1.
General Information
M.G.A.L. Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11145924
. The registered office is Dns House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
These accounts are prepared on a going concern basis given the continued support of the director and loan creditors.
2.3.
Turnover
Turnover represents rents receivable.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
2.5.
Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
2.6.
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.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
5.
Tangible Assets
| Fixtures & Fittings | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 February 2024 |
|
| As at 31 January 2025 |
|
| Depreciation | |
| As at 1 February 2024 |
|
| Provided during the period |
|
| As at 31 January 2025 |
|
| Net Book Value | |
| As at 31 January 2025 |
|
| As at 1 February 2024 |
|
M.G.A.L. Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
6.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 February 2024 |
|
| Disposals |
( |
| Revaluations | (35,000) |
| As at 31 January 2025 |
|
If freehold land buildings had not been revalued they would have been included at the following historical cost:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Cost
|
580,000
|
920,000
|
|
|
Revaluation
|
(35,000)
|
(90,000)
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
||
|
545,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
830,000
|
The properties have been valued at the balance sheet date by the director, who believes their carrying value to be their fair value. There have been no valuations by independent valuers.
7.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Due after more than one year | |||
| Deferred tax assets |
|
|
|
|
|
|
||
8.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Director's loan account |
|
|
|
|
|
|
||
9.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Mortage loans more than 5 years |
|
|
|
| Long term loan |
|
|
|
| Directors loan account |
|
|
|
|
|
|
||
Of the creditors falling due after more than one year the following amounts are due after more than five years.
M.G.A.L. Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other Creditors | - | 219,585 |
11.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at 1 February 2024 |
( |
| Property revaluation reserve |
|
| As at 31 January 2025 |
( |
12.
Ultimate Controlling Party
Mr M G A Lazarus is the ultimate controlling party by virtue of his 100% ownership of the voting share capital.