MSG Life Realty Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09816707

MSG LIFE REALTY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

MSG LIFE REALTY LIMITED

BALANCE SHEET

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	136,564	147,137
Tangible assets	6	170,529	208,476
		--------	--------
		307,093	355,613

Current assets

Debtors	7	1,190,121	1,168,968
Cash at bank and in hand		84,809	76,587
		-----------	-----------
		1,274,930	1,245,555

Creditors: amounts falling due within one year	8	( 1,568,716)		( 1,568,634)
		-----------		-----------
Net current liabilities			( 293,786)		( 323,079)
			--------		--------
Total assets less current liabilities			13,307		32,534
			-------		-------
Net assets			13,307		32,534
			-------		-------

Capital and reserves

Called up share capital	9	834	834
Profit and loss account		12,473	31,700
		-------	-------
Shareholders funds		13,307	32,534
		-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

M S Grewal
Director

Company registration number: 09816707

MSG LIFE REALTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

After reviewing the company's position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents rents receivable during the year. Turnover for rental income is recognised on a straight line basis over the period to which it relates.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over the life of the lease of the relevant site

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Leasehold property	-	Straight line basis over the term of the lease

Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, and loans from other related entities, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	200,000
	--------
Amortisation
At 1 January 2024	52,863
Charge for the year	10,573
	--------
At 31 December 2024	63,436
	--------
Carrying amount
At 31 December 2024	136,564
	--------
At 31 December 2023	147,137
	--------

6. Tangible assets

	Leasehold property
	£
Cost
At 1 January 2024 and 31 December 2024	421,519
	--------
Depreciation
At 1 January 2024	213,043
Charge for the year	37,947
	--------
At 31 December 2024	250,990
	--------
Carrying amount
At 31 December 2024	170,529
	--------
At 31 December 2023	208,476
	--------

7. Debtors

	2024	2023
	£	£
Other debtors	1,190,121	1,168,968
	-----------	-----------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	693,232	693,232
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	120,917	115,892
Accruals and deferred income	877,689	889,216
Social security and other taxes	7,107	523
Amounts due to other related entities	563,003	563,003
	-----------	-----------
	1,568,716	1,568,634
	-----------	-----------

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.25 each	3,334	834	3,334	834
	------	----	------	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	1,577,005	1,562,503
Later than 1 year and not later than 5 years	4,348,804	5,340,149
Later than 5 years	1,862,751	2,406,546
	-----------	-----------
	7,788,560	9,309,198
	-----------	-----------