Company Registration No. SC219380 (Scotland)
MGL Properties Limited
Unaudited accounts
for the year ended 31 March 2025
MGL Properties Limited
Unaudited accounts
Contents
MGL Properties Limited
Company Information
for the year ended 31 March 2025
Directors
Lorisse Gobbi
Geraldine Frances Gobbi
Margaret Mary Gobbi
Secretary
Geraldine Frances Gobbi
Company Number
SC219380 (Scotland)
Registered Office
The Firs
55 Dumbreck Road
Glasgow
Lanrkshire
G41 5NU
Scotland
MGL Properties Limited
Statement of financial position
as at 31 March 2025
Tangible assets
188,000
188,000
Cash at bank and in hand
17,784
6,773
Creditors: amounts falling due within one year
(115,537)
(145,374)
Net current liabilities
(76,042)
(109,129)
Called up share capital
100
100
Revaluation reserve
(147,721)
(147,721)
Profit and loss account
259,579
226,492
Shareholders' funds
111,958
78,871
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by
Lorisse Gobbi
Director
Company Registration No. SC219380
MGL Properties Limited
Notes to the Accounts
for the year ended 31 March 2025
MGL Properties Limited is a private company, limited by shares, registered in Scotland, registration number SC219380. The registered office is The Firs, 55 Dumbreck Road, Glasgow, Lanrkshire, G41 5NU, Scotland.
2
Compliance with accounting standards
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities, the Financial Reporting Standard applicable to the UK and Republic of Ireland applicable to small companies.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with the provisions of FRS 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland applicable to small entities.
The directors have considered the ongoing impact of Covid - 19 and concluded that the entity is a going concern and assets are carried at fair value.
The accounts are presented in £ sterling.
Turnover represents rental income due from properties let.
Tangible fixed assets policy
The assets of the company consist of heritable investment properties and are included at fair value. Revaluation surpluses or deficits are recognised in profit or loss and deferred tax is provided on those gains at the rate expected to apply on the date the property is sold.
The directors consider that after significant remedial work and essential repairs, the investment properties are carried at fair value.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
A deferred tax asset has been recognised as the directors believe the company is a going concern and will generate future profits to be set against the tax losses carried forward.
MGL Properties Limited
Notes to the Accounts
for the year ended 31 March 2025
Valuation information and policy
The freehold properties were revalued at market value by J & E Shepherd Chartered Surveyors in July 2014 and the directors consider that the valuation represents the fair value as at 31 March 2023. The historical cost of the revalued properties was £378,425 and had a net book value of £335,721 resulting in a revaluation reserve deficit of £147,721.
The directors have considered the maintenance expenditure carried out and also the onging impact of Covid-19 and have concluded that no adjustment is required to the valuation.
4
Tangible fixed assets
Land & buildings
Amounts falling due within one year
Deferred tax asset
21,461
29,222
6
Creditors: amounts falling due within one year
2025
2024
Other creditors
1,817
1,817
Loans from directors
113,720
143,557
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 0 (2024: 0).