 |
|
1,692,920 |
|
|
|
The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.
Other investments are measured at cost less any impairment losses. |
|
| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
9,936 |
|
20,757 |
|
Other debtors |
794 |
|
794 |
|
|
|
|
|
|
10,730 |
|
21,551 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Investments held as current assets |
2024 |
|
2023 |
| £ |
£ |
|
Fair value |
|
Listed investments |
302,482 |
|
73,303 |
|
Unlisted investments |
215 |
|
301 |
|
|
|
|
|
|
302,697 |
|
73,604 |
|
|
|
|
|
|
|
|
|
|
Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Listed investments |
2,966 |
|
2,096 |
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Taxation and social security costs |
10,415 |
|
54,480 |
|
Other creditors |
8,080 |
|
13,825 |
|
|
|
|
|
|
18,495 |
|
68,305 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Bank loans |
- |
|
134,254 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2024 |
|
2023 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
- |
|
134,254 |
|
|
|
|
|
|
|
|
|
|
The bank loans were secured on the properties concerned by way of mortgage. All bank loans were repaid during the year. |
|
|
| 9 |
Revaluation reserve |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January 2024 |
1,411,612 |
|
1,741,852 |
|
Transfer fair value gains on investment properties sold |
- |
|
(284,069) |
|
Transfer profit and loss account |
15,000 |
|
(46,171) |
|
|
At 31 December 2024 |
1,426,612 |
|
1,411,612 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
M G Peters |
|
Loan 1 |
- |
|
8,478 |
|
(8,478) |
|
- |
|
|
|
- |
|
8,478 |
|
(8,478) |
|
- |
|
|
|
|
|
|
|
|
|
|
| 11 |
Related party transactions |
|
|
The director has lent the company various amounts during the year. The amount due is included in other creditors.
No interest on the amounts owed has been accrued in these financial statements. The interest charged is £ NIL ( 2023- £NIL).
Amount due to the director at the financial year end was £830 ( 2023- £6,825).
|
|
|
| 12 |
Other information |
|
|
M G P Enterprises Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Farlea |
|
Billingshurst Road |
|
Wisborough Green |
|
West Sussex |
|
RH14 0DZ |