MGM (HGP) Limited 31/03/2025 iXBRL

Company registration number: 12276584

MGM (HGP) Limited

Filleted financial statements

31 March 2025

MGM (HGP) Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

MGM (HGP) Limited

Directors and other information


	Directors	Mr G Eaton
		Mr M Holliday


	Company number	12276584


	Registered office	19 New Road
		Drayton Parslow
		Milton Keynes
		MK170JH


	Business address	Studio 3, Spring Barn
		Fairclough Hall Farm
		Halls Green
		Weston
		SG4 7DP


	Auditor	Hicks and Company
		Vaughan Chambers
		Vaughan Road
		Harpenden
		AL5 4EE


	Accountants	Hardcastle Blake
		19 New Road
		Drayton Parslow
		Milton Keynes
		MK17 0JH

MGM (HGP) Limited

Directors responsibilities statement

Year ended 31 March 2025

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MGM (HGP) Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Investments	4	198,039		198,039
		_______		_______
			198,039		198,039

Current assets
Debtors	5	109,247		3,487,576
Cash at bank and in hand		3,364		39,830
		_______		_______
		112,611		3,527,406
Creditors: amounts falling due
within one year	6	( 305,850)		( 4,138,420)
		_______		_______
Net current liabilities			( 193,239)		( 611,014)
			_______		_______
Total assets less current liabilities			4,800		( 412,975)

			_______		_______
Net assets/(liabilities)			4,800		( 412,975)
			_______		_______

Capital and reserves
Called up share capital			200		200
Profit and loss account			4,600		( 413,175)
			_______		_______
Shareholders funds/(deficit)			4,800		( 412,975)
			_______		_______

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 statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr G Eaton

Director

Company registration number: 12276584

MGM (HGP) Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 19 New Road, Drayton Parslow, Milton Keynes, MK170JH.

2. Statement of compliance

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

Going concern

The company has net assets of £424,800 (2024 : Net liabilities £412.795) at the balance sheet date. The company directors and funders will continue to fund the company for the next 12 months.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	198,039	198,039
	_______	_______
Impairment
At 1 April 2024 and 31 March 2025	-	-
	_______	_______
Carrying amount
At 31 March 2025	198,039	198,039
	_______	_______
At 31 March 2024	198,039	198,039
	_______	_______

5. Debtors

	2025	2024
	£	£
Amounts owed by group undertaking	108,407	3,486,296
Other debtors	840	1,280
	_______	_______
	109,247	3,487,576
	_______	_______

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	-	3,138,662
Trade creditors	-	3,840
Amounts owed to group undertakings	-	990,418
Corporation tax	300,000	-
Other creditors	5,850	5,500
	_______	_______
	305,850	4,138,420
	_______	_______

7. Summary audit opinion

The auditor's report dated 23 December 2025 was unqualified.

The senior statutory auditor was Mr Philip Dean for and on behalf of Hicks and Company

8. Controlling party

The company is a joint venture between MGM Holdings and Housing Growth Partnership.