REGISTERED NUMBER: 05346338 (England and Wales)

Financial Statements

for the Year Ended 30 June 2025

for

MGF PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

J G Woodward

C Whitworth

J Durr

Registered office:

Grant House

South Lancashire Industrial Estate

Lockett Road

Ashton In Makerfield

Wigan

WN4 8DE

Registered number:

05346338 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Tangible assets

4

23,946,142

18,752,218

Current assets

Debtors

5

149,791

196,150

Cash at bank

309,986

311,785

459,777

507,935

Creditors

Amounts falling due within one year

6

16,692,287

12,688,908

Net current liabilities

(16,232,510

)

(12,180,973

)

Total assets less current liabilities

7,713,632

6,571,245

Provisions for liabilities

7

50,286

129,801

Net assets

7,663,346

6,441,444

Capital and reserves

Called up share capital

8

100

100

Retained earnings

7,663,246

6,441,344

Shareholders' funds

7,663,346

6,441,444

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

J G Woodward - Director

1.	Statement of compliance

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.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

Not with standing net current liabilities of £16,232,510 as at 30 June 2025, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate.

At 30 June 2025 the Company owed its parent company, MGF Limited, £16,186,553. MGF Limited has confirmed that it does not intend to seek repayment of these amounts in the foreseeable future, being a period of at least 12 months from the date of approval of the financial statements. Furthermore, it has confirmed that it will provide financial assistance to the Company if it is required. As with any company placing reliance on other Group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The directors have prepared cash flow forecasts on a Group basis for a period of at least 12 months from the date of approval of these financial statements. The forecasts take account of reasonable possible downsides and they indicate that the Company and the Group are able to continue to operate as going concerns and that the Company will have sufficient funds to meet its liabilities as they fall due.

Details of the basis upon which the parent company has reached its conclusion regarding the ability of the Group to continue to operate as a going concern are included in the financial statements of the parent company, MGF Limited.

Turnover

Turnover comprises revenue recognised by the Company in respect of rental income during the year exclusive of VAT.

Tangible fixed assets

Depreciation is calculated to write down the costs or valuation less estimated residual value of all tangible fixed assets by equal annual instalments over their expected useful lives. The periods generally applicable are:

- Freehold property rented to group entities - 50 years

- Plant and equipment - 10 years

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial Instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including other creditors, and amounts owed to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest

3.	Employees and directors

The average number of employees during the year was NIL (2024 - NIL).

4.	Tangible fixed assets

Freehold

Plant and

property

machinery

Totals

£

£

£

Cost

At 1 July 2024

20,662,698

265,627

20,928,325

Additions

5,433,908

11,266

5,445,174

Disposals

-

(26,410

)

(26,410

)

At 30 June 2025

26,096,606

250,483

26,347,089

Depreciation

At 1 July 2024

1,910,480

265,627

2,176,107

Charge for year

251,201

49

251,250

Eliminated on disposal

-

(26,410

)

(26,410

)

At 30 June 2025

2,161,681

239,266

2,400,947

Net book value

At 30 June 2025

23,934,925

11,217

23,946,142

At 30 June 2024

18,752,218

-

18,752,218

Freehold properties are properties held for use in the Group, the properties are not held for capital gains or rental appreciation and have therefore been classified within Tangible Fixed Assets (in accordance with the Triennial review amendments to FRS 102) at historical cost less depreciation, rather than treated as investment properties.

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

112,268

139,532

Other debtors

37,523

56,618

149,791

196,150

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

173,443

330,908

Amounts owed to group undertakings

16,186,533

12,194,913

Corporation tax

206,618

57,465

Accruals and deferred income

125,693

105,622

16,692,287

12,688,908

7.	Provisions for liabilities

2025

2024

£

£

Deferred tax

50,286

129,801

Deferred tax

£

Balance at 1 July 2024

129,801

Credit to Profit and Loss Account during year

(79,515

)

Balance at 30 June 2025

50,286

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

£1

100

100

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Antony Sassen (Senior Statutory Auditor)

for and on behalf of S&W Audit

10.	Related party disclosures

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.

11.	Ultimate parent undertaking

The ultimate parent undertaking is MGF Limited, a company incorporated in England and Wales. The ultimate parent undertaking is registered at Grant House, South Lancashire Industrial Estate, Lockett Road, Ashton in Makerfield, Wigan, WN4 8DE.