MGM (Maulden) Limited 31/03/2025 iXBRL

Company registration number: 12860972

MGM (Maulden) Limited

Filleted financial statements

31 March 2025

MGM (Maulden) Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

MGM (Maulden) Limited

Directors and other information


	Directors	Mr M S Holliday
		Mr G Eaton
		Ms M Parmar


	Company number	12860972


	Registered office	19 New Road
		Drayton Parslow
		Milton Keynes
		MK17 0JH


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


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


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

MGM (Maulden) 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 (Maulden) Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Current assets
Stocks		6,104,836		6,393,700
Debtors	4	106,319		217,015
Cash at bank and in hand		46,692		271,244
		_______		_______
		6,257,847		6,881,959
Creditors: amounts falling due
within one year	5	( 6,263,906)		( 7,852,889)
		_______		_______
Net current liabilities			( 6,059)		( 970,930)
			_______		_______
Total assets less current liabilities			( 6,059)		( 970,930)

			_______		_______
Net liabilities			( 6,059)		( 970,930)
			_______		_______

Capital and reserves
Called up share capital			200		200
Profit and loss account			( 6,259)		( 971,130)
			_______		_______
Shareholders deficit			( 6,059)		( 970,930)
			_______		_______

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: 12860972

MGM (Maulden) 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 England and Wales. The address of the registered office is 19 New Road, Drayton Parslow, Milton Keynes, MK17 0JH.

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 liabilities of £6,059 (2024 : £970,930) at the balance sheet date.The investors and development finance will continue to fund the business for the next 12 months

Turnover

Turnover is measured at the fair value of the consideration received or receivable on legal completion of new build residential property sales. It also includes the fair value of consideration received or receivable based on the completion stage of construction contracts.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

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. Debtors

	2025	2024
	£	£
Amounts owed by group	242	18,000
Other debtors	106,077	199,015
	_______	_______
	106,319	217,015
	_______	_______

5. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	3,978,618	5,289,340
Trade creditors	17,356	70,476
Amounts owed to group	2,035,690	2,035,547
Other creditors	232,242	457,526
	_______	_______
	6,263,906	7,852,889
	_______	_______

6. 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

7. Controlling party

The company is structured as a joint venture between MGM Holdings Limited and Housing Growth Partnership LP, so that no one party has overall control.