MGG Grasmere Limited - Filleted accounts

Registered number

13156017

MGG Grasmere Limited

Unaudited Filleted Accounts

31 March 2025

MGG Grasmere Limited
Registered number:		13156017
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		230,627			147,105

Current assets
Debtors	4	120			-
Cash at bank and in hand		394			15,920
		514			15,920

Creditors: amounts falling due within one year	5	(17,877)			(17,859)

Net current liabilities			(17,363)			(1,939)

Total assets less current liabilities			213,264			145,166

Creditors: amounts falling due after more than one year	6		(197,544)			(143,894)

Provisions for liabilities			(1,849)			-


Net assets			13,871			1,272

Capital and reserves
Called up share capital			4			4
Profit and loss account			13,867			1,268

Shareholder's funds			13,871			1,272

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 member has 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.




J Wragg
Director
Approved by the board on 22 December 2025

MGG Grasmere Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Rental income is measured at the fair value of the consideration received or receivable.

	Investment property
	Investment properties are carried at fair value, determined annually by the directors and are derived from knowledge of comparable properties and the local market conditions. Any movements in fair value are recognised in arriving at the profit before tax. Deferred tax is provided against these movements.

	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 freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Equipment	over 5 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, 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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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 property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			1		1


3	Tangible fixed assets
		Investment properties		Equipment		Total
£			£		£
	Cost
	At 1 April 2024	152,371		1,006		153,377
	Additions	70,234		-		70,234
	Surplus on revaluation	7,395		-		7,395
	At 31 March 2025	230,000		1,006		231,006

	Depreciation
	At 1 April 2024	6,094		178		6,272
	Charge for the year	-		201		201
	Surplus on revaluation	(6,094)		-		(6,094)
	At 31 March 2025	-		379		379

	Net book value
	At 31 March 2025	230,000		627		230,627
	At 31 March 2024	146,277		828		147,105


4	Debtors			2025		2024
£					£

	Other debtors			120		-


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Taxation and social security costs			979		955
	Other creditors			16,898		16,904
				17,877		17,859


6	Creditors: amounts falling due after one year			2025		2024
£					£

	Bank loans			109,499		109,508
	Other creditors			88,045		34,386
				197,544		143,894


7	Loans			2025		2024
£					£
	Creditors include:
	Amounts payable otherwise than by instalment falling due for payment after more than five years			109,499		109,508


	Secured bank loans			109,499		109,508

	The loans are secured on the investment properties.


8	Other information

	MGG Grasmere Limited is a private company limited by shares and incorporated in England. Its registered office is:
	2 Westwood Road
	St. Ives
	Cambs
	PE27 6DH